Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 15, 2022 | Jun. 30, 2021 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Transition Report | false | ||
Entity File Number | 1-6659 | ||
Entity Registrant Name | ESSENTIAL UTILITIES, INC. | ||
Entity Central Index Key | 0000078128 | ||
Entity Incorporation, State or Country Code | PA | ||
Entity Tax Identification Number | 23-1702594 | ||
Entity Address, Address Line One | 762 W Lancaster Avenue | ||
Entity Address, City or Town | Bryn Mawr | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 19010-3489 | ||
City Area Code | 610 | ||
Local Phone Number | 527-8000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 11,211,937,094 | ||
Entity Common Stock, Shares Outstanding | 252,875,079 | ||
Documents Incorporated by Reference [Text Block] | Portions of the definitive Proxy Statement, relating to the 2022 annual meeting of shareholders of registrant, to be filed within 120 days after the end of the fiscal year covered by this Form 10-K, have been incorporated by reference into Part III of this Form 10-K | ||
Auditor Firm ID | 238 | ||
Auditor Location | Philadelphia, Pennsylvania | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Common Class A [Member] | |||
Title of 12(b) Security | Common stock, par value $0.50 per share | ||
Trading Symbol | WTRG | ||
Security Exchange Name | NYSE | ||
Tangible Equity Units [Member] | |||
Title of 12(b) Security | 6.00% Tangible Equity Units | ||
Trading Symbol | WTRU | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Property, plant and equipment, at cost | $ 12,610,376 | $ 11,620,019 |
Less: accumulated depreciation | 2,358,510 | 2,107,142 |
Net property, plant and equipment | 10,251,866 | 9,512,877 |
Current assets: | ||
Cash and cash equivalents | 10,567 | 4,827 |
Accounts receivable, net | 141,025 | 154,775 |
Unbilled revenues | 119,896 | 118,538 |
Inventory - materials and supplies | 33,756 | 21,669 |
Inventory - gas stored | 75,804 | 36,732 |
Prepayments and other current assets | 36,597 | 38,594 |
Regulatory assets | 20,150 | 5,085 |
Total current assets | 437,795 | 380,220 |
Regulatory assets | 1,429,840 | 1,362,788 |
Deferred charges and other assets, net | 141,955 | 56,002 |
Funds restricted for construction activity | 1,313 | 1,268 |
Goodwill | 2,340,815 | 2,324,547 |
Operating lease right-of-use assets | 48,930 | 60,334 |
Intangible assets | 5,764 | 7,241 |
Total assets | 14,658,278 | 13,705,277 |
Essential Utilities stockholders' equity: | ||
Common stock at $0.50 par value, authorized 600,000,000 shares, issued 248,571,355 and 223,871,284 as of December 31, 2020 and December 31, 2019 | 128,050 | 124,285 |
Capital in excess of par value | 3,705,814 | 3,379,057 |
Retained earnings | 1,434,201 | 1,261,862 |
Treasury stock, at cost, 3,180,887 and 3,112,565 shares as of December 31, 2020 and December 31, 2019 | (83,615) | (81,327) |
Total stockholders' equity | 5,184,450 | 4,683,877 |
Long-term debt, excluding current portion | 5,815,211 | 5,545,890 |
Less: debt issuance costs | 35,707 | 38,146 |
Long-term debt, excluding current portion, net of debt issuance costs | 5,779,504 | 5,507,744 |
Commitments and contingencies (See Note 9) | ||
Current liabilities: | ||
Current portion of long-term debt | 132,146 | 84,353 |
Loans payable | 65,000 | 78,198 |
Accounts payable | 192,932 | 177,489 |
Book overdraft | 81,722 | 44,003 |
Accrued interest | 40,815 | 39,408 |
Accrued taxes | 37,924 | 37,172 |
Regulatory liabilities | 384 | 19,866 |
Other accrued liabilities | 124,140 | 123,384 |
Total current liabilities | 675,063 | 603,873 |
Deferred credits and other liabilities: | ||
Deferred income taxes and investment tax credits | 1,406,537 | 1,258,098 |
Customers' advances for construction | 103,619 | 99,014 |
Regulatory liabilities | 769,617 | 773,310 |
Asset retirement obligations | 1,256 | 1,336 |
Operating lease liabilities | 48,230 | 55,642 |
Pension and other postretirement benefit liabilities | 50,226 | 91,896 |
Other | 43,666 | 56,713 |
Total deferred credits and other liabilities | 2,423,151 | 2,336,009 |
Contributions in aid of construction | 596,110 | 573,774 |
Total liabilities and equity | $ 14,658,278 | $ 13,705,277 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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 | 256,102,388 | 248,571,355 |
Treasury stock, shares | 3,234,765 | 3,180,887 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements Of Operations And Comprehensive Income [Abstract] | |||
Operating revenues | $ 1,878,144 | $ 1,462,698 | $ 889,692 |
Operating expenses: | |||
Operations and maintenance | 550,580 | 528,611 | 333,102 |
Purchased gas | 340,262 | 165,745 | |
Depreciation | 292,191 | 251,443 | 158,179 |
Amortization | 5,761 | 5,616 | (1,703) |
Taxes other than income taxes | 86,641 | 76,597 | 59,955 |
Total operating expenses | 1,275,435 | 1,028,012 | 549,533 |
Operating income | 602,709 | 434,686 | 340,159 |
Other expense (income): | |||
Interest expense | 207,709 | 188,435 | 125,383 |
Interest income | (2,384) | (5,363) | (25,406) |
Allowance for funds used during construction | (20,792) | (12,687) | (16,172) |
Change in fair value of interest rate swap agreements | 23,742 | ||
Loss on debt extinguishment | 18,528 | ||
Gain on sale of other assets | (976) | (661) | (923) |
Equity loss (earnings) in joint venture | 3,374 | (2,210) | |
Other | (2,848) | (3,383) | 5,691 |
Income before income taxes | 422,000 | 264,971 | 211,526 |
Provision for income tax benefit | (9,612) | (19,878) | (13,017) |
Net income | 431,612 | 284,849 | 224,543 |
Comprehensive income | $ 431,612 | $ 284,849 | $ 224,543 |
Net income per common share: | |||
Basic | $ 1.68 | $ 1.14 | $ 1.04 |
Diluted | $ 1.67 | $ 1.12 | $ 1.04 |
Average common shares outstanding during the period: | |||
Basic | 257,487 | 249,768 | 215,550 |
Diluted | 258,180 | 254,629 | 215,931 |
Consolidated Statements Of Capi
Consolidated Statements Of Capitalization - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Essential Utilities stockholders' equity: | ||
Common stock, $.50 par value | $ 128,050 | $ 124,285 |
Capital in excess of par value | 3,705,814 | 3,379,057 |
Retained earnings | 1,434,201 | 1,261,862 |
Treasury stock, at cost | (83,615) | (81,327) |
Total stockholders' equity | 5,184,450 | 4,683,877 |
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Long-term debt | 3,061,887 | 3,014,280 |
Total long-term debt | 5,947,357 | 5,630,243 |
Current portion of long-term debt | 132,146 | 84,353 |
Long-term debt, excluding current portion | 5,815,211 | 5,545,890 |
Less: debt issuance costs | 35,707 | 38,146 |
Long-term debt, excluding current portion, net of debt issuance costs | 5,779,504 | 5,507,744 |
Total capitalization | 10,963,954 | 10,191,621 |
Long Term Debt of Subsidiaries 0.00% to 0.99% [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Debt instrument principal outstanding | 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): | ||
Debt instrument principal outstanding | 9,341 | 10,260 |
Long Term Debt of Subsidiaries 2.00% to 2.99% [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Debt instrument principal outstanding | 312,751 | 265,557 |
Long Term Debt of Subsidiaries 3.00% to 3.99% [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Debt instrument principal outstanding | 1,359,284 | 1,316,872 |
Long Term Debt of Subsidiaries 4.00% to 4.99% [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Debt instrument principal outstanding | 1,286,024 | 1,315,812 |
Long Term Debt of Subsidiaries 5.00% to 5.99% [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Debt instrument principal outstanding | 16,119 | 17,804 |
Long Term Debt of Subsidiaries 6.00% to 6.99% [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Debt instrument principal outstanding | 32,475 | 33,955 |
Long Term Debt of Subsidiaries 7.00% to 7.99% [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Debt instrument principal outstanding | 28,980 | 29,890 |
Long Term Debt of Subsidiaries 8.00% to 8.99% [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Debt instrument principal outstanding | 2,772 | 4,425 |
Long Term Debt of Subsidiaries 9.00% to 9.99% [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Debt instrument principal outstanding | 11,800 | 16,900 |
Notes payable to bank under revolving credit agreement, variable rate, 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 | 300,000 | 385,000 |
Amortizing Notes at 3.00% due 2022 [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Unsecured notes payable | 20,470 | 60,502 |
Bank note 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% and 3.59% due 2029 and 2050 [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Unsecured notes payable | 1,125,000 | 1,125,000 |
Notes at 4.28%, due 2049 [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Unsecured notes payable | 500,000 | 500,000 |
Notes Ranging From 5.64% To 5.95%, due 2020 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 | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Common stock, par value | $ 0.50 | $ 0.50 |
Notes payable to bank under revolving credit agreement, variable rate, 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 2.704% due 2030 [Member] | ||
Interest rate | 2.704% | 2.704% |
Maturity date | 2030 | 2030 |
Notes at 4.28%, due 2049 [Member] | ||
Interest rate | 4.28% | 4.28% |
Maturity date | 2049 | 2049 |
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 |
Minimum [Member] | Notes Ranging From 3.01% and 3.59% due 2029 and 2050 [Member] | ||
Interest rate | 3.01% | 3.01% |
Maturity date | 2029 | 2029 |
Minimum [Member] | Notes Ranging From 5.64% To 5.95%, due 2020 through 2034 [Member] | ||
Interest rate | 5.64% | 5.64% |
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 | 2058 | 2058 |
Maximum [Member] | Long Term Debt of Subsidiaries 3.00% to 3.99% [Member] | ||
Interest rate | 3.99% | 3.99% |
Maturity date | 2056 | 2056 |
Maximum [Member] | Long Term Debt of Subsidiaries 4.00% to 4.99% [Member] | ||
Interest rate | 4.99% | 4.99% |
Maturity date | 2059 | 2059 |
Maximum [Member] | Long Term Debt of Subsidiaries 5.00% to 5.99% [Member] | ||
Interest rate | 5.99% | 5.99% |
Maturity date | 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 |
Maximum [Member] | Notes Ranging From 3.01% and 3.59% due 2029 and 2050 [Member] | ||
Interest rate | 3.59% | 3.59% |
Maturity date | 2050 | 2050 |
Maximum [Member] | Notes Ranging From 5.64% To 5.95%, due 2020 through 2034 [Member] | ||
Interest rate | 5.95% | 5.95% |
Maturity date | 2034 | 2034 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Thousands | Common Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Capital In Excess Of Par Value [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Capital In Excess Of Par Value [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2018 | $ 90,576 | $ 820,378 | $ 1,174,245 | $ (75,835) | $ 2,009,364 | ||
Net income | 224,543 | 224,543 | |||||
Dividends declared | (188,512) | (188,512) | |||||
Stock issued to finance acquisition | 18,685 | 1,244,414 | 1,263,099 | ||||
Proceeds from stock purchase contracts issued under tangible equity units | 557,389 | 557,389 | |||||
Issuance of common stock from stock purchase contracts | 2,423 | (2,423) | |||||
Issuance of common stock under dividend reinvestment plan | 118 | 8,841 | 8,959 | ||||
Repurchase of stock | (1,867) | (1,867) | |||||
Equity compensation plan | $ 73 | $ (73) | |||||
Exercise of stock options | 60 | 1,838 | 1,898 | ||||
Stock-based compensation | 7,368 | (204) | 7,164 | ||||
Other | (1,177) | (1,177) | |||||
Balance at Dec. 31, 2019 | 111,935 | 2,636,555 | 1,210,072 | (77,702) | 3,880,860 | ||
Net income | 284,849 | 284,849 | |||||
Dividends declared | (232,571) | (232,571) | |||||
Issuance of common stock from private placement | 10,831 | 718,470 | 729,301 | ||||
Issuance of common stock from stock purchase contracts | 1,168 | (1,168) | |||||
Issuance of common stock under dividend reinvestment plan | 194 | 16,328 | 16,522 | ||||
Repurchase of stock | (4,365) | (4,365) | |||||
Equity compensation plan | (120) | 120 | |||||
Exercise of stock options | 37 | 1,552 | 1,589 | ||||
Stock-based compensation | 8,276 | (488) | 7,788 | ||||
Other | (836) | 740 | (96) | ||||
Balance at Dec. 31, 2020 | 124,285 | 3,379,057 | 1,261,862 | (81,327) | 4,683,877 | ||
Net income | 431,612 | 431,612 | |||||
Dividends declared | (258,650) | (258,650) | |||||
Issuance of common stock from stock purchase contracts | 64 | (64) | |||||
Issuance of common stock under dividend reinvestment plan | 187 | 16,612 | 16,799 | ||||
Issuance of common stock from forward equity sale agreement | 3,350 | 296,389 | 299,739 | ||||
Repurchase of stock | (3,291) | (3,291) | |||||
Equity compensation plan | 103 | (103) | |||||
Exercise of stock options | 61 | 4,111 | 4,172 | ||||
Stock-based compensation | 9,998 | (623) | 9,375 | ||||
Other | (186) | 1,003 | 817 | ||||
Balance at Dec. 31, 2021 | $ 128,050 | $ 3,705,814 | $ 1,434,201 | $ (83,615) | $ 5,184,450 |
Consolidated Statements Of Eq_2
Consolidated Statements Of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statement Of Equity (Parenthetical) [Abstract] | |||
Dividend declared per common share | $ 1.0378 | $ 0.97 | $ 0.9066 |
Issuance of common stock from private placement, shares | 21,661,095 | ||
Stock issued for acquisition, shares | 37,370,017 | ||
Issuance of common stock from stock purchase contracts, shares | 127,749 | 2,335,654 | 4,846,601 |
Issue of common shares under dividend reinvestment plan | 374,824 | 388,978 | 236,666 |
Stock Issued During Period, Shares, New Issues, Forward Equity Sale Agreement | 6,700,000 | ||
Repurchase of stock, shares | 76,732 | 82,320 | 52,359 |
Equity compensation plan, shares | 206,163 | 239,512 | 146,867 |
Exercise of stock options, shares | 122,297 | 74,832 | 119,306 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income | $ 431,612 | $ 284,849 | $ 224,543 |
Adjustments to reconcile net income to net cash flows from operating activities: | |||
Depreciation and amortization | 297,952 | 257,059 | 156,476 |
Deferred income taxes | (8,514) | (17,782) | (10,436) |
Provision for doubtful accounts | 27,336 | 32,325 | 5,306 |
Stock-based compensation | 10,078 | 8,160 | 7,368 |
Gain on sale of utility system and other assets | (1,589) | (642) | (1,328) |
Loss on interest rate swap agreements | 23,742 | ||
Loss on debt extinguishment | 18,528 | ||
Settlement of interest rate swap agreements | (83,520) | ||
Net change in receivables, inventory, deferred purchased gas costs and prepayments | (109,605) | (35,348) | (4,335) |
Net change in payables, accrued interest, accrued taxes and other accrued liabilities | 5,190 | (1,819) | 5,108 |
Pension and other postretirement benefits contributions | (15,135) | (20,282) | (8,597) |
Other | 7,354 | 1,504 | 5,668 |
Net cash flows from operating activities | 644,679 | 508,024 | 338,523 |
Cash flows from investing activities: | |||
Property, plant and equipment additions, including the debt component of allowance for funds used during construction of $4,434, $4,231, and $3,332 | (1,020,519) | (835,642) | (550,273) |
Acquisitions of utility systems and other, net | (36,326) | (3,501,835) | (59,687) |
Net proceeds from the sale of utility systems and other assets | 1,819 | 2,115 | 2,893 |
Other | (1,032) | 1,696 | 2,464 |
Net cash flows used in investing activities | (1,056,058) | (4,333,666) | (604,603) |
Cash flows from financing activities: | |||
Customers' advances and contributions in aid of construction | 15,264 | 9,585 | 9,092 |
Repayments of customers' advances | (7,725) | (8,337) | (6,825) |
Net proceeds (repayments) of short-term debt | (13,350) | (129,407) | 10,275 |
Proceeds from long-term debt | 1,095,171 | 3,366,838 | 1,434,506 |
Repayments of long-term debt | (769,546) | (1,820,571) | (1,048,471) |
Extinguishment of long-term debt | (25,237) | ||
Change in cash overdraft position | 37,719 | 33,059 | 1,993 |
Proceeds from issuance of common stock under dividend reinvestment plan | 16,799 | 16,522 | 8,959 |
Proceeds from issuance of common stock from private placement | 729,301 | 1,263,099 | |
Proceeds from issuance of common stock from forward equity sale agreement | 299,739 | ||
Proceeds from tangible equity unit issuance | 673,642 | ||
Proceeds from exercised stock options | 4,172 | 1,589 | 1,898 |
Repurchase of common stock | (3,291) | (4,365) | (1,867) |
Dividends paid on common stock | (258,650) | (232,571) | (188,512) |
Other | 817 | (96) | (1,177) |
Net cash flows from financing activities | 417,119 | 1,961,547 | 2,131,375 |
Net increase (decrease) in cash and cash equivalents | 5,740 | (1,864,095) | 1,865,295 |
Cash and cash equivalents at beginning of year | 4,827 | 1,868,922 | 3,627 |
Cash and cash equivalents at end of year | 10,567 | 4,827 | 1,868,922 |
Cash paid during the year for: | |||
Interest, net of amounts capitalized | 201,792 | 169,048 | 89,228 |
Income taxes | 5,692 | 4,853 | 970 |
Non-cash investing activities: | |||
Property, plant and equipment additions purchased at the period end, but not yet paid | 95,945 | 98,569 | 60,628 |
Non-cash utility property contributions | $ 36,882 | $ 36,181 | $ 30,693 |
Consolidated Statements Of Ca_3
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements Of Cash Flows [Abstract] | |||
Debt component of allowance for funds used during construction | $ 4,510 | $ 4,434 | $ 4,231 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Note 1 – Summary of Significant Accounting Policies Nature of Operations ─ Essential Utilities, Inc. (“Essential Utilities,” the “Company,” “we,” “our”, or “us”) is the holding company for regulated utilities providing water, wastewater, or natural gas services concentrated in Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana, Virginia, West Virginia, and Kentucky under the Aqua and Peoples brands. One of our largest operating subsidiaries is Aqua Pennsylvania, Inc., which accounted for approximately 55% of our Regulated Water segment’s operating revenues and approximately 68% of our Regulated Water segment’s income for 2021. As of December 31, 2021, Aqua Pennsylvania provided water or wastewater services to approximately one-half of the total number of Regulated Water customers we serve. Aqua Pennsylvania’s service territory is located in the suburban areas north and west of the City of Philadelphia and in 27 other counties in Pennsylvania. The Company’s other regulated water or wastewater utility subsidiaries provide similar services in seven additional states. Additionally, pursuant to the Company’s growth strategy, commencing on March 16, 2020 with the completion of the Peoples Gas Acquisition, the Company began to provide natural gas distribution services to customers in western Pennsylvania, Kentucky, and West Virginia. Approximately 93% of the total number of natural gas utility customers we serve are in western Pennsylvania. Lastly, the Company’s market-based activities are conducted through Aqua Infrastructure LLC, and Aqua Resources, Inc., and certain other non-regulated subsidiaries of Peoples. Prior to our October 2020 sale of our investment in a 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 line protection solutions and repair services to households. Other non-regulated subsidiaries of Peoples provide utility service line protection services to households and operate gas marketing and production businesses. The Company has identified twelve operating segments and has 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. These operating segments are aggregated into one reportable segment since each of the Company’s 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, where the Company provides natural gas distribution services. In addition, our non-regulated natural gas operations, Aqua Resources, and Aqua Infrastructure are not quantitatively significant to be reportable and are included as a component of “Other,” in addition to corporate costs that have not been allocated to the Regulated Water and Regulated Natural Gas segments, because they would not be recoverable as a cost of utility service, and intersegment eliminations. Regulation ─ Most of the operating companies that are regulated public utilities are subject to regulation by the utility commissions of the states in which they operate. The respective utility commissions have jurisdiction with respect to rates, service, accounting procedures, issuance of securities, acquisitions and other matters. Some of the operating companies that are regulated public utilities are subject to rate regulation by county or city government. Regulated public utilities follow the Financial Accounting Standards Board’s (“FASB”) accounting guidance for regulated operations, which provides for the recognition of regulatory assets and liabilities as allowed by regulators for costs or credits that are reflected in current rates or are considered probable of being included in future rates. Costs, for which the Company has received or expects to receive prospective rate recovery, are deferred as a regulatory asset and amortized over the period of rate recovery in accordance with the FASB’s accounting guidance for regulated operations. The regulatory assets or liabilities are then relieved as the cost or credit is reflected in Company’s rates charged for utility service. If, as a result of a change in circumstances, it is determined that a regulated operating company no longer meets the criteria to apply regulatory accounting, the operating company would have to discontinue regulatory accounting and write-off the respective regulatory assets and liabilities. See Note 6 - Regulatory Assets and Liabilities for further information regarding the Company’s regulatory assets. The Company makes significant judgments and estimates to record regulatory assets and liabilities. For each regulatory jurisdiction with regulated operations, the Company evaluates at the end of each reporting period, whether the regulatory assets and liabilities continue to meet the probable criteria for future recovery or refund. The evaluation considers factors such as regulatory orders or guidelines, in the same regulatory jurisdiction, of a specific matter or a similar matter, as provided to the Company in the past or to other regulated utilities. In addition, the evaluation may be impacted by changes in the regulatory environment and pending or new legislation that could impact the ability to recover costs through regulated rates. There may be multiple participants to rate or transactional regulatory proceedings who might offer different views on various aspects of such proceedings, and in these instances may challenge the prudence of our business policies and practices, seek cost disallowances or request other relief. Use of Estimates in Preparation of Consolidated Financial Statements ─ The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The current novel coronavirus (“COVID-19”) pandemic has, at times, caused significant social and economic restrictions that have been imposed in the United States and abroad, which resulted in significant volatility in the global economy and led to reduced economic activity in some industries. 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 situation is ever evolving, future events and effects related to the COVID-19 pandemic, including the effects of potential vaccination requirements, cannot be determined with precision, and actual results could significantly differ from our estimates or forecasts. Basis of Presentation – The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Property, Plant and Equipment and Depreciation ─ Property, plant and equipment consist primarily of utility plant. The cost of additions includes contracted cost, direct labor and fringe benefits, materials, overheads, and for additions meeting certain criteria, allowance for funds used during construction. Utility systems acquired are typically recorded at estimated original cost of utility plant when first devoted to utility service and the applicable depreciation is recorded to accumulated depreciation. Further, utility systems acquired under fair value regulations would be recorded based on the valuation of the utility plant as approved by the respective utility commission. The difference between the estimated original cost, less applicable accumulated depreciation, and the purchase price may be recorded as an acquisition adjustment within utility plant as permitted by the applicable regulatory jurisdiction. At December 31, 2021 and 2020, utility plant includes a net credit acquisition adjustment of $9,055 and $12,215, respectively, which is generally being amortized from 2 to 59 years. Amortization of the acquisition adjustments totaled $2,842 in 2021, $2,895 in 2020, and $6,076 in 2019. Utility expenditures for maintenance and repairs, including major maintenance projects and minor renewals, are charged to operating expenses when incurred in accordance with the system of accounts prescribed by the utility commissions of the states in which the company operates. The cost of new units of property and betterments are capitalized. Utility expenditures for water main cleaning and relining of pipes are deferred and are presented in net property, plant and equipment in accordance with the FASB’s accounting guidance for regulated operations. As of December 31, 2021, $1,635 of these costs have been incurred since the last respective rate proceeding and the Company expects to recover these costs in future rates. The cost of software upgrades and enhancements are capitalized if they result in added functionality, which enables the software to perform tasks it was previously incapable of performing. Information technology costs associated with major system installations, conversions and improvements, such as software training, data conversion and business process reengineering costs, are deferred as a regulatory asset if the Company expects to recover these costs in future rates. If these costs are not deferred, then these costs are charged to operating expenses when incurred. As of December 31, 2021, $52,810 of these costs have been deferred since the last respective rate proceeding as a regulatory asset, and the deferral is reported as a component of net property, plant and equipment. When units of utility property are replaced, retired or abandoned, the recorded value thereof is credited to the asset account and such value, together with the net cost of removal, is charged to accumulated depreciation. To the extent the Company anticipates recovery of the cost of removal or other retirement costs through rates after the retirement costs are incurred, a regulatory asset is recorded as those costs are incurred. In some cases, the Company recovers retirement costs through rates during the life of the associated asset and before the costs are incurred. These amounts, which are not yet utilized, result in a regulatory liability being reported based on the amounts previously recovered through customer rates. The straight-line remaining life method is used to compute depreciation on utility plant. Generally, the straight-line method is used with respect to transportation and mechanical equipment, office equipment and laboratory equipment. Impairment of Long-Lived Assets - Long-lived assets of the Company, which consist primarily of utility plant in service, operating lease right-of-use assets and intangible assets, are reviewed for impairment when changes in circumstances or events occur. These circumstances or events could include a decline in the market value or physical condition of a long-lived asset, an adverse change in the manner in which long-lived assets are used or planned to be used, a change in historical trends, operating cash flows associated with the long-lived assets, changes in macroeconomic conditions, industry and market conditions, or overall financial performance. When these circumstances or events occur, the Company determines whether it is more likely than not that the fair value of those assets is less than their carrying amount. If the Company determines that it is more likely than not (that is, the likelihood of more than 50 percent), the Company would recognize an impairment charge if it is determined that the carrying amount of an asset exceeds the sum of the undiscounted estimated cash flows. In this circumstance, the Company would recognize an impairment charge equal to the difference between the carrying amount and the fair value of the asset. Fair value is estimated to be the present value of future net cash flows associated with the asset, discounted using a discount rate commensurate with the risk and remaining life of the asset. During the year ended December 31, 2021, the Company recorded an impairment loss to write down a portion of the operating lease right-of-use asset for office space not used in operations to fair value. Refer to Note 10 – Leases, for further details. Regulatory assets are reviewed for the continued application of the FASB accounting guidance for regulated operations. The Company’s review determines whether there have been changes in circumstances or events, such as regulatory disallowances, or abandonments, that have occurred that require adjustments to the carrying value of these assets. Adjustments to the carrying value of these assets would be made in instances where their inclusion in the rate-making process is unlikely. For utility plant in service, we would recognize an impairment loss for any amount disallowed by the respective utility commission. Allowance for Funds Used During Construction ─ The allowance for funds used during construction (“AFUDC”) represents the capitalized cost of funds used to finance the construction of utility plant. In general, AFUDC is applied to construction projects requiring more than one month to complete. No AFUDC is applied to projects funded by customer advances for construction, contributions in aid of construction, or applicable state-revolving fund loans. AFUDC includes the net cost of borrowed funds and a rate of return on other funds when used and is recovered through rates as the utility plant is depreciated. The amount of AFUDC related to equity funds in 2021 was $16,282, 2020 was $8,253, and 2019 was $11,941. No interest was capitalized by our market-based businesses. Lease Accounting ─ The Company evaluates the contracts it enters into to determine whether such contracts contain leases. A contract contains a lease if the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. We enter into operating lease contracts for the right to utilize certain land, office facilities, office equipment, and vehicles from third parties. For contracts that extend for a period greater than 12 months, we recognize a right of use asset and a corresponding lease liability on our consolidated balance sheet. The present value of each lease is based on the future minimum lease payments in accordance with Accounting Standards Codification (“ASC”) 842 and is determined by discounting these payments using an incremental borrowing rate. Recognition of Revenues ─ The Company recognizes revenue as utility services are provided to our customers, which happens over time as the services are delivered and the performance obligation is satisfied. The Company’s utility revenues recognized in an accounting period includes amounts billed to customers on a cycle basis and unbilled amounts based on estimated usage from the last billing to the end of the accounting period. Unbilled amounts are calculated by deriving estimates based on average usage of the prior month. The Company’s actual results could differ from these estimates, which would result in operating revenues being adjusted in the period that the revision to our estimates are determined. Generally, payment is due within 30 days once a bill is issued to a customer. Sales tax and other taxes we collect on behalf of government authorities, concurrent with our revenue-producing activities, are primarily excluded from revenue. The following table presents our revenues disaggregated by major source and customer class: 2021Water RevenuesWastewater Revenues Natural Gas RevenuesOther RevenuesRevenues from contracts with customers: Residential $ 561,996$ 99,931$ 530,338$ -Commercial 151,071 22,060 99,596 -Fire protection 35,984 - - -Industrial 30,230 1,729 3,427 -Gas transportation - - 198,195 -Other water 53,488 - - -Other wastewater - 8,860 - -Customer rate credits - - (5,000) -Other utility - - 32,812 13,358Revenues from contracts with customers 832,769 132,580 859,368 13,358Alternative revenue program 1,760 (264) 534 -Other and eliminations - - - 38,039Consolidated$ 834,529$ 132,316$ 859,902$ 51,397 2020Water RevenuesWastewater Revenues Natural Gas RevenuesOther RevenuesRevenues from contracts with customers: Residential $ 567,486$ 95,051$ 314,274$ -Commercial 143,479 19,062 50,239 -Fire protection 35,340 - - -Industrial 29,764 1,619 6,923 -Gas transportation - - 133,685 -Other water 32,372 - - -Other wastewater - 5,385 - -Customer rate credits (3,757) (323) (18,924) -Other utility - - 20,243 12,861Revenues from contracts with customers 804,684 120,794 506,440 12,861Alternative revenue program 87 114 124 -Other and eliminations - - - 17,594Consolidated$ 804,771$ 120,908$ 506,564$ 30,455 2019Water RevenuesWastewater RevenuesOther RevenuesRevenues from contracts with customers: Residential $ 518,192$ 83,561$ -Commercial 145,599 15,222 -Fire protection 33,589 - -Industrial 30,667 1,765 -Other water 39,353 - -Other wastewater - 4,656 -Other utility - - 13,835Revenues from contracts with customers 767,400 105,204 13,835Alternative revenue program 80 (89) -Other and eliminations - - 3,262Consolidated$ 767,480$ 105,115$ 17,097 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 consists primarily of fines, penalties, surcharges, and availability lot fees. Our performance obligation for tariff revenues is to provide potable water, wastewater treatment service, or delivery and sale of natural gas to customers. This performance obligation is satisfied over time as the services are rendered. The amounts that the Company has a right to invoice for tariff revenues reflect the right to consideration from the customers in an amount that corresponds directly with the value transferred to the customer for the performance completed to date. Other Utility Revenues – Other utility revenues represent revenues earned primarily from: antenna revenues, which represents fees received from telecommunication operators that have put cellular antennas on our water towers; operation and maintenance and billing contracts, which represent fees earned from municipalities for our operation of their water or wastewater treatment services or performing billing services; and fees earned from developers for accessing our water mains, miscellaneous service revenue from gas distribution operations, gas processing and handling revenue, sales of natural gas at market-based rates and contracted fixed prices, sales of gas purchased from third parties, and other gas marketing activities. The performance obligations vary for these revenues, but all are primarily recognized over time as the service is delivered. Alternative Revenue Program:oWater / 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. oNatural Gas Revenues – These revenues represent the weather-normalization adjustment (“WNA”) mechanism in place for our natural gas customers served in Kentucky. The WNA serves to minimize the effects of weather on the Company’s results for its residential and small commercial natural gas customers. This regulatory mechanism adjusts revenues earned for the variance between actual and normal weather and can have either positive (warmer than normal) or negative (colder than normal) effects on revenues. Customer bills are adjusted in the December through April billing months, with rates adjusted for the difference between actual revenues and revenues calculated under this mechanism billed to the customers. These revenue programs represent a contract between the utility and its regulators, not customers, and therefore are not within the scope of the FASB’s accounting guidance for recognizing revenue from contracts with customers. Other and Eliminations – Other and eliminations consist of 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 for households and the operation of gas marketing and production entities. Revenue is recognized and the performance obligation is satisfied over time as the service is delivered. Aqua 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 service line protection business, the performance obligations are allowing the use of our logo to a third-party water and sewer service line repair provider. Revenues are primarily recognized over time as service is delivered. Cash and Cash Equivalents ─ The Company considers all highly liquid investments with an original maturity of three months or less, which are not restricted for construction activity, to be cash equivalents. The Company had a book overdraft, which represents transactions that have not cleared the bank accounts at the end of the period, for specific disbursement cash accounts of $81,722 and $44,003 at December 31, 2021 and 2020, respectively. The Company transfers cash on an as-needed basis to fund these items as they clear the bank in subsequent periods. The balance of the book overdraft is reported as book overdraft and the change in the book overdraft balance is reported as cash flows from financing activities, due to our ability to fund the overdraft with the Company’s credit facility. Accounts Receivable ─ Accounts receivable are recorded at the invoiced amounts, which consists of billed and unbilled revenues. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in our existing accounts receivable and is determined based on lifetime expected credit losses and the aging of account balances. The Company reviews the allowance for doubtful accounts quarterly. Account balances are written off against the allowance when it is probable the receivable will not be recovered. When utility customers request extended payment terms, credit is extended based on regulatory guidelines, and collateral is not required. Inventories – Materials and Supplies – Inventories are stated at cost. Cost is determined using the first-in, first-out method. Inventory – Gas Stored – The Company accounts for gas in storage inventory using the weighted average cost of gas method. Investment in Joint Venture – The Company used the equity method of accounting to account for our former 49% investment in a joint venture with a firm in the natural gas industry for the construction and operation of a private pipeline system to supply raw water to natural gas well drilling operations in the Marcellus Shale in north-central Pennsylvania, which commenced operations in 2012. In 2020, the Company sold its investment in joint venture and recorded a charge of $3,700 associated with the sale. Our share of equity loss (earnings) in the joint venture was reported in the consolidated statements of operations and comprehensive income as equity loss (earnings) in joint venture. During 2020 and 2019, we received distributions of $2,137 and $3,185, respectively. Goodwill ─ Goodwill represents the excess cost over the fair value of net tangible and identifiable intangible assets acquired through acquisitions. Goodwill is not amortized but is tested for impairment annually, or more often, if circumstances indicate a possible impairment may exist. When testing goodwill for impairment, we may assess qualitative factors, including macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, and entity specific events, for some or all of our reporting units to determine whether it’s more likely than not that the fair value of a reporting unit is less than its carrying amount. Alternatively, based on our assessment of the qualitative factors previously noted or at our discretion, we may perform a quantitative goodwill impairment test by determining the fair value of a reporting unit. If we perform a quantitative test and determine that the fair value of a reporting unit is less than its carrying amount, we would record an impairment loss for the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill. Impairment testing for goodwill is done at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment (also known as a component). A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available, and segment management regularly reviews the operating results of that component. We assigned assets and liabilities to each reporting unit based on either specific identification or by using judgment for the remaining assets and liabilities that are not specific to a reporting unit. Goodwill was assigned to the reporting units based on a combination of specific identification and relative fair values. 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 its carrying values, indicating none of its goodwill was impaired. The Company performed a qualitative assessment for its annual test of the goodwill attributable to 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 the Company’s goodwill was impaired. The following table summarizes the changes in the Company’s goodwill: Regulated Water Regulated Natural Gas Other ConsolidatedBalance at December 31, 2019$ 58,981 $ -$ 4,841 $ 63,822 Goodwill acquired 2,596 2,261,047 - 2,263,643 Reclassifications to utility plant acquisition adjustment (2,918) - - (2,918)Balance at December 31, 2020 58,659 2,261,047 4,841 2,324,547 Goodwill acquired - - - -Measurement period purchase price allocation adjustments - 16,400 - 16,400 Reclassifications to utility plant acquisition adjustment (132) - - (132)Balance at December 31, 2021$ 58,527 $ 2,277,447 $ 4,841 $ 2,340,815 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 2 – Acquisitions for information about the goodwill attributed to our Regulated Natural Gas segment. The reclassification of goodwill to utility plant acquisition adjustment results from either a regulatory order or a mechanism approved by the applicable utility commission. A regulatory order may provide for the one-time transfer of certain acquired goodwill. The mechanism provides for the transfer over time, and the recovery through customer rates, of goodwill associated with some acquisitions upon achieving specific objectives. Intangible assets – The Company’s intangible assets consist of customer relationships for our non-regulated natural gas operations, and non-compete agreements with certain former employees of Peoples. These intangible assets are amortized on a straight-line basis over their estimated useful lives of fifteen years for the customer relationships and five years for the non-compete agreements. Derivative Instruments – The Company’s natural gas commodity price risk, driven mainly by price fluctuations of natural gas, is mitigated by its purchased-gas cost adjustment mechanisms. The Company also uses derivat |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Acquisitions [Abstract] | |
Acquisitions | Note 2 – 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 $3,465,344, which was subject to adjustment based upon the terms of the purchase agreement. Purchase price adjustments included the completion of a closing balance sheet, which was provided to the seller, and an adjustment for utility capital expenditures made by the seller during the period between November 1, 2018 and the Closing Date. There was a dispute between the parties regarding this adjustment for utility capital expenditures. In November 2021, the dispute between the parties regarding the adjustment for utility capital expenditures was resolved in accordance with the provisions of the purchase agreement and an inconsequential payment was made between the parties. The purchase price paid by the Company was determined as follows: Base purchase price$ 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. Refer to Note 11 – Long-term Debt and Loans Payable, and Note 13 – Stockholder’s Equity for further information on these financings. 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 in the Essential Utilities, Inc. Form 10-K for the period ended December 31, 2020. The fair value of long-term debt was determined based on prevailing market prices for similar debt issuances as of March 16, 2020, which resulted in an adjustment to increase the carrying amount by $84,569. The fair value adjustment is being amortized over the remaining life of the debt. Goodwill is attributable to the assembled workforce of Peoples, planned growth in new markets, and planned growth in rate base through continued investment in utility infrastructure. Goodwill recorded for the Peoples Gas Acquisition is not expected to be deductible for tax purposes. 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, and in 2019 of $22,891, respectively, primarily representing expenses associated with investment banking fees, including bridge financing, employee related costs, obtaining regulatory approvals, legal expenses, and integration planning. Additionally, for the year to date 2019 period through settlement on April 24, 2019, the change in fair value of interest rate swap agreements of $23,742 represents expense recognized from the mark-to-market adjustment. The interest rate swap agreements were settled on April 24, 2019, which coincided with debt financings to partially fund the Peoples Gas Acquisition. 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 $520,944 and earnings of $57,377 for the period from the Closing Date to December 31, 2020. The following pro forma summary presents consolidated unaudited information as if the Peoples Gas Acquisition had occurred on January 1, 2019: Years ended December 31, 2020 2019Operating revenues$ 1,743,766 $ 1,798,346Net income 367,492 318,170 The supplemental pro forma information is not necessarily representative of the actual results that may have occurred for these periods 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 periods prior to the Closing Date, and is adjusted to reflect the effect of non-recurring acquisition-related costs, incurred in 2020 and 2019 as if they occurred on January 1, 2019, including $20,628 ($25,197 pre-tax) and $16,464 ($21,406 pre-tax) of expenses incurred in 2020 and 2019, respectively, 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 $39,567 ($50,883 pre-tax), the elimination of interest on debt that was not assumed in the acquisition of $7,971 ($11,210 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. 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. On October 23, 2018, the Company entered into interest rate swap agreements to mitigate interest rate risk associated with an anticipated $850,000 of debt issuances to fund a portion of the Peoples Gas Acquisition. The interest rate swaps were settled on April 24, 2019 in conjunction with the issuance of long-term debt to be used to finance a portion of the purchase price of this acquisition, which resulted in a payment by the Company of $83,520. The interest rate swap agreements did not qualify for hedge accounting and any changes in the fair value of the swaps was included in our earnings. Water and Wastewater Utility Acquisitions – Pending Completion In December 2021, the Company entered into a purchase agreement to acquire the water utility assets of the Southern Oaks Water System, which serves approximately 740 customers for $3,300. 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 4,000 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 based 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, Willistown Township, Oak Brook and Shenandoah Borough are expected to occur in the second half of 2022. The closings of our Beaver Falls and Southern Oaks acquisitions are expected to occur late in 2022 or in early 2023. Closing for our utility acquisitions are subject to the timing of the regulatory approval process. 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’ recommended 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 late 2022 or early 2023, subject to the timing of the regulatory approval process and DELCORA’s above-referenced litigation with Delaware County. 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. The purchase price allocation for these acquisitions consisted primarily of property, plant and equipment. The operating revenues included in the consolidated financial statements of the Company during the period owned by the Company for the utility systems acquired in 2021 are $2,462. In December 2020, the Company acquired the wastewater utility system asset of New Garden Township, Pennsylvania, which serves 1,965 customers. The total cash purchase price for the utility system was $29,944. Further, 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. The purchase price allocation for these acquisitions consisted primarily of property, plant and equipment. Additionally, during 2020, we completed four acquisitions of water and wastewater utility systems for $12,335 in cash in three of the states in which we operate, adding 3,673 customers. The operating revenues included in the consolidated financial statements of the Company during the period owned by the Company for the utility systems acquired in 2020 were $8,365 in 2021 and $3,569 in 2020. In December 2019, the Company acquired the wastewater utility system assets of Cheltenham Township, Pennsylvania, which serves 9,887 customers for $50,250. The preliminary purchase price allocation for this acquisition consisted primarily of property, plant and equipment of $44,558 and goodwill of $5,692. Additionally, in 2019, the Company completed seven acquisitions of water and wastewater utility systems in three states adding 2,393 customers. The total purchase price of these utility systems consisted of $9,437 in cash. The purchase price allocation for these acquisitions consisted primarily of acquired property, plant and equipment. The operating revenues included in the consolidated financial statements of the Company during the period owned by the Company for the utility systems acquired in 2019 were $8,419 in 2021, $8,353 in 2020 and $506 in 2019. The pro forma effect of the businesses acquired is not material either individually or collectively to the Company’s results of operations. |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2021 | |
Dispositions [Abstract] | |
Dispositions | Note 3 –Dispositions The following dispositions have not been presented as discontinued operations in the Company’s consolidated financial statements as they do not qualify as discontinued operations, since their disposal does not represent a strategic shift that has a major effect on our operations or financial results. Except where noted otherwise, the gains or losses disclosed below are reported in the consolidated statements of operations and comprehensive income as a component of operations and maintenance expense. 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 2020, the Company recorded a charge of $3,700 for the write-down of the Company’s investment associated with the sale and is reported in equity loss in joint venture. In 2018, the Company decided to market for sale a water system in Virginia that serves approximately 500 customers. This water system was reported as assets held for sale in the Company’s consolidated balance sheet, and in April 2019, the Company completed the sale for proceeds of $1,882 and recognized a gain on sale of $405. |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant And Equipment [Abstract] | |
Property, Plant And Equipment | Note 4 – Property, Plant and Equipment December 31, 2021 2020 Approximate Range of Useful Lives Weighted Average Useful Life Regulated Water segment: Utility plant and equipment Mains and accessories$ 4,014,507$ 3,800,878 32 - 94 years 76 yearsServices, hydrants, treatment plants and reservoirs 2,672,186 2,425,303 5 - 89 years 56 yearsOperations structures and water tanks 376,880 352,094 14 - 80 years 48 yearsMiscellaneous pumping and purification equipment 1,011,487 976,719 9 - 76 years 42 yearsMeters, transportation and other operating equipment 980,208 898,607 5 - 84 years 28 yearsLand and other non-depreciable assets 116,888 137,390 - - Utility plant and equipment - regulated water segment 9,172,156 8,590,991 Utility construction work in progress 304,373 225,208 - - Net utility plant acquisition adjustment (9,055) (12,215) 2 - 59 years 28 yearsNon-utility plant and equipment 21,098 21,681 17 - 64 years 58 yearsProperty, Plant and Equipment - Regulated Water segment 9,488,572 8,825,665 Regulated Gas segment: Natural gas transmission 365,051 362,477 5 - 93 years 67 yearsNatural gas storage 60,985 60,846 5 - 85 years 47 yearsNatural gas gathering and processing 131,237 126,105 5 - 88 years 59 yearsNatural gas distribution 1,874,040 1,540,366 25 - 78 years 63 yearsMeters, transportation and other operating equipment 588,716 580,043 5 - 95 years 25 yearsLand and other non-depreciable assets 3,872 3,872 - - Utility plant and equipment - Regulated Natural Gas segment 3,023,901 2,673,709 Utility construction work-in-progress 97,903 120,645 - - Property, plant and equipment-Regulated Natural Gas segment 3,121,804 2,794,354 Total property, plant and equipment $ 12,610,376$ 11,620,019 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Receivable [Abstract] | |
Accounts Receivable | Note 5 – Accounts Receivable December 31, 2021 2020Billed utility revenue$ 197,815 $ 189,280Other 1,283 5,594 199,098 194,874Less allowance for doubtful accounts 58,073 40,099Net accounts receivable$ 141,025 $ 154,775 The Company’s utility customers are located principally in the following states: 66% in Pennsylvania, 9% in Ohio, 6% in North Carolina, 5% in Texas, and 5% in Illinois. No single customer accounted for more than one percent of the Company's utility operating revenues during the years ended December 31, 2021, 2020, and 2019. The following table summarizes the changes in the Company’s allowance for doubtful accounts: 202120202019Balance at January 1,$ 40,099 $ 7,353 $ 6,914Amounts charged to expense 27,336 32,325 5,306Accounts written off (19,731) (12,613) (5,980)Recoveries of accounts written off and other 10,369 13,034 1,113Balance at December 31, $ 58,073 $ 40,099 $ 7,353 For Recoveries of accounts written off and other, other represents the opening balance from the Peoples Gas Acquisition of $10,962 in 2020 and additional measurement period adjustments in 2021 of $12,851 before the measurement period ended. |
Regulatory Assets And Liabiliti
Regulatory Assets And Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Assets And Liabilities [Abstract] | |
Regulatory Assets And Liabilities | Note 6 – Regulatory Assets and Liabilities The regulatory assets represent costs that are probable to be fully recovered from customers in future rates while regulatory liabilities represent amounts that are expected to be refunded to customers in future rates or amounts recovered from customers in advance of incurring the costs. Except for income taxes and utility plant retirement costs, regulatory assets and regulatory liabilities are excluded from the Company’s rate base and do not earn a return. The components of regulatory assets and regulatory liabilities are as follows: December 31, 2021 December 31, 2020 Regulatory Regulatory Regulatory Regulatory Assets Liabilities Assets LiabilitiesIncome taxes$ 1,219,924$ 595,185 $ 1,098,363$ 630,106Purchased gas costs 13,798 - 585 18,618Utility plant retirement costs 47,683 56,479 50,225 50,560Post-retirement benefits 60,640 115,283 108,036 89,953Accrued vacation 3,760 - 4,056 -Water tank painting 7,553 - 6,306 978Fair value adjustment of long-term debt assumed in acquisition 62,722 - 76,019 -Debt refinancing 19,083 - 14,880 -Rate case filing expenses and other 14,827 3,054 9,403 2,961 $ 1,449,990$ 770,001 $ 1,367,873$ 793,176 Items giving rise to deferred state income taxes, as well as a portion of deferred Federal income taxes related to specific differences between tax and book depreciation expense, are recognized in the rate setting process on a cash basis or as a reduction in current income tax expense and will be recovered as they reverse. Amounts include differences that arise between specific utility asset improvement costs capitalized for book and deducted as an expense for tax purposes. Additionally, the recording of AFUDC for equity funds results in the recognition of a regulatory asset for income taxes, which represents amounts due related to the revenue requirement. The regulatory asset / (liability) for income taxes as of December 31, 2021 and 2020 includes an amount of $(111) and $659, respectively, related to Aqua Pennsylvania’s deductions on qualifying utility system repairs. This regulatory asset/liability is recoverable (or refundable) in future rate filings based on the difference between the amount of the income tax benefits that were incorporated into the Company’s cost of service in its latest rate case as compared to the actual income tax benefits recognized. A portion of the regulatory liability for income taxes is related to Aqua Pennsylvania’s income tax accounting change for the tax benefits realized on the Company’s 2012 tax return, which have not yet reduced current income tax expense due to a rate order requiring a ten year amortization period which began in 2013. Beginning in 2013, the Company amortized $38,000, annually, of its deferred income tax benefits, which reduced current income tax expense. In 2019, the amortization of this tax benefit was incorporated into the Company’s cost of service by a rate order issued in May 2019. A portion of the income taxes regulatory liability is also related to Peoples Natural Gas’ income tax accounting change for the tax benefits expected to be realized for the periods prior to adoption on March 16, 2020. The Company recorded a regulatory liability for this catch-up adjustment in the amount of $160,655 in 2020 and it remained on the consolidated balance sheet as of December 31, 2020. In May 2021, the Company received a regulatory order directing the Company to refund the catch-up adjustment to its utility customers over a five-year period, which was initiated by the Company in August 2021. The regulatory asset or liability for purchased gas costs reflects the differences between actual purchased gas costs and the levels of recovery for these costs in current rates. The unrecovered costs are recovered and the over-recovered costs are refunded in future periods, typically within a year, through quarterly and annual filings with the applicable state regulatory agency. The regulatory asset for utility plant retirement costs, including cost of removal, represents costs already incurred that are expected to be recovered in future rates over a five year recovery period. The regulatory liability for utility plant retirement costs represents amounts recovered through rates during the life of the associated asset and before the costs are incurred. The regulatory asset for accrued vacation represents costs that would otherwise be charged to operations and maintenance expense for vacation that is earned by employees, which is recovered as a cost of service. The regulatory asset for post-retirement benefits, which includes pension and other post-retirement benefits, primarily reflects a regulatory asset that has been recorded for the costs that would otherwise be charged to stockholders’ equity for the underfunded status of the Company’s pension and other post-retirement benefit plans. The Company also has a regulatory asset related to post-retirement benefits costs that represent costs already incurred which are now being or anticipated to be recovered in rates over a period ranging from approximately 10 to 37 years. The regulatory liability for post-retirement benefits represents costs recovered in rates in excess of post-retirement benefits expense. Expenses associated with water tank painting are deferred and amortized over a period of time as approved in the regulatory process. Water tank painting costs are generally being amortized over a period ranging from 10 to 20 years. The regulatory liability for water tank painting costs represents amounts recovered through rates and before the costs are incurred. The Company recorded a fair value adjustment for fixed rate, long-term debt assumed in acquisitions that matures in various years ranging from 2022 to 2032. The regulatory asset or liability results from the rate setting process continuing to recognize the historical interest cost of the assumed debt. The regulatory asset for debt refinancing represents a portion of a make whole payment of $25,237 incurred in 2019 for the Company’s redemption of $313,500 of the Company’s outstanding notes that had maturities ranging from 2019-2037 and interest rates ranging from 3.57-5.83%. The Company deferred a portion of the make whole payment as it represents an amount by which we expect to receive prospective rate recovery. The regulatory asset related to rate case filing expenses and other represents the costs associated with filing for rate increases that are deferred and amortized over periods that generally range from one year to five years, and costs incurred by the Company for which it has received or expects to receive rate recovery. The regulatory asset related to the costs incurred for information technology software projects and water main cleaning and relining projects are described in Note 1 – Summary of Significant Accounting Policies – Property, Plant and Equipment and Depreciation. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | Note 7 – Income Taxes Income tax benefit for the years ended December 31, is comprised of the following: Years Ended December 31, 2021 2020 2019Current: Federal$ (5,132) $ (1,831)$ (4,415) State 4,034 (265) 1,834 (1,098) (2,096) (2,581)Deferred: Federal 3,036 (11,527) (3,906) State (11,550) (6,255) (6,530) (8,514) (17,782) (10,436)Total tax benefit$ (9,612)$ (19,878)$ (13,017) The statutory Federal tax rate is 21% for 2021, 2020, and 2019. For states with a corporate net income tax, the state corporate net income tax rates range from 2.5% to 9.99% for all years presented. The Company’s effective income tax rate for 2021, 2020, and 2019 was (2.3)%, (7.5)%, and (6.2)%, respectively. The Company remains subject to examination by federal and state tax authorities for the 2018 through 2021 tax years. The reasons for the differences between amounts computed by applying the statutory Federal corporate income tax rate to income before income tax expense are as follows: Years Ended December 31, 2021 2020 2019Computed Federal tax expense at statutory rate$ 88,620 $ 55,644 $ 44,420 Decrease in Federal tax expense related to an income tax accounting change for qualifying utility asset improvement costs (76,534) (53,532) (48,518)State income taxes, net of Federal tax benefit (1,681) (6,896) (3,616)Increase in tax expense for depreciation expense to be recovered in future rates 925 140 347 Stock-based compensation (611) (1,484) (167)Deduction for Essential Utilities common dividends paid under employee benefit plan (330) (315) (315)Amortization of deferred investment tax credits (314) (319) (361)Impact of Federal rate change and amortization of excess deferred income tax (11,715) (15,352) (6,323)Impact of acquisitions and reorganizations (4,632) - -Other, net (3,340) 2,236 1,516 Actual income tax benefit$ (9,612)$ (19,878)$ (13,017) In response to a June 2012 rate order issued by the Pennsylvania Public Utility Commission to Aqua Pennsylvania, the Company changed its tax method of accounting for qualifying utility system repairs, which provides for the expensing of qualifying utility asset improvement costs that were previously being capitalized and depreciated for book and tax purposes. The rate order allows for a reduction in current income tax expense as a result of the flow-through recognition of some income tax benefits due to the income tax accounting change. The Company recorded income tax benefits of $48,965, $49,077, and $66,816 during 2021, 2020, and 2019, respectively. In May 2019 the Pennsylvania Public Utility Commission issued a rate order to Aqua Pennsylvania and commencing in 2020 the base rates are designed to include annual tax benefits for qualifying utility system improvement costs equal to $158,865, subject to $3,000 either above or below this target amount. To the extent actual tax benefits are outside this range, tax benefits will either be deferred or accrued, and settled in the next rate filing. Aqua Pennsylvania adopted this method of tax accounting in 2012, and for prior tax years, the qualifying utility system asset improvement costs were previously capitalized and depreciated for book and tax purposes. The Company recognized a tax deduction on its 2012 Federal tax return of $380,000 and based on a 2012 rate order, Aqua Pennsylvania began to amortize this benefit over ten years beginning in 2013. The amortization of this benefit, which annually amounted to $38,000, effectively reduced current income tax expense annually by $13,848. In May 2019, the Pennsylvania Public Utility Commission issued a new rate order and as a result, the amortization period was slightly shortened and now includes the tax benefits in establishing utility rates. The following table provides the changes in the Company’s unrecognized tax benefits: 20212020Balance at January 1,$ 19,194 $ 18,671Impact of current year activity on tax provision 1,007 523Balance at December 31,$ 20,201 $ 19,194 In accordance with the FASB’s accounting guidance for income taxes we recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. From time to time, the Company may be assessed interest and penalties by taxing authorities, which would be recorded as income tax expense. There were no expenses for interest and penalties assessed by taxing authorities for the years ended December 31, 2021, 2020, and 2019. The Company accrued $409 and $24 in interest and penalties relative to their uncertain tax position during the years ended December 31, 2021 and 2020. On its 2012 Federal tax return, filed in September 2013, Aqua Pennsylvania filed a change in accounting method to adopt the IRS temporary tangible property regulations. This method change allowed the Company to take a current year deduction for expenses that were previously capitalized for tax purposes. Since the filing of the 2012 tax return, the IRS has issued final regulations. While the Company maintains the belief that the deduction taken on its tax return is appropriate, the methodology for determining the deduction has not been agreed to by the taxing authorities. Provisions for uncertain tax positions were recorded to reflect the possible challenge of the Company’s methodology for determining its repair deduction as required by the FASB’s accounting guidance for income taxes. Should the taxing authority challenge the Company’s tax treatment, and ultimately disallow a portion of the repair deduction, the Company expects Federal net operating loss carryforwards to offset any resulting liability, and state net operating loss carryforwards will offset a portion of any resulting liability. The unrecognized tax benefits relate to the income tax accounting change, and the tax position is attributable to a temporary difference. The Company does not anticipate material changes to its unrecognized tax benefits within the next year. As a result of the regulatory treatment afforded by the income tax accounting change in Pennsylvania and despite this position being a temporary difference, as of December 31, 2021 and 2020, $34,980 and $33,050, respectively, of these tax benefits would have an impact on the Company’s effective income tax rate in the event the Company does sustain all, or a portion, of its tax position. The following table provides the components of net deferred tax liability: December 31, 20212020Deferred tax assets: Customers' advances for construction$ 28,845 $ 30,155 Costs expensed for book not deducted for tax, principally accrued expenses 28,211 11,441 Post-retirement benefits 5,186 51,914 Tax effect of regulatory liabilities for post-retirement benefits 16,080 -Tax attribute and credit carryforwards 243,131 206,347 Operating lease liabilities 16,064 17,432 Unrecovered purchased gas costs - 5,239 Other 7,586 10,979 345,103 333,507 Less valuation allowance (36,662) (34,772) 308,441 298,735 Deferred tax liabilities: Utility plant, principally due to depreciation and differences in the basis of fixed assets due to variation in tax and book accounting 1,510,752 1,298,127 Deferred taxes associated with the gross-up of revenues necessary to recover, in rates, the effect of temporary differences 179,825 205,869 Tax effect of regulatory asset for post-retirement benefits - 30,441 Utility plant acquisition adjustment basis differences 222 195 Deferred investment tax credit 5,406 5,744 Operating lease right-of-use assets 14,034 16,457 Over-recovered purchased gas costs 4,739 - 1,714,978 1,556,833 Net deferred tax liability$ 1,406,537 $ 1,258,098 At December 31, 2021, the Company has a cumulative Federal NOL of $507,330. The Company believes the Federal NOLs are more likely than not to be recovered and require no valuation allowance. The Company’s Federal NOLs do not begin to expire until 2032. At December 31, 2021, the Company has a cumulative state NOL of $1,657,743 a portion of which is offset by a valuation allowance because the Company does not believe these NOLs are more likely than not to be realized. The state NOLs do not begin to expire until 2023. At December 31, 2021, the Company’s Federal and state NOL carryforwards are reduced by an unrecognized tax position, on a gross basis, of $80,150 and $86,251, respectively, which results from the Company’s adoption in 2013 of the FASB’s accounting guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amounts of the Company’s Federal and state NOL carryforwards prior to being reduced by the unrecognized tax positions are $587,480 and $1,743,994 respectively. The Company records its unrecognized tax benefit as a component of its net deferred income tax liability. 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. Consistent with the Company’s accounting for differences between book and tax expenditures for its Aqua Pennsylvania subsidiary, the Company is utilizing the flow-through method to account for this timing difference. In addition, the Company calculated the income tax benefits for qualifying capital expenditures made prior to March 16, 2020 (“catch-up adjustment”) and has recorded a regulatory liability for $160,655 for these income 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, provided $5,000 in relief to past-due accounts for natural gas customers impacted by the COVID-19 pandemic through a rate credit fulfilling this requirement. In connection with the completion of the Peoples Gas Acquisition, as the Company identified changes to acquired deferred tax asset or liabilities, including the impact of valuation allowances or liabilities related to uncertain tax positions during the one year measurement period that ended on March 15, 2021, and they were related to new information obtained about facts and circumstances that existed as of the acquisition date, those changes were considered a measurement-period adjustment, and resulted in an adjustment to goodwill. The Company records all other changes to deferred tax assets and liabilities in current-period income tax expense. On November 15, 2021, President Biden signed into law the Infrastructure Investment and Jobs (“IIJ”) Act. The IIJ contained several tax provisions, including the modification of the tax code to exclude from taxable income any contribution in aid of construction. This provision effectively restored the exclusion that existed prior to the enactment of TCJA and would generally apply to contributions made after December 31, 2020. The Company evaluated the tax provisions included in the IIJ, and their impact was incorporated in the calculation of the income tax provision. |
Taxes Other Than Income Taxes
Taxes Other Than Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Taxes Other Than Income Taxes [Abstract] | |
Taxes Other Than Income Taxes | Note 8 – Taxes Other than Income Taxes The following table provides the components of taxes other than income taxes, including the expenses of Peoples for the period since the completion of the acquisition on March 16, 2020: Years Ended December 31, 2021 2020 2019Property$33,946 $32,054$27,735Gross receipts, excise and franchise 15,777 14,462 13,500Payroll 21,789 19,053 10,303Regulatory assessments 6,968 3,130 2,916Pumping fees 5,761 6,028 5,112Other 2,400 1,870 389Total taxes other than income taxes$ 86,641 $ 76,597$ 59,955 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | Note 9 – Commitments and Contingencies Commitments – The Company maintains agreements with other water purveyors for the purchase of water to supplement its water supply, particularly during periods of peak demand. The agreements stipulate purchases of minimum quantities of water to the year 2029. The estimated annual commitments related to such purchases through 2026 are expected to average $3,322 and the aggregate of the years remaining approximates $331. The Company has entered into purchase obligations, in the ordinary course of business, that include agreements for water treatment processes at some of its wells in a small number of its divisions. The 20 year term agreement provides for the use of treatment equipment and media used in the treatment process and are subject to adjustment based on changes in the Consumer Price Index. The future contractual cash obligations related to these agreements are as follows: 20222023202420252026Thereafter$ 3,120$ 1,038$ 1,055$ 1,078$ 1,102$ 3,261 The Company’s natural gas supply is provided by sources on the interstate pipeline system and from local western Pennsylvania gas well production. The Company has various interstate pipeline service agreements that provide for firm transportation capacity, firm storage capacity, and other services and include capacity reservation charges based upon the maximum daily and annual contract quantities set forth in the agreements. Some of these agreements have minimum volume obligations and are transacted at applicable tariff and negotiated rates to the year 2034. The estimated annual commitments related to such purchases through 2026 are expected to average $257,057 and the aggregate of the years remaining beyond 2026 approximates $1,759,841. The purchased water, water treatment, and purchased gas expenses under these agreements were as follows: Years Ended December 31, 202120202019Purchased water under long-term agreements$ 5,867 $ 5,931$ 6,577Water treatment expense under contractual agreement 1,017 1,006 989Purchased natural gas under long-term agreements 340,262 165,745 - Contingencies – The Company is routinely involved in various disputes, claims, lawsuits and other regulatory and legal matters, including both asserted and unasserted legal claims, in the ordinary course of business. The status of each such matter, referred to herein as a loss contingency, is reviewed and assessed in accordance with applicable accounting rules regarding the nature of the matter, the likelihood that a loss will be incurred, and the amounts involved. As of December 31, 2021, the aggregate amount of $17,215 is accrued for loss contingencies and is reported in the Company’s consolidated balance sheet as other accrued liabilities and other liabilities. These accruals represent management’s best estimate of probable loss (as defined in the accounting guidance) for loss contingencies or the low end of a range of losses if no single probable loss can be estimated. For some loss contingencies, the Company is unable to estimate the amount of the probable loss or range of probable losses. Further, Essential Utilities has insurance coverage for certain of these loss contingencies, and as of December 31, 2021, estimates that approximately $2,458 of the amount accrued for these matters are probable of recovery through insurance, which amount is also reported in the Company’s consolidated balance sheet as deferred charges and other assets, net. During a portion of 2019, the Company initiated a do not consume advisory for some of its customers in one division served by the Company’s Illinois subsidiary. 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 pending legal proceedings to which the Company or any of its subsidiaries is a party or to which any of its properties is the subject that are material or are expected to have a material effect on the Company’s financial position, results of operations or cash flows. In addition to the aforementioned loss contingencies, the Company self-insures a portion of its employee medical benefit program, and maintains stop-loss coverage to limit the exposure arising from these claims. The Company’s reserve for these claims totaled $2,470 and $1,535 at December 31, 2021 and 2020 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 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 2020, the Company granted $4,080 of customer rate credits to its Pennsylvania water and wastewater customers and $18,924 to its Pennsylvania natural gas utility customers. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Note 10 – Leases The Company leases land, office facilities, office equipment, and vehicles for use in its operations, which are accounted for as operating leases. Leases with a term of 12 months or less are not recorded on the balance sheet; rather, lease expense is recognized over the lease term. Our leases have remaining lives of 1 year to 73 years. Some of the Company’s leases can be extended on a month-to-month basis, which allow us to terminate the lease at any given month without penalty while others include options to extend the leases for up to 50 years. The renewal of a month-to-month lease is at our sole discretion. The Company accounts for lease and non-lease components of lease arrangements separately. For calculating lease liabilities, we may deem lease terms to include options to extend or terminate the lease when it’s reasonably certain that we will exercise that option. The Company’s lease agreements do not contain significant residual value guarantees, restrictions or covenants. Lease liabilities and corresponding right-of-use assets are recorded based on the present value of the lease payments over the expected lease term, including leases with variable payments that are based on a market rate or an index and net of any impairment. All other variable payments are expensed as incurred. Since the Company’s lease agreements do not provide an implicit interest rate, we utilize our incremental borrowing rate to determine the discount rate used to present value the lease payments. During the fourth quarter of 2021, the Company determined that there were impairment indicators that required the Company to review a portion of office space that was not used in operations for impairment. Accordingly, the Company performed undiscounted cash flow analyses on the related right-of-use asset group and determined that such right-of-use asset was impaired. This resulted in a non-cash impairment charge of $4,695, representing the excess of the right-of-use asset over its fair value, and is included within operations and maintenance expense in the consolidated statements of operations and comprehensive income. On March 16, 2020, the Company completed the Peoples Gas Acquisition and, upon application of the leasing standard and evaluation of acquired leases, it was determined that the market rental rate for one of its office spaces was lower than the contractual rental rate. Accordingly a fair market value adjustment of $3,375 was recorded against the operating right-of-use assets in the consolidated balance sheets in 2020. The balance of the right-of-use asset group, after adjustments, is being amortized over the remaining life of the lease. Years Ended December 31, 202120202019Components of lease expense were as follows: Operating lease cost$ 9,716$ 8,496$ 2,183 Years Ended December 31, 20212020Supplemental cash flow information related to leases was as follows: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases$9,612$ 6,324 December 31, 20212020Supplemental balance sheet information related to leases was as follows: Operating leases: Operating lease right-of-use assets$ 48,930 $ 60,334 Other accrued liabilities$ 7,841 $ 7,666 Operating lease liabilities 48,230 55,642 Total operating lease liabilities$ 56,071 $ 63,308 December 31, 20212020Weighted average remaining lease term: Operating leases 10 years 11 years Weighted average discount rate: Operating leases 3.62% 3.62% Maturities of operating lease liabilities and a reconciliation of the operating lease liabilities reported on our consolidated balance sheets as of December 31, 2021 are as follows: Operating Leases2022$ 9,7322023 9,2942024 9,0092025 9,0282026 6,666Thereafter 27,520Total operating lease payments$ 71,249 Total operating lease payments$ 71,249Less operating lease liabilities 56,071Present value adjustment$ 15,178 |
Long-Term Debt And Loans Payabl
Long-Term Debt And Loans Payable | 12 Months Ended |
Dec. 31, 2021 | |
Long-Term Debt And Loans Payable [Abstract] | |
Long-Term Debt And Loans Payable | Note 11 – Long-term Debt and Loans Payable Long-term Debt – The consolidated statements of capitalization provide a summary of long-term debt as of December 31, 2021 and 2020. The supplemental indentures with respect to specific issues of the first mortgage bonds restrict the ability of Aqua Pennsylvania and other operating subsidiaries of the Company to declare dividends, in cash or property, or repurchase or otherwise acquire the stock of these companies. Loan agreements for Aqua Pennsylvania and other operating subsidiaries of the Company have restrictions on minimum net assets. As of December 31, 2021, restrictions on the net assets of the Company were $3,926,205 of the total $5,184,450 in net assets. Included in this amount were restrictions on Aqua Pennsylvania’s net assets of $1,523,351 of their total net assets of $2,158,273. As of December 31, 2021, $1,929,339 of Aqua Pennsylvania’s retained earnings of $1,949,339 and $244,809 of the retained earnings of $397,547 of other subsidiaries were free of these restrictions. Some supplemental indentures also prohibit Aqua Pennsylvania and some other subsidiaries of the Company from making loans to, or purchasing the stock of, the Company. Sinking fund payments are required by the terms of specific issues of long-term debt. Excluding amounts due under the Company’s revolving credit agreement, the future sinking fund payments and debt maturities of the Company’s long-term debt are as follows: Interest Rate Range 2022 2023 2024 2025 2026 Thereafter 0.00% to 0.99%$ 466 $ 463 $ 256 $ 195 $ 182 $ 779 1.00% to 1.99% 947 827 755 766 776 5,270 2.00% to 2.99% 101,964 2,870 1,619 1,427 1,305 1,103,566 3.00% to 3.99% 23,103 32,731 53,578 783 751 2,393,807 4.00% to 4.99% 1,644 157,518 1,658 124,592 1,562 1,499,050 5.00% to 5.99% 1,696 11,872 10,611 636 104 31,200 6.00% to 6.99% 1,364 111 - - 5,000 26,000 7.00% to 7.99% 332 17 - 23,000 - 5,631 8.00% to 8.99% 630 853 841 449 - - 9.00% to 9.99% - - - - 11,800 -Total$ 132,146 $ 207,262 $ 69,318 $ 151,848 $ 21,480 $ 5,065,303 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, with 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. In November 2020, Aqua Pennsylvania issued $150,000 of first mortgage bonds, of which $50,000 is due in 2053, $50,000 is due in 2057, and $50,000 is due in 2058 with interest rates of 2.85%, 2.89%, and 2.90%, respectively. In May 2020, Aqua Pennsylvania issued $175,000 of first mortgage bonds, of which $75,000 is due in 2051, $50,000 is due in 2055, and $50,000 is due in 2056 with interest rates of 3.49%, 3.54%, and 3.55%, respectively. The proceeds from these bonds were used to repay existing indebtedness and for general corporate purposes. On April 3, 2020, the Company entered into a 364 day credit agreement that provided the Company with short-term borrowing capacity of up to $500,000 in unsecured term loans (the “Term Loan Agreement”). The Company borrowed the full $500,000 on April 3, 2020, which was used to strengthen its liquidity and cash position and maximize its financial flexibility in light of the uncertainty surrounding the impact of the COVID-19 pandemic. In May and June 2020, the Company repaid $300,000 and $200,000 of the term loans, respectively, and based on the Company’s ability to access financial markets, we terminated the facility. The term loans bore interest at either the Adjusted LIBO Rate or the Alternate Base Rate, as each such term is defined in the Term Loan Agreement. Amounts under the term loan could not be re-borrowed upon repayment. Additionally, on April 13, 2020, the Company issued $1,100,000 of long-term debt, less expenses of $10,525, of which $500,000 is due in 2030, and $600,000 is due in 2050 with interest rates of 2.704% and 3.351%, respectively. The Company used the proceeds from this issuance to repay in full the borrowings of $181,000 of short-term debt assumed in the Peoples Gas Acquisition, $150,000 of short-term debt issued on March 13, 2020, and to repay borrowings under its existing five year unsecured revolving credit agreement. On March 13, 2020, the Company entered into a 364 day $150,000 credit agreement pursuant to which the Company borrowed $150,000, which was used to fund a portion of the Peoples Gas Acquisition in lieu of additional borrowings under our revolving credit facility, which was subsequently repaid with the proceeds from the Company’s April 2020 long-term debt issuance noted above. The Company completed the Peoples Gas Acquisition on March 16, 2020, which resulted in the assumption of $1,101,091 of indebtedness, which included $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 April 2020 long-term debt issuance noted above. In December 2019, Aqua Pennsylvania issued $125,000 of first mortgage bonds, of which $75,000 is due in 2052 and $50,000 is due in 2053 with interest rates of 3.39% and 3.41%, respectively. In September 2019, Aqua Pennsylvania issued $175,000 of first mortgage bonds, of which $50,000 is due in 2054, $75,000 is due in 2058, and $50,000 is due in 2059 with interest rates of 4.09%, 4.13% and 4.14%, respectively. In May 2019, Aqua Pennsylvania issued $125,000 of first mortgage bonds, of which $75,000 is due in 2049, $25,000 is due in 2054, and $25,000 is due in 2059 with interest rates of 4.02%, 4.07%, and 4.12%, respectively. The proceeds from these bonds were used to repay existing indebtedness and for general corporate purposes. On May 18, 2019, the Company redeemed $313,500 of the Company’s outstanding notes (the “Company Debt Refinancing”) that had maturities ranging from 2019-2037 and interest rates ranging from 3.57% - 5.83%. Additionally, the Company Debt Refinancing was subject to a make whole payment of $25,237, and $18,528 of this payment was expensed, and is presented in the consolidated statements of operations on the line item “loss on debt extinguishment.” The balance of the payment, or $6,709, was deferred, as a regulatory asset, as it represents an amount by which the Company expects to receive prospective rate recovery. Further, in 2020 the Company recorded an additional regulatory asset for $3,888, as it represents an amount on which the Company expects to receive prospective rate recovery. The recognition of this regulatory asset in 2020 has been presented in the consolidated statements of operations and comprehensive income within the line item “Other.” On April 26, 2019, the Company issued $900,000 of long-term debt (the “Senior Notes”), less expenses of $7,931, of which $400,000 is due in 2029, and $500,000 is due in 2049 with interest rates of 3.566% and 4.276%, respectively. The Company used the net proceeds from the issuance of Senior Notes to (1) secure $436,000 of funding for the Peoples Gas Acquisition, (2) complete the redemption of $313,500 aggregate principal amount of certain of the Company’s outstanding notes associated with the Company Debt Refinancing, (3) pay related costs and expenses, and (4) for general corporate purposes. The weighted average cost of long-term debt at December 31, 2021 and 2020 was 3.49% and 3.56%, respectively. The weighted average cost of fixed rate long-term debt at December 31, 2021 and 2020 was 3.61% and 3.73%, respectively.As of December 31, 2021, the Company has an amended $1,000,000 five year unsecured revolving credit facility, which expires in December 2023. The Company’s unsecured revolving credit facility is used for other general corporate purposes. The facility includes a $50,000 sublimit for daily demand loans. Funds borrowed under this facility are classified as long-term debt and are used to provide working capital as well as support for letters of credit for insurance policies and other financing arrangements. As of December 31, 2021, the Company has the following sublimits and available capacity under the credit facility: $50,000 letter of credit sublimit, $29,078 of letters of credit available capacity, and $300,000 of funds borrowed under the agreement. Interest under this facility is based at the Company’s option, on the prime rate, an adjusted Euro-Rate, an adjusted federal funds rate or at rates offered by the banks. A facility fee is charged on the total commitment amount of the agreement. Under these facilities the average cost of borrowings was 1.31% and 1.62%, and the average borrowing was $174,026 and $221,230, during 2021 and 2020, respectively. The Company is obligated to comply with covenants under some of its loan and debt agreements. These covenants contain a number of restrictive financial covenants, which among other things limit, subject to specific exceptions, the Company’s ratio of consolidated total indebtedness to consolidated total capitalization, and require a minimum level of earnings coverage over interest expense. During 2021, the Company was in compliance with its debt covenants under its loan and debt agreements. Failure to comply with the Company’s debt covenants could result in an event of default, which could result in the Company being required to repay or finance its borrowings before their due date, possibly limiting the Company’s future borrowings, and increasing its borrowing costs. Loans Payable – In November 2021, Aqua Pennsylvania renewed its $100,000 364-day unsecured revolving credit facility with four banks. The funds borrowed under this agreement are classified as loans payable and used to provide working capital. As of December 31, 2021 and 2020, funds borrowed under the agreement were $35,000 and $49,198, respectively. Prior to November 2021, interest under this facility was based, at the borrower’s option, on the prime rate, an adjusted federal funds rate, an adjusted London Interbank Offered Rate corresponding to the interest period selected, an adjusted Euro-Rate corresponding to the interest period selected or at rates offered by the banks. Effective November 2021, interest under this facility is based, at the borrower’s option, on the prime rate, an adjusted overnight bank funding rate, or an adjusted Bloomberg Short-Term Bank Yield Index (BSBY) floating rate. This agreement restricts short-term borrowings of Aqua Pennsylvania. A commitment fee of 0.05% is charged on the total commitment amount of Aqua Pennsylvania’s revolving credit agreement. The average cost of borrowing under the facility was 0.78% and 1.12%, and the average borrowing was $40,312 and $37,166 , during 2021 and 2020, respectively. The maximum amount outstanding at the end of any one month was $70,000 and $54,669 in 2021 and 2020, respectively. In November 2021, Peoples Natural Gas Companies renewed its $100,000 364-day secured revolving credit facility with two banks. As of December 31, 2021 and 2020, funds borrowed under the agreement were $30,000 and $29,000, respectively. The funds borrowed under this agreement are classified as loans payable and used to provide working capital. Prior to November 2021, interest under this facility was based, at the borrower’s option, on the prime rate, an adjusted federal funds rate, an adjusted London Interbank Offered Rate corresponding to the interest period selected or at rates offered by the banks. Beginning November 2021, interest under this facility is based, at the borrower’ option, at the prime rate, an adjusted overnight bank funding rate, or an adjusted BSBY floating rate. A commitment fee of 0.05% is charged on the total commitment amount of Peoples’ revolving credit agreement. The average cost of borrowing under the facility was 1.02% and 0.96%, and the average borrowing was $23,750 and $2,417, during 2021 and 2020, respectively. The maximum amount outstanding at the end of any one month was $30,000 and $29,000 in 2021 and 2020, respectively. At December 31, 2021 and 2020, the Company had other combined short-term lines of credit of $35,500. Funds borrowed under these lines are classified as loans payable and are used to provide working capital. As of December 31, 2021 and 2020, funds borrowed under the short-term lines of credit were $0. The average borrowing under the lines was $0 and $2,500 during 2021 and 2020, respectively. The maximum amount outstanding at the end of any one month was $0 and $7,500 in 2021 and 2020, respectively. Interest under the lines is based at the Company’s option, depending on the line, on the prime rate, an adjusted Euro-Rate, an adjusted federal funds rate or at rates offered by the banks. The average cost of borrowings under all lines during 2021 and 2020 was 0% and 1.11%, respectively. Interest Income and Expense– Interest income of $2,384, $5,363, and $25,406 was recognized for the years ended December 31, 2021, 2020, and 2019, respectively. Interest expense was $207,709, $188,435, and $125,383 in 2021, 2020, and 2019, including amounts capitalized for borrowed funds of $4,510, $4,434, and $4,231, respectively. Interest Rate Swap Agreements – In October 2018, the Company entered into interest rate swap agreements to mitigate interest rate risk associated with an anticipated $850,000 of debt issuances to fund a portion of the Peoples Gas Acquisition and refinance a portion of the Company’s borrowings. On April 24, 2019, the Company settled the interest rate swap agreements upon issuance of $900,000 of long-term debt to be used to finance a portion of the purchase price of the Peoples Gas Acquisition and redeem $313,500 of the Company’s existing debt. The settlement resulted in a payment by the Company of $83,520. The interest rate swaps did not qualify for hedge accounting and any changes in the fair value of the swaps was included in our earnings. The interest rate swaps were classified as financial derivatives used for non-trading activities. The Company recorded the fair value of the interest rate swaps by discounting the future net cash flows associated with the debt issuance and recognized either an asset or liability at the balance sheet date. The following table provides a summary of the amounts recognized in earnings for our interest rate swap agreements: Amount of Loss Recognized in Income on Derivatives Years Ended December 31, Location of Loss Recognized 2021 2020 2019Derivatives not designated as hedging instrument: Interest rate swapsOther expense $ - $ - $ (23,742) |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | Note 12 – Fair Value of Financial Instruments Financial instruments are recorded at carrying value in the financial statements and approximate fair value, with the exception of long-term debt, as of the dates presented. The fair value of these instruments is disclosed below in accordance with current accounting guidance related to financial instruments. The fair value of loans payable is determined based on its carrying amount and utilizing Level 1 methods and assumptions. As of December 31, 2021 and 2020, the carrying amount of the Company’s loans payable was $65,000 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 December 31, 2021 and 2020, the carrying amounts of the Company's cash and cash equivalents were $10,567 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 December 31, 2021 and 2020, the carrying amount of these securities was $28,576 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 gains and losses on equity securities held in conjunction with our non-qualified pension plan is as follows: Years ended December 31, 2021 2020 2019Net gain recognized during the period on equity securities $ 607 $ 492 $ 293Less: 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 $ 607 $ 492 $ 293 The net gain (loss) recognized on equity securities is presented on the consolidated statements of operations and comprehensive income on the line item “Other.” The carrying amounts and estimated fair values of the Company’s long-term debt is as follows: December 31, 2021 2020Carrying amount$ 5,947,357 $ 5,630,243Estimated fair value 6,482,499 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 $103,619 and $99,014 at December 31, 2021 and 2020, respectively. Their relative fair values cannot be accurately estimated because future refund payments depend on several variables, including new customer connections, customer consumption levels and future rates. Portions of these non-interest bearing instruments are payable annually through 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. |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders’ Equity [Abstract] | |
Stockholders’ Equity | Note 13 – Stockholders’ Equity At December 31, 2021, the Company had 600,000,000 shares of common stock authorized; par value $0.50. Shares outstanding and treasury shares held were as follows: December 31, 202120202019Shares outstanding 252,867,623 245,390,468 220,758,719Treasury shares 3,234,765 3,180,887 3,112,565 Forward Equity Sale In August 2020, the Company entered into a forward equity sale agreement for 6,700,000 shares of common stock with a third party (the “forward purchaser”). In connection with the forward equity sale agreement, the forward purchaser borrowed an equal number of shares of the Company’s common stock from stock lenders and sold the borrowed shares to the public. The Company did not receive any proceeds from the sale of its common stock by the forward purchaser until settlement of the shares underlying the forward equity sale agreement. The actual proceeds to be received by the Company would have varied depending upon the settlement date, the number of shares designated for settlement on that settlement date and the method of settlement. The forward equity sale agreement was accounted for as an equity instrument and was recorded at a fair value of $0 at inception. The fair value was not adjusted as the Company continued to meet the accounting requirements for equity instruments. On August 9, 2021, the Company 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 utility 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’ subsequent public offering of Common Stock to fund a portion of the Peoples Gas Acquisition. Based on the common stock offering noted below, the Private Placement was priced at $34.62 per share. 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. Common Stock / Tangible Equity Unit Issuances On April 23, 2019, the Company issued $1,293,750, less expenses of $30,651, of its common stock and $690,000, less expenses of $16,358, of its tangible equity units (the “Units”), with a stated amount of $50 per unit. These issuances were part of the financing of the Peoples Gas Acquisition. The common stock was issued at $34.62 per share and thus the Private Placement noted above was priced at $34.62 per share. 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. As of December 31, 2021, 6,196,766 stock purchase contracts have been early settled by the holders of the contracts, resulting in the issuance of 7,310,004 shares of the Company’s common stock. As of December 31, 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. The issuance of the common stock and the Units (including the component stock purchase contracts and amortizing notes) were separate public issuances made by means of separate prospectus supplements pursuant to the Company’s universal “pay as you go” shelf registration statement, which allows for the potential future offer and sale by us, from time to time, in one or more public offerings, of an indeterminate amount of the Company’s common stock, preferred stock, debt securities, and other securities specified therein at indeterminate prices. The Company recorded the issuance of the purchase contract portion of the Units as additional paid-in-capital of $570,919, less allocable issuance costs of $13,530, in our financial statements. The Company recorded the amortizing notes portion of the Units of $119,081 as long-term debt and recorded allocable issuance costs of $2,828 as debt issuance costs. At December 31, 2021, the Company had 1,770,819 shares of authorized but unissued Series Preferred Stock, $1.00 par value. In April 2021, the Company filed a universal shelf registration, through a filing with the Securities and Exchange Commission (“SEC”), to allow for the potential future offer and sale by the Company, from time to time, in one or more public offerings, of an indeterminate amount of our common stock, preferred stock, debt securities and other securities specified therein at indeterminate prices. The Company has an acquisition shelf registration statement on file with the SEC which permits the offering, from time to time, of an aggregate of $500,000 in shares of common stock and shares of preferred stock in connection with acquisitions. The balance remaining available for use under the acquisition shelf registration as of December 31, 2021 is $487,155. The form and terms of any securities issued under the universal shelf registration statement and the acquisition shelf registration statement will be determined at the time of issuance. The Company has a Dividend Reinvestment and Direct Stock Purchase Plan (“Plan”) that allows reinvested dividends to be used to purchase shares of common stock at a five percent discount from the current market value. Under the direct stock purchase program, shares are issued throughout the year. The shares issued under the Plan are either shares purchased by the Company’s transfer agent in the open-market or original issue shares. In 2021, and 2020, the Company sold 374,824 and 388,978 original issue shares of common stock through the dividend reinvestment portion of the Plan, for net proceeds of $16,799 and $16,522, respectively. In 2019, 183,731 shares of the Company were purchased under the dividend reinvestment portion of the Plan by the Company’s transfer agent in the open-market for $7,777. The Company’s accumulated other comprehensive income is reported in the consolidated statements of equity. The Company recorded a regulatory asset for its underfunded status of its pension and other post-retirement benefit plans that would otherwise be charged to other comprehensive income, as it anticipates recovery of its costs through customer rates. |
Net Income per Common Share and
Net Income per Common Share and Equity per Common Share | 12 Months Ended |
Dec. 31, 2021 | |
Net Income Per Common Share and Equity per Commn Share [Abstract] | |
Net Income per Common Share and Equity per Common Share | Note 14 – Net Income per Common Share and Equity per Common Share Basic net income per share is based on the weighted average number of common shares outstanding and the minimum number of shares to be issued upon settlement of the stock purchase contracts issued under the tangible equity units. Diluted net income per share is based on the weighted average number of common shares outstanding and potentially dilutive shares, 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 share. The dilutive effect of stock-based compensation and shares issuable under the forward equity sale agreement are calculated by using the treasury stock method and expected proceeds upon exercise or issuance of the stock-based compensation and settlement of the forward equity sale agreement. The treasury stock method assumes that the proceeds from stock-based compensation and settlement of the forward equity sale agreement are used to purchase the Company’s common stock at the average market price during the period. The following table summarizes the shares, in thousands, used in computing basic and diluted net income per share: Years ended December 31, 202120202019Average common shares outstanding during the period for basic computation 257,487 249,768 215,550Effect of dilutive securities: Forward equity sale agreement 189 - -Issuance of common stock from private placement - 4,438 -Tangible equity units - - -Employee stock-based compensation 504 423 381Average common shares outstanding during the period for diluted computation 258,180 254,629 215,931 For the year ended December 31, 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. For the years ended December 31, 2021, 2020 and 2019, all of the Company’s employee stock options were included in the calculation of diluted net income per share as the calculated cost to exercise the stock options was less than the average market price of the Company’s common stock during these periods. Additionally, the dilutive effect of performance share units and restricted share units granted are included in the Company’s calculation of diluted net income per share. For the years ended December 31, 2021, 2020, and 2019, the average common shares outstanding during the period for basic computation includes the weighted-average impact of 9,041,687, 9,370,646 and 10,533,133 shares, respectively, based on the minimum number of shares of 8,963,964, 9,091,179 and 11,425,345, respectively, to be issued in April 2022 upon settlement of the stock purchase contracts issued in April 2019 under the tangible equity units. Equity per common share was $20.50 and $19.09 at December 31, 2021 and 2020, respectively. These amounts were computed by dividing Essential Utilities stockholders’ equity by the number of shares of common stock outstanding at the end of each year. |
Employee Stock and Incentive Pl
Employee Stock and Incentive Plan | 12 Months Ended |
Dec. 31, 2021 | |
Employee Stock and Incentive Plan [Abstract] | |
Employee Stock and Incentive Plan | Note 15 – Employee Stock and Incentive Plan Under the Company’s Amended and Restated Equity Compensation Plan, (the “Plan”) approved by the Company’s shareholders on May 2, 2019, to replace the 2004 Equity Compensation Plan, stock options, stock units, stock awards, stock appreciation rights, dividend equivalents, and other stock-based awards may be granted to employees, non-employee directors, and consultants and advisors. The Plan authorizes 6,250,000 shares for issuance under the plan. A maximum of 3,125,000 shares under the Plan may be issued pursuant to stock award, stock units and other stock-based awards, subject to adjustment as provided in the Plan. During any calendar year, no individual may be granted (i) stock options and stock appreciation rights under the Plan for more than 500,000 shares of common stock in the aggregate or (ii) stock awards, stock units or other stock-based awards under the Plan for more than 500,000 shares of Company stock in the aggregate, subject to adjustment as provided in the Plan. Awards to employees and consultants under the Plan are made by a committee of the Board of Directors, except that with respect to awards to the Chief Executive Officer, the committee recommends those awards for approval by the non-employee directors of the Board of Directors. In the case of awards to non-employee directors, the Board of Directors makes such awards. At December 31, 2021, 2,099,761 shares were still available for issuance under the Plan. No further grants may be made under the Company’s 2004 Equity Compensation Plan. Performance Share Units – During 2021 and 2020, the Company granted performance share units. A performance share unit (“PSU”) represents the right to receive a share of the Company’s common stock if specified performance goals are met over the three year performance period specified in the grant, subject to exceptions through the respective vesting periods, which is generally three 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 Company did not grant PSUs for the year ended December 31, 2019. The performance goals of the 2021 and 2020 PSU grants consisted of the following metrics: Performance Grant 2021 and 2020Metric 1 – Company’s total shareholder return (“TSR”) compared to the TSR for a specific peer group of investor-owned utilities (a market-based condition) 38.46%Metric 2 – Achievement of a targeted cumulative level of rate base growth as a result of acquisitions (a performance-based condition) 30.77%Metric 3 – Achievement of targets for maintaining consolidated operations and maintenance expenses over the three year measurement period (a performance-based condition) 30.77% The following table provides the compensation expense and income tax benefit for PSUs: Years ended December 31, 2021 2020 2019Stock-based compensation within operations and maintenance expense$7,150$3,630$2,741Income tax benefit 2,038 957 767 The following table summarizes nonvested PSU transactions for the year ended December 31, 2021: Number of Share Units Weighted Average Fair ValueNonvested share units at beginning of period 283,007$ 34.57Granted 151,711 43.18Performance criteria adjustment 70,783 49.41Forfeited (8,789) 46.34Share units issued (141,328) 31.36Nonvested share units at end of period 355,384 42.19 A portion of the fair value of PSUs was estimated at the grant date based on the probability of satisfying the market-based conditions associated with the PSUs using the Monte Carlo valuation method, which assesses the probabilities of various outcomes of market conditions. The other portion of the fair value of the PSUs associated with performance-based conditions was based on the fair market value of the Company’s stock at the grant date, regardless of whether the market-based condition is satisfied. The fair value of each PSU grant is amortized into compensation expense on a straight-line basis over their respective vesting periods, generally 36 months. The accrual of compensation costs is based on an estimate of the final expected value of the award and is adjusted as required for the portion based on the performance-based condition. The Company assumes that forfeitures will be minimal, and recognizes forfeitures as they occur, which results in a reduction in compensation expense. As the payout of the PSUs includes dividend equivalents, no separate dividend yield assumption is required in calculating the fair value of the PSUs. The recording of compensation expense for PSUs has no impact on net cash flows. The following table provides the assumptions used in the pricing model for the grant, the resulting grant date fair value of PSUs, and the intrinsic value and fair value of PSUs that vested during the year: Years ended December 31, 2021 2020 2019Expected term (years) 3.0 3.0 -Risk-free interest rate 0.24% 0.66% -Expected volatility 32.1% 24.2% -Weighted average fair value of PSUs granted$ 43.18$ 55.25$ -Intrinsic value of vested PSUs$ 6,050$ 9,030$ 3,181Fair value of vested PSUs$ 5,321$ 5,215$ 2,569 As of December 31, 2021, $9,295 of unrecognized compensation costs related to PSUs is expected to be recognized over a weighted average period of approximately 1.77 years. The aggregate intrinsic value of PSUs as of December 31, 2021 was $13,270. The aggregate intrinsic value of PSUs is based on the number of nonvested share units and the market value of the Company’s common stock as of the period end date. Restricted Stock Units – A restricted stock unit (“RSU”) represents the right to receive a share of the Company’s common stock and is valued based on the fair market value of the Company’s stock on the date of grant. RSUs are eligible to be earned at the end of a specified restricted period, generally three years, beginning on the date of grant. In some cases, the right to receive the shares is subject to specific performance goals established at the time the grant is made. The Company assumes that forfeitures will be minimal, and recognizes forfeitures as they occur, which results in a reduction in compensation expense. As the payout of the RSUs includes dividend equivalents, no separate dividend yield assumption is required in calculating the fair value of the RSUs. The following table provides the compensation expense and income tax benefit for RSUs: Years ended December 31, 2021 2020 2019Stock-based compensation within operations and maintenance expense$ 3,360$ 2,180$ 1,650Income tax benefit 953 585 466 The following table summarizes nonvested RSU transactions for the year ended December 31, 2021: Number of Stock Units Weighted Average Fair ValueNonvested stock units at beginning of period 163,906$ 40.80 Granted 85,626 44.44Stock units vested and issued (50,406) 35.45Forfeited (5,439) 43.38Nonvested stock units at end of period 193,687 43.76 The following table summarizes the value of RSUs: Years ended December 31, 2021 2020 2019Weighted average fair value of RSUs granted$ 44.44 $ 49.19$ 36.25Intrinsic value of vested RSUs 2,108 2,130 1,456Fair value of vested RSUs 1,726 1,203 1,341 As of December 31, 2021, $3,851 of unrecognized compensation costs related to RSUs is expected to be recognized over a weighted average period of approximately 1.79 years. The aggregate intrinsic value of RSUs as of December 31, 2021 was $10,399. The aggregate intrinsic value of RSUs is based on the number of nonvested stock units and the market value of the Company’s common stock as of the period end date. Stock Options – A stock option represents the option to purchase a number of shares of common stock of the Company as specified in the stock option grant agreement at the exercise price per share as determined by the closing market price of our common stock on the grant date. Stock options are exercisable in installments of 33% annually, starting one year from the grant date and expire ten years from the grant date. The vesting of stock options granted in 2019 and 2018 are subject to the achievement of the following performance goal: the Company achieves at least an adjusted return on equity equal to 150 basis points below the return on equity granted by the Pennsylvania Public Utility Commission during the Company’s Pennsylvania subsidiary’s last rate proceeding. The adjusted return on equity equals net income, excluding net income or loss from acquisitions which have not yet been incorporated into a rate application as of the last year end, divided by equity which excludes equity applicable to acquisitions which are not yet incorporated in a rate application during the award period. The Company did not grant stock options for the years ended December 31, 2021 and 2020. The fair value of each stock option is amortized into compensation expense using the graded vesting method, which results in the recognition of compensation costs over the requisite service period for each separately vesting tranche of the stock options as though the stock options were, in substance, multiple stock option grants. The following table provides compensation expense and income tax benefit for stock options: Years ended December 31, 2021 2020 2019Stock-based compensation within operations and maintenance expenses$ 480$ 1,322$ 2,280Income tax benefit 136 374 643 Options under the plans were issued at the closing market price of the stock on the day of the grant. The fair value of options was estimated at the grant date using the Black-Scholes option-pricing model, which relies on assumptions that require management’s judgment. The following table provides the assumptions used in the pricing model for grants and the resulting grant date fair value of stock options granted in the period reported: Year ended December 31, 2019Expected term (years)5.47Risk-free interest rate2.53%Expected volatility17.7%Dividend yield2.44%Grant date fair value per option$ 5.25 Historical information was the principal basis for the selection of the expected term and dividend yield. The expected volatility is based on a weighted-average combination of historical and implied volatilities over a time period that approximates the expected term of the option. The risk-free interest rate was selected based upon the U.S. Treasury yield curve in effect at the time of grant for the expected term of the option. The Company assumes that forfeitures will be minimal, and recognizes forfeitures as they occur, which results in a reduction in compensation expense. The following table summarizes stock option transactions for the year ended December 31, 2021: Shares Weighted Average Exercise PriceWeighted Average Remaining Life (years) Aggregate Intrinsic ValueOutstanding, beginning of year 947,680$ 35.22 Granted - - Forfeited (10,478) 35.92 Expired / Cancelled (1,413) 34.54 Exercised (122,297) 34.11 Outstanding at end of year 813,492$ 35.37 6.9$ 14,899 Exercisable at end of year 584,652$ 35.15 6.8$ 10,842 The intrinsic value of stock options is the amount by which the market price of the stock on a given date, such as at the end of the period or on the day of exercise, exceeded the closing market price of stock on the date of grant. The following table summarizes the intrinsic value of stock options exercised and the fair value of stock options which vested: Years ended December 31, 2021 2020 2019Intrinsic value of options exercised$1,709$1,849$2,552Fair value of options vested 1,485 1,673 422 The following table summarizes information about the options outstanding and options exercisable as of December 31, 2021: Options Outstanding Options Exercisable SharesWeighted Average Remaining Life (years) Weighted Average Exercise Price Shares Weighted Average Exercise PriceRange of prices: $30.00 - 33.99 59,159 5.2 $ 30.50 58,962 $ 30.49 $34.00 - 34.99 97,500 6.2 34.51 97,500 34.51 $35.00 - 35.99 654,374 7.2 35.93 428,190 35.93 $36.00 and above 2,459 7.2 37.80 - - 813,492 6.9$ 35.37 584,652 $ 35.15 As of December 31, 2021, there was $63 of total unrecognized compensation costs related to nonvested stock options granted under the plans. The cost is expected to be recognized over a weighted average period of approximately 0.16 years. Restricted Stock – Restricted stock awards provide the grantee with the rights of a shareholder, including the right to receive dividends and to vote such shares, but not the right to sell or otherwise transfer the shares during the restriction period. Restricted stock awards result in compensation expense that is equal to the fair market value of the stock on the date of the grant and is amortized ratably over the restriction period. The Company expects forfeitures of restricted stock to be de minimis. The Company did not grant restricted stock for the year ended December 31, 2019. The following table provides the compensation cost and income tax benefit for stock-based compensation related to restricted stock: Year ended December 31, 2021 2020 2019Stock-based compensation within operations and maintenance expense$ 130$ 333 $ -Income tax benefit 37 96 - The following table summarizes restricted stock transactions for the year ended December 31, 2021: Number of Shares Weighted Average Fair ValueNonvested shares at beginning of period 13,228$ 34.02Granted 1,068 46.83Vested (13,228) 34.02Nonvested shares at end of period 1,068$ 46.83 Stock Awards – Stock awards represent the issuance of the Company’s common stock, without restriction. Stock awards are granted to the Company’s non-employee directors. The issuance of stock awards results in compensation expense which is equal to the fair market value of the stock on the grant date, and is expensed immediately upon grant. The following table provides compensation cost and income tax benefit for stock-based compensation related to stock awards: Years ended December 31, 2021 2020 2019Stock-based compensation within operations and maintenance expense$ 700$ 695$ 698Income tax benefit 202 201 202 The following table summarizes the value of stock awards: Years ended December 31, 2021 2020 2019Intrinsic and fair value of stock awards vested$ 700$ 695$ 698Weighted average fair value of stock awards granted 47.46 41.97 41.75 The following table summarizes stock award transactions for year ended December 31, 2021: Number of Stock Awards Weighted Average Fair ValueNonvested stock awards at beginning of period -$ -Granted 14,749 47.46Vested (14,749) 47.46Nonvested stock awards at end of period - - |
Pension Plans And Other Post-Re
Pension Plans And Other Post-Retirement Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Pension Plans And Other Post-Retirement Benefits [Abstract] | |
Pension Plans And Other Post-Retirement Benefits | Note 16 – Pension Plans and Other Post-retirement Benefits The Company maintains a qualified, defined benefit pension plan that covers its full-time employees who were hired prior to the date their respective pension plan was closed to new participants. Retirement benefits under the plan are generally based on the employee’s total years of service and compensation during the last five years of employment. The Company’s policy is to fund the plan annually at a level which is deductible for income tax purposes and which provides assets sufficient to meet its pension obligations over time. To offset some limitations imposed by the Internal Revenue Code with respect to payments under qualified plans, the Company has a non-qualified Supplemental Pension Benefit Plan for Salaried Employees in order to prevent some employees from being penalized by these limitations, and to provide certain retirement benefits based on employee’s years of service and compensation. The net pension costs and obligations of the qualified and non-qualified plans are included in the tables which follow. Employees hired after their respective pension plan was closed, may participate in a defined contribution plan that provides a Company matching contribution on amounts contributed by participants and an annual profit-sharing contribution based upon a percentage of the eligible participants’ compensation. On March 16, 2020, the Company completed the Peoples Gas Acquisition and assumed the pension and other postretirement benefit plans for its employees. On April 1, 2020, the Company merged the pension plans acquired in the Peoples Gas Acquisition into the Company’s Pension Plan. Effective July 1, 2015, the Company added a permanent lump sum option to the form of benefit payments offered to participants of the qualified defined benefit pension plan upon retirement or termination. The plan paid $11,069 and $10,889 to participants who elected this option during 2021 and 2020, respectively. In addition to providing pension benefits, the Company offers post-retirement benefits other than pensions to employees retiring with a minimum level of service and hired before their respective plan closed to new participants. These benefits include continuation of medical and prescription drug benefits, or a cash contribution toward such benefits, for eligible retirees and life insurance benefits for eligible retirees. The Company funds these benefits through various trust accounts. The benefits of retired officers and other eligible retirees are paid by the Company and not from plan assets due to limitations imposed by the Internal Revenue Code. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid in the years indicated: Pension Benefits Other Post-retirement BenefitsYears: 2022$ 31,670 $ 5,5142023 32,165 5,7032024 31,666 5,6442025 32,154 5,7862026 31,513 5,9612027-2031 149,483 31,739 The changes in the benefit obligation and fair value of plan assets, the funded status of the plans and the assumptions used in the measurement of the company’s benefit obligation are as follows: Pension Benefits Other Post-retirement Benefits 2021 2020 2021 2020Change in benefit obligation: Benefit obligation at January 1,$ 486,219$ 310,381 $ 125,375$ 79,542Service cost 3,503 3,775 2,793 2,276Interest cost 13,018 13,710 3,358 3,687Actuarial (gain) loss (17,378) 37,632 (12,001) 5,181Plan participants' contributions - - 36 795Benefits paid (32,415) (28,150) (4,910) (6,287)Acquisitions - 148,871 40,181Benefit obligation at December 31, 452,947 486,219 114,651 125,375 Change in plan assets: Fair value of plan assets at January 1, 426,801 266,461 98,995 54,011Actual return on plan assets 23,901 54,732 12,484 11,910Employer contributions 14,834 16,274 598 5,034Participants' contributions - - 36 795Benefits paid (32,415) (28,150) (4,805) (6,199)Acquisitions - 117,484 - 33,444Fair value of plan assets at December 31, 433,121 426,801 107,308 98,995 Funded status of plan: Net liability recognized at December 31,$ 19,826$ 59,418 $ 7,343$ 26,380 The following table provides the net liability recognized on the consolidated balance sheets at December 31,: Pension Benefits Other Post-retirement Benefits 2021 2020 20212020Non-current asset$ 2,474$ - $ 23,504$ 11,446Current liability (1,144) (551) (1,777) (895)Noncurrent liability (21,156) (58,867) (29,070) (36,931)Net liability recognized$ (19,826)$ (59,418) $ (7,343)$ (26,380) The following table provides selected information about plans with accumulated benefit obligation and projected benefit obligation in excess of plan assets: December 31, 2021 December 31, 2020 Pension Benefits Other Post-retirement Benefits Pension Benefits Other Post-retirement BenefitsSelected information for plans with projected benefit obligation in excess of plan assets: Projected benefit obligation$ 23,601 $N/A $ 486,219 $N/AFair value of plan assets - N/A 426,801 N/A Selected information for plans with accumulated benefit obligation in excess of plan assets: Accumulated benefit obligation$ 17,129 $ 42,463 $ 458,658 $ 96,342Fair value of plan assets - 11,616 426,801 63,567 The following table provides the components of net periodic benefit costs for the years ended December 31,: Pension Benefits Other Post-retirement Benefits 2021 2020 2019 2021 2020 2019Service cost$ 3,503 $ 3,775 $ 2,718 $ 2,793 $ 2,276 $ 819 Interest cost 13,018 13,710 11,817 3,358 3,687 2,999 Expected return on plan assets (23,165) (21,249) (15,272) (4,155) (4,079) (2,482)Amortization of prior service cost (credit) 559 591 620 (432) (464) (464)Amortization of actuarial loss 2,907 7,967 7,927 219 622 664 Net periodic benefit cost (credit)$ (3,178)$ 4,794 $ 7,810 $ 1,783 $ 2,042 $ 1,536 The Company records the underfunded/overfunded status of its pension and other post-retirement benefit plans on its consolidated balance sheets and records a regulatory asset/liability for these costs that would otherwise be charged to stockholders’ equity, as the Company anticipates recoverability of the costs through customer rates to be probable. Changes in the plans’ funded status will affect the assets and liabilities recorded on the balance sheet. Due to the Company’s regulatory treatment, the recognition of the funded status is recorded as a regulatory asset pursuant to the FASB’s accounting guidance for regulated operations. The following table provides the amounts recognized in regulatory assets and regulatory liabilities that have not been recognized as components of net periodic benefit cost as of December 31: Pension Benefits Other Post-retirement Benefits 2021 2020 20212020Net actuarial loss (gain)$ 64,247$ 83,967 $ (16,323)$ 7,224Prior service cost (credit) 965 1,524 - (432)Total recognized in regulatory assets (liabilities)$ 65,212$ 85,491 $ (16,323)$ 6,792 Accounting for pensions and other post-retirement benefits requires an extensive use of assumptions about the discount rate, expected return on plan assets, the rate of future compensation increases received by the Company’s employees, mortality, turnover and medical costs. Each assumption is reviewed annually with assistance from the Company’s actuarial consultant who provides guidance in establishing the assumptions. The assumptions are selected to represent the average expected experience over time and may differ in any one year from actual experience due to changes in capital markets and the overall economy. These differences will impact the amount of pension and other post-retirement benefit expense that the Company recognizes. The significant assumptions related to the Company’s benefit obligations are as follows: Pension Benefits Other Post-retirement Benefits 20212020 20212020Weighted Average Assumptions Used to Determine Benefit Obligations as of December 31, Discount rate2.91%2.57% 2.96%2.68%Rate of compensation increase 3.0-4.0%3.0-4.0% n/an/a Assumed Health Care Cost Trend Rates Used to Determine Benefit Obligations as of December 31, Health care cost trend raten/an/a 6.25%6.25%Rate to which the cost trend is assumed to decline (the ultimate trend rate)n/an/a 5.0%5.0%Year that the rate reaches the ultimate trend raten/an/a 20272025 n/a – Assumption is not applicable. The significant assumptions related to the Company’s net periodic benefit costs are as follows: Pension Benefits Other Post-retirement Benefits 202120202019 202120202019Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs for Years Ended December 31, Discount rate2.57%3.35%4.30% 2.68%3.42%4.34%Expected return on plan assets5.60%6.00%6.50% 5.60%6.00%4.1-6.5%Rate of compensation increase3.0-4.0%3.0-4.0%3.0-4.0% n/an/an/a Assumed Health Care Cost Trend Rates Used to Determine Net Periodic Benefit Costs for Years Ended December 31, Health care cost trend raten/an/an/a 6.3%6.3%6.6%Rate to which the cost trend is assumed to decline (the ultimate trend rate)n/an/an/a 5.0%5.0%5.0%Year that the rate reaches the ultimate trend raten/an/an/a 202520252023 n/a – Assumption is not applicable. The Company’s discount rate assumption, which is utilized to calculate the present value of the projected benefit payments of our post-retirement benefits, was determined by selecting a hypothetical portfolio of high quality corporate bonds appropriate to match the projected benefit payments of the plans. The selected bond portfolio was derived from a universe of Aa-graded corporate bonds. The discount rate was then developed as the rate that equates the market value of the bonds purchased to the discounted value of the plan’s benefit payments. The Company’s pension expense and liability (benefit obligations) increases as the discount rate is reduced. The Company’s expected return on plan assets is determined by evaluating the asset class return expectations with its advisors as well as actual, long-term, historical results of our asset returns. The Company’s market related value of plan assets is equal to the fair value of the plan’s assets as of the last day of its fiscal year, and is a determinant for the expected return on plan assets which is a component of post-retirement benefits expense. The Company’s pension expense increases as the expected return on plan assets decreases. For 2021, the Company used a 5.6% expected return on plan assets assumption. The Company believes its actual long-term asset allocation on average will approximate the targeted allocation. The Company’s investment strategy is to earn a reasonable rate of return while maintaining risk at acceptable levels. Risk is managed through fixed income investments to manage interest rate exposures that impact the valuation of liabilities and through the diversification of investments across and within various asset categories. Investment returns are compared to a total plan benchmark constructed by applying the plan’s asset allocation target weightings to passive index returns representative of the respective asset classes in which the plan invests. The Retirement and Employee Benefits Committee meets quarterly to review plan investments and management monitors investment performance quarterly through a performance report prepared by an external consulting firm. The Company’s pension plan asset allocation and the target allocation by asset class are as follows: Percentage of Plan Assets at December 31, Target Allocation 20212020 Return seeking assets50 to 70% 53%54% Liability hedging assets30 to 50% 47%46% Total100% 100%100% The fair value of the Company’s pension plans’ assets at December 31, 2021 by asset class are as follows: Level 1 Level 2 Level 3 Assets measured at NAV (a) TotalCommon stock$ 20,290$ -$ -$ - $ 20,290Return seeking assets: Global equities - - - 134,394 134,394Hedge / diversifying strategies - - - 39,163 39,163Credit - - - 56,191 56,191Liability hedging assets - - - 177,574 177,574Cash and cash equivalents 5,509 - - - 5,509Total pension assets$ 25,799$ -$ -$ 407,322 $ 433,121 (a)Assets that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The fair value of the Company’s pension plans’ assets at December 31, 2020 by asset class are as follows: Level 1 Level 2 Level 3 Assets measured at NAV (a) TotalCommon stock$ 17,620$ -$ -$ - $ 17,620Return seeking assets: Global equities - - - 120,220 120,220Hedge / diversifying strategies - - - 38,417 38,417Credit - - - 53,378 53,378Liability hedging assets - - - 140,891 140,891Cash and cash equivalents 56,275 - - - 56,275Total pension assets$ 73,895$ -$ -$ 352,906 $ 426,801 Equity securities include our common stock in the amounts of $20,290 or 4.7% and $17,620 or 4.1% of total pension plans’ assets as of December 31, 2021 and 2020, respectively. The asset allocation for the Company’s other post-retirement benefit plans and the target allocation by asset class are as follows: Percentage of Plan Assets at December 31, Target Allocation 20212020 Return seeking assets50 to 70% 68%64% Liability hedging assets30 to 50% 32%36% Total100% 100%100% The fair value of the Company’s other post-retirement benefit plans’ assets at December 31, 2021 by asset class are as follows: Level 1 Level 2 Level 3 Assets measured at NAV (a) TotalReturn seeking assets: Global equities$ 36,753$ -$ -$ 22,544 $ 59,297Real estate securities 9,609 - - 4,391 14,000Liability hedging assets 17,241 - - 12,364 29,605Cash and cash equivalents 4,406 - - 4,406Total other post-retirement assets$ 68,009$ -$ -$ 39,299 $ 107,308 (a)Assets that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The fair value of the Company’s other post-retirement benefit plans’ assets at December 31, 2020 by asset class are as follows: Level 1 Level 2 Level 3 Assets measured at NAV (a) TotalReturn seeking assets: Global equities$ 31,984$ -$ -$ 20,673 $ 52,657Real estate securities 6,761 - - 3,453 10,214Liability hedging assets 17,021 - - 11,605 28,626Cash and cash equivalents 7,498 - - - 7,498Total other post-retirement assets$ 63,264$ -$ -$ 35,731 $ 98,995 Valuation Techniques Used to Determine Fair Value Common Stocks - Investments in common stocks are valued using unadjusted quoted prices obtained from active markets. Return Seeking Assets – Investments in return seeking assets consists of the following:oGlobal equities, which consist of common and preferred shares of stock, traded on U.S. or foreign exchanges that are valued using unadjusted quoted prices obtained from active markets, or commingled fund vehicles, consisting of such securities valued using NAV, which are not classified within the fair value hierarchy. oReal estate securities, which consist of securities, traded on U.S. or foreign exchanges that are valued using unadjusted quoted prices obtained from active markets, or for real estate commingle fund vehicles that are not publicly quoted, the fund administrators value the funds using the NAV per fund share, derived from the quoted prices in active markets of the underlying securities and are not classified within the fair value hierarchy. oHedge / diversifying strategies, which consist of a multi-manager fund vehicle having underlying exposures that collectively seek to provide low correlation of return to equity and fixed income markets, thereby offering diversification. As a multi-manager fund investment, NAV is derived from underlying manager NAVs, which are derived from the quoted prices in active markets of the underlying securities and are not classified within the fair value hierarchy. oCredit, which consist of certain opportunistic, return-oriented credits which primarily include below investment grade bonds (i.e. high yield bonds), bank loans, and securitized debt. Credits are valued using the NAV per fund share, derived from either quoted prices in active markets of the underlying securities, or less active markets, or quotes of similar assets, and are not classified within the fair value hierarchy. Liability Hedging Assets – Investments in liability hedging assets consist of funds investing in high-quality fixed income (i.e. U.S. Treasury securities and government bonds), and for funds for which market quotations are readily available, are valued at the last reported closing price on the primary market or exchange on which they are traded. Funds for which market quotations are not readily available, are valued using the NAV per fund share, derived from the quoted prices in active markets of the underlying securities and are not classified within the fair value hierarchy. Cash and Cash Equivalents – Investments in cash and cash equivalents are comprised of both uninvested cash and money market funds. The uninvested cash is valued based on its carrying value, and the money market funds are valued utilizing the net asset value per unit obtained from published market prices. Funding requirements for qualified defined benefit pension plans are determined by government regulations and not by accounting pronouncements. In accordance with funding rules and the Company’s funding policy, during 2022 our pension contribution is expected to be $20,390. The Company has a 401(k) savings plan, which is a defined contribution plan and covers substantially all employees. The Company makes matching contributions that are based on a percentage of an employee’s contribution, subject to specific limitations, as well as, non-discretionary contributions based on eligible hourly wages for certain union employees, discretionary year-end contributions based on an employee’s eligible compensation, and employer profit sharing contributions. Participants may diversify their Company matching account balances into other investments offered under the 401(k) savings plan. The Company’s contributions, which are recorded as compensation expense, were $19,569, $15,445, and $6,259, for the years ended December 31, 2021, 2020, and 2019, respectively. |
Rate Activity
Rate Activity | 12 Months Ended |
Dec. 31, 2021 | |
Rate Activity [Abstract] | |
Rate Activity | Note 17 –Rate Activity On August 20, 2021, Aqua Pennsylvania, filed an application with the Pennsylvania Public Utility Commission designed to increase water and wastewater rates by $97,685 or 17.9% on an annual basis. The Company anticipates a final order to be issued by May 2022. In May 2019, the Pennsylvania Public Utility Commission granted Aqua Pennsylvania a water and wastewater increase designed to increase total operating revenues by $47,000 on an annual basis, and new rates went into effect on May 24, 2019. The rates in effect at the time of the filing also included $29,493 in Distribution System Improvement Charges (“DSIC”), which was 7.5% above prior base rates. Consequently, the aggregate base rates increased by $76,493 since the last base rate increase and the DSIC was reset to zero. Revenues from this rate increase realized in the year of grant were approximately $28,396. Additionally, in the May 2019 Aqua Pennsylvania rate order, base rates were designed with $158,865 of tax benefits to be flowed-through to income for qualifying utility asset improvement costs, subject to $3,000 either above or below this target amount. To the extent actual tax benefits are outside this range, tax benefits will either be deferred or accrued, and settled in the next rate filing. On October 26, 2020, the Company’s water and wastewater utility operating divisions in North Carolina received an order from the North Carolina Utilities Commission resulting in an increase of $3,426 in annual revenue, and new rates went into effect on October 26, 2020. In May 2019, the Company’s operating subsidiary in New Jersey received an order from the New Jersey Board of Public Utilities, resulting in an increase of $5,000 in annual revenues, and new rates went into effect on June 1, 2019. Revenues from this rate increase realized in the year of grant were approximately $2,917. In addition to the Pennsylvania, North Carolina, and New Jersey rate awards noted above, the Company’s operating subsidiaries were allowed annualized rate increases of $3,390 in 2021, $4,480 in 2020, and $974 in 2019, represented by six, five, and two rate decisions, respectively. Revenues from these rate increases realized in the year of grant were approximately $2,995, $1,594, and $974 in 2021, 2020, and 2019, respectively. On January 3, 2022, the Company’s natural gas operating division in Kentucky received an order from the Kentucky Public Service Commission resulting in an increase of $5,238 in annual revenues, and new rates went into effect on January 4, 2022. Rate cases are also underway for certain of our water and wastewater utility operating divisions in Ohio. Eight states in which the Company operates permit water and wastewater utilities to add a surcharge to their water or wastewater bills to offset the additional depreciation and capital costs related to infrastructure system replacement and rehabilitation projects completed and placed into service between base rate filings. Additionally, Pennsylvania and Kentucky allow for the use of an infrastructure rehabilitation surcharge for natural gas utility systems. The surcharge for infrastructure system replacements and rehabilitations is typically adjusted periodically based on additional qualified capital expenditures completed or anticipated in a future period, is capped as a percentage of base rates, generally at 5% to 12.75%, and is reset to zero when new base rates that reflect the costs of those additions become effective or when a utility’s earnings exceed a regulatory benchmark. The surcharge for infrastructure system replacements and rehabilitations provided revenues in 2021, 2020, and 2019 of $33,771, $13,039, and $16,007, respectively. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Information [Abstract] | |
Segment Information | Note 18 – 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 our 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, corporate costs that have not been allocated to the Regulated Water and Regulated Natural Gas segments, and intersegment eliminations. Corporate costs include general and administrative expenses, and interest expense. The Company reports these corporate costs within Other as they relate to corporate-focused responsibilities and decisions and are not included in internal measures of segment operating performance used by the Company to measure the underlying performance of the operating segments. The following table presents information about the Company’s reportable segments, 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: 2021 Regulated Water Regulated Natural Gas Other and Eliminations Consolidated Operating revenues$ 980,203 $ 859,902 $ 38,039 $ 1,878,144 Operations and maintenance expense 332,598 226,194 (8,212) 550,580 Purchased gas - 313,390 26,872 340,262 Depreciation and amortization 182,074 113,238 2,640 297,952 Taxes other than income taxes 63,264 20,801 2,576 86,641 Operating income 402,267 186,279 14,163 602,709 Interest expense, net (a) 108,356 75,628 21,341 205,325 Allowance for funds used during construction (19,258) (1,534) - (20,792) Other (7,167) 4,005 (662) (3,824) Income before income taxes 320,336 108,180 (6,516) 422,000 Provision for income taxes (benefit) 26,633 (40,013) 3,768 (9,612) Net income (loss)$ 293,703$ 148,193 $ (10,284)$ 431,612 Capital expenditures$ 621,595$ 397,419$ 1,505$ 1,020,519 Total assets$ 8,403,586 $ 5,960,602 294,090 $ 14,658,278 2020 Regulated Water Regulated Natural Gas Other and Eliminations ConsolidatedOperating revenues$ 938,540 $ 506,564 $ 17,594 $ 1,462,698 Operations and maintenance expense 309,608 198,383 20,620 528,611 Purchased gas - 154,103 11,642 165,745 Depreciation and amortization 171,152 84,201 1,706 257,059 Taxes other than income taxes 60,505 13,307 2,785 76,597 Operating income (loss) 397,275 56,570 (19,159) 434,686 Interest expense, net (a) 101,810 29,016 52,246 183,072 Allowance for funds used during construction (11,231) (1,456) - (12,687)Equity loss in joint venture - - 3,374 3,374 Other 422 (2,308) (2,158) (4,044)Income before income taxes 306,274 31,318 (72,621) 264,971 Provision for income taxes (benefit) 22,481 (25,133) (17,226) (19,878)Net income (loss) $ 283,793 $ 56,451 $ (55,395)$ 284,849 Capital expenditures$ 542,199 $ 292,121 $ 1,322 $ 835,642 Total assets$ 7,838,034 $ 5,303,507 $ 563,736 $ 13,705,277 2019 Regulated Water Other and Eliminations ConsolidatedOperating revenues$ 886,430 $ 3,262 $ 889,692 Operations and maintenance expense 315,052 18,050 333,102 Depreciation and amortization 155,898 578 156,476 Taxes other than income taxes 59,955 - 59,955 Operating income (loss) 355,525 (15,366) 340,159 Interest expense, net (a) 97,941 2,036 99,977 Allowance for funds used during construction (16,172) - (16,172)Change in fair value of interest rate swap agreements - 23,742 23,742 Equity earnings in joint venture - (2,210) (2,210)Other 103 23,193 23,296 Income before income taxes 273,653 (62,127) 211,526 Income tax benefit (1,267) (11,750) (13,017)Net income (loss)$ 274,920 $ (50,377)$ 224,543 Capital expenditures$ 550,273 $ -$ 550,273 Total assets$ 7,269,404 $ 2,092,581 $ 9,361,985 (a) The regulated water and regulated natural gas segments report interest expense that includes long-term debt that was pushed-down to the regulated operating subsidiaries from Essential Utilities, Inc. |
Schedule 1 - Condensed Parent C
Schedule 1 - Condensed Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2021 | |
Parent Company [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Schedule I - Condensed Financial Information Of Parent Company | December 31, 2021 2020Assets Current assets: Accounts receivable, net$ 122 $ 29 Accounts receivable - affiliates 117,504 388,584 Prepayments and other current assets 12,754 11,076 Total current assets 130,380 399,689 Deferred charges and other assets, net 52,512 31,611 Notes receivable - affiliates 2,015,570 1,526,485 Deferred income tax asset 1,310 14,501 Investment in subsidiaries 6,005,927 5,463,446 Total assets$ 8,205,699 $ 7,435,732 Liabilities and Equity Stockholders' equity$ 5,184,450 $ 4,683,877 Long-term debt, excluding current portion, net of debt issuance costs 2,819,590 2,523,623 Current liabilities: Current portion of long-term debt 20,470 40,032 Accrued interest 15,550 14,194 Accounts payable - affiliates 58,962 38,461 Other accrued liabilities 16,109 16,260 Total current liabilities 111,091 108,947 Other liabilities 90,568 119,285 Total liabilities and equity$ 8,205,699 $ 7,435,732 The accompanying condensed notes are an integral part of these condensed financial statements. Years ended December 31, 2021 2020 2019Other income$ 8,388$ 4,973$ 1,596Operating expense and other expenses 5,821 29,483 23,760Operating income (loss) 2,567 (24,510) (22,164)Interest expense 21,729 53,702 45,759Interest income (9) (5,256) (25,327)Change in fair value of interest rate swap agreements - - 23,741Other (income) expense (609) (494) (294)Loss before equity in earnings of subsidiaries and income taxes (18,544) (72,462) (66,043)Equity in earnings of subsidiaries 445,951 341,653 276,556Income before income taxes 427,407 269,191 210,513Income tax benefit (4,205) (15,658) (14,030)Net income$ 431,612$ 284,849$ 224,543 Comprehensive income$ 431,612$ 284,849$ 224,543 Net income per common share: Basic $ 1.68$ 1.14$ 1.04Diluted$ 1.67$ 1.12$ 1.04 Average common shares outstanding during the period: Basic 257,487 249,768 215,550Diluted 258,180 254,629 215,931 The accompanying condensed notes are an integral part of these condensed financial statements. Years ended December 31, 2021 2020 2019Net cash flows used in operating activities$ (239,320)$ (315,329)$ (54,496)Cash flows from investing activities: Acquisitions of utility systems and other, net (36,237) (34,665) (6,385)Acquisition of natural gas system and other, net - (3,465,344) -Decrease (increase) in investment of subsidiary (53,467) 6,085 6,068 Other (987) 341 235 Net cash flows used in investing activities (90,691) (3,493,583) (82)Cash flows from financing activities: Net repayments of short-term debt - (881) -Proceeds from long-term debt 995,458 3,042,274 1,009,992 Repayments of long-term debt (725,033) (1,607,854) (821,226)Extinguishment of long-term debt - - (25,237)Proceeds from stock issued to finance acquisition - 729,301 1,263,099 Proceeds from tangible equity unit issuance - - 673,642 Proceeds from issuance of common stock under dividend reinvestment plan 16,799 16,522 8,959 Proceeds from exercised stock options 4,172 1,589 1,898 Proceeds from issuance of common stock from forward equity sale agreement 299,739 - -Repurchase of common stock (3,291) (4,365) (1,867)Dividends paid on common stock (258,650) (232,571) (188,512)Other 817 (96) (1,177)Net cash flows from financing activities 330,011 1,943,919 1,919,571 Net change in cash and cash equivalents - (1,864,993) 1,864,993 Cash and cash equivalents at beginning of year - 1,864,993 -Cash and cash equivalents at end of year$ -$ -$ 1,864,993 See Note 1 - Basis of Presentation The accompanying condensed notes are an integral part of these condensed financial statements. Note 1 – Basis of Presentation – The accompanying condensed financial statements of Essential Utilities, Inc. (the “Parent”) should be read in conjunction with the consolidated financial statements and notes thereto of Essential Utilities, Inc. and subsidiaries (collectively, the “Registrant”) included in Part II, Item 8 of the Annual Report. The Parent’s significant accounting policies are consistent with those of the Registrant. The Parent borrows from third parties and provides funds to its subsidiaries, in support of their operations. Amounts owed to the Parent for borrowings under this facility are reflected as inter-company receivables on the condensed balance sheets. The interest rate charged to the subsidiaries is sufficient to cover the Parent’s interest costs under its associated borrowings. As of December 31, 2021 and 2020, the Parent had a current accounts receivable – affiliates balance of $117,504 and $388,584, respectively. As of December 31, 2021 and 2020, the Parent had a notes receivable – affiliates balance of $2,015,570 and $1,526,485, respectively. The changes in these balances represent non-cash adjustments that are recorded through the Parent’s investment in subsidiaries. In the ordinary course of business, the Parent indemnifies a third-party for surety bonds issued on behalf of subsidiary companies, guarantees the performance of one of its regulated utilities in a jurisdiction that requires such guarantees, and guarantees several projects associated with the treatment of water in a jurisdiction. Note 2 – Dividends from subsidiaries – Dividends in the amount of $0, $1,050,000, and $101,625 were paid to the Parent by its wholly-owned subsidiaries during the years ended December 31, 2021, 2020, and 2019, respectively. Note 3 – Long-term debt – the Parent has long-term debt under unsecured note purchase agreements with investors in addition to its $1,000,000 revolving credit agreement. Excluding amounts due under the revolving credit agreement, the debt maturities of the Parent’s long-term debt are as follows: Year Debt Maturity2022 $ 20,4702023 -2024 -2025 -2026 -Thereafter 2,525,000 |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Nature Of Operations | Nature of Operations ─ Essential Utilities, Inc. (“Essential Utilities,” the “Company,” “we,” “our”, or “us”) is the holding company for regulated utilities providing water, wastewater, or natural gas services concentrated in Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana, Virginia, West Virginia, and Kentucky under the Aqua and Peoples brands. One of our largest operating subsidiaries is Aqua Pennsylvania, Inc., which accounted for approximately 55% of our Regulated Water segment’s operating revenues and approximately 68% of our Regulated Water segment’s income for 2021. As of December 31, 2021, Aqua Pennsylvania provided water or wastewater services to approximately one-half of the total number of Regulated Water customers we serve. Aqua Pennsylvania’s service territory is located in the suburban areas north and west of the City of Philadelphia and in 27 other counties in Pennsylvania. The Company’s other regulated water or wastewater utility subsidiaries provide similar services in seven additional states. Additionally, pursuant to the Company’s growth strategy, commencing on March 16, 2020 with the completion of the Peoples Gas Acquisition, the Company began to provide natural gas distribution services to customers in western Pennsylvania, Kentucky, and West Virginia. Approximately 93% of the total number of natural gas utility customers we serve are in western Pennsylvania. Lastly, the Company’s market-based activities are conducted through Aqua Infrastructure LLC, and Aqua Resources, Inc., and certain other non-regulated subsidiaries of Peoples. Prior to our October 2020 sale of our investment in a 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 line protection solutions and repair services to households. Other non-regulated subsidiaries of Peoples provide utility service line protection services to households and operate gas marketing and production businesses. The Company has identified twelve operating segments and has 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. These operating segments are aggregated into one reportable segment since each of the Company’s 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, where the Company provides natural gas distribution services. In addition, our non-regulated natural gas operations, Aqua Resources, and Aqua Infrastructure are not quantitatively significant to be reportable and are included as a component of “Other,” in addition to corporate costs that have not been allocated to the Regulated Water and Regulated Natural Gas segments, because they would not be recoverable as a cost of utility service, and intersegment eliminations. |
Regulation | Regulation ─ Most of the operating companies that are regulated public utilities are subject to regulation by the utility commissions of the states in which they operate. The respective utility commissions have jurisdiction with respect to rates, service, accounting procedures, issuance of securities, acquisitions and other matters. Some of the operating companies that are regulated public utilities are subject to rate regulation by county or city government. Regulated public utilities follow the Financial Accounting Standards Board’s (“FASB”) accounting guidance for regulated operations, which provides for the recognition of regulatory assets and liabilities as allowed by regulators for costs or credits that are reflected in current rates or are considered probable of being included in future rates. Costs, for which the Company has received or expects to receive prospective rate recovery, are deferred as a regulatory asset and amortized over the period of rate recovery in accordance with the FASB’s accounting guidance for regulated operations. The regulatory assets or liabilities are then relieved as the cost or credit is reflected in Company’s rates charged for utility service. If, as a result of a change in circumstances, it is determined that a regulated operating company no longer meets the criteria to apply regulatory accounting, the operating company would have to discontinue regulatory accounting and write-off the respective regulatory assets and liabilities. See Note 6 - Regulatory Assets and Liabilities for further information regarding the Company’s regulatory assets. The Company makes significant judgments and estimates to record regulatory assets and liabilities. For each regulatory jurisdiction with regulated operations, the Company evaluates at the end of each reporting period, whether the regulatory assets and liabilities continue to meet the probable criteria for future recovery or refund. The evaluation considers factors such as regulatory orders or guidelines, in the same regulatory jurisdiction, of a specific matter or a similar matter, as provided to the Company in the past or to other regulated utilities. In addition, the evaluation may be impacted by changes in the regulatory environment and pending or new legislation that could impact the ability to recover costs through regulated rates. There may be multiple participants to rate or transactional regulatory proceedings who might offer different views on various aspects of such proceedings, and in these instances may challenge the prudence of our business policies and practices, seek cost disallowances or request other relief. |
Use Of Estimates In Preparation Of Consolidated Financial Statements | Use of Estimates in Preparation of Consolidated Financial Statements ─ The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The current novel coronavirus (“COVID-19”) pandemic has, at times, caused significant social and economic restrictions that have been imposed in the United States and abroad, which resulted in significant volatility in the global economy and led to reduced economic activity in some industries. 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 situation is ever evolving, future events and effects related to the COVID-19 pandemic, including the effects of potential vaccination requirements, cannot be determined with precision, and actual results could significantly differ from our estimates or forecasts. |
Basis Of Presentation | Basis of Presentation – The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. |
Property, Plant And Equipment And Depreciation | Property, Plant and Equipment and Depreciation ─ Property, plant and equipment consist primarily of utility plant. The cost of additions includes contracted cost, direct labor and fringe benefits, materials, overheads, and for additions meeting certain criteria, allowance for funds used during construction. Utility systems acquired are typically recorded at estimated original cost of utility plant when first devoted to utility service and the applicable depreciation is recorded to accumulated depreciation. Further, utility systems acquired under fair value regulations would be recorded based on the valuation of the utility plant as approved by the respective utility commission. The difference between the estimated original cost, less applicable accumulated depreciation, and the purchase price may be recorded as an acquisition adjustment within utility plant as permitted by the applicable regulatory jurisdiction. At December 31, 2021 and 2020, utility plant includes a net credit acquisition adjustment of $9,055 and $12,215, respectively, which is generally being amortized from 2 to 59 years. Amortization of the acquisition adjustments totaled $2,842 in 2021, $2,895 in 2020, and $6,076 in 2019. Utility expenditures for maintenance and repairs, including major maintenance projects and minor renewals, are charged to operating expenses when incurred in accordance with the system of accounts prescribed by the utility commissions of the states in which the company operates. The cost of new units of property and betterments are capitalized. Utility expenditures for water main cleaning and relining of pipes are deferred and are presented in net property, plant and equipment in accordance with the FASB’s accounting guidance for regulated operations. As of December 31, 2021, $1,635 of these costs have been incurred since the last respective rate proceeding and the Company expects to recover these costs in future rates. The cost of software upgrades and enhancements are capitalized if they result in added functionality, which enables the software to perform tasks it was previously incapable of performing. Information technology costs associated with major system installations, conversions and improvements, such as software training, data conversion and business process reengineering costs, are deferred as a regulatory asset if the Company expects to recover these costs in future rates. If these costs are not deferred, then these costs are charged to operating expenses when incurred. As of December 31, 2021, $52,810 of these costs have been deferred since the last respective rate proceeding as a regulatory asset, and the deferral is reported as a component of net property, plant and equipment. When units of utility property are replaced, retired or abandoned, the recorded value thereof is credited to the asset account and such value, together with the net cost of removal, is charged to accumulated depreciation. To the extent the Company anticipates recovery of the cost of removal or other retirement costs through rates after the retirement costs are incurred, a regulatory asset is recorded as those costs are incurred. In some cases, the Company recovers retirement costs through rates during the life of the associated asset and before the costs are incurred. These amounts, which are not yet utilized, result in a regulatory liability being reported based on the amounts previously recovered through customer rates. The straight-line remaining life method is used to compute depreciation on utility plant. Generally, the straight-line method is used with respect to transportation and mechanical equipment, office equipment and laboratory equipment. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets - Long-lived assets of the Company, which consist primarily of utility plant in service, operating lease right-of-use assets and intangible assets, are reviewed for impairment when changes in circumstances or events occur. These circumstances or events could include a decline in the market value or physical condition of a long-lived asset, an adverse change in the manner in which long-lived assets are used or planned to be used, a change in historical trends, operating cash flows associated with the long-lived assets, changes in macroeconomic conditions, industry and market conditions, or overall financial performance. When these circumstances or events occur, the Company determines whether it is more likely than not that the fair value of those assets is less than their carrying amount. If the Company determines that it is more likely than not (that is, the likelihood of more than 50 percent), the Company would recognize an impairment charge if it is determined that the carrying amount of an asset exceeds the sum of the undiscounted estimated cash flows. In this circumstance, the Company would recognize an impairment charge equal to the difference between the carrying amount and the fair value of the asset. Fair value is estimated to be the present value of future net cash flows associated with the asset, discounted using a discount rate commensurate with the risk and remaining life of the asset. During the year ended December 31, 2021, the Company recorded an impairment loss to write down a portion of the operating lease right-of-use asset for office space not used in operations to fair value. Refer to Note 10 – Leases, for further details. Regulatory assets are reviewed for the continued application of the FASB accounting guidance for regulated operations. The Company’s review determines whether there have been changes in circumstances or events, such as regulatory disallowances, or abandonments, that have occurred that require adjustments to the carrying value of these assets. Adjustments to the carrying value of these assets would be made in instances where their inclusion in the rate-making process is unlikely. For utility plant in service, we would recognize an impairment loss for any amount disallowed by the respective utility commission. |
Allowance For Funds Used During Construction | Allowance for Funds Used During Construction ─ The allowance for funds used during construction (“AFUDC”) represents the capitalized cost of funds used to finance the construction of utility plant. In general, AFUDC is applied to construction projects requiring more than one month to complete. No AFUDC is applied to projects funded by customer advances for construction, contributions in aid of construction, or applicable state-revolving fund loans. AFUDC includes the net cost of borrowed funds and a rate of return on other funds when used and is recovered through rates as the utility plant is depreciated. The amount of AFUDC related to equity funds in 2021 was $16,282, 2020 was $8,253, and 2019 was $11,941. No interest was capitalized by our market-based businesses. |
Lease Accounting | Lease Accounting ─ The Company evaluates the contracts it enters into to determine whether such contracts contain leases. A contract contains a lease if the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. We enter into operating lease contracts for the right to utilize certain land, office facilities, office equipment, and vehicles from third parties. For contracts that extend for a period greater than 12 months, we recognize a right of use asset and a corresponding lease liability on our consolidated balance sheet. The present value of each lease is based on the future minimum lease payments in accordance with Accounting Standards Codification (“ASC”) 842 and is determined by discounting these payments using an incremental borrowing rate. |
Recognition Of Revenues | Recognition of Revenues ─ The Company recognizes revenue as utility services are provided to our customers, which happens over time as the services are delivered and the performance obligation is satisfied. The Company’s utility revenues recognized in an accounting period includes amounts billed to customers on a cycle basis and unbilled amounts based on estimated usage from the last billing to the end of the accounting period. Unbilled amounts are calculated by deriving estimates based on average usage of the prior month. The Company’s actual results could differ from these estimates, which would result in operating revenues being adjusted in the period that the revision to our estimates are determined. Generally, payment is due within 30 days once a bill is issued to a customer. Sales tax and other taxes we collect on behalf of government authorities, concurrent with our revenue-producing activities, are primarily excluded from revenue. The following table presents our revenues disaggregated by major source and customer class: 2021Water RevenuesWastewater Revenues Natural Gas RevenuesOther RevenuesRevenues from contracts with customers: Residential $ 561,996$ 99,931$ 530,338$ -Commercial 151,071 22,060 99,596 -Fire protection 35,984 - - -Industrial 30,230 1,729 3,427 -Gas transportation - - 198,195 -Other water 53,488 - - -Other wastewater - 8,860 - -Customer rate credits - - (5,000) -Other utility - - 32,812 13,358Revenues from contracts with customers 832,769 132,580 859,368 13,358Alternative revenue program 1,760 (264) 534 -Other and eliminations - - - 38,039Consolidated$ 834,529$ 132,316$ 859,902$ 51,397 2020Water RevenuesWastewater Revenues Natural Gas RevenuesOther RevenuesRevenues from contracts with customers: Residential $ 567,486$ 95,051$ 314,274$ -Commercial 143,479 19,062 50,239 -Fire protection 35,340 - - -Industrial 29,764 1,619 6,923 -Gas transportation - - 133,685 -Other water 32,372 - - -Other wastewater - 5,385 - -Customer rate credits (3,757) (323) (18,924) -Other utility - - 20,243 12,861Revenues from contracts with customers 804,684 120,794 506,440 12,861Alternative revenue program 87 114 124 -Other and eliminations - - - 17,594Consolidated$ 804,771$ 120,908$ 506,564$ 30,455 2019Water RevenuesWastewater RevenuesOther RevenuesRevenues from contracts with customers: Residential $ 518,192$ 83,561$ -Commercial 145,599 15,222 -Fire protection 33,589 - -Industrial 30,667 1,765 -Other water 39,353 - -Other wastewater - 4,656 -Other utility - - 13,835Revenues from contracts with customers 767,400 105,204 13,835Alternative revenue program 80 (89) -Other and eliminations - - 3,262Consolidated$ 767,480$ 105,115$ 17,097 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 | Revenues from Contracts with Customers – These revenues are composed of four main categories: water, wastewater, natural gas, and other. Water revenues represent revenues earned for supplying customers with water service. Wastewater revenues represent revenues earned for treating wastewater and releasing it into the environment. Natural gas revenues represent revenues earned for the gas commodity and delivery of natural gas to customers. Other revenues are associated fees that relate to our utility businesses but are not water, wastewater, or natural gas revenues. Refer to the description below for a discussion of the performance obligation for each of these revenue streams. Tariff Revenues – These revenues are categorized by customer class: residential, commercial, fire protection, industrial, gas transportation, other water, and other wastewater. The rates that generate these revenues are approved by the respective state utility commission, and revenues are billed cyclically and accrued for when unbilled. The regulated natural gas rates are set and adjusted for increases or decreases in our purchased gas costs through purchased gas adjustment mechanisms. Purchased gas adjustment mechanisms provide us with a means to recover purchased gas costs on an ongoing basis without filing a rate case. Other water and other wastewater revenues consists primarily of fines, penalties, surcharges, and availability lot fees. Our performance obligation for tariff revenues is to provide potable water, wastewater treatment service, or delivery and sale of natural gas to customers. This performance obligation is satisfied over time as the services are rendered. The amounts that the Company has a right to invoice for tariff revenues reflect the right to consideration from the customers in an amount that corresponds directly with the value transferred to the customer for the performance completed to date. Other Utility Revenues – Other utility revenues represent revenues earned primarily from: antenna revenues, which represents fees received from telecommunication operators that have put cellular antennas on our water towers; operation and maintenance and billing contracts, which represent fees earned from municipalities for our operation of their water or wastewater treatment services or performing billing services; and fees earned from developers for accessing our water mains, miscellaneous service revenue from gas distribution operations, gas processing and handling revenue, sales of natural gas at market-based rates and contracted fixed prices, sales of gas purchased from third parties, and other gas marketing activities. The performance obligations vary for these revenues, but all are primarily recognized over time as the service is delivered. Alternative Revenue Program:oWater / 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. oNatural Gas Revenues – These revenues represent the weather-normalization adjustment (“WNA”) mechanism in place for our natural gas customers served in Kentucky. The WNA serves to minimize the effects of weather on the Company’s results for its residential and small commercial natural gas customers. This regulatory mechanism adjusts revenues earned for the variance between actual and normal weather and can have either positive (warmer than normal) or negative (colder than normal) effects on revenues. Customer bills are adjusted in the December through April billing months, with rates adjusted for the difference between actual revenues and revenues calculated under this mechanism billed to the customers. These revenue programs represent a contract between the utility and its regulators, not customers, and therefore are not within the scope of the FASB’s accounting guidance for recognizing revenue from contracts with customers. Other and Eliminations – Other and eliminations consist of 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 for households and the operation of gas marketing and production entities. Revenue is recognized and the performance obligation is satisfied over time as the service is delivered. Aqua 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 service line protection business, the performance obligations are allowing the use of our logo to a third-party water and sewer service line repair provider. Revenues are primarily recognized over time as service is delivered. |
Cash And Cash Equivalents | Cash and Cash Equivalents ─ The Company considers all highly liquid investments with an original maturity of three months or less, which are not restricted for construction activity, to be cash equivalents. The Company had a book overdraft, which represents transactions that have not cleared the bank accounts at the end of the period, for specific disbursement cash accounts of $81,722 and $44,003 at December 31, 2021 and 2020, respectively. The Company transfers cash on an as-needed basis to fund these items as they clear the bank in subsequent periods. The balance of the book overdraft is reported as book overdraft and the change in the book overdraft balance is reported as cash flows from financing activities, due to our ability to fund the overdraft with the Company’s credit facility. |
Accounts Receivable | Accounts Receivable ─ Accounts receivable are recorded at the invoiced amounts, which consists of billed and unbilled revenues. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in our existing accounts receivable and is determined based on lifetime expected credit losses and the aging of account balances. The Company reviews the allowance for doubtful accounts quarterly. Account balances are written off against the allowance when it is probable the receivable will not be recovered. When utility customers request extended payment terms, credit is extended based on regulatory guidelines, and collateral is not required. |
Inventories | Inventories – Materials and Supplies – Inventories are stated at cost. Cost is determined using the first-in, first-out method. Inventory – Gas Stored – The Company accounts for gas in storage inventory using the weighted average cost of gas method. |
Investment In Joint Venture | Investment in Joint Venture – The Company used the equity method of accounting to account for our former 49% investment in a joint venture with a firm in the natural gas industry for the construction and operation of a private pipeline system to supply raw water to natural gas well drilling operations in the Marcellus Shale in north-central Pennsylvania, which commenced operations in 2012. In 2020, the Company sold its investment in joint venture and recorded a charge of $3,700 associated with the sale. Our share of equity loss (earnings) in the joint venture was reported in the consolidated statements of operations and comprehensive income as equity loss (earnings) in joint venture. During 2020 and 2019, we received distributions of $2,137 and $3,185, respectively. |
Goodwill | Goodwill ─ Goodwill represents the excess cost over the fair value of net tangible and identifiable intangible assets acquired through acquisitions. Goodwill is not amortized but is tested for impairment annually, or more often, if circumstances indicate a possible impairment may exist. When testing goodwill for impairment, we may assess qualitative factors, including macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, and entity specific events, for some or all of our reporting units to determine whether it’s more likely than not that the fair value of a reporting unit is less than its carrying amount. Alternatively, based on our assessment of the qualitative factors previously noted or at our discretion, we may perform a quantitative goodwill impairment test by determining the fair value of a reporting unit. If we perform a quantitative test and determine that the fair value of a reporting unit is less than its carrying amount, we would record an impairment loss for the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill. Impairment testing for goodwill is done at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment (also known as a component). A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available, and segment management regularly reviews the operating results of that component. We assigned assets and liabilities to each reporting unit based on either specific identification or by using judgment for the remaining assets and liabilities that are not specific to a reporting unit. Goodwill was assigned to the reporting units based on a combination of specific identification and relative fair values. 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 its carrying values, indicating none of its goodwill was impaired. The Company performed a qualitative assessment for its annual test of the goodwill attributable to 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 the Company’s goodwill was impaired. The following table summarizes the changes in the Company’s goodwill: Regulated Water Regulated Natural Gas Other ConsolidatedBalance at December 31, 2019$ 58,981 $ -$ 4,841 $ 63,822 Goodwill acquired 2,596 2,261,047 - 2,263,643 Reclassifications to utility plant acquisition adjustment (2,918) - - (2,918)Balance at December 31, 2020 58,659 2,261,047 4,841 2,324,547 Goodwill acquired - - - -Measurement period purchase price allocation adjustments - 16,400 - 16,400 Reclassifications to utility plant acquisition adjustment (132) - - (132)Balance at December 31, 2021$ 58,527 $ 2,277,447 $ 4,841 $ 2,340,815 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 2 – Acquisitions for information about the goodwill attributed to our Regulated Natural Gas segment. The reclassification of goodwill to utility plant acquisition adjustment results from either a regulatory order or a mechanism approved by the applicable utility commission. A regulatory order may provide for the one-time transfer of certain acquired goodwill. The mechanism provides for the transfer over time, and the recovery through customer rates, of goodwill associated with some acquisitions upon achieving specific objectives. |
Intangible Assets | Intangible assets – The Company’s intangible assets consist of customer relationships for our non-regulated natural gas operations, and non-compete agreements with certain former employees of Peoples. These intangible assets are amortized on a straight-line basis over their estimated useful lives of fifteen years for the customer relationships and five years for the non-compete agreements. |
Derivative Instruments | Derivative Instruments – The Company’s natural gas commodity price risk, driven mainly by price fluctuations of natural gas, is mitigated by its purchased-gas cost adjustment mechanisms. The Company also uses derivative instruments to economically hedge the cost of anticipated natural gas purchases during the winter heating months that seeks to offset the risk to the Company’s utility customers from upward market price volatility. These strategies include requirements contracts, spot purchase contracts and underground storage to meet regulated customers’ natural gas requirements that may have fixed or variable pricing. The variable price contracts qualify as derivative instruments; however, because the contract price is the prevailing price at the future transaction date the contract has no determinable fair value. The fixed price contracts and firm commitments to purchase a fixed quantity of gas in the future qualify for the normal purchases and normal sales exception that is allowed for contracts that are probable of delivery in the normal course of business and, as such, are accounted for under the accrual basis and are not recorded at fair value in the Company’s consolidated financial statements. |
Deferred Charges and Other Assets | Deferred Charges and Other Assets ─ Deferred charges and other assets consist primarily of assets held to compensate employees in the future who participate in the Company’s deferred compensation plan, prepaid pension and other post-retirement benefit plans assets, and the non-current portion of Peoples’ financing notes receivable, which amounted to $28,576, $25,978, and $65,744 as of December 31, 2021; and, $25,780, $0, and $0 as of December 31, 2020, respectively. The assets of the deferred compensation plan are invested in mutual funds which are carried on the consolidated balance sheet at fair market value, and changes in fair value are included in other expense (income), refer to Note 12 – Fair Value of Financial Instruments for further details. Refer to Note 16 – Pension Plans and Other Post-Retirement Benefit Plans for further information on the prepaid pension and other post-retirement benefit plan assets. Pursuant to agreements entered into by Peoples in 2019, Peoples committed to design, construct, and operate over a 20-year period, three onsite natural gas fueled energy plants on customer-owned property in the western Pennsylvania area. Under the provisions of ASC 842, Leases, the Company determined that indicators of control over the assets constructed were not met, as such this failed sale-leaseback transaction was accounted for as a financing arrangement in accordance with ASC Topic 310, Receivables. During the period of construction of the plants, which began in 2020, expenditures incurred by Peoples on the projects were recorded in property, plant and equipment and amounted to $58,380 as of December 31, 2020. During 2021, when construction was completed and the plants became on-line and began generation activity, the accumulated balances of the projects included in property, plant and equipment of $71,665 was reclassified as a note receivable and included within deferred charges and other assets in the consolidated balance sheet. Amounts becoming due for payment by the customer in the current year are included within prepayments and other current assets in the consolidated balance sheets, which amounted to $2,423 as of December 31, 2021. Interest income is recognized on these financing notes receivable using an imputed interest rate ranging from 3.4% to 4.3% and is recorded as interest income in the consolidated statements of operations and comprehensive income. For the year ended December 31, 2021, interest income on financing note receivable amounted to $1,971. |
Income Taxes | Income Taxes ─ The Company accounts for some income and expense items in different time periods for financial and tax reporting purposes. Deferred income taxes are provided on specific temporary differences between the tax basis of the assets and liabilities, and the amounts at which they are carried in the consolidated financial statements. The income tax effect of temporary differences not currently included in rates is recorded as deferred taxes with an offsetting regulatory asset or liability. These deferred income taxes are based on the enacted tax rates expected to be in effect when such temporary differences are projected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount more likely than not to be realized. Investment tax credits are deferred and amortized over the estimated useful lives of the related properties. Judgment is required in evaluating the Company’s Federal and state tax positions. Despite management’s belief that the Company’s tax return positions are fully supportable, the Company establishes reserves when it believes that its tax positions are likely to be challenged and it may not fully prevail in these challenges. The Company’s provision for income taxes includes interest, penalties and reserves for uncertain tax positions. |
Customers' Advances For Construction And Contributions in Aid Of Construction | Customers’ Advances for Construction and Contributions in Aid of Construction ─ Utility mains, other utility property or, in some instances, cash advances to reimburse the Company for its costs to construct utility mains or other utility property, are contributed to the Company by customers, real estate developers and builders in order to extend utility service to their properties. The value of these contributions is recorded as customers’ advances for construction. Over time, the amount of non-cash contributed property will vary based on the timing of the contribution of the non-cash property and the volume of non-cash contributed property received in connection with development in our service territories. The Company makes refunds on these advances over a specific period of time based on operating revenues related to the property, or as new customers are connected to and take service from the applicable water main. After all refunds are made, any remaining balance is transferred to contributions in aid of construction for our regulated water business. Contributions in aid of construction include direct non-refundable contributions and the portion of customers' advances for construction that become non-refundable. For our regulated gas business, non-refundable contributions are netted against the cost of the related utility mains or other utility property. Based on regulatory conventions in states where the Company operates, generally our subsidiaries depreciate contributed property and amortize contributions in aid of construction at the composite rate of the related property. Contributions in aid of construction and customers’ advances for construction are deducted from the Company’s rate base for rate-making purposes, and therefore, no return is earned on contributed property. |
Stock-Based Compensation | Stock-Based Compensation ─ The Company records compensation expense in the financial statements for stock-based awards based on the grant date fair value of those awards. Stock-based compensation expense includes an estimate for pre-vesting forfeitures and is recognized over the requisite service periods of the awards on either a straight-line basis, or the graded vesting method, which is generally commensurate with the vesting term. |
Fair Value Measurements | Fair Value Measurements – The Company follows the FASB’s accounting guidance for fair value measurements and disclosures, which defines fair value and establishes a framework for using fair value to measure assets and liabilities. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1: unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access; Level 2: inputs other than Level 1 that are observable, either directly or indirectly, such as quoted market prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in non-active markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or Level 3: inputs that are unobservable and significant to the fair value measurement. The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. Additionally, assets that are measured at fair value using the net asset value (“NAV”) per share practical expedient are not classified in the fair value hierarchy. There have been no changes in the valuation techniques used to measure fair value or asset or liability transfers between the levels of the fair value hierarchy for the years ended December 31, 2021 and 2020. |
Recent Accounting Pronouncements | 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 adoption of this standard is not expected to have a material impact to the Company’s financial statements. In October 2021, the FASB issued accounting guidance on accounting for acquired revenue contracts with customers in a business combination. The guidance specifies for all acquired revenue contracts, regardless of their timing of payment, the circumstances in which the acquirer should recognize contract assets and contract liabilities that are acquired in a business combination, as well as how to measure those contract assets and contract liabilities. The updated accounting guidance is effective for fiscal years beginning after December 15, 2022 with early adoption permitted. The Company is evaluating the requirements of the updated guidance to determine the impact of adoption. Pronouncements adopted during the fiscal year: 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). The accounting guidance was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. The Company adopted the guidance in the fourth quarter of 2021 and there was no impact on its Consolidated Financial Statements upon adoption. 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. Recently issued accounting standards or pronouncements not disclosed above have been excluded as they are not relevant to the Company. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Disaggregation Of Revenue | 2021Water RevenuesWastewater Revenues Natural Gas RevenuesOther RevenuesRevenues from contracts with customers: Residential $ 561,996$ 99,931$ 530,338$ -Commercial 151,071 22,060 99,596 -Fire protection 35,984 - - -Industrial 30,230 1,729 3,427 -Gas transportation - - 198,195 -Other water 53,488 - - -Other wastewater - 8,860 - -Customer rate credits - - (5,000) -Other utility - - 32,812 13,358Revenues from contracts with customers 832,769 132,580 859,368 13,358Alternative revenue program 1,760 (264) 534 -Other and eliminations - - - 38,039Consolidated$ 834,529$ 132,316$ 859,902$ 51,397 2020Water RevenuesWastewater Revenues Natural Gas RevenuesOther RevenuesRevenues from contracts with customers: Residential $ 567,486$ 95,051$ 314,274$ -Commercial 143,479 19,062 50,239 -Fire protection 35,340 - - -Industrial 29,764 1,619 6,923 -Gas transportation - - 133,685 -Other water 32,372 - - -Other wastewater - 5,385 - -Customer rate credits (3,757) (323) (18,924) -Other utility - - 20,243 12,861Revenues from contracts with customers 804,684 120,794 506,440 12,861Alternative revenue program 87 114 124 -Other and eliminations - - - 17,594Consolidated$ 804,771$ 120,908$ 506,564$ 30,455 2019Water RevenuesWastewater RevenuesOther RevenuesRevenues from contracts with customers: Residential $ 518,192$ 83,561$ -Commercial 145,599 15,222 -Fire protection 33,589 - -Industrial 30,667 1,765 -Other water 39,353 - -Other wastewater - 4,656 -Other utility - - 13,835Revenues from contracts with customers 767,400 105,204 13,835Alternative revenue program 80 (89) -Other and eliminations - - 3,262Consolidated$ 767,480$ 105,115$ 17,097 |
Summary Of Changes In Goodwill | Regulated Water Regulated Natural Gas Other ConsolidatedBalance at December 31, 2019$ 58,981 $ -$ 4,841 $ 63,822 Goodwill acquired 2,596 2,261,047 - 2,263,643 Reclassifications to utility plant acquisition adjustment (2,918) - - (2,918)Balance at December 31, 2020 58,659 2,261,047 4,841 2,324,547 Goodwill acquired - - - -Measurement period purchase price allocation adjustments - 16,400 - 16,400 Reclassifications to utility plant acquisition adjustment (132) - - (132)Balance at December 31, 2021$ 58,527 $ 2,277,447 $ 4,841 $ 2,340,815 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 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 in the Essential Utilities, Inc. Form 10-K for the period ended December 31, 2020. |
Pro Forma Summary | Years ended December 31, 2020 2019Operating revenues$ 1,743,766 $ 1,798,346Net income 367,492 318,170 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant And Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | December 31, 2021 2020 Approximate Range of Useful Lives Weighted Average Useful Life Regulated Water segment: Utility plant and equipment Mains and accessories$ 4,014,507$ 3,800,878 32 - 94 years 76 yearsServices, hydrants, treatment plants and reservoirs 2,672,186 2,425,303 5 - 89 years 56 yearsOperations structures and water tanks 376,880 352,094 14 - 80 years 48 yearsMiscellaneous pumping and purification equipment 1,011,487 976,719 9 - 76 years 42 yearsMeters, transportation and other operating equipment 980,208 898,607 5 - 84 years 28 yearsLand and other non-depreciable assets 116,888 137,390 - - Utility plant and equipment - regulated water segment 9,172,156 8,590,991 Utility construction work in progress 304,373 225,208 - - Net utility plant acquisition adjustment (9,055) (12,215) 2 - 59 years 28 yearsNon-utility plant and equipment 21,098 21,681 17 - 64 years 58 yearsProperty, Plant and Equipment - Regulated Water segment 9,488,572 8,825,665 Regulated Gas segment: Natural gas transmission 365,051 362,477 5 - 93 years 67 yearsNatural gas storage 60,985 60,846 5 - 85 years 47 yearsNatural gas gathering and processing 131,237 126,105 5 - 88 years 59 yearsNatural gas distribution 1,874,040 1,540,366 25 - 78 years 63 yearsMeters, transportation and other operating equipment 588,716 580,043 5 - 95 years 25 yearsLand and other non-depreciable assets 3,872 3,872 - - Utility plant and equipment - Regulated Natural Gas segment 3,023,901 2,673,709 Utility construction work-in-progress 97,903 120,645 - - Property, plant and equipment-Regulated Natural Gas segment 3,121,804 2,794,354 Total property, plant and equipment $ 12,610,376$ 11,620,019 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Receivable [Abstract] | |
Net Accounts Receivable | December 31, 2021 2020Billed utility revenue$ 197,815 $ 189,280Other 1,283 5,594 199,098 194,874Less allowance for doubtful accounts 58,073 40,099Net accounts receivable$ 141,025 $ 154,775 |
Allowance For Doubtful Accounts | 202120202019Balance at January 1,$ 40,099 $ 7,353 $ 6,914Amounts charged to expense 27,336 32,325 5,306Accounts written off (19,731) (12,613) (5,980)Recoveries of accounts written off and other 10,369 13,034 1,113Balance at December 31, $ 58,073 $ 40,099 $ 7,353 |
Regulatory Assets And Liabili_2
Regulatory Assets And Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Assets And Liabilities [Abstract] | |
Components Of Regulatory Assets And Regulatory Liabilities | December 31, 2021 December 31, 2020 Regulatory Regulatory Regulatory Regulatory Assets Liabilities Assets LiabilitiesIncome taxes$ 1,219,924$ 595,185 $ 1,098,363$ 630,106Purchased gas costs 13,798 - 585 18,618Utility plant retirement costs 47,683 56,479 50,225 50,560Post-retirement benefits 60,640 115,283 108,036 89,953Accrued vacation 3,760 - 4,056 -Water tank painting 7,553 - 6,306 978Fair value adjustment of long-term debt assumed in acquisition 62,722 - 76,019 -Debt refinancing 19,083 - 14,880 -Rate case filing expenses and other 14,827 3,054 9,403 2,961 $ 1,449,990$ 770,001 $ 1,367,873$ 793,176 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Schedule Of Provision For Income Taxes | Years Ended December 31, 2021 2020 2019Current: Federal$ (5,132) $ (1,831)$ (4,415) State 4,034 (265) 1,834 (1,098) (2,096) (2,581)Deferred: Federal 3,036 (11,527) (3,906) State (11,550) (6,255) (6,530) (8,514) (17,782) (10,436)Total tax benefit$ (9,612)$ (19,878)$ (13,017) |
Schedule Of Reasons For Differences Between Statutory Federal Income Tax Rate To Income Before Income Tax Expense | Years Ended December 31, 2021 2020 2019Computed Federal tax expense at statutory rate$ 88,620 $ 55,644 $ 44,420 Decrease in Federal tax expense related to an income tax accounting change for qualifying utility asset improvement costs (76,534) (53,532) (48,518)State income taxes, net of Federal tax benefit (1,681) (6,896) (3,616)Increase in tax expense for depreciation expense to be recovered in future rates 925 140 347 Stock-based compensation (611) (1,484) (167)Deduction for Essential Utilities common dividends paid under employee benefit plan (330) (315) (315)Amortization of deferred investment tax credits (314) (319) (361)Impact of Federal rate change and amortization of excess deferred income tax (11,715) (15,352) (6,323)Impact of acquisitions and reorganizations (4,632) - -Other, net (3,340) 2,236 1,516 Actual income tax benefit$ (9,612)$ (19,878)$ (13,017) |
Unrecognized Tax Benefits Table | 20212020Balance at January 1,$ 19,194 $ 18,671Impact of current year activity on tax provision 1,007 523Balance at December 31,$ 20,201 $ 19,194 |
Schedule Of Deferred Tax Assets And Liabilities | December 31, 20212020Deferred tax assets: Customers' advances for construction$ 28,845 $ 30,155 Costs expensed for book not deducted for tax, principally accrued expenses 28,211 11,441 Post-retirement benefits 5,186 51,914 Tax effect of regulatory liabilities for post-retirement benefits 16,080 -Tax attribute and credit carryforwards 243,131 206,347 Operating lease liabilities 16,064 17,432 Unrecovered purchased gas costs - 5,239 Other 7,586 10,979 345,103 333,507 Less valuation allowance (36,662) (34,772) 308,441 298,735 Deferred tax liabilities: Utility plant, principally due to depreciation and differences in the basis of fixed assets due to variation in tax and book accounting 1,510,752 1,298,127 Deferred taxes associated with the gross-up of revenues necessary to recover, in rates, the effect of temporary differences 179,825 205,869 Tax effect of regulatory asset for post-retirement benefits - 30,441 Utility plant acquisition adjustment basis differences 222 195 Deferred investment tax credit 5,406 5,744 Operating lease right-of-use assets 14,034 16,457 Over-recovered purchased gas costs 4,739 - 1,714,978 1,556,833 Net deferred tax liability$ 1,406,537 $ 1,258,098 |
Taxes Other Than Income Taxes (
Taxes Other Than Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Taxes Other Than Income Taxes [Abstract] | |
Components Of Taxes Other Than Income Taxes | Years Ended December 31, 2021 2020 2019Property$33,946 $32,054$27,735Gross receipts, excise and franchise 15,777 14,462 13,500Payroll 21,789 19,053 10,303Regulatory assessments 6,968 3,130 2,916Pumping fees 5,761 6,028 5,112Other 2,400 1,870 389Total taxes other than income taxes$ 86,641 $ 76,597$ 59,955 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies [Abstract] | |
Schedule Of Purchase Obligations | 20222023202420252026Thereafter$ 3,120$ 1,038$ 1,055$ 1,078$ 1,102$ 3,261 |
Schedule Of Long Term Agreements [Table Text Block] | Years Ended December 31, 202120202019Purchased water under long-term agreements$ 5,867 $ 5,931$ 6,577Water treatment expense under contractual agreement 1,017 1,006 989Purchased natural gas under long-term agreements 340,262 165,745 - |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Components Of Lease Expense | Years Ended December 31, 202120202019Components of lease expense were as follows: Operating lease cost$ 9,716$ 8,496$ 2,183 Years Ended December 31, 20212020Supplemental cash flow information related to leases was as follows: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases$9,612$ 6,324 December 31, 20212020Supplemental balance sheet information related to leases was as follows: Operating leases: Operating lease right-of-use assets$ 48,930 $ 60,334 Other accrued liabilities$ 7,841 $ 7,666 Operating lease liabilities 48,230 55,642 Total operating lease liabilities$ 56,071 $ 63,308 December 31, 20212020Weighted average remaining lease term: Operating leases 10 years 11 years Weighted average discount rate: Operating leases 3.62% 3.62% |
Maturities Of Operating Lease Liabilities | Operating Leases2022$ 9,7322023 9,2942024 9,0092025 9,0282026 6,666Thereafter 27,520Total operating lease payments$ 71,249 Total operating lease payments$ 71,249Less operating lease liabilities 56,071Present value adjustment$ 15,178 |
Long-Term Debt And Loans Paya_2
Long-Term Debt And Loans Payable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Long Term Debt And Loans Payable [Abstract] | |
Schedule Of Long-Term Debt Future Sinking Fund Payments And Debt Maturities | Interest Rate Range 2022 2023 2024 2025 2026 Thereafter 0.00% to 0.99%$ 466 $ 463 $ 256 $ 195 $ 182 $ 779 1.00% to 1.99% 947 827 755 766 776 5,270 2.00% to 2.99% 101,964 2,870 1,619 1,427 1,305 1,103,566 3.00% to 3.99% 23,103 32,731 53,578 783 751 2,393,807 4.00% to 4.99% 1,644 157,518 1,658 124,592 1,562 1,499,050 5.00% to 5.99% 1,696 11,872 10,611 636 104 31,200 6.00% to 6.99% 1,364 111 - - 5,000 26,000 7.00% to 7.99% 332 17 - 23,000 - 5,631 8.00% to 8.99% 630 853 841 449 - - 9.00% to 9.99% - - - - 11,800 -Total$ 132,146 $ 207,262 $ 69,318 $ 151,848 $ 21,480 $ 5,065,303 |
Summary Of Amounts Recognized In Earnings | Amount of Loss Recognized in Income on Derivatives Years Ended December 31, Location of Loss Recognized 2021 2020 2019Derivatives not designated as hedging instrument: Interest rate swapsOther expense $ - $ - $ (23,742) |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Of Financial Instruments [Abstract] | |
Summary Of Unrealized Gains And Losses On Equity Securities | Years ended December 31, 2021 2020 2019Net gain recognized during the period on equity securities $ 607 $ 492 $ 293Less: 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 $ 607 $ 492 $ 293 |
Schedule Of Carrying Amounts And Estimated Fair Values Of Long-Term Debt | December 31, 2021 2020Carrying amount$ 5,947,357 $ 5,630,243Estimated fair value 6,482,499 6,366,030 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders’ Equity [Abstract] | |
Shares Outstanding And Treasury Shares Held | December 31, 202120202019Shares outstanding 252,867,623 245,390,468 220,758,719Treasury shares 3,234,765 3,180,887 3,112,565 |
Net Income per Common Share a_2
Net Income per Common Share and Equity per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Net Income Per Common Share and Equity per Commn Share [Abstract] | |
Schedule Of Earnings Per Share | Years ended December 31, 202120202019Average common shares outstanding during the period for basic computation 257,487 249,768 215,550Effect of dilutive securities: Forward equity sale agreement 189 - -Issuance of common stock from private placement - 4,438 -Tangible equity units - - -Employee stock-based compensation 504 423 381Average common shares outstanding during the period for diluted computation 258,180 254,629 215,931 |
Employee Stock And Incentive _2
Employee Stock And Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Performance Share Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Performance Goals | Performance Grant 2021 and 2020Metric 1 – Company’s total shareholder return (“TSR”) compared to the TSR for a specific peer group of investor-owned utilities (a market-based condition) 38.46%Metric 2 – Achievement of a targeted cumulative level of rate base growth as a result of acquisitions (a performance-based condition) 30.77%Metric 3 – Achievement of targets for maintaining consolidated operations and maintenance expenses over the three year measurement period (a performance-based condition) 30.77% |
Summary Of Compensation Costs | Years ended December 31, 2021 2020 2019Stock-based compensation within operations and maintenance expense$7,150$3,630$2,741Income tax benefit 2,038 957 767 |
Summary Of Nonvested PSU Transactions | Number of Share Units Weighted Average Fair ValueNonvested share units at beginning of period 283,007$ 34.57Granted 151,711 43.18Performance criteria adjustment 70,783 49.41Forfeited (8,789) 46.34Share units issued (141,328) 31.36Nonvested share units at end of period 355,384 42.19 |
Assumptions Used In The Pricing Model | Years ended December 31, 2021 2020 2019Expected term (years) 3.0 3.0 -Risk-free interest rate 0.24% 0.66% -Expected volatility 32.1% 24.2% -Weighted average fair value of PSUs granted$ 43.18$ 55.25$ -Intrinsic value of vested PSUs$ 6,050$ 9,030$ 3,181Fair value of vested PSUs$ 5,321$ 5,215$ 2,569 |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Compensation Costs | Years ended December 31, 2021 2020 2019Stock-based compensation within operations and maintenance expense$ 3,360$ 2,180$ 1,650Income tax benefit 953 585 466 |
Summary Of Nonvested RSU Transactions | Number of Stock Units Weighted Average Fair ValueNonvested stock units at beginning of period 163,906$ 40.80 Granted 85,626 44.44Stock units vested and issued (50,406) 35.45Forfeited (5,439) 43.38Nonvested stock units at end of period 193,687 43.76 |
Summary Of Value Of Restricted Stock Units | Years ended December 31, 2021 2020 2019Weighted average fair value of RSUs granted$ 44.44 $ 49.19$ 36.25Intrinsic value of vested RSUs 2,108 2,130 1,456Fair value of vested RSUs 1,726 1,203 1,341 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Compensation Costs | Years ended December 31, 2021 2020 2019Stock-based compensation within operations and maintenance expenses$ 480$ 1,322$ 2,280Income tax benefit 136 374 643 |
Assumptions Used In The Pricing Model | Year ended December 31, 2019Expected term (years)5.47Risk-free interest rate2.53%Expected volatility17.7%Dividend yield2.44%Grant date fair value per option$ 5.25 |
Summary Of Stock Option Transactions | Shares Weighted Average Exercise PriceWeighted Average Remaining Life (years) Aggregate Intrinsic ValueOutstanding, beginning of year 947,680$ 35.22 Granted - - Forfeited (10,478) 35.92 Expired / Cancelled (1,413) 34.54 Exercised (122,297) 34.11 Outstanding at end of year 813,492$ 35.37 6.9$ 14,899 Exercisable at end of year 584,652$ 35.15 6.8$ 10,842 |
Summary Of Stock Options Exercised And Vested | Years ended December 31, 2021 2020 2019Intrinsic value of options exercised$1,709$1,849$2,552Fair value of options vested 1,485 1,673 422 |
Summary Of Options Outstanding And Options Excercisable | Options Outstanding Options Exercisable SharesWeighted Average Remaining Life (years) Weighted Average Exercise Price Shares Weighted Average Exercise PriceRange of prices: $30.00 - 33.99 59,159 5.2 $ 30.50 58,962 $ 30.49 $34.00 - 34.99 97,500 6.2 34.51 97,500 34.51 $35.00 - 35.99 654,374 7.2 35.93 428,190 35.93 $36.00 and above 2,459 7.2 37.80 - - 813,492 6.9$ 35.37 584,652 $ 35.15 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Compensation Costs | Year ended December 31, 2021 2020 2019Stock-based compensation within operations and maintenance expense$ 130$ 333 $ -Income tax benefit 37 96 - |
Summary Of Value Of Restricted Stock Awards | Number of Shares Weighted Average Fair ValueNonvested shares at beginning of period 13,228$ 34.02Granted 1,068 46.83Vested (13,228) 34.02Nonvested shares 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 | Years ended December 31, 2021 2020 2019Stock-based compensation within operations and maintenance expense$ 700$ 695$ 698Income tax benefit 202 201 202 |
Summary Of Value Of Stock Awards | Years ended December 31, 2021 2020 2019Intrinsic and fair value of stock awards vested$ 700$ 695$ 698Weighted average fair value of stock awards granted 47.46 41.97 41.75 |
Summary Of Nonvested Share Activity | Number of Stock Awards Weighted Average Fair ValueNonvested stock awards at beginning of period -$ -Granted 14,749 47.46Vested (14,749) 47.46Nonvested stock awards at end of period - - |
Pension Plans And Other Post-_2
Pension Plans And Other Post-Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule Of Benefit Payments Of Expected Future Service | Pension Benefits Other Post-retirement BenefitsYears: 2022$ 31,670 $ 5,5142023 32,165 5,7032024 31,666 5,6442025 32,154 5,7862026 31,513 5,9612027-2031 149,483 31,739 |
Schedule Of Changes In Benefit Obligation And Fair Value Of Plan Assets | Pension Benefits Other Post-retirement Benefits 2021 2020 2021 2020Change in benefit obligation: Benefit obligation at January 1,$ 486,219$ 310,381 $ 125,375$ 79,542Service cost 3,503 3,775 2,793 2,276Interest cost 13,018 13,710 3,358 3,687Actuarial (gain) loss (17,378) 37,632 (12,001) 5,181Plan participants' contributions - - 36 795Benefits paid (32,415) (28,150) (4,910) (6,287)Acquisitions - 148,871 40,181Benefit obligation at December 31, 452,947 486,219 114,651 125,375 Change in plan assets: Fair value of plan assets at January 1, 426,801 266,461 98,995 54,011Actual return on plan assets 23,901 54,732 12,484 11,910Employer contributions 14,834 16,274 598 5,034Participants' contributions - - 36 795Benefits paid (32,415) (28,150) (4,805) (6,199)Acquisitions - 117,484 - 33,444Fair value of plan assets at December 31, 433,121 426,801 107,308 98,995 Funded status of plan: Net liability recognized at December 31,$ 19,826$ 59,418 $ 7,343$ 26,380 |
Schedule Of Net Liability Recognized On Consolidated Balance Sheets | Pension Benefits Other Post-retirement Benefits 2021 2020 20212020Non-current asset$ 2,474$ - $ 23,504$ 11,446Current liability (1,144) (551) (1,777) (895)Noncurrent liability (21,156) (58,867) (29,070) (36,931)Net liability recognized$ (19,826)$ (59,418) $ (7,343)$ (26,380) |
Schedule Of Accumulated And Projected Benefit Obligations | December 31, 2021 December 31, 2020 Pension Benefits Other Post-retirement Benefits Pension Benefits Other Post-retirement BenefitsSelected information for plans with projected benefit obligation in excess of plan assets: Projected benefit obligation$ 23,601 $N/A $ 486,219 $N/AFair value of plan assets - N/A 426,801 N/A Selected information for plans with accumulated benefit obligation in excess of plan assets: Accumulated benefit obligation$ 17,129 $ 42,463 $ 458,658 $ 96,342Fair value of plan assets - 11,616 426,801 63,567 |
Components Of Net Periodic Benefit Costs | Pension Benefits Other Post-retirement Benefits 2021 2020 2019 2021 2020 2019Service cost$ 3,503 $ 3,775 $ 2,718 $ 2,793 $ 2,276 $ 819 Interest cost 13,018 13,710 11,817 3,358 3,687 2,999 Expected return on plan assets (23,165) (21,249) (15,272) (4,155) (4,079) (2,482)Amortization of prior service cost (credit) 559 591 620 (432) (464) (464)Amortization of actuarial loss 2,907 7,967 7,927 219 622 664 Net periodic benefit cost (credit)$ (3,178)$ 4,794 $ 7,810 $ 1,783 $ 2,042 $ 1,536 |
Schedule Of Net Periodic Benefit Cost Not Yet Recognized | Pension Benefits Other Post-retirement Benefits 2021 2020 20212020Net actuarial loss (gain)$ 64,247$ 83,967 $ (16,323)$ 7,224Prior service cost (credit) 965 1,524 - (432)Total recognized in regulatory assets (liabilities)$ 65,212$ 85,491 $ (16,323)$ 6,792 |
Schedule Of Assumptions Related To Pension And Other Postretirement benefit Plans | The significant assumptions related to the Company’s benefit obligations are as follows: Pension Benefits Other Post-retirement Benefits 20212020 20212020Weighted Average Assumptions Used to Determine Benefit Obligations as of December 31, Discount rate2.91%2.57% 2.96%2.68%Rate of compensation increase 3.0-4.0%3.0-4.0% n/an/a Assumed Health Care Cost Trend Rates Used to Determine Benefit Obligations as of December 31, Health care cost trend raten/an/a 6.25%6.25%Rate to which the cost trend is assumed to decline (the ultimate trend rate)n/an/a 5.0%5.0%Year that the rate reaches the ultimate trend raten/an/a 20272025 n/a – Assumption is not applicable. The significant assumptions related to the Company’s net periodic benefit costs are as follows: Pension Benefits Other Post-retirement Benefits 202120202019 202120202019Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs for Years Ended December 31, Discount rate2.57%3.35%4.30% 2.68%3.42%4.34%Expected return on plan assets5.60%6.00%6.50% 5.60%6.00%4.1-6.5%Rate of compensation increase3.0-4.0%3.0-4.0%3.0-4.0% n/an/an/a Assumed Health Care Cost Trend Rates Used to Determine Net Periodic Benefit Costs for Years Ended December 31, Health care cost trend raten/an/an/a 6.3%6.3%6.6%Rate to which the cost trend is assumed to decline (the ultimate trend rate)n/an/an/a 5.0%5.0%5.0%Year that the rate reaches the ultimate trend raten/an/an/a 202520252023 n/a – Assumption is not applicable. |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule Of Fair Value Of Plan Assets | The fair value of the Company’s pension plans’ assets at December 31, 2021 by asset class are as follows: Level 1 Level 2 Level 3 Assets measured at NAV (a) TotalCommon stock$ 20,290$ -$ -$ - $ 20,290Return seeking assets: Global equities - - - 134,394 134,394Hedge / diversifying strategies - - - 39,163 39,163Credit - - - 56,191 56,191Liability hedging assets - - - 177,574 177,574Cash and cash equivalents 5,509 - - - 5,509Total pension assets$ 25,799$ -$ -$ 407,322 $ 433,121 (a)Assets that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The fair value of the Company’s pension plans’ assets at December 31, 2020 by asset class are as follows: Level 1 Level 2 Level 3 Assets measured at NAV (a) TotalCommon stock$ 17,620$ -$ -$ - $ 17,620Return seeking assets: Global equities - - - 120,220 120,220Hedge / diversifying strategies - - - 38,417 38,417Credit - - - 53,378 53,378Liability hedging assets - - - 140,891 140,891Cash and cash equivalents 56,275 - - - 56,275Total pension assets$ 73,895$ -$ -$ 352,906 $ 426,801 |
Schedule Of Target Asset Allocations | Percentage of Plan Assets at December 31, Target Allocation 20212020 Return seeking assets50 to 70% 53%54% Liability hedging assets30 to 50% 47%46% Total100% 100%100% |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule Of Fair Value Of Plan Assets | The fair value of the Company’s other post-retirement benefit plans’ assets at December 31, 2021 by asset class are as follows: Level 1 Level 2 Level 3 Assets measured at NAV (a) TotalReturn seeking assets: Global equities$ 36,753$ -$ -$ 22,544 $ 59,297Real estate securities 9,609 - - 4,391 14,000Liability hedging assets 17,241 - - 12,364 29,605Cash and cash equivalents 4,406 - - 4,406Total other post-retirement assets$ 68,009$ -$ -$ 39,299 $ 107,308 (a)Assets that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The fair value of the Company’s other post-retirement benefit plans’ assets at December 31, 2020 by asset class are as follows: Level 1 Level 2 Level 3 Assets measured at NAV (a) TotalReturn seeking assets: Global equities$ 31,984$ -$ -$ 20,673 $ 52,657Real estate securities 6,761 - - 3,453 10,214Liability hedging assets 17,021 - - 11,605 28,626Cash and cash equivalents 7,498 - - - 7,498Total other post-retirement assets$ 63,264$ -$ -$ 35,731 $ 98,995 |
Schedule Of Target Asset Allocations | Percentage of Plan Assets at December 31, Target Allocation 20212020 Return seeking assets50 to 70% 68%64% Liability hedging assets30 to 50% 32%36% Total100% 100%100% |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Information [Abstract] | |
Company's Segment Information, Continuing Operations | 2021 Regulated Water Regulated Natural Gas Other and Eliminations Consolidated Operating revenues$ 980,203 $ 859,902 $ 38,039 $ 1,878,144 Operations and maintenance expense 332,598 226,194 (8,212) 550,580 Purchased gas - 313,390 26,872 340,262 Depreciation and amortization 182,074 113,238 2,640 297,952 Taxes other than income taxes 63,264 20,801 2,576 86,641 Operating income 402,267 186,279 14,163 602,709 Interest expense, net (a) 108,356 75,628 21,341 205,325 Allowance for funds used during construction (19,258) (1,534) - (20,792) Other (7,167) 4,005 (662) (3,824) Income before income taxes 320,336 108,180 (6,516) 422,000 Provision for income taxes (benefit) 26,633 (40,013) 3,768 (9,612) Net income (loss)$ 293,703$ 148,193 $ (10,284)$ 431,612 Capital expenditures$ 621,595$ 397,419$ 1,505$ 1,020,519 Total assets$ 8,403,586 $ 5,960,602 294,090 $ 14,658,278 2020 Regulated Water Regulated Natural Gas Other and Eliminations ConsolidatedOperating revenues$ 938,540 $ 506,564 $ 17,594 $ 1,462,698 Operations and maintenance expense 309,608 198,383 20,620 528,611 Purchased gas - 154,103 11,642 165,745 Depreciation and amortization 171,152 84,201 1,706 257,059 Taxes other than income taxes 60,505 13,307 2,785 76,597 Operating income (loss) 397,275 56,570 (19,159) 434,686 Interest expense, net (a) 101,810 29,016 52,246 183,072 Allowance for funds used during construction (11,231) (1,456) - (12,687)Equity loss in joint venture - - 3,374 3,374 Other 422 (2,308) (2,158) (4,044)Income before income taxes 306,274 31,318 (72,621) 264,971 Provision for income taxes (benefit) 22,481 (25,133) (17,226) (19,878)Net income (loss) $ 283,793 $ 56,451 $ (55,395)$ 284,849 Capital expenditures$ 542,199 $ 292,121 $ 1,322 $ 835,642 Total assets$ 7,838,034 $ 5,303,507 $ 563,736 $ 13,705,277 2019 Regulated Water Other and Eliminations ConsolidatedOperating revenues$ 886,430 $ 3,262 $ 889,692 Operations and maintenance expense 315,052 18,050 333,102 Depreciation and amortization 155,898 578 156,476 Taxes other than income taxes 59,955 - 59,955 Operating income (loss) 355,525 (15,366) 340,159 Interest expense, net (a) 97,941 2,036 99,977 Allowance for funds used during construction (16,172) - (16,172)Change in fair value of interest rate swap agreements - 23,742 23,742 Equity earnings in joint venture - (2,210) (2,210)Other 103 23,193 23,296 Income before income taxes 273,653 (62,127) 211,526 Income tax benefit (1,267) (11,750) (13,017)Net income (loss)$ 274,920 $ (50,377)$ 224,543 Capital expenditures$ 550,273 $ -$ 550,273 Total assets$ 7,269,404 $ 2,092,581 $ 9,361,985 (a) The regulated water and regulated natural gas segments report interest expense that includes long-term debt that was pushed-down to the regulated operating subsidiaries from Essential Utilities, Inc. |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) | Mar. 16, 2020customer | Oct. 31, 2020USD ($) | Dec. 31, 2021USD ($)segmentitemcountystate | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 15, 2020USD ($) |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of operating segments | segment | 12 | |||||
Number of reportable segments | segment | 2 | |||||
Operating revenues | $ 1,878,144,000 | $ 1,462,698,000 | $ 889,692,000 | |||
Net utility plant acquisition adjustment | 9,055,000 | 12,215,000 | ||||
Amortization of the acquisition adjustments | 2,842,000 | 2,895,000 | 6,076,000 | |||
Utility expenditures expected to be recovered | 1,635,000 | |||||
Deferred cost reported as a component of net property, plant and equipment | 52,810,000 | |||||
Amount of AFUDC related to equity funds | 16,282,000 | 8,253,000 | 11,941,000 | |||
Capitalized interest | 0 | 0 | ||||
Overdraft for certain disbursement cash accounts | 81,722,000 | 44,003,000 | ||||
Goodwill | 2,340,815,000 | 2,324,547,000 | 63,822,000 | |||
Total net assets | 5,184,450,000 | |||||
Deferred Compensation Plan [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Deferred Compensation Plan Assets | 28,576,000 | 25,780,000 | ||||
Prepaid Pension [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Deferred Compensation Plan Assets | 25,978,000 | 0 | ||||
Other Post-Retirement Benefit Plan Assets [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Deferred Compensation Plan Assets | 65,744,000 | 0 | ||||
Peoples Gas Acquisition [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of customers | customer | 750,000 | |||||
Operating revenues | 520,944,000 | |||||
Goodwill | $ 2,277,447,000 | $ 2,277,447,000 | ||||
Number Of Onsitee Natural Gas Plants | item | 3 | |||||
Property, Plant and Equipment, Useful Life | 20 years | |||||
Construction Expenses | $ 58,380,000 | |||||
Deferred Charges And Other Assets | $ 71,665,000 | |||||
Prepayment And Other Current Assets | 2,423,000 | |||||
Interest Income | $ 1,971,000 | |||||
Aqua Pennsylvania, Inc [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of operating revenue from largest operating subsidiary | 55.00% | |||||
Number of counties providing operating services | county | 27 | |||||
Joint Venture [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Joint venture ownership percentage | 49.00% | |||||
Joint Venture Distributions | $ 2,137,000 | 3,185,000 | ||||
Loss on sale of joint venture | (3,700,000) | |||||
Western Pennsylvania [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of customers served | 93.00% | |||||
Minimum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Amortized Period | 2 years | |||||
Minimum [Member] | Peoples Gas Acquisition [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Interest Income, Rate | 3.40% | |||||
Maximum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Amortized Period | 59 years | |||||
Maximum [Member] | Peoples Gas Acquisition [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Interest Income, Rate | 4.30% | |||||
Regulated [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of states providing services in other than Pennsylvania | state | 7 | |||||
Regulated [Member] | Natural Gas Utility [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of operating segments | segment | 1 | |||||
Regulated [Member] | Aqua Pennsylvania, Inc [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of operating revenue from largest operating subsidiary | 68.00% | |||||
Regulated [Member] | Water [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of operating segments | segment | 8 | |||||
Number of reportable segments | segment | 1 | |||||
Operating revenues | $ 980,203,000 | 938,540,000 | 886,430,000 | |||
Goodwill | $ 58,527,000 | $ 58,659,000 | $ 58,981,000 | |||
Disposal Group, Not Discontinued Operations [Member] | Joint Venture [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Joint venture ownership percentage | 49.00% | |||||
Gain (loss) on sale | $ 3,700,000 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Schedule Of Disaggregation Of Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 1,878,144 | $ 1,462,698 | $ 889,692 |
Water [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 832,769 | 804,684 | 767,400 |
Revenue | 834,529 | 804,771 | 767,480 |
Wastewater [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 132,580 | 120,794 | 105,204 |
Revenue | 132,316 | 120,908 | 105,115 |
Natural Gas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 859,368 | 506,440 | |
Revenue | 859,902 | 506,564 | |
Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 13,358 | 12,861 | 13,835 |
Revenue | 51,397 | 30,455 | 17,097 |
Other [Member] | Other And Eliminations [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 38,039 | 17,594 | 3,262 |
Residential [Member] | Water [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 561,996 | 567,486 | 518,192 |
Residential [Member] | Wastewater [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 99,931 | 95,051 | 83,561 |
Residential [Member] | Natural Gas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 530,338 | 314,274 | |
Commercial [Member] | Water [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 151,071 | 143,479 | 145,599 |
Commercial [Member] | Wastewater [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 22,060 | 19,062 | 15,222 |
Commercial [Member] | Natural Gas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 99,596 | 50,239 | |
Fire Protection [Member] | Water [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 35,984 | 35,340 | 33,589 |
Industrial [Member] | Water [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 30,230 | 29,764 | 30,667 |
Industrial [Member] | Wastewater [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 1,729 | 1,619 | 1,765 |
Industrial [Member] | Natural Gas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 3,427 | 6,923 | |
Gas Transportation [Member] | Natural Gas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 198,195 | 133,685 | |
Other Water [Member] | Water [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 53,488 | 32,372 | 39,353 |
Other Wastewater [Member] | Wastewater [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 8,860 | 5,385 | 4,656 |
Customer Rate Credits [Member] | Water [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | (3,757) | ||
Customer Rate Credits [Member] | Wastewater [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | (323) | ||
Customer Rate Credits [Member] | Natural Gas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | (5,000) | (18,924) | |
Other Utility [Member] | Natural Gas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 32,812 | 20,243 | |
Other Utility [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 13,358 | 12,861 | 13,835 |
Alternative Revenue Program [Member] | Water [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,760 | 87 | 80 |
Alternative Revenue Program [Member] | Wastewater [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | (264) | 114 | $ (89) |
Alternative Revenue Program [Member] | Natural Gas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 534 | $ 124 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Summary Of Changes In Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||
Balance | $ 2,324,547 | $ 63,822 |
Goodwill acquired | 2,263,643 | |
Goodwill, Purchase Accounting Adjustments | 16,400 | |
Reclassifications to utility plant acquisition adjustment | (132) | (2,918) |
Balance | 2,340,815 | 2,324,547 |
Other Segment [Member] | ||
Goodwill [Line Items] | ||
Balance | 4,841 | 4,841 |
Balance | 4,841 | 4,841 |
Regulated [Member] | Water [Member] | ||
Goodwill [Line Items] | ||
Balance | 58,659 | 58,981 |
Goodwill acquired | 2,596 | |
Reclassifications to utility plant acquisition adjustment | (132) | (2,918) |
Balance | 58,527 | 58,659 |
Regulated [Member] | Natural Gas [Member] | ||
Goodwill [Line Items] | ||
Balance | 2,261,047 | |
Goodwill acquired | 2,261,047 | |
Goodwill, Purchase Accounting Adjustments | 16,400 | |
Balance | $ 2,277,447 | $ 2,261,047 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) | Mar. 16, 2020USD ($)customer | Jan. 01, 2020USD ($) | Apr. 29, 2019USD ($) | Apr. 24, 2019USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2021USD ($)customer | Oct. 31, 2021USD ($)customer | Aug. 31, 2021USD ($)customer | Jul. 31, 2021USD ($)customer | Apr. 30, 2021USD ($)customer | Jan. 31, 2021USD ($)customer | Dec. 31, 2020USD ($)customer | Sep. 30, 2020USD ($)customer | Jun. 30, 2020USD ($)customer | Dec. 31, 2019USD ($)customer | Sep. 30, 2019USD ($)customeritem | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)customerstateitem | Dec. 31, 2019USD ($)customeritemstate | Mar. 15, 2020USD ($) | Apr. 26, 2019USD ($) | Oct. 31, 2018USD ($) | Oct. 23, 2018USD ($) |
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Goodwill | $ 2,340,815,000 | $ 2,324,547,000 | $ 63,822,000 | $ 2,324,547,000 | $ 2,340,815,000 | $ 2,324,547,000 | $ 63,822,000 | |||||||||||||||||||
Net income (loss) | 431,612,000 | 284,849,000 | 224,543,000 | |||||||||||||||||||||||
Operating revenues | 1,878,144,000 | 1,462,698,000 | 889,692,000 | |||||||||||||||||||||||
interest rate swaps settled | $ 83,520,000 | $ 83,520,000 | ||||||||||||||||||||||||
2019 Acquisitions [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Number of acquisitions completed | item | 7 | |||||||||||||||||||||||||
Number of customers | customer | 2,393 | |||||||||||||||||||||||||
Cash paid for acquisitions | $ 9,437,000 | |||||||||||||||||||||||||
Number of states | state | 3 | |||||||||||||||||||||||||
Operating revenues | 8,419,000 | $ 8,353,000 | $ 506,000 | |||||||||||||||||||||||
2020 Acquisitions [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Number of acquisitions completed | item | 4 | |||||||||||||||||||||||||
Number of customers | customer | 3,673 | |||||||||||||||||||||||||
Total purchase price | 12,335,000 | 12,335,000 | $ 12,335,000 | |||||||||||||||||||||||
Number of states | state | 3 | |||||||||||||||||||||||||
Operating revenues | 8,365,000 | $ 3,569,000 | ||||||||||||||||||||||||
Acquisition, 2021 [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Operating revenues | 2,462,000 | |||||||||||||||||||||||||
Peoples Gas Acquisition [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Number of customers | customer | 750,000 | |||||||||||||||||||||||||
Cash paid for acquisitions | $ 4,275,000,000 | |||||||||||||||||||||||||
Total purchase price | 3,465,344,000 | $ 436,000,000 | ||||||||||||||||||||||||
Indebtedness | 1,101,091,000 | |||||||||||||||||||||||||
Outstanding debt | 920,091,000 | |||||||||||||||||||||||||
short-term debt | 181,000,000 | |||||||||||||||||||||||||
Fair value of debt | $ 84,569,000 | |||||||||||||||||||||||||
Transaction-related expenses | $ 20,628,000 | $ 16,464,000 | $ 25,397,000 | 22,891,000 | ||||||||||||||||||||||
Acquisition-related costs, pre-tax | $ 25,197,000 | $ 21,406,000 | ||||||||||||||||||||||||
Adjustments to acquisition financing | 39,567,000 | |||||||||||||||||||||||||
Adjustments to acquisition financing, Pre-tax | 50,883,000 | |||||||||||||||||||||||||
Adjustments to debt, pre-tax | 11,210,000 | |||||||||||||||||||||||||
Adjustments to debt | 7,971,000 | |||||||||||||||||||||||||
Elimination of management fee | 885,000 | |||||||||||||||||||||||||
Elimination of management fee, pre-tax | 1,245,000 | |||||||||||||||||||||||||
Pipeline term | 7 years | |||||||||||||||||||||||||
Pipeline cost | 120,000,000 | $ 120,000,000 | ||||||||||||||||||||||||
Customer rate credits | 23,004,000 | 23,004,000 | ||||||||||||||||||||||||
Acquired property, plant and equipment | 2,476,551,000 | 2,476,551,000 | ||||||||||||||||||||||||
Goodwill | $ 2,277,447,000 | 2,277,447,000 | $ 2,277,447,000 | |||||||||||||||||||||||
Net income (loss) | 57,377,000 | |||||||||||||||||||||||||
Operating revenues | 520,944,000 | |||||||||||||||||||||||||
Adjustment to goodwill | $ 16,400,000 | |||||||||||||||||||||||||
Operating revenues included in the consolidated financial statements | 1,743,766,000 | 1,798,346,000 | ||||||||||||||||||||||||
Oaks Water System [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Number of customers | customer | 740 | |||||||||||||||||||||||||
Total purchase price | $ 3,300,000 | $ 3,300,000 | ||||||||||||||||||||||||
Interest Rate Swap [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Interest rate swap | $ 850,000 | |||||||||||||||||||||||||
Interest Rate Swap [Member] | LDC Funding LLC [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Interest rate swap | $ 850,000 | |||||||||||||||||||||||||
Interest Rate Swap [Member] | Peoples Gas Acquisition [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Fair value adjustment | $ 23,742,000 | |||||||||||||||||||||||||
Pennsylvania [Member] | Water And Wastewater Utility Systems [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Number of customers | customer | 10,500 | |||||||||||||||||||||||||
Total purchase price | $ 72,400,000 | |||||||||||||||||||||||||
Customer rate credits | $ 4,080,000 | 4,080,000 | 4,080,000 | |||||||||||||||||||||||
Pennsylvania [Member] | LDC Funding LLC [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
interest rate swaps settled | $ 83,520,000 | |||||||||||||||||||||||||
Pennsylvania [Member] | Wastewater Utility System [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Number of customers | customer | 1,965 | 11,000 | 4,947 | 9,887 | ||||||||||||||||||||||
Cash paid for acquisitions | $ 50,250,000 | |||||||||||||||||||||||||
Total purchase price | $ 29,944,000 | $ 53,000,000 | $ 21,000,000 | 29,944,000 | $ 53,000,000 | 29,944,000 | ||||||||||||||||||||
Acquired property, plant and equipment | 44,558,000 | 44,558,000 | ||||||||||||||||||||||||
Goodwill | $ 5,692,000 | 5,692,000 | ||||||||||||||||||||||||
Pennsylvania [Member] | Peoples Gas Acquisition [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Pipeline term | 7 years | |||||||||||||||||||||||||
Pipeline cost | 120,000,000 | $ 120,000,000 | ||||||||||||||||||||||||
Customer rate credits | $ 23,004,000 | 23,004,000 | ||||||||||||||||||||||||
Delaware [Member] | Wastewater Utility System [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Number of municipalities | item | 42 | |||||||||||||||||||||||||
Number of customers | customer | 16,000 | |||||||||||||||||||||||||
Retail customers | customer | 198,000 | |||||||||||||||||||||||||
Total purchase price | $ 276,500,000 | |||||||||||||||||||||||||
Beaver Falls, Pennsylvania [Member] | Wastewater Utility System [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Number of customers | customer | 7,600 | |||||||||||||||||||||||||
Total purchase price | $ 41,250,000 | |||||||||||||||||||||||||
Shenandoah Borough, Pennsylvania [Member] | Water Utility System [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Number of customers | customer | 2,930 | |||||||||||||||||||||||||
Total purchase price | $ 12,000,000 | |||||||||||||||||||||||||
Oak Brook, Illinois [Member] | Water And Wastewater Utility Systems [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Number of customers | customer | 4,000 | |||||||||||||||||||||||||
Total purchase price | $ 12,500,000 | |||||||||||||||||||||||||
Harris County, Texas [Member] | Wastewater Utility System [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Number of customers | customer | 992 | |||||||||||||||||||||||||
Total purchase price | $ 4,000,000 | |||||||||||||||||||||||||
Kankakee County, Illinois [Member] | Wastewater Utility System [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Number of customers | customer | 6,500 | |||||||||||||||||||||||||
Total purchase price | $ 32,100,000 | |||||||||||||||||||||||||
Water [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Revenues from contracts with customers | 832,769,000 | 804,684,000 | 767,400,000 | |||||||||||||||||||||||
Operating revenues | 834,529,000 | 804,771,000 | 767,480,000 | |||||||||||||||||||||||
Wastewater [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Revenues from contracts with customers | 132,580,000 | 120,794,000 | 105,204,000 | |||||||||||||||||||||||
Operating revenues | 132,316,000 | 120,908,000 | 105,115,000 | |||||||||||||||||||||||
Water And Wastewater [Member] | Peoples Gas Acquisition [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Revenues from contracts with customers | 4,080,000 | |||||||||||||||||||||||||
Natural Gas [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Revenues from contracts with customers | 859,368,000 | 506,440,000 | ||||||||||||||||||||||||
Operating revenues | 859,902,000 | 506,564,000 | ||||||||||||||||||||||||
Natural Gas [Member] | Peoples Gas Acquisition [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Revenues from contracts with customers | $ 18,924,000 | |||||||||||||||||||||||||
Other [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Revenues from contracts with customers | 13,358,000 | 12,861,000 | 13,835,000 | |||||||||||||||||||||||
Operating revenues | $ 51,397,000 | $ 30,455,000 | $ 17,097,000 | |||||||||||||||||||||||
Commitment [Member] | Peoples Gas Acquisition [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Revenues from contracts with customers | $ 23,004,000 |
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 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 15, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 2,340,815 | $ 2,324,547 | $ 63,822 | |
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 | 2,277,447 | $ 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 | |||
Amounts Previously Recognized [Member] | Peoples Gas Acquisition [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 | |||
Measurement Period Adjustments [Member] | Peoples Gas Acquisition [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 | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||
Operating revenues | $ 1,743,766 | $ 1,798,346 |
Net income | $ 367,492 | $ 318,170 |
Dispositions (Details)
Dispositions (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2020USD ($) | Apr. 30, 2019USD ($) | Dec. 31, 2018customer | Dec. 31, 2020 | |
Virginia [Member] | Disposal Group, Not Discontinued Operations [Member] | ||||
Discontinued Operations And Other Dispositions [Line Items] | ||||
Number of customers | customer | 500 | |||
Total proceeds | $ 1,882 | |||
Net gain (loss) | $ 405 | |||
Joint Venture [Member] | ||||
Discontinued Operations And Other Dispositions [Line Items] | ||||
Joint venture ownership percentage | 49.00% | |||
Joint Venture [Member] | Disposal Group, Not Discontinued Operations [Member] | ||||
Discontinued Operations And Other Dispositions [Line Items] | ||||
Joint venture ownership percentage | 49.00% | |||
Gain (loss) on sale | $ 3,700 |
Property, Plant And Equipment_2
Property, Plant And Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Net utility plant acquisition adjustment | $ 9,055 | $ 12,215 |
Total property, plant and equipment | 12,610,376 | 11,620,019 |
Regulated [Member] | Water [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 9,488,572 | 8,825,665 |
Regulated [Member] | Water [Member] | Mains And Accessories [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 4,014,507 | 3,800,878 |
Regulated [Member] | Water [Member] | Services, Hydrants, Treatment Plants And Reservoirs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 2,672,186 | 2,425,303 |
Regulated [Member] | Water [Member] | Operations Structures And Water Tanks [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 376,880 | 352,094 |
Regulated [Member] | Water [Member] | Miscellaneous Pumping And Purification Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 1,011,487 | 976,719 |
Regulated [Member] | Water [Member] | Meters, Transportation And Operating Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 980,208 | 898,607 |
Regulated [Member] | Water [Member] | Land And Other Non-Depreciable Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 116,888 | 137,390 |
Regulated [Member] | Water [Member] | Utility Plant And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 9,172,156 | 8,590,991 |
Regulated [Member] | Water [Member] | Utility Construction Work In progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility construction work in progress | 304,373 | 225,208 |
Regulated [Member] | Water [Member] | Net Utility Plant Acquisition Adjustment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Net utility plant acquisition adjustment | (9,055) | (12,215) |
Regulated [Member] | Water [Member] | Non-Utility Plant And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Non-utility plant and equipment | $ 21,098 | 21,681 |
Regulated [Member] | Water [Member] | Minimum [Member] | Mains And Accessories [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 32 years | |
Regulated [Member] | Water [Member] | Minimum [Member] | Services, Hydrants, Treatment Plants And Reservoirs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 5 years | |
Regulated [Member] | Water [Member] | Minimum [Member] | Operations Structures And Water Tanks [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 14 years | |
Regulated [Member] | Water [Member] | Minimum [Member] | Miscellaneous Pumping And Purification Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 9 years | |
Regulated [Member] | Water [Member] | Minimum [Member] | Meters, Transportation And Operating Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 5 years | |
Regulated [Member] | Water [Member] | Minimum [Member] | Net Utility Plant Acquisition Adjustment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 2 years | |
Regulated [Member] | Water [Member] | Minimum [Member] | Non-Utility Plant And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 17 years | |
Regulated [Member] | Water [Member] | Maximum [Member] | Mains And Accessories [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 94 years | |
Regulated [Member] | Water [Member] | Maximum [Member] | Services, Hydrants, Treatment Plants And Reservoirs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 89 years | |
Regulated [Member] | Water [Member] | Maximum [Member] | Operations Structures And Water Tanks [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 80 years | |
Regulated [Member] | Water [Member] | Maximum [Member] | Miscellaneous Pumping And Purification Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 76 years | |
Regulated [Member] | Water [Member] | Maximum [Member] | Meters, Transportation And Operating Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 84 years | |
Regulated [Member] | Water [Member] | Maximum [Member] | Net Utility Plant Acquisition Adjustment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 59 years | |
Regulated [Member] | Water [Member] | Maximum [Member] | Non-Utility Plant And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 64 years | |
Regulated [Member] | Water [Member] | Weighted Average [Member] | Mains And Accessories [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 76 years | |
Regulated [Member] | Water [Member] | Weighted Average [Member] | Services, Hydrants, Treatment Plants And Reservoirs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 56 years | |
Regulated [Member] | Water [Member] | Weighted Average [Member] | Operations Structures And Water Tanks [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 48 years | |
Regulated [Member] | Water [Member] | Weighted Average [Member] | Miscellaneous Pumping And Purification Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 42 years | |
Regulated [Member] | Water [Member] | Weighted Average [Member] | Meters, Transportation And Operating Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 28 years | |
Regulated [Member] | Water [Member] | Weighted Average [Member] | Net Utility Plant Acquisition Adjustment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 28 years | |
Regulated [Member] | Water [Member] | Weighted Average [Member] | Non-Utility Plant And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 58 years | |
Regulated [Member] | Natural Gas [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Non-utility plant and equipment | $ 3,121,804 | 2,794,354 |
Regulated [Member] | Natural Gas [Member] | Natural Gas Transmission [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 365,051 | 362,477 |
Regulated [Member] | Natural Gas [Member] | Natural Gas Storage [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 60,985 | 60,846 |
Regulated [Member] | Natural Gas [Member] | Natural Gas Gathering And Processing [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 131,237 | 126,105 |
Regulated [Member] | Natural Gas [Member] | Natural Gas Distribution [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 1,874,040 | 1,540,366 |
Regulated [Member] | Natural Gas [Member] | Meters, Transportation And Operating Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 588,716 | 580,043 |
Regulated [Member] | Natural Gas [Member] | Land And Other Non-Depreciable Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 3,872 | 3,872 |
Regulated [Member] | Natural Gas [Member] | Utility Plant And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 3,023,901 | 2,673,709 |
Regulated [Member] | Natural Gas [Member] | Utility Construction Work In progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility construction work in progress | $ 97,903 | $ 120,645 |
Regulated [Member] | Natural Gas [Member] | Minimum [Member] | Natural Gas Transmission [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 5 years | |
Regulated [Member] | Natural Gas [Member] | Minimum [Member] | Natural Gas Storage [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 5 years | |
Regulated [Member] | Natural Gas [Member] | Minimum [Member] | Natural Gas Gathering And Processing [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 5 years | |
Regulated [Member] | Natural Gas [Member] | Minimum [Member] | Natural Gas Distribution [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 25 years | |
Regulated [Member] | Natural Gas [Member] | Minimum [Member] | Meters, Transportation And Operating Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 5 years | |
Regulated [Member] | Natural Gas [Member] | Maximum [Member] | Natural Gas Transmission [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 93 years | |
Regulated [Member] | Natural Gas [Member] | Maximum [Member] | Natural Gas Storage [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 85 years | |
Regulated [Member] | Natural Gas [Member] | Maximum [Member] | Natural Gas Gathering And Processing [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 88 years | |
Regulated [Member] | Natural Gas [Member] | Maximum [Member] | Natural Gas Distribution [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 78 years | |
Regulated [Member] | Natural Gas [Member] | Maximum [Member] | Meters, Transportation And Operating Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 95 years | |
Regulated [Member] | Natural Gas [Member] | Weighted Average [Member] | Natural Gas Transmission [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 67 years | |
Regulated [Member] | Natural Gas [Member] | Weighted Average [Member] | Natural Gas Storage [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 47 years | |
Regulated [Member] | Natural Gas [Member] | Weighted Average [Member] | Natural Gas Gathering And Processing [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 59 years | |
Regulated [Member] | Natural Gas [Member] | Weighted Average [Member] | Natural Gas Distribution [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 63 years | |
Regulated [Member] | Natural Gas [Member] | Weighted Average [Member] | Meters, Transportation And Operating Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 25 years |
Accounts Receivable (Narrative)
Accounts Receivable (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recoveries of accounts written off and other | $ 10,369 | $ 13,034 | $ 1,113 |
Pennsylvania [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
utility customers by geographic operating segment, percentage | 66.00% | ||
Ohio [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
utility customers by geographic operating segment, percentage | 9.00% | ||
North Carolina [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
utility customers by geographic operating segment, percentage | 6.00% | ||
Texas [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
utility customers by geographic operating segment, percentage | 5.00% | ||
Illinois [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
utility customers by geographic operating segment, percentage | 5.00% | ||
Peoples Gas Acquisition [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recoveries of accounts written off and other | $ 12,851 | $ 10,962 |
Accounts Receivable (Net Accoun
Accounts Receivable (Net Accounts Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Receivable [Abstract] | ||||
Billed utility revenue | $ 197,815 | $ 189,280 | ||
Other | 1,283 | 5,594 | ||
Gross accounts receivable | 199,098 | 194,874 | ||
Less allowance for doubtful accounts | 58,073 | 40,099 | $ 7,353 | $ 6,914 |
Net accounts receivable | $ 141,025 | $ 154,775 |
Accounts Receivable (Allowance
Accounts Receivable (Allowance For Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable [Abstract] | |||
Balance at January 1 | $ 40,099 | $ 7,353 | $ 6,914 |
Amounts charged to expense | 27,336 | 32,325 | 5,306 |
Accounts written off | (19,731) | (12,613) | (5,980) |
Recoveries of accounts written off and other | 10,369 | 13,034 | 1,113 |
Balance at December 31 | $ 58,073 | $ 40,099 | $ 7,353 |
Regulatory Assets And Liabili_3
Regulatory Assets And Liabilities (Narrative) (Details) - USD ($) $ in Thousands | May 18, 2019 | May 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Regulatory Assets And Liabilities [Line Items] | |||||||||||
Amortization of deferred repair tax adjustment | $ 38,000 | $ 38,000 | $ 38,000 | $ 38,000 | $ 38,000 | $ 38,000 | $ 38,000 | $ 38,000 | |||
Amortization period | 10 years | ||||||||||
Statutory federal tax rate | 21.00% | 21.00% | 21.00% | ||||||||
Redemption of debt | $ 313,500 | $ 769,546 | $ 1,820,571 | $ 1,048,471 | |||||||
Make whole payment | $ 25,237 | $ 25,237 | $ 25,237 | ||||||||
Regulatory Assets | 1,449,990 | 1,367,873 | |||||||||
Regulatory Liabilities | $ 770,001 | 793,176 | |||||||||
Catch-Up Adjustment [Member] | |||||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||||
Regulatory Liabilities | 160,655 | ||||||||||
Minimum [Member] | |||||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||||
Water tank painting costs amortization period | 10 years | ||||||||||
Rate case filing expense amortization period | 1 year | ||||||||||
Redemption percentage | 3.57% | 3.57% | |||||||||
Maximum [Member] | |||||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||||
Water tank painting costs amortization period | 20 years | ||||||||||
Rate case filing expense amortization period | 5 years | ||||||||||
Redemption percentage | 5.83% | 5.83% | |||||||||
Income Taxes [Member] | |||||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||||
Regulatory Assets | $ 1,219,924 | 1,098,363 | |||||||||
Regulatory Liabilities | 595,185 | 630,106 | |||||||||
Utility Plant Retirement Costs [Member] | |||||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||||
Regulatory Assets | 47,683 | 50,225 | |||||||||
Regulatory Liabilities | 56,479 | 50,560 | |||||||||
Postretirement Benefits [Member] | |||||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||||
Regulatory Assets | 60,640 | 108,036 | |||||||||
Regulatory Liabilities | $ 115,283 | 89,953 | |||||||||
Postretirement Benefits [Member] | Minimum [Member] | |||||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||||
Regulatory asset recovery period | 10 years | ||||||||||
Postretirement Benefits [Member] | Maximum [Member] | |||||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||||
Regulatory asset recovery period | 37 years | ||||||||||
Accrued Vacation [Member] | |||||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||||
Regulatory Assets | $ 3,760 | 4,056 | |||||||||
Water Tank Painting [Member] | |||||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||||
Regulatory Assets | 7,553 | 6,306 | |||||||||
Regulatory Liabilities | 978 | ||||||||||
Fair Value Adjustment Of Long-Term Debt Assumed In Acquisition [Member] | |||||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||||
Regulatory Assets | 62,722 | 76,019 | |||||||||
Rate Case Filing Expenses And Other [Member] | |||||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||||
Regulatory Assets | 14,827 | 9,403 | |||||||||
Regulatory Liabilities | 3,054 | 2,961 | |||||||||
Peoples Gas Acquisition [Member] | Income Taxes [Member] | |||||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||||
Regulatory Liabilities | $ 111 | ||||||||||
Peoples Gas Acquisition [Member] | Income Taxes [Member] | |||||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||||
Regulatory Assets | $ 659 |
Regulatory Assets And Liabili_4
Regulatory Assets And Liabilities (Components Of Regulatory Assets And Regulatory Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Regulatory Of Assets And Liabilities [Line Items] | ||
Regulatory Assets | $ 1,449,990 | $ 1,367,873 |
Regulatory Liabilities | 770,001 | 793,176 |
Income Taxes [Member] | ||
Regulatory Of Assets And Liabilities [Line Items] | ||
Regulatory Assets | 1,219,924 | 1,098,363 |
Regulatory Liabilities | 595,185 | 630,106 |
Purchased Gas Costs [Member] | ||
Regulatory Of Assets And Liabilities [Line Items] | ||
Regulatory Assets | 13,798 | 585 |
Regulatory Liabilities | 18,618 | |
Utility Plant Retirement Costs [Member] | ||
Regulatory Of Assets And Liabilities [Line Items] | ||
Regulatory Assets | 47,683 | 50,225 |
Regulatory Liabilities | 56,479 | 50,560 |
Postretirement Benefits [Member] | ||
Regulatory Of Assets And Liabilities [Line Items] | ||
Regulatory Assets | 60,640 | 108,036 |
Regulatory Liabilities | 115,283 | 89,953 |
Accrued Vacation [Member] | ||
Regulatory Of Assets And Liabilities [Line Items] | ||
Regulatory Assets | 3,760 | 4,056 |
Water Tank Painting [Member] | ||
Regulatory Of Assets And Liabilities [Line Items] | ||
Regulatory Assets | 7,553 | 6,306 |
Regulatory Liabilities | 978 | |
Fair Value Adjustment Of Long-Term Debt Assumed In Acquisition [Member] | ||
Regulatory Of Assets And Liabilities [Line Items] | ||
Regulatory Assets | 62,722 | 76,019 |
Debt Refinancing [Member] | ||
Regulatory Of Assets And Liabilities [Line Items] | ||
Regulatory Assets | 19,083 | 14,880 |
Rate Case Filing Expenses And Other [Member] | ||
Regulatory Of Assets And Liabilities [Line Items] | ||
Regulatory Assets | 14,827 | 9,403 |
Regulatory Liabilities | $ 3,054 | $ 2,961 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | Mar. 16, 2020 | Dec. 31, 2021 | Jul. 31, 2021 | May 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Income Taxes [Line Items] | |||||||
Statutory federal tax rate | 21.00% | 21.00% | 21.00% | ||||
Net income tax benefits | $ 48,965,000 | $ 49,077,000 | $ 66,816,000 | ||||
Catch-up adjustment | $ 160,655,000 | ||||||
Contribution To Customer Bill Payment Assistance Program | $ 500,000 | ||||||
Contribution To Covid Relief Program | $ 5,000,000 | ||||||
Effective income tax rate | (2.30%) | (7.50%) | (6.20%) | ||||
Unrecognized tax benefits | 20,201,000 | $ 20,201,000 | $ 19,194,000 | $ 18,671,000 | |||
Deferred income tax liabilities | 1,406,537,000 | 1,406,537,000 | 1,258,098,000 | ||||
Interest and penalties | 0 | 0 | 0 | $ 0 | |||
Regulatory Liabilities | 770,001,000 | 770,001,000 | 793,176,000 | ||||
Accrued Interest, Uncertain Tax Positions | 409,000 | 409,000 | 24,000 | ||||
Federal [Member] | |||||||
Income Taxes [Line Items] | |||||||
Operating loss carryforwards | 507,330,000 | 507,330,000 | |||||
Operating loss carryforwards, valuation allowance | 0 | 0 | |||||
Operating loss carryforwards before unrecognized tax position | 587,480,000 | ||||||
Unrecognized tax benefits | 80,150,000 | 80,150,000 | |||||
State [Member] | |||||||
Income Taxes [Line Items] | |||||||
Deferred tax assets operating loss carryforward | 1,657,743,000 | 1,657,743,000 | |||||
Operating loss carryforwards before unrecognized tax position | 1,743,994,000 | ||||||
Unrecognized tax benefits | 86,251,000 | 86,251,000 | |||||
Pennsylvania [Member] | |||||||
Income Taxes [Line Items] | |||||||
Net income tax benefits | $ 34,980,000 | 33,050,000 | |||||
Decrease in current taxes payable | $ 13,848,000 | ||||||
Reduction in state income tax expense | 158,865,000 | ||||||
Target | 3,000,000 | ||||||
Tax deduction | 380,000,000 | ||||||
Amortization of benefit | $ 38,000,000 | ||||||
Term | 10 years | ||||||
Minimum [Member] | |||||||
Income Taxes [Line Items] | |||||||
State corporate net income tax rates | 2.50% | ||||||
Maximum [Member] | |||||||
Income Taxes [Line Items] | |||||||
State corporate net income tax rates | 9.99% | ||||||
Income Taxes [Member] | |||||||
Income Taxes [Line Items] | |||||||
Regulatory Liabilities | 595,185,000 | $ 595,185,000 | 630,106,000 | ||||
Purchased Gas Costs [Member] | |||||||
Income Taxes [Line Items] | |||||||
Regulatory Liabilities | 18,618,000 | ||||||
Utility Plant Retirement Costs [Member] | |||||||
Income Taxes [Line Items] | |||||||
Regulatory Liabilities | 56,479,000 | 56,479,000 | 50,560,000 | ||||
Postretirement Benefits [Member] | |||||||
Income Taxes [Line Items] | |||||||
Regulatory Liabilities | 115,283,000 | 115,283,000 | 89,953,000 | ||||
Water Tank Painting [Member] | |||||||
Income Taxes [Line Items] | |||||||
Regulatory Liabilities | 978,000 | ||||||
Rate Case Filing Expenses And Other [Member] | |||||||
Income Taxes [Line Items] | |||||||
Regulatory Liabilities | $ 3,054,000 | $ 3,054,000 | $ 2,961,000 |
Income Taxes (Schedule Of Provi
Income Taxes (Schedule Of Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
Federal | $ (5,132) | $ (1,831) | $ (4,415) |
State | 4,034 | (265) | 1,834 |
Total current income taxes | (1,098) | (2,096) | (2,581) |
Deferred: | |||
Federal | 3,036 | (11,527) | (3,906) |
State | (11,550) | (6,255) | (6,530) |
Total deferred income taxes | (8,514) | (17,782) | (10,436) |
Total tax expense (benefit) | $ (9,612) | $ (19,878) | $ (13,017) |
Income Taxes (Schedule Of Reaso
Income Taxes (Schedule Of Reasons For Differences Between Statutory Federal Income Tax Rate To Income Before Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
Computed Federal tax expense at statutory rate | $ 88,620 | $ 55,644 | $ 44,420 |
Decrease in Federal tax expense related to an income tax accounting change for qualifying utility asset improvement costs | (76,534) | (53,532) | (48,518) |
State income taxes, net of Federal tax benefit | (1,681) | (6,896) | (3,616) |
Increase in tax expense for depreciation expense to be recovered in future rates | 925 | 140 | 347 |
Stock-based compensation | (611) | (1,484) | (167) |
Deduction for Essential Utilities common dividends paid under employee benefit plan | (330) | (315) | (315) |
Amortization of deferred investment tax credits | (314) | (319) | (361) |
Impact of Federal rate change and amortization of excess deferred income tax | (11,715) | (15,352) | (6,323) |
Effective Income Tax Rate Reconciliation, Acquisitions And Reorganizations | (4,632) | ||
Other, net | (3,340) | 2,236 | 1,516 |
Total tax expense (benefit) | $ (9,612) | $ (19,878) | $ (13,017) |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | ||
Balance at January 1, | $ 19,194 | $ 18,671 |
Impact of current year activity on tax provision | 1,007 | 523 |
Balance at December 31, | $ 20,201 | $ 19,194 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Taxes [Abstract] | ||
Customers’ advances for construction | $ 28,845 | $ 30,155 |
Costs expensed for book not deducted for tax, principally accrued expenses | 28,211 | 11,441 |
Post-retirement benefits | 5,186 | 51,914 |
Tax effect of regulatory liabilities for post-retirement benefits | 16,080 | |
Tax attribute and credit carryforwards | 243,131 | 206,347 |
Operating lease liabilities | 16,064 | 17,432 |
Unrecovered purchased gas costs | 5,239 | |
Other | 7,586 | 10,979 |
Total gross deferred tax assets | 345,103 | 333,507 |
Less valuation allowance | 36,662 | 34,772 |
Net deferred tax assets | 308,441 | 298,735 |
Utility plant, principally due to depreciation and differences in the basis of fixed assets due to variation in tax and book accounting | 1,510,752 | 1,298,127 |
Deferred taxes associated with the gross-up of revenues necessary to recover, in rates, the effect of temporary differences | 179,825 | 205,869 |
Tax effect of regulatory asset for post-retirement benefits | 30,441 | |
Utility plant acquisition adjustment basis differences | 222 | 195 |
Deferred investment tax credit | 5,406 | 5,744 |
Operating lease right-of-use assets | 14,034 | 16,457 |
Over-recovered purchased gas costs | 4,739 | |
Total gross deferred tax liabilities | 1,714,978 | 1,556,833 |
Net deferred tax liability | $ 1,406,537 | $ 1,258,098 |
Taxes Other Than Income Taxes_2
Taxes Other Than Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Taxes Other Than Income Taxes [Line Items] | |||
Total taxes other than income taxes | $ 86,641 | $ 76,597 | $ 59,955 |
Property [Member] | |||
Taxes Other Than Income Taxes [Line Items] | |||
Total taxes other than income taxes | 33,946 | 32,054 | 27,735 |
Gross Receipts, Excise And Franchise [Member] | |||
Taxes Other Than Income Taxes [Line Items] | |||
Total taxes other than income taxes | 15,777 | 14,462 | 13,500 |
Payroll [Member] | |||
Taxes Other Than Income Taxes [Line Items] | |||
Total taxes other than income taxes | 21,789 | 19,053 | 10,303 |
Regulatory Assessments [Member] | |||
Taxes Other Than Income Taxes [Line Items] | |||
Total taxes other than income taxes | 6,968 | 3,130 | 2,916 |
Pumping Fees [Member] | |||
Taxes Other Than Income Taxes [Line Items] | |||
Total taxes other than income taxes | 5,761 | 6,028 | 5,112 |
Other [Member] | |||
Taxes Other Than Income Taxes [Line Items] | |||
Total taxes other than income taxes | $ 2,400 | $ 1,870 | $ 389 |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Thousands | Aug. 03, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments And Contingencies [Line Items] | |||
Estimated annual commitments to purchase water through the next five years | $ 3,322 | ||
Aggregate amount of the commitments for the remaining years | $ 331 | ||
Purchase Obligation Term | 20 years | ||
Amount probable of recovery through insurance | $ 2,458 | ||
Contingent liability for self-insured employee medical benefit program | 2,470 | $ 1,535 | |
Recorded Unconditional Purchase Obligation Due after Fifth Year | 3,261 | ||
Loss Contingency Accrual | 17,215 | ||
Insurance Proceeds | $ 2,874 | ||
Public Utilities, Inventory, Fuel [Member] | |||
Commitments And Contingencies [Line Items] | |||
Estimated commitments through 2025 | 257,057 | ||
Recorded Unconditional Purchase Obligation Due after Fifth Year | $ 1,759,841 | ||
Water And Wastewater Utility Systems [Member] | Pennsylvania [Member] | |||
Commitments And Contingencies [Line Items] | |||
Customer rate credits | 4,080 | ||
Natural Gas Utility [Member] | Pennsylvania [Member] | |||
Commitments And Contingencies [Line Items] | |||
Customer rate credits | $ 18,924 | ||
Peoples Gas Acquisition [Member] | |||
Commitments And Contingencies [Line Items] | |||
Pipeline term | 7 years | ||
Pipeline cost | $ 120,000 | ||
Customer rate credits | $ 23,004 | ||
Peoples Gas Acquisition [Member] | Pennsylvania [Member] | |||
Commitments And Contingencies [Line Items] | |||
Pipeline term | 7 years | ||
Pipeline cost | $ 120,000 | ||
Customer rate credits | $ 23,004 |
Commitments And Contingencies_3
Commitments And Contingencies (Schedule Of Purchase Obligations) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Commitments And Contingencies [Abstract] | |
2021 | $ 3,120 |
2022 | 1,038 |
2023 | 1,055 |
2024 | 1,078 |
2025 | 1,102 |
Thereafter | $ 3,261 |
Commitments And Contingencies_4
Commitments And Contingencies (Schedule Of Rent Expense Under Operating Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments And Contingencies [Abstract] | |||
Long Term Purchase Agreement | $ 5,867 | $ 5,931 | $ 6,577 |
Purchased water under long-term agreements | 1,017 | 1,006 | $ 989 |
Water treatment expense under contractual agreement | $ 340,262 | $ 165,745 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Line Items] | ||
Renewal term | 50 years | |
lease obligation | $ 71,249 | |
Minimum [Member] | ||
Leases [Line Items] | ||
Lease term | 1 year | |
Maximum [Member] | ||
Leases [Line Items] | ||
Lease term | 73 years | |
Peoples Gas Acquisition [Member] | ||
Leases [Line Items] | ||
Operating Lease, Impairment Loss | $ 4,695 | |
Assets, Fair Value Adjustment | $ 3,375 |
Leases (Components Of Lease Exp
Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease cost | $ 9,716 | $ 8,496 | $ 2,183 |
Operating cash flows from operating leases | 9,612 | 6,324 | |
Operating lease right-of-use assets | 48,930 | 60,334 | |
Other accrued liabilities | 7,841 | 7,666 | |
Operating lease liabilities | 48,230 | 55,642 | |
Total operating lease liabilities | $ 56,071 | $ 63,308 | |
Weighted average remaining lease term | 10 years | 11 years | |
Weighted average discount rate: | 3.62% | 3.62% |
Leases (Maturities Of Operating
Leases (Maturities Of Operating Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2022 | $ 9,732 | |
2023 | 9,294 | |
2024 | 9,009 | |
2025 | 9,028 | |
2026 | 6,666 | |
Thereafter | 27,520 | |
Total operating lease payments | 71,249 | |
Less operating lease liabilities | 56,071 | $ 63,308 |
Present value adjustment | $ 15,178 |
Long-Term Debt And Loans Paya_3
Long-Term Debt And Loans Payable (Narrative) (Details) - USD ($) | Apr. 19, 2021 | Apr. 15, 2021 | Apr. 13, 2020 | Apr. 03, 2020 | Mar. 16, 2020 | Mar. 13, 2020 | May 18, 2019 | Apr. 26, 2019 | Apr. 24, 2019 | Nov. 30, 2021 | Nov. 30, 2020 | Jun. 30, 2020 | May 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | May 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 30, 2018 | Oct. 31, 2018 |
Debt Instrument [Line Items] | |||||||||||||||||||||
Aqua Pennsylvania's retainied earnings including minority interest | $ 1,434,201,000 | $ 1,261,862,000 | |||||||||||||||||||
Restricted assets | 3,926,205,000 | ||||||||||||||||||||
Total net assets | $ 5,184,450,000 | ||||||||||||||||||||
Average borrowings cost percentage | 0.00% | 1.11% | |||||||||||||||||||
Maximum amount outstanding at the end of any one month | $ 0 | $ 7,500,000 | |||||||||||||||||||
Average borrowing amount | 0 | 2,500,000 | |||||||||||||||||||
Interest income | 2,384,000 | 5,363,000 | $ 25,406,000 | ||||||||||||||||||
Interest cost | 207,709,000 | 188,435,000 | 125,383,000 | ||||||||||||||||||
Capitalized amount | 4,510,000 | 4,434,000 | 4,231,000 | ||||||||||||||||||
Debt redeemed | $ 313,500,000 | $ 313,500,000 | $ 313,500,000 | ||||||||||||||||||
Make whole payment | 25,237,000 | $ 25,237,000 | 25,237,000 | ||||||||||||||||||
Debt issuance costs | 18,528,000 | ||||||||||||||||||||
Regulatory assets | $ 6,709,000 | 1,429,840,000 | 1,362,788,000 | ||||||||||||||||||
interest rate swaps settled | 83,520,000 | 83,520,000 | |||||||||||||||||||
Additional [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Regulatory assets | $ 3,888,000 | ||||||||||||||||||||
Interest Rate Swap [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | $ 850,000 | ||||||||||||||||||||
Letter of Credit [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Letters of credit capacity available | 29,078,000 | ||||||||||||||||||||
Available capacity borrowed | 300,000,000 | ||||||||||||||||||||
Peoples Gas Acquisition [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Total purchase price | $ 3,465,344,000 | 436,000,000 | |||||||||||||||||||
Assumption of debt | 1,101,091,000 | ||||||||||||||||||||
Assumption of debt, long term | 920,091,000 | ||||||||||||||||||||
Assumption of debt, short term | $ 181,000,000 | ||||||||||||||||||||
Peoples Gas Acquisition [Member] | Letter of Credit [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 150,000,000 | ||||||||||||||||||||
Term of debt | 364 days | ||||||||||||||||||||
Aqua Pennsylvanias [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aqua Pennsylvania retained earning excluding minority interest | 1,929,339,000 | ||||||||||||||||||||
Aqua Pennsylvania's retainied earnings including minority interest | 1,949,339,000 | ||||||||||||||||||||
Restricted net assets | 1,523,351,000 | ||||||||||||||||||||
Total net assets | $ 2,158,273,000 | ||||||||||||||||||||
Average borrowings cost percentage | 0.78% | 1.12% | |||||||||||||||||||
Commitment fee percentage | 0.05% | ||||||||||||||||||||
Maximum amount outstanding at the end of any one month | $ 70,000,000 | $ 54,669,000 | |||||||||||||||||||
Average borrowing amount | $ 40,312,000 | $ 37,166,000 | |||||||||||||||||||
Aqua Pennsylvanias [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Term of debt | 5 years | ||||||||||||||||||||
Repayments of Debt | $ 50,000,000 | ||||||||||||||||||||
Other Subsidiaries [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aqua Pennsylvania's retainied earnings including minority interest | $ 244,809,000 | ||||||||||||||||||||
Other Subsidiaries [Member] | Restriction Free [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aqua Pennsylvania's retainied earnings including minority interest | 397,547,000 | ||||||||||||||||||||
Swing-Line Commitment [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Letters of credit capacity available | $ 50,000,000 | ||||||||||||||||||||
Average borrowings cost percentage | 1.31% | 1.62% | |||||||||||||||||||
Average borrowing amount | $ 174,026,000 | $ 221,230,000 | |||||||||||||||||||
Unsecured Revolving Credit Facility With Four Banks [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Term of debt | 364 days | ||||||||||||||||||||
Available capacity borrowed | $ 35,000,000 | $ 49,198,000 | |||||||||||||||||||
Funds borrowed under credit facility | $ 100,000,000 | ||||||||||||||||||||
Unsecured Revolving Credit Facility Maturity Year 2017 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Sublimit for daily demand loans | $ 50,000,000 | ||||||||||||||||||||
Unsecured Revolving Credit Facility With Two Banks [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Revolving credit agreement | $ 100,000,000 | ||||||||||||||||||||
Term of debt | 364 days | ||||||||||||||||||||
Average borrowings cost percentage | 1.02% | 0.96% | |||||||||||||||||||
Maximum amount outstanding at the end of any one month | $ 30,000,000 | $ 29,000,000 | |||||||||||||||||||
Funds borrowed under credit facility | 30,000,000 | 29,000,000 | |||||||||||||||||||
Average borrowing amount | 23,750,000 | 2,417,000 | |||||||||||||||||||
Commitment fee | 0.05% | ||||||||||||||||||||
Short-Term Line Of Credit [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Short-term lines of credit | 35,500,000 | 35,500,000 | |||||||||||||||||||
Funds borrowed under credit facility | $ 0 | $ 0 | |||||||||||||||||||
First Mortgage Bonds [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 100,000,000 | ||||||||||||||||||||
First Mortgage Bonds Maturity 2031 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 50,000,000 | ||||||||||||||||||||
Interest rate | 2.37% | ||||||||||||||||||||
Debt maturity | 2031 | ||||||||||||||||||||
First Mortgage Bonds Maturity Year 2051 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 50,000,000 | ||||||||||||||||||||
Interest rate | 3.35% | ||||||||||||||||||||
Debt maturity | 2051 | ||||||||||||||||||||
Senior Notes [Member] | Peoples Gas Acquisition [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | 900,000,000 | ||||||||||||||||||||
Payments of Debt Issuance Costs | 7,931,000 | ||||||||||||||||||||
Senior Notes Maturity Year 2029 [Member] | Peoples Gas Acquisition [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 400,000,000 | ||||||||||||||||||||
Interest rate | 3.566% | ||||||||||||||||||||
Debt maturity | 2029 | ||||||||||||||||||||
Senior Notes Maturity Year 2049 [Member] | Peoples Gas Acquisition [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 500,000,000 | ||||||||||||||||||||
Interest rate | 4.276% | ||||||||||||||||||||
Debt maturity | 2049 | ||||||||||||||||||||
Long-Term Debt [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 1,100,000,000 | $ 900,000,000 | |||||||||||||||||||
Payments of Debt Issuance Costs | 10,525,000 | ||||||||||||||||||||
Weighted average cost of long-term debt | 3.49% | 3.56% | |||||||||||||||||||
Long-Term Debt Due 2030 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 500,000,000 | ||||||||||||||||||||
Interest rate | 2.704% | ||||||||||||||||||||
Debt maturity | 2030 | ||||||||||||||||||||
Long-Term Debt Due 2050 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 600,000,000 | ||||||||||||||||||||
Interest rate | 2.40% | 3.351% | |||||||||||||||||||
Debt maturity | 2050 | ||||||||||||||||||||
Long Debt D [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 400,000,000 | ||||||||||||||||||||
Payments of Debt Issuance Costs | $ 4,010,000 | ||||||||||||||||||||
Debt maturity | 2031 | ||||||||||||||||||||
Fixed Rate Long Term Debt [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Weighted average cost of fixed rate long-term debt | 3.61% | 3.73% | |||||||||||||||||||
Term Loan Agreement [Member] | Unsecured Debt [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 500,000,000 | ||||||||||||||||||||
Term of debt | 364 days | ||||||||||||||||||||
Repayments of Debt | $ 200,000,000 | $ 300,000,000 | |||||||||||||||||||
Proceeds from Issuance of Debt | $ 500,000,000 | ||||||||||||||||||||
Short Term Debt B [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Term of debt | 5 years | ||||||||||||||||||||
Repayments of Debt | $ 150,000,000 | ||||||||||||||||||||
Short Term Debt B [Member] | Peoples Gas Acquisition [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Repayments of Debt | $ 181,000,000 | ||||||||||||||||||||
Amended Unsecured Facility [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 1,000,000,000 | ||||||||||||||||||||
Term of debt | 5 years | ||||||||||||||||||||
Debt maturity | 2023 | ||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Redemption percentage | 3.57% | 3.57% | |||||||||||||||||||
Original maturity | 2019 | ||||||||||||||||||||
Minimum [Member] | Senior Notes [Member] | Peoples Gas Acquisition [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Interest rate | 2.90% | ||||||||||||||||||||
Debt maturity | 2020 | ||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Redemption percentage | 5.83% | 5.83% | |||||||||||||||||||
Original maturity | 2037 | ||||||||||||||||||||
Maximum [Member] | Senior Notes [Member] | Peoples Gas Acquisition [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Interest rate | 6.42% | ||||||||||||||||||||
Debt maturity | 2032 | ||||||||||||||||||||
Aqua Pennsylvania, Inc [Member] | First Mortgage Bonds [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 150,000,000 | 175,000,000 | $ 125,000,000 | $ 175,000,000 | $ 125,000,000 | 125,000,000 | |||||||||||||||
Aqua Pennsylvania, Inc [Member] | First Mortgage Bonds Maturity Year 2053 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 50,000,000 | ||||||||||||||||||||
Interest rate | 2.85% | ||||||||||||||||||||
Debt maturity | 2053 | ||||||||||||||||||||
Aqua Pennsylvania, Inc [Member] | First Mortgage Bonds Maturity Year 2057 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 50,000,000 | ||||||||||||||||||||
Interest rate | 2.89% | ||||||||||||||||||||
Debt maturity | 2057 | ||||||||||||||||||||
Aqua Pennsylvania, Inc [Member] | First Mortgage Bonds Maturity Year 2058 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 50,000,000 | ||||||||||||||||||||
Interest rate | 2.90% | ||||||||||||||||||||
Debt maturity | 2058 | ||||||||||||||||||||
Aqua Pennsylvania, Inc [Member] | First Mortgage Bonds Maturity Year 2052 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 75,000,000 | $ 75,000,000 | |||||||||||||||||||
Interest rate | 3.39% | 3.39% | |||||||||||||||||||
Debt maturity | 2052 | ||||||||||||||||||||
Aqua Pennsylvania, Inc [Member] | First Mortgage Bonds Maturity Year 2053 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 50,000,000 | $ 50,000,000 | |||||||||||||||||||
Interest rate | 3.41% | 3.41% | |||||||||||||||||||
Debt maturity | 2053 | ||||||||||||||||||||
Aqua Pennsylvania, Inc [Member] | First Mortgage Bonds Maturity Year 2051 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 75,000,000 | ||||||||||||||||||||
Interest rate | 3.49% | ||||||||||||||||||||
Debt maturity | 2051 | ||||||||||||||||||||
Aqua Pennsylvania, Inc [Member] | First Mortgage Bonds Maturity Year 2055 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 50,000,000 | ||||||||||||||||||||
Interest rate | 3.54% | ||||||||||||||||||||
Debt maturity | 2055 | ||||||||||||||||||||
Aqua Pennsylvania, Inc [Member] | First Mortgage Bonds Maturity Year 2056 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 50,000,000 | ||||||||||||||||||||
Interest rate | 3.55% | ||||||||||||||||||||
Debt maturity | 2056 | ||||||||||||||||||||
Aqua Pennsylvania, Inc [Member] | First Mortgage Bonds Maturity Year 2054 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 50,000,000 | ||||||||||||||||||||
Interest rate | 4.09% | ||||||||||||||||||||
Debt maturity | 2054 | ||||||||||||||||||||
Aqua Pennsylvania, Inc [Member] | First Mortgage Bonds Maturity Year 2058 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 75,000,000 | ||||||||||||||||||||
Interest rate | 4.13% | ||||||||||||||||||||
Debt maturity | 2058 | ||||||||||||||||||||
Aqua Pennsylvania, Inc [Member] | First Mortgage Bonds Maturity Year 2059 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 50,000,000 | ||||||||||||||||||||
Interest rate | 4.14% | ||||||||||||||||||||
Debt maturity | 2059 | ||||||||||||||||||||
Aqua Pennsylvania, Inc [Member] | First Mortgage Bonds Maturity Year 2049 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 75,000,000 | ||||||||||||||||||||
Interest rate | 4.02% | ||||||||||||||||||||
Debt maturity | 2049 | ||||||||||||||||||||
Aqua Pennsylvania, Inc [Member] | First Mortgage Bonds Maturity Year 2054 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 25,000,000 | ||||||||||||||||||||
Interest rate | 4.07% | ||||||||||||||||||||
Debt maturity | 2054 | ||||||||||||||||||||
Aqua Pennsylvania, Inc [Member] | First Mortgage Bonds Maturity Year 2059 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, issued | $ 25,000,000 | ||||||||||||||||||||
Interest rate | 4.12% | ||||||||||||||||||||
Debt maturity | 2059 |
Long-Term Debt And Loans Paya_4
Long-Term Debt And Loans Payable (Schedule Of Long-Term Debt Future Sinking Fund Payments And Debt Maturities) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Debt Instrument [Line Items] | |
2022 | $ 132,146 |
2023 | 207,262 |
2024 | 69,318 |
2025 | 151,848 |
2025 | 21,480 |
Thereafter | 5,065,303 |
Long-Term Debt Interest Rate Range 0.00% To 0.99% [Member] | |
Debt Instrument [Line Items] | |
2022 | 466 |
2023 | 463 |
2024 | 256 |
2025 | 195 |
2025 | 182 |
Thereafter | 779 |
Long-Term Debt Interest Rate Range 1.00% To 1.99% [Member] | |
Debt Instrument [Line Items] | |
2022 | 947 |
2023 | 827 |
2024 | 755 |
2025 | 766 |
2025 | 776 |
Thereafter | 5,270 |
Long-Term Debt Interest Rate Range 2.00% To 2.99% [Member] | |
Debt Instrument [Line Items] | |
2022 | 101,964 |
2023 | 2,870 |
2024 | 1,619 |
2025 | 1,427 |
2025 | 1,305 |
Thereafter | 1,103,566 |
Long-Term Debt Interest Rate Range 3.00% To 3.99% [Member] | |
Debt Instrument [Line Items] | |
2022 | 23,103 |
2023 | 32,731 |
2024 | 53,578 |
2025 | 783 |
2025 | 751 |
Thereafter | 2,393,807 |
Long-Term Debt Interest Rate Range 4.00% To 4.99% [Member] | |
Debt Instrument [Line Items] | |
2022 | 1,644 |
2023 | 157,518 |
2024 | 1,658 |
2025 | 124,592 |
2025 | 1,562 |
Thereafter | 1,499,050 |
Long-Term Debt Interest Rate Range 5.00% To 5.99% [Member] | |
Debt Instrument [Line Items] | |
2022 | 1,696 |
2023 | 11,872 |
2024 | 10,611 |
2025 | 636 |
2025 | 104 |
Thereafter | 31,200 |
Long-Term Debt Interest Rate Range 6.00% To 6.99% [Member] | |
Debt Instrument [Line Items] | |
2022 | 1,364 |
2023 | 111 |
2025 | 5,000 |
Thereafter | 26,000 |
Long-Term Debt Interest Rate Range 7.00% To 7.99% [Member] | |
Debt Instrument [Line Items] | |
2022 | 332 |
2023 | 17 |
2025 | 23,000 |
Thereafter | 5,631 |
Long-Term Debt Interest Rate Range 8.00% To 8.99% [Member] | |
Debt Instrument [Line Items] | |
2022 | 630 |
2023 | 853 |
2024 | 841 |
2025 | 449 |
Long-Term Debt Interest Rate Range 9.00% To 9.99% [Member] | |
Debt Instrument [Line Items] | |
2025 | $ 11,800 |
Minimum [Member] | Long-Term Debt Interest Rate Range 0.00% To 0.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 0.00% |
Minimum [Member] | Long-Term Debt Interest Rate Range 1.00% To 1.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 1.00% |
Minimum [Member] | Long-Term Debt Interest Rate Range 2.00% To 2.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 2.00% |
Minimum [Member] | Long-Term Debt Interest Rate Range 3.00% To 3.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 3.00% |
Minimum [Member] | Long-Term Debt Interest Rate Range 4.00% To 4.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 4.00% |
Minimum [Member] | Long-Term Debt Interest Rate Range 5.00% To 5.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 5.00% |
Minimum [Member] | Long-Term Debt Interest Rate Range 6.00% To 6.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 6.00% |
Minimum [Member] | Long-Term Debt Interest Rate Range 7.00% To 7.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 7.00% |
Minimum [Member] | Long-Term Debt Interest Rate Range 8.00% To 8.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 8.00% |
Minimum [Member] | Long-Term Debt Interest Rate Range 9.00% To 9.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 9.00% |
Maximum [Member] | Long-Term Debt Interest Rate Range 0.00% To 0.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 0.99% |
Maximum [Member] | Long-Term Debt Interest Rate Range 1.00% To 1.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 1.99% |
Maximum [Member] | Long-Term Debt Interest Rate Range 2.00% To 2.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 2.99% |
Maximum [Member] | Long-Term Debt Interest Rate Range 3.00% To 3.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 3.99% |
Maximum [Member] | Long-Term Debt Interest Rate Range 4.00% To 4.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 4.99% |
Maximum [Member] | Long-Term Debt Interest Rate Range 5.00% To 5.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 5.99% |
Maximum [Member] | Long-Term Debt Interest Rate Range 6.00% To 6.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 6.99% |
Maximum [Member] | Long-Term Debt Interest Rate Range 7.00% To 7.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 7.99% |
Maximum [Member] | Long-Term Debt Interest Rate Range 8.00% To 8.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 8.99% |
Maximum [Member] | Long-Term Debt Interest Rate Range 9.00% To 9.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 9.99% |
Long-Term Debt And Loans Paya_5
Long-Term Debt And Loans Payable (Summary Of Amounts Recognized In Earnings) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Other Operating Income (Expense) [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of Gain (Loss) Recognized in Income on Derivatives | $ (23,742) |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Of Financial Instruments [Abstract] | ||||
Cash and cash equivalents | $ 10,567 | $ 4,827 | $ 1,868,922 | $ 3,627 |
Available-for-sale Securities | 28,576 | 25,780 | ||
Funds restricted for construction activity | 1,313 | 1,268 | ||
Loans Payable, Current, Not Included In Current Portion Of Long Term Debt | 65,000 | 78,198 | ||
Customers' advances for construction | $ 103,619 | $ 99,014 |
Fair Value Of Financial Instr_4
Fair Value Of Financial Instruments (Summary Of Unrealized Gains And Losses On Equity Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Of Financial Instruments [Abstract] | |||
Net gain (loss) recognized during the period on equity securities | $ 607 | $ 492 | $ 293 |
Unrealized gain (loss) recognized during the reporting period on equity securities still held at the reporting date | $ 607 | $ 492 | $ 293 |
Fair Value Of Financial Instr_5
Fair Value Of Financial Instruments (Schedule Of Carrying Amounts And Estimated Fair Values Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 5,947,357 | $ 5,630,243 |
Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 6,482,499 | $ 6,366,030 |
Stockholders_ Equity (Narrative
Stockholders’ Equity (Narrative) (Details) - USD ($) | Aug. 09, 2021 | Mar. 16, 2020 | May 29, 2019 | Apr. 23, 2019 | Mar. 29, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 31, 2020 | Feb. 28, 2015 |
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Common stock, authorized | 600,000,000 | 600,000,000 | ||||||||
Common stock, par value | $ 0.50 | $ 0.50 | $ 0.50 | |||||||
Preferred stock, shares authorized | 1,770,819 | |||||||||
Preferred stock, par value | $ 1 | |||||||||
Common and preferred shares authorized | $ 500,000,000 | |||||||||
Sale Of Stock, Shares | 21,661,095 | |||||||||
Common stock issued | $ 749,907,000 | $ 557,389,000 | ||||||||
Private Placement expenses | $ 20,606,000 | |||||||||
Share Price | $ 44.74 | $ 34.62 | ||||||||
Discount | 4.50% | |||||||||
Available For Sale Securities, Equity Shares | 6,700,000 | |||||||||
Fair value of equity instruments | $ 0 | |||||||||
Stock Purchase Contracts Settled | 6,196,766 | |||||||||
Stock Purchase Contracts Settled, Issuance Of Common Shares | 6,700,000 | 7,310,004 | ||||||||
Stock Purchase Contracts, Initial Principal Amount | $ 8.62909 | |||||||||
Stock Purchase Contracts, Aggregate Initial Principal Amount | $ 119,081,000 | |||||||||
Stock Purchase Contracts, Interest Rate | 3.00% | |||||||||
Stock Purchase Contracts, Quarterly Cash Installments | $ 0.75000 | |||||||||
Stock Purchase Contracts, Cash Installments | $ 0.80833 | |||||||||
Stock Purchase Contracts, Interest And Partial Repayment | 6.00% | |||||||||
Stock Purchase Contracts, Initial Forward Price | $ 46 | |||||||||
Stock Purchase Contracts | 7,603,234 | |||||||||
Proceeds From Shares Issued, Gross | $ 299,739,000 | $ 570,919,000 | ||||||||
Proceeds From Shares Issued, Issuance Costs | $ 13,530,000 | |||||||||
Direct Stock Purchase Plan discount from current market value | 5.00% | |||||||||
Issue of common shares under dividend reinvestment plan | 374,824 | 388,978 | 236,666 | |||||||
Common stock sold under dividend reinvestment plan | $ 16,799,000 | $ 16,522,000 | $ 8,959,000 | |||||||
Shares available for issuance under acquisition shelf registration | $ 487,155,000 | |||||||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 374,824 | 388,978 | 236,666 | |||||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 16,799,000 | $ 16,522,000 | $ 8,959,000 | |||||||
Transfer Agents [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Issue of common shares under dividend reinvestment plan | 183,731 | |||||||||
Common stock sold under dividend reinvestment plan | $ 7,777,000 | |||||||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 183,731 | |||||||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 7,777,000 | |||||||||
Long-Term [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Debt issued | 119,081,000 | |||||||||
Debt issuance costs | $ 2,828,000 | |||||||||
Investor [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Private Placement expenses | $ 4,000,000 | |||||||||
Common Stock [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Common stock issued | $ 1,293,750,000 | |||||||||
Private Placement expenses | $ 30,651,000 | |||||||||
Share Price | $ 34.62 | |||||||||
Tangible Equity Units [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Common stock issued | $ 690,000,000 | |||||||||
Private Placement expenses | $ 16,358,000 | |||||||||
Share Price | $ 50 | $ 50 | ||||||||
Minimum [Member] | Common Stock [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Settle | 1.1790 | |||||||||
Maximum [Member] | Common Stock [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Settle | $ 1.4442 |
Stockholders_ Equity (Shares Ou
Stockholders’ Equity (Shares Outstanding And Treasury Shares Held) (Details) - shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Stockholders’ Equity [Abstract] | |||
Shares outstanding | 252,867,623 | 245,390,468 | 220,758,719 |
Treasury shares | 3,234,765 | 3,180,887 | 3,112,565 |
Net Income Per Common Share A_3
Net Income Per Common Share And Equity Per Common Share (Narrative) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted average impact | 9,041,687 | 9,370,646 | 10,533,133 |
Equity per common share | $ 20.50 | $ 19.09 | |
Expected Issue Date [Member] | |||
Weighted average impact | 8,963,964 | 9,091,179 | 11,425,345 |
Net Income Per Common Share a_4
Net Income Per Common Share and Equity per Common Share (Schedule Of Earnings Per Share) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Income Per Common Share and Equity per Commn Share [Abstract] | |||
Average common shares outstanding during the period for basic computation | 257,487 | 249,768 | 215,550 |
Incremental Common Shares Attributable to Dilutive Effect of Equity Forward Agreements | 189 | ||
Issuance of common stock from private placement | 4,438 | ||
Dilutive effect of employee stock-based compensation | 504 | 423 | 381 |
Average common shares outstanding during the period for diluted computation | 258,180 | 254,629 | 215,931 |
Employee Stock And Incentive _3
Employee Stock And Incentive Plan (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Share Units | 206,163 | 239,512 | 146,867 |
The Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized for issuance | 6,250,000 | ||
Maximum number of shares available for issuance may be issued as restricted stock | 3,125,000 | ||
Maximum number of shares subject to grants to any one individual in any one year | 500,000 | ||
Underlying stock option and restricted stock awards available for grant | 2,099,761 | ||
Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period specified in grant, in years | 3 years | ||
Granted, Number of Share Units | 151,711 | 0 | |
Unrecognized compensation costs | $ 9,295 | ||
Period over which unrecognized compensation cost will be recognized | 1 year 9 months 7 days | ||
Aggregate intrinsic value | $ 13,270 | ||
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% | ||
Amortization period of fair value of shares, in months | 36 months | ||
Vesting period, in years | 3 years | ||
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Share Units | 85,626 | ||
Unrecognized compensation costs | $ 3,851 | ||
Period over which unrecognized compensation cost will be recognized | 1 year 9 months 14 days | ||
Vesting period, in years | 3 years | ||
Aggregate intrinsic value | $ 10,399 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation costs | $ 63 | ||
Period over which unrecognized compensation cost will be recognized | 1 month 28 days | ||
Return on equity | 1.50% | ||
Granted | 0 | 0 | |
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] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period, in years | 1 year | ||
Stock Options [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period, in years | 10 years | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Share Units | 1,068 | 0 | |
Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Share Units | 14,749 |
Employee Stock And Incentive _4
Employee Stock And Incentive Plan (Schedule Of Performance Goals) (Details) - Performance Share Units [Member] | 24 Months Ended |
Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Metric 1 | 38.46% |
Metric 2 | 30.77% |
Metric 3 | 30.77% |
Employee Stock And Incentive _5
Employee Stock And Incentive Plan (Summary Of Compensation Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Income tax benefit | $ 611 | $ 1,484 | $ 167 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation within opertions and maintenance expense | 480 | 1,322 | 2,280 |
Income tax benefit | 136 | 374 | 643 |
Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation within opertions and maintenance expense | 7,150 | 3,630 | 2,741 |
Income tax benefit | 2,038 | 957 | 767 |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation within opertions and maintenance expense | 3,360 | 2,180 | 1,650 |
Income tax benefit | 953 | 585 | 466 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation within opertions and maintenance expense | 130 | 333 | |
Income tax benefit | 37 | 96 | |
Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation within opertions and maintenance expense | 700 | 695 | 698 |
Income tax benefit | $ 202 | $ 201 | $ 202 |
Employee Stock And Incentive _6
Employee Stock And Incentive Plan (Summary Of Value Of Stock Awards) (Details) - Stock Awards [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of restricted stock awards vested | $ 700 | $ 695 | $ 698 |
Weighted average fair value of stock awards granted | $ 47.46 | $ 41.97 | $ 41.75 |
Employee Stock and Incentive _7
Employee Stock and Incentive Plan (Summary Of Nonvested PSU Transactions) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Share Units | 206,163 | 239,512 | 146,867 |
Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested stock units at beginning of period, Number of Share Units | 283,007 | ||
Granted, Number of Share Units | 151,711 | 0 | |
Performance criteria adjustment, Number of Share Units | 70,783 | ||
Forfeited, Number of Share Units | (8,789) | ||
Share units issued, Number of Share Units | 141,328 | ||
Nonvested stock units at end of period, Number of Share Units | 355,384 | 283,007 | |
Nonvested stock units at beginning of period, Weighted Average Fair Value | $ 34.57 | ||
Granted, Weighted Average Fair Value | 43.18 | ||
Performance criteria adjustment, Weighted Average Fair Value | 49.41 | ||
Forfeited, Weighted Average Fair Value | 46.34 | ||
Share units issued, Weighted Average Fair Value | 31.36 | ||
Nonvested stock units at end of period, Weighted Average Fair Value | $ 42.19 | $ 34.57 |
Employee Stock And Incentive _8
Employee Stock And Incentive Plan (Summary Of Nonvested RSU Transactions) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Share Units | 206,163 | 239,512 | 146,867 |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested stock units at beginning of period, Number of Share Units | 163,906 | ||
Granted, Number of Share Units | 85,626 | ||
Stock units vested and paid, Number of Share Units | (50,406) | ||
Forfeited, Number of Share Units | (5,439) | ||
Nonvested stock units at end of period, Number of Share Units | 193,687 | 163,906 | |
Nonvested stock units at beginning of period, Weighted Average Fair Value | $ 40.80 | ||
Granted, Weighted Average Fair Value | 44.44 | $ 49.19 | $ 36.25 |
Stock units vested and paid, Weighted Average Fair Value | 35.45 | ||
Forfeited, Weighted Average Fair Value | 43.38 | ||
Nonvested stock units at end of period, Weighted Average Fair Value | $ 43.76 | $ 40.80 |
Employee Stock And Incentive _9
Employee Stock And Incentive Plan (Summary Of Nonvested Share Activity – Restricted Stock) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Share Units | 206,163 | 239,512 | 146,867 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested stock units at beginning of period, Number of Share Units | 13,228 | ||
Granted, Number of Share Units | 1,068 | 0 | |
Share units vested in prior period and issued in current period, Number of Share Units | (13,228) | ||
Nonvested stock units at end of period, Number of Share Units | 1,068 | 13,228 | |
Nonvested stock units at beginning of period, Weighted Average Fair Value | $ 34.02 | ||
Granted, Weighted Average Fair Value | 46.83 | ||
Stock units vested and issued, Weighted Average Fair Value | 34.02 | ||
Nonvested stock units at end of period, Weighted Average Fair Value | $ 46.83 | $ 34.02 |
Employee Stock And Incentive_10
Employee Stock And Incentive Plan (Assumptions Used In The Pricing Model) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (years) | 5 years 5 months 19 days | ||
Risk-free interest rate | 2.53% | ||
Expected volatility | 17.70% | ||
Dividend yield | 2.44% | ||
Grant date fair value | $ 5.25 | ||
Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (years) | 3 years | 3 years | |
Risk-free interest rate | 0.24% | 0.66% | |
Expected volatility | 32.10% | 24.20% | |
Grant date fair value | $ 43.18 | $ 55.25 | |
Intrinsic value of vested PSUs | $ 6,050 | $ 9,030 | $ 3,181 |
Fair value of vested PSUs | $ 5,321 | $ 5,215 | $ 2,569 |
Employee Stock And Incentive_11
Employee Stock And Incentive Plan (Summary Of Value Of Restricted Stock Units) (Details) - Restricted Stock Units [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value of stock awards granted | $ 44.44 | $ 49.19 | $ 36.25 |
Intrinsic value of vested RSUs | $ 2,108 | $ 2,130 | $ 1,456 |
Fair value of vested RSUs | $ 1,726 | $ 1,203 | $ 1,341 |
Employee Stock And Incentive_12
Employee Stock And Incentive Plan (Summary Of Stock Option Transactions) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercised, Shares | (122,297) | (74,832) | (119,306) |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at beginning of period, Shares | 947,680 | ||
Granted | 0 | 0 | |
Forfeited, Shares | (10,478) | ||
Expired / Cancelled, Shares | (1,413) | ||
Exercised, Shares | (122,297) | ||
Outstanding at end of period, Shares | 813,492 | 947,680 | |
Exercisable at end of period, Shares | 584,652 | ||
Outstanding at beginning of period, Weighted Average Exercise Price | $ 35.22 | ||
Granted, Weighted Average Exercise Price | |||
Forfeited, Weighted Average Exercise Price | 35.92 | ||
Expired / Cancelled, Weighted Average Exercise Price | 34.54 | ||
Exercised, Weighted Average Exercise Price | 34.11 | ||
Outstanding at end of period, Weighted Average Exercise Price | 35.37 | $ 35.22 | |
Exercisable at end of period, Weighted Average Exercise Price | $ 35.15 | ||
Outstanding at end of period, Weighted Average Remaining Life (years) | 6 years 10 months 24 days | ||
Exercisable at end of period, Weighted Average Remaining Life (years) | 6 years 9 months 18 days | ||
Outstanding at end of period, Aggregate Intrinsic Value | $ 14,899 | ||
Exercisable at end of period, Aggregate Intrinsic Value | $ 10,842 |
Employee Stock And Incentive_13
Employee Stock And Incentive Plan (Summary Of Options Outstanding And Options Exercisable) (Details) - Stock Options [Member] | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | shares | 813,492 |
Options Outstanding, Weighted Average Remaining Life | 6 years 10 months 24 days |
Options Outstanding, Weighted Average Exercise Price | $ 35.37 |
Options Exercisable, Shares | shares | 584,652 |
Options Exercisable, Weighted Average Exercise Price | $ 35.15 |
$15.00 - 33.99 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of prices, Lower limit | 30 |
Range of prices, Upper limit | $ 33.99 |
Options Outstanding, Shares | shares | 59,159 |
Options Outstanding, Weighted Average Remaining Life | 5 years 2 months 12 days |
Options Outstanding, Weighted Average Exercise Price | $ 30.50 |
Options Exercisable, Shares | shares | 58,962 |
Options Exercisable, Weighted Average Exercise Price | $ 30.49 |
$34.00 - 34.99 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of prices, Lower limit | 34 |
Range of prices, Upper limit | $ 34.99 |
Options Outstanding, Shares | shares | 97,500 |
Options Outstanding, Weighted Average Remaining Life | 6 years 2 months 12 days |
Options Outstanding, Weighted Average Exercise Price | $ 34.51 |
Options Exercisable, Shares | shares | 97,500 |
Options Exercisable, Weighted Average Exercise Price | $ 34.51 |
$35.00 - 35.99 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of prices, Lower limit | 35 |
Range of prices, Upper limit | $ 35.99 |
Options Outstanding, Shares | shares | 654,374 |
Options Outstanding, Weighted Average Remaining Life | 7 years 2 months 12 days |
Options Outstanding, Weighted Average Exercise Price | $ 35.93 |
Options Exercisable, Shares | shares | 428,190 |
Options Exercisable, Weighted Average Exercise Price | $ 35.93 |
$36.00 - 37.99 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | shares | 2,459 |
Options Outstanding, Weighted Average Remaining Life | 7 years 2 months 12 days |
Options Outstanding, Weighted Average Exercise Price | $ 37.80 |
Options Exercisable, Shares | shares | |
Options Exercisable, Weighted Average Exercise Price |
Employee Stock And Incentive_14
Employee Stock And Incentive Plan (Summary Of Stock Options Exercised And Vested) (Details) - Stock Options [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of options exercised | $ 1,709 | $ 1,849 | $ 2,552 |
Fair value of options vested | $ 1,485 | $ 1,673 | $ 422 |
Employee Stock And Incentive_15
Employee Stock And Incentive Plan (Summary Of Nonvested Share Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Share Units | 206,163 | 239,512 | 146,867 |
Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested stock units at beginning of period, Number of Share Units | |||
Granted, Number of Share Units | 14,749 | ||
Stock units vested and issued, Number of Share Units | (14,749) | ||
Nonvested stock units at end of period, Number of Share Units | |||
Nonvested stock units at beginning of period, Weighted Average Fair Value | |||
Granted, Weighted Average Fair Value | 47.46 | $ 41.97 | $ 41.75 |
Stock units vested and issued, Weighted Average Fair Value | 47.46 | ||
Nonvested stock units at end of period, Weighted Average Fair Value |
Pension Plans And Other Post-_3
Pension Plans And Other Post-Retirement Benefits (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Lump sum paid | $ 11,069 | $ 10,889 | |
Expected return on plan assets | 5.60% | ||
2022 expected contribution | $ 20,390 | ||
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 5.60% | 6.00% | 6.50% |
Fair value of plan assets | $ 433,121 | $ 426,801 | $ 266,461 |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 5.60% | 6.00% | |
Fair value of plan assets | $ 107,308 | $ 98,995 | 54,011 |
401(k) Savings Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Matching contribution, annual profit sharing compensation expense | 19,569 | 15,445 | $ 6,259 |
Aqua America Common Stock [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 20,290 | $ 17,620 | |
Percentage of plan assets | 4.70% | 4.10% |
Pension Plans And Other Post-_4
Pension Plans And Other Post-Retirement Benefits (Schedule Of Benefit Payments Of Expected Future Service) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 31,670 |
2023 | 32,165 |
2024 | 31,666 |
2025 | 32,154 |
2026 | 31,513 |
2027 - 2031 | 149,483 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 5,514 |
2023 | 5,703 |
2024 | 5,644 |
2025 | 5,786 |
2026 | 5,961 |
2027 - 2031 | $ 31,739 |
Pension Plans And Other Post-_5
Pension Plans And Other Post-Retirement Benefits (Schedule Of Changes In Benefit Obligation And Fair Value Of Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at January 1 | $ 486,219 | $ 310,381 | |
Service cost | 3,503 | 3,775 | $ 2,718 |
Interest cost | 13,018 | 13,710 | 11,817 |
Actuarial (gain)/loss | (17,378) | 37,632 | |
Plan participants' contributions | |||
Benefits paid | (32,415) | (28,150) | |
Acquisition | 148,871 | ||
Benefit obligation at December 31 | 452,947 | 486,219 | 310,381 |
Change in plan assets: | |||
Fair value of plan assets at January 1 | 426,801 | 266,461 | |
Actual return on plan assets | 23,901 | 54,732 | |
Employer contributions | 14,834 | 16,274 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | |||
Defined Benefit Plan, Plan Assets, Benefits Paid | 32,415 | 28,150 | |
Acquisition | 117,484 | ||
Fair value of plan assets at December 31 | 433,121 | 426,801 | 266,461 |
Funded status of plan: | |||
Net liability recognized at December 31, | 19,826 | 59,418 | |
Other Postretirement Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at January 1 | 125,375 | 79,542 | |
Service cost | 2,793 | 2,276 | 819 |
Interest cost | 3,358 | 3,687 | 2,999 |
Actuarial (gain)/loss | (12,001) | 5,181 | |
Plan participants' contributions | 36 | 795 | |
Benefits paid | (4,910) | (6,287) | |
Acquisition | 40,181 | ||
Benefit obligation at December 31 | 114,651 | 125,375 | 79,542 |
Change in plan assets: | |||
Fair value of plan assets at January 1 | 98,995 | 54,011 | |
Actual return on plan assets | 12,484 | 11,910 | |
Employer contributions | 598 | 5,034 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 36 | 795 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 4,805 | 6,199 | |
Acquisition | 33,444 | ||
Fair value of plan assets at December 31 | 107,308 | 98,995 | $ 54,011 |
Funded status of plan: | |||
Net liability recognized at December 31, | $ 7,343 | $ 26,380 |
Pension Plans And Other Post-_6
Pension Plans And Other Post-Retirement Benefits (Schedule Of Net Liability Recognized On Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-Current Asset | $ (2,474) | |
Current liability | 1,144 | $ 551 |
Noncurrent liability | 21,156 | 58,867 |
Net liability recognized | 19,826 | 59,418 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-Current Asset | (23,504) | (11,446) |
Current liability | 1,777 | 895 |
Noncurrent liability | 29,070 | 36,931 |
Net liability recognized | $ 7,343 | $ 26,380 |
Pension Plans And Other Post-_7
Pension Plans And Other Post-Retirement Benefits (Schedule Of Accumulated And Projected Benefit Obligations) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 23,601 | $ 486,219 |
Accumulated benefit obligation | 17,129 | 458,658 |
Fair value of plan assets | 426,801 | |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 42,463 | 96,342 |
Fair value of plan assets | $ 11,616 | $ 63,567 |
Pension Plans And Other Post-_8
Pension Plans And Other Post-Retirement Benefits (Components Of Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 3,503 | $ 3,775 | $ 2,718 |
Interest cost | 13,018 | 13,710 | 11,817 |
Expected return on plan assets | (23,165) | (21,249) | (15,272) |
Amortization of prior service cost (credit) | 559 | 591 | 620 |
Amortization of actuarial loss | 2,907 | 7,967 | 7,927 |
Net periodic benefit cost | (3,178) | 4,794 | 7,810 |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 2,793 | 2,276 | 819 |
Interest cost | 3,358 | 3,687 | 2,999 |
Expected return on plan assets | (4,155) | (4,079) | (2,482) |
Amortization of prior service cost (credit) | (432) | (464) | (464) |
Amortization of actuarial loss | 219 | 622 | 664 |
Net periodic benefit cost | $ 1,783 | $ 2,042 | $ 1,536 |
Pension Plans And Other Post-_9
Pension Plans And Other Post-Retirement Benefits (Schedule Of Net Periodic Benefit Cost Not Yet Recognized) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ 64,247 | $ 83,967 |
Prior service cost (credit) | 965 | 1,524 |
Total recognized in regulatory assets | 65,212 | 85,491 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | (16,323) | 7,224 |
Prior service cost (credit) | (432) | |
Total recognized in regulatory assets | $ (16,323) | $ 6,792 |
Pension Plans And Other Post_10
Pension Plans And Other Post-Retirement Benefits (Schedule Of Assumptions Related To Pension And Other Postretirement Benefit Plans) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 5.60% | ||
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.57% | 3.35% | 4.30% |
Expected return on plan assets | 5.60% | 6.00% | 6.50% |
Pension Benefits [Member] | Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.91% | 2.57% | |
Pension Benefits [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Pension Benefits [Member] | Minimum [Member] | Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 3.00% | ||
Rate of compensation increase | 3.00% | ||
Pension Benefits [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Pension Benefits [Member] | Maximum [Member] | Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 4.00% | ||
Rate of compensation increase | 4.00% | ||
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.68% | 3.42% | 4.34% |
Expected return on plan assets | 5.60% | 6.00% | |
Health care cost trend rate | 6.30% | 6.30% | 6.60% |
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2025 | 2025 | 2023 |
Other Postretirement Benefits [Member] | Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.96% | 2.68% | |
Health care cost trend rate | 6.25% | 6.25% | |
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% | |
Year that the rate reaches the ultimate trend rate | 2027 | 2025 | |
Other Postretirement Benefits [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 4.10% | ||
Other Postretirement Benefits [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 6.50% |
Pension Plans And Other Post_11
Pension Plans And Other Post-Retirement Benefits (Schedule Of Target Asset Allocations) (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 100.00% | |
Percentage of Plan Assets | 100.00% | 100.00% |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 100.00% | |
Percentage of Plan Assets | 100.00% | |
Return Seeking Assets [Member] | Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 53.00% | 54.00% |
Return Seeking Assets [Member] | Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 68.00% | 64.00% |
Liability Hedging Assets [Member] | Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 47.00% | 46.00% |
Liability Hedging Assets [Member] | Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 32.00% | 36.00% |
Minimum [Member] | Return Seeking Assets [Member] | Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 50.00% | |
Minimum [Member] | Return Seeking Assets [Member] | Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 50.00% | |
Minimum [Member] | Liability Hedging Assets [Member] | Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 30.00% | |
Minimum [Member] | Liability Hedging Assets [Member] | Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 30.00% | |
Maximum [Member] | Return Seeking Assets [Member] | Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 70.00% | |
Maximum [Member] | Return Seeking Assets [Member] | Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 70.00% | |
Maximum [Member] | Liability Hedging Assets [Member] | Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 50.00% | |
Maximum [Member] | Liability Hedging Assets [Member] | Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 50.00% |
Pension Plans And Other Post_12
Pension Plans And Other Post-Retirement Benefits (Schedule Of Fair Value Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | $ 433,121 | $ 426,801 | $ 266,461 |
Pension Benefits [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 25,799 | 73,895 | |
Pension Benefits [Member] | Assets Measured At NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 407,322 | 352,906 | |
Pension Benefits [Member] | Common stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 20,290 | 17,620 | |
Pension Benefits [Member] | Common stocks [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 20,290 | 17,620 | |
Pension Benefits [Member] | International equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 134,394 | 120,220 | |
Pension Benefits [Member] | International equities [Member] | Assets Measured At NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 134,394 | 120,220 | |
Pension Benefits [Member] | Hedge / Diversifying Strategies [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 39,163 | 38,417 | |
Pension Benefits [Member] | Hedge / Diversifying Strategies [Member] | Assets Measured At NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 39,163 | 38,417 | |
Pension Benefits [Member] | Credit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 56,191 | 53,378 | |
Pension Benefits [Member] | Credit [Member] | Assets Measured At NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 56,191 | 53,378 | |
Pension Benefits [Member] | Liability Hedging Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 177,574 | 140,891 | |
Pension Benefits [Member] | Liability Hedging Assets [Member] | Assets Measured At NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 177,574 | 140,891 | |
Pension Benefits [Member] | Cash And Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 5,509 | 56,275 | |
Pension Benefits [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 5,509 | 56,275 | |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 107,308 | 98,995 | $ 54,011 |
Other Postretirement Benefits [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 68,009 | 63,264 | |
Other Postretirement Benefits [Member] | Assets Measured At NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 39,299 | 35,731 | |
Other Postretirement Benefits [Member] | International equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 59,297 | 52,657 | |
Other Postretirement Benefits [Member] | International equities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 36,753 | 31,984 | |
Other Postretirement Benefits [Member] | International equities [Member] | Assets Measured At NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 22,544 | 20,673 | |
Other Postretirement Benefits [Member] | Real estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 14,000 | 10,214 | |
Other Postretirement Benefits [Member] | Real estate [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 9,609 | 6,761 | |
Other Postretirement Benefits [Member] | Real estate [Member] | Assets Measured At NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 4,391 | 3,453 | |
Other Postretirement Benefits [Member] | Liability Hedging Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 29,605 | 28,626 | |
Other Postretirement Benefits [Member] | Liability Hedging Assets [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 17,241 | 17,021 | |
Other Postretirement Benefits [Member] | Liability Hedging Assets [Member] | Assets Measured At NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 12,364 | 11,605 | |
Other Postretirement Benefits [Member] | Cash And Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 4,406 | 7,498 | |
Other Postretirement Benefits [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | $ 4,406 | $ 7,498 |
Rate Activity (Details)
Rate Activity (Details) - USD ($) $ in Thousands | Jan. 03, 2022 | Oct. 26, 2020 | May 24, 2019 | May 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Water And Wastewater Rates [Line Items] | |||||||
Increase in annual revenue due to rate filings | $ 76,493 | ||||||
Provision for income tax benefit | $ (9,612) | $ (19,878) | $ (13,017) | ||||
Infrastructure rehabilitation surcharge percentage, reset level upon new base rates | 0.00% | ||||||
Infrastructure rehabilitation surcharges | $ 33,771 | 13,039 | 16,007 | ||||
North Carolina [Member] | |||||||
Water And Wastewater Rates [Line Items] | |||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 3,426 | ||||||
Pennsylvania [Member] | |||||||
Water And Wastewater Rates [Line Items] | |||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 97,685 | ||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 17.90% | ||||||
Distribution system improvement charges | $ 29,493 | ||||||
Distribution system improvement charges over base rate | 7.50% | ||||||
Base rate increase designed to increase total operating revenues on an annual basis | $ 47,000 | ||||||
Target | $ 3,000 | ||||||
Provision for income tax benefit | 158,865 | ||||||
Revenues realized | 28,396 | ||||||
New Jersey [Member] | |||||||
Water And Wastewater Rates [Line Items] | |||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 5,000 | ||||||
Revenues realized | $ 2,917 | ||||||
Other Subsidiaries [Member] | |||||||
Water And Wastewater Rates [Line Items] | |||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 3,390 | 4,480 | 974 | ||||
Revenues realized | $ 2,995 | $ 1,594 | $ 974 | ||||
Minimum [Member] | |||||||
Water And Wastewater Rates [Line Items] | |||||||
Infrastructure rehabilitation surcharges, capped percentage | 5.00% | ||||||
Maximum [Member] | |||||||
Water And Wastewater Rates [Line Items] | |||||||
Infrastructure rehabilitation surcharges, capped percentage | 12.75% | ||||||
Subsequent Event [Member] | Kentucky [Member] | |||||||
Water And Wastewater Rates [Line Items] | |||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 5,238 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021segment | |
Segment Reporting Information [Line Items] | |
Operating Segments | 12 |
Reportable Segments | 2 |
Other Segments [Member] | |
Segment Reporting Information [Line Items] | |
Operating Segments | 3 |
Regulated [Member] | Water And Wastewater [Member] | |
Segment Reporting Information [Line Items] | |
Operating Segments | 8 |
Reportable Segments | 1 |
Regulated [Member] | Natural Gas [Member] | |
Segment Reporting Information [Line Items] | |
Reportable Segments | 1 |
Segment Information (Company's
Segment Information (Company's Segment Information, Continuing Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Operating revenues | $ 1,878,144 | $ 1,462,698 | $ 889,692 |
Operations and maintenance expense | 550,580 | 528,611 | 333,102 |
Purchased gas | 340,262 | 165,745 | |
Depreciation and amortization | 297,952 | 257,059 | 156,476 |
Taxes other than income taxes | 86,641 | 76,597 | 59,955 |
Operating income (loss) | 602,709 | 434,686 | 340,159 |
Interest expense, net | 205,325 | 183,072 | 99,977 |
Allowance for funds used during construction | 20,792 | 12,687 | 16,172 |
Change in fair value of interest rate swap agreements | 23,742 | ||
Equity loss (earnings) in joint venture | 3,374 | (2,210) | |
Other | (2,848) | (3,383) | 5,691 |
Other Nonoperating Income | 23,296 | ||
Other Nonoperating Expense | (3,824) | (4,044) | |
Loss before equity in earnings of subsidiaries and income taxes | 422,000 | 264,971 | 211,526 |
Provision for income taxes (benefit) | (9,612) | (19,878) | (13,017) |
Net income (loss) | 431,612 | 284,849 | 224,543 |
Capital expenditures | 1,020,519 | 835,642 | 550,273 |
Total assets | 14,658,278 | 13,705,277 | 9,361,985 |
Water [Member] | Regulated [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 980,203 | 938,540 | 886,430 |
Operations and maintenance expense | 332,598 | 309,608 | 315,052 |
Depreciation and amortization | 182,074 | 171,152 | 155,898 |
Taxes other than income taxes | 63,264 | 60,505 | 59,955 |
Operating income (loss) | 402,267 | 397,275 | 355,525 |
Interest expense, net | 108,356 | 101,810 | 97,941 |
Allowance for funds used during construction | 19,258 | 11,231 | 16,172 |
Other Nonoperating Income | 422 | 103 | |
Other Nonoperating Expense | (7,167) | ||
Loss before equity in earnings of subsidiaries and income taxes | 320,336 | 306,274 | 273,653 |
Provision for income taxes (benefit) | 26,633 | 22,481 | (1,267) |
Net income (loss) | 293,703 | 283,793 | 274,920 |
Capital expenditures | 621,595 | 542,199 | 550,273 |
Total assets | 8,403,586 | 7,838,034 | 7,269,404 |
Natural Gas [Member] | Regulated [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 859,902 | 506,564 | |
Operations and maintenance expense | 226,194 | 198,383 | |
Purchased gas | 313,390 | 154,103 | |
Depreciation and amortization | 113,238 | 84,201 | |
Taxes other than income taxes | 20,801 | 13,307 | |
Operating income (loss) | 186,279 | 56,570 | |
Interest expense, net | 75,628 | 29,016 | |
Allowance for funds used during construction | 1,534 | 1,456 | |
Other Nonoperating Income | 4,005 | ||
Other Nonoperating Expense | (2,308) | ||
Loss before equity in earnings of subsidiaries and income taxes | 108,180 | 31,318 | |
Provision for income taxes (benefit) | (40,013) | (25,133) | |
Net income (loss) | 148,193 | 56,451 | |
Capital expenditures | 397,419 | 292,121 | |
Total assets | 5,960,602 | 5,303,507 | |
Other And Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 38,039 | 17,594 | 3,262 |
Operations and maintenance expense | (8,212) | 20,620 | 18,050 |
Purchased gas | 26,872 | 11,642 | |
Depreciation and amortization | 2,640 | 1,706 | 578 |
Taxes other than income taxes | 2,576 | 2,785 | |
Operating income (loss) | 14,163 | (19,159) | (15,366) |
Interest expense, net | 21,341 | 52,246 | 2,036 |
Change in fair value of interest rate swap agreements | 23,742 | ||
Equity loss (earnings) in joint venture | 3,374 | (2,210) | |
Other Nonoperating Income | 23,193 | ||
Other Nonoperating Expense | (662) | (2,158) | |
Loss before equity in earnings of subsidiaries and income taxes | (6,516) | (72,621) | (62,127) |
Provision for income taxes (benefit) | 3,768 | (17,226) | (11,750) |
Net income (loss) | (10,284) | (55,395) | (50,377) |
Capital expenditures | 1,505 | 1,322 | |
Total assets | $ 294,090 | $ 563,736 | $ 2,092,581 |
Schedule 1 - Condensed Parent_2
Schedule 1 - Condensed Parent Company Financial Statements (Narrative) (Details) - Parent Company [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statements, Captions [Line Items] | |||
Dividends paid to parent by wholly-owned subsidiaries | $ 0 | $ 1,050,000 | $ 101,625 |
Revolving credit agreement | 1,000,000 | ||
Accounts receivable - affiliates | 117,504 | 388,584 | |
Notes Receivable, Related Parties | $ 2,015,570 | $ 1,526,485 |
Schedule 1 - Condensed Parent_3
Schedule 1 - Condensed Parent Company Financial Statements (Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 10,567 | $ 4,827 | $ 1,868,922 | $ 3,627 |
Accounts receivable, net | 141,025 | 154,775 | ||
Prepayments and other current assets | 36,597 | 38,594 | ||
Total current assets | 437,795 | 380,220 | ||
Deferred charges and other assets, net | 141,955 | 56,002 | ||
Total assets | 14,658,278 | 13,705,277 | 9,361,985 | |
Stockholders' equity | 5,184,450 | 4,683,877 | ||
Long-term debt, excluding current portion, net of debt issuance costs | 5,779,504 | 5,507,744 | ||
Current portion of long-term debt | 132,146 | 84,353 | ||
Accounts payable | 192,932 | 177,489 | ||
Accrued interest | 40,815 | 39,408 | ||
Accrued taxes | 37,924 | 37,172 | ||
Other accrued liabilities | 124,140 | 123,384 | ||
Total current liabilities | 675,063 | 603,873 | ||
Other liabilities | 43,666 | 56,713 | ||
Total liabilities and equity | 14,658,278 | 13,705,277 | ||
Parent Company [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 1,864,993 | |||
Accounts receivable, net | 122 | 29 | ||
Accounts receivable - affiliates | 117,504 | 388,584 | ||
Prepayments and other current assets | 12,754 | 11,076 | ||
Total current assets | 130,380 | 399,689 | ||
Deferred charges and other assets, net | 52,512 | 31,611 | ||
Notes receivable - affiliates | 2,015,570 | 1,526,485 | ||
Deferred income tax asset | 1,310 | 14,501 | ||
Investment in subsidiaries | 6,005,927 | 5,463,446 | ||
Total assets | 8,205,699 | 7,435,732 | ||
Stockholders' equity | 5,184,450 | 4,683,877 | ||
Long-term debt, excluding current portion, net of debt issuance costs | 2,819,590 | 2,523,623 | ||
Current portion of long-term debt | 20,470 | 40,032 | ||
Accrued interest | 15,550 | 14,194 | ||
Accounts payable - affiliates | 58,962 | 38,461 | ||
Other accrued liabilities | 16,109 | 16,260 | ||
Total current liabilities | 111,091 | 108,947 | ||
Other liabilities | 90,568 | 119,285 | ||
Total liabilities and equity | $ 8,205,699 | $ 7,435,732 |
Schedule 1 - Condensed Parent_4
Schedule 1 - Condensed Parent Company Financial Statements (Condensed Statements of Income and Comprehensive Income) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Income Statements, Captions [Line Items] | |||
Operating income | $ 602,709 | $ 434,686 | $ 340,159 |
Interest expense | 207,709 | 188,435 | 125,383 |
Interest income | (2,384) | (5,363) | (25,406) |
Change in fair value of interest rate swap agreements | 23,742 | ||
Other | (2,848) | (3,383) | 5,691 |
Income before income taxes | 422,000 | 264,971 | 211,526 |
Provision for income tax benefit | (9,612) | (19,878) | (13,017) |
Net income | 431,612 | 284,849 | 224,543 |
Comprehensive income | $ 431,612 | $ 284,849 | $ 224,543 |
Basic | $ 1.68 | $ 1.14 | $ 1.04 |
Diluted | $ 1.67 | $ 1.12 | $ 1.04 |
Basic | 257,487 | 249,768 | 215,550 |
Diluted | 258,180 | 254,629 | 215,931 |
Parent Company [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Other income | $ 8,388 | $ 4,973 | $ 1,596 |
Operating expense and other expenses | 5,821 | 29,483 | 23,760 |
Operating income | 2,567 | (24,510) | (22,164) |
Interest expense | 21,729 | 53,702 | 45,759 |
Interest income | (9) | (5,256) | (25,327) |
Change in fair value of interest rate swap agreements | 23,741 | ||
Other | (609) | (494) | (294) |
Income before income taxes | (18,544) | (72,462) | (66,043) |
Equity in earnings of subsidiaries | 445,951 | 341,653 | 276,556 |
Income before income taxes | 427,407 | 269,191 | 210,513 |
Provision for income tax benefit | (4,205) | (15,658) | (14,030) |
Net income | 431,612 | 284,849 | 224,543 |
Comprehensive income | $ 431,612 | $ 284,849 | $ 224,543 |
Basic | $ 1.68 | $ 1.14 | $ 1.04 |
Diluted | $ 1.67 | $ 1.12 | $ 1.04 |
Basic | 257,487 | 249,768 | 215,550 |
Diluted | 258,180 | 254,629 | 215,931 |
Schedule 1 - Condensed Parent_5
Schedule 1 - Condensed Parent Company Financial Statements (Condensed Statements of Cash Flows) (Details) - USD ($) $ in Thousands | May 18, 2019 | May 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Operating cash flows from continuing operations | $ 644,679 | $ 508,024 | $ 338,523 | |||
Acquisitions of utility systems and other, net | (36,326) | (3,501,835) | (59,687) | |||
Net proceeds from the sale of utility systems and other assets | 1,819 | 2,115 | 2,893 | |||
Other | (1,032) | 1,696 | 2,464 | |||
Net cash flows used in investing activities | (1,056,058) | (4,333,666) | (604,603) | |||
Net repayments of short-term debt | (13,350) | (129,407) | 10,275 | |||
Proceeds from long-term debt | 1,095,171 | 3,366,838 | 1,434,506 | |||
Repayments of long-term debt | $ (313,500) | (769,546) | (1,820,571) | (1,048,471) | ||
Extinguishment of long-term debt | $ (25,237) | $ (25,237) | (25,237) | |||
Proceeds from equity unit issuance | 673,642 | |||||
Proceeds from issuance of common stock under dividend reinvestment plan | 16,799 | 16,522 | 8,959 | |||
Proceeds from exercised stock options | 4,172 | 1,589 | 1,898 | |||
Proceeds from issuance of common stock from forward equity sale agreement | 299,739 | |||||
Repurchase of common stock | (3,291) | (4,365) | (1,867) | |||
Dividends paid on common stock | (258,650) | (232,571) | (188,512) | |||
Other | 817 | (96) | (1,177) | |||
Net cash flows from financing activities | 417,119 | 1,961,547 | 2,131,375 | |||
Net increase (decrease) in cash and cash equivalents | 5,740 | (1,864,095) | 1,865,295 | |||
Cash and cash equivalents at beginning of year | 4,827 | 1,868,922 | 3,627 | |||
Cash and cash equivalents at end of year | 10,567 | 4,827 | 1,868,922 | $ 3,627 | ||
Parent Company [Member] | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Operating cash flows from continuing operations | (239,320) | (315,329) | (54,496) | |||
Acquisitions of utility systems and other, net | (36,237) | (34,665) | (6,385) | |||
Acquisition of natural gas system and other, net | (3,465,344) | |||||
Decrease (increase) in investment of subsidiary | (53,467) | 6,085 | 6,068 | |||
Other | (987) | 341 | 235 | |||
Net cash flows used in investing activities | (90,691) | (3,493,583) | (82) | |||
Net repayments of short-term debt | (881) | |||||
Proceeds from long-term debt | 995,458 | 3,042,274 | 1,009,992 | |||
Repayments of long-term debt | (725,033) | (1,607,854) | (821,226) | |||
Extinguishment of long-term debt | (25,237) | |||||
Proceeds from stock issued to finance pending acquisition | 729,301 | 1,263,099 | ||||
Proceeds from equity unit issuance | 673,642 | |||||
Proceeds from issuance of common stock under dividend reinvestment plan | 16,799 | 16,522 | 8,959 | |||
Proceeds from exercised stock options | 4,172 | 1,589 | 1,898 | |||
Proceeds from issuance of common stock from forward equity sale agreement | 299,739 | |||||
Repurchase of common stock | (3,291) | (4,365) | (1,867) | |||
Dividends paid on common stock | (258,650) | (232,571) | (188,512) | |||
Other | 817 | (96) | (1,177) | |||
Net cash flows from financing activities | 330,011 | 1,943,919 | 1,919,571 | |||
Net increase (decrease) in cash and cash equivalents | (1,864,993) | 1,864,993 | ||||
Cash and cash equivalents at beginning of year | 1,864,993 | |||||
Cash and cash equivalents at end of year | $ 1,864,993 |
Schedule 1 - Condensed Parent_6
Schedule 1 - Condensed Parent Company Financial Statements (Debt Maturities Of Long-Term Debt) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Debt Instrument [Line Items] | |
2022 | $ 132,146 |
2023 | 207,262 |
2024 | 69,318 |
2025 | 151,848 |
2025 | 21,480 |
Thereafter | 5,065,303 |
Parent Company [Member] | |
Debt Instrument [Line Items] | |
2022 | 20,470 |
Thereafter | $ 2,525,000 |