Essential Utilities Inc

For the period ended Dec 31, 2023. Filed Feb 29, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 29, 2024

WTRG$45.17+0.2%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Cash Flows –2023, 2022, and 2021

	Years ended December 31,
	2023	2022	2021
Cash flows from operating activities:
Net income	$498,226	$465,237	$431,612
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	343,695	321,177	297,952
Deferred income taxes	(79,845)	(23,045)	(8,514)
Provision for doubtful accounts	23,209	27,631	27,336
Stock-based compensation	11,323	12,206	10,078
Gain on sale of utility system and other assets	(65)	(991)	(1,589)
Net change in receivables, deferred purchased gas costs, inventory and prepayments	189,989	(223,335)	(109,605)
Net change in payables, accrued interest, accrued taxes and other accrued liabilities	(14,559)	53,761	5,190
Pension and other postretirement benefits contributions	(20,343)	(22,027)	(15,135)
Other	(18,043)	(10,308)	7,354
Net cash flows from operating activities	933,587	600,306	644,679
Cash flows from investing activities:
Property, plant and equipment additions, including the debt component of allowance for funds used during construction of $5,241, $6,047 and $4,510	(1,199,103)	(1,062,763)	(1,020,519)
Acquisitions of utility systems and other, net	(45,303)	(116,891)	(36,326)
Net proceeds from the sale of utility systems and other assets	41,758	1,081	1,819
Other	(19,080)	271	(1,032)
Net cash flows used in investing activities	(1,221,728)	(1,178,302)	(1,056,058)
Cash flows from financing activities:
Customers' advances and contributions in aid of construction	23,982	11,714	15,264
Repayments of customers' advances	(8,471)	(5,006)	(7,725)
Net proceeds (repayments) of short-term debt	(68,377)	163,500	(13,350)
Proceeds from long-term debt	1,207,619	1,646,742	1,095,171
Repayments of long-term debt	(876,379)	(977,175)	(769,546)
Change in cash overdraft position	(15,336)	(53,028)	37,719
Proceeds from issuance of common stock under dividend reinvestment plan	16,005	16,619	16,799
Proceeds from issuance of common stock from forward equity sale agreement	-	-	299,739
Proceeds from issuance of common stock from at-the-market sale agreement	322,983	63,040	-
Proceeds from exercised stock options	287	2,475	4,172
Repurchase of common stock	(3,981)	(1,192)	(3,291)
Dividends paid on common stock	(316,806)	(288,632)	(258,650)
Other	(171)	(230)	817
Net cash flows from financing activities	281,355	578,827	417,119
Net increase (decrease) in cash and cash equivalents	(6,786)	831	5,740
Cash and cash equivalents at beginning of year	11,398	10,567	4,827
Cash and cash equivalents at end of year	$4,612	$11,398	$10,567
Cash paid during the year for:
Interest, net of amounts capitalized	$272,532	$225,820	$201,792
Income taxes	7,839	11,269	5,692
Non-cash investing activities:
Property, plant and equipment additions purchased at the period end, but not yet paid	$102,770	$102,129	$95,945
Non-cash utility property contributions	56,297	35,698	36,882
See accompanying notes to consolidated financial statements.

Refer to Note 15 –Employee Stock and Incentive Plan for a description of non-cash activities.

Notes to Consolidated Financial Statements

Note 1 –Summary of Significant Accounting Policies

ContentsView on SEC.gov

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