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10-Q Filing

ESSENTIAL UTILITIES, INC. CIK: 78128 Q1 2018
Filing Information
Form Type 10-Q
Accession Number 0000078128-18-000008
Period End Date 20180331
Filing Date 20180509
Fiscal Year 2018
Fiscal Period Q1
XBRL Instance wtr-20180331.xml
Balance Sheet 85 line items
Line Item Tag Value Unit Period
Common stock, par value CommonStockParOrStatedValuePerShare $0.50 USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.50 USD Point-in-time
Property, plant and equipment, at cost PropertyPlantAndEquipmentGross $7.09B USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 300.00M shares Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 300.00M shares Point-in-time
Property, plant and equipment, at cost PropertyPlantAndEquipmentGross $7.00B USD Point-in-time
Less: accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $1.63B USD Point-in-time
Less: accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $1.60B USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 180.96M shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 180.70M shares Point-in-time
Net property, plant and equipment PropertyPlantAndEquipmentNet $5.46B USD Point-in-time
Treasury stock, shares TreasuryStockShares 2.99M shares Point-in-time
Treasury stock, shares TreasuryStockShares 3.06M shares Point-in-time
Net property, plant and equipment PropertyPlantAndEquipmentNet $5.40B USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $3.20M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $4.20M USD Point-in-time
Accounts receivable and unbilled revenues, net AccountsReceivableNetCurrent $98.60M USD Point-in-time
Accounts receivable and unbilled revenues, net AccountsReceivableNetCurrent $91.82M USD Point-in-time
Inventory, materials and supplies InventoryNet $14.36M USD Point-in-time
Inventory, materials and supplies InventoryNet $15.29M USD Point-in-time
Prepayments and other current assets PrepaidExpenseAndOtherAssetsCurrent $12.54M USD Point-in-time
Prepayments and other current assets PrepaidExpenseAndOtherAssetsCurrent $12.27M USD Point-in-time
Assets held for sale AssetsHeldForSaleNotPartOfDisposalGroupCurrent $1.54M USD Point-in-time
Assets held for sale AssetsHeldForSaleNotPartOfDisposalGroupCurrent $1.56M USD Point-in-time
Total current assets AssetsCurrent $131.25M USD Point-in-time
Total current assets AssetsCurrent $124.14M USD Point-in-time
Regulatory assets RegulatoryAssetsNoncurrent $713.97M USD Point-in-time
Regulatory assets RegulatoryAssetsNoncurrent $731.42M USD Point-in-time
Deferred charges and other assets, net DeferredCostsAndOtherAssets $38.48M USD Point-in-time
Deferred charges and other assets, net DeferredCostsAndOtherAssets $38.70M USD Point-in-time
Investment in joint venture InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $7.00M USD Point-in-time
Investment in joint venture InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $6.67M USD Point-in-time
Goodwill Goodwill $42.23M USD Point-in-time
Goodwill Goodwill $42.23M USD Point-in-time
Total assets Assets $6.40B USD Point-in-time
Total assets Assets $6.33B USD Point-in-time
Common stock at $.50 par value, authorized 300,000,000 shares, issued 180,955,861 and 180,700,251 as of March 31, 2018 and December 31, 2017 CommonStockValue $90.35M USD Point-in-time
Common stock at $.50 par value, authorized 300,000,000 shares, issued 180,955,861 and 180,700,251 as of March 31, 2018 and December 31, 2017 CommonStockValue $90.48M USD Point-in-time
Capital in excess of par value AdditionalPaidInCapitalCommonStock $809.62M USD Point-in-time
Capital in excess of par value AdditionalPaidInCapitalCommonStock $807.13M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.15B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.13B USD Point-in-time
Treasury stock, at cost, 3,058,248 and 2,986,308 shares as of March 31, 2018 and December 31, 2017 TreasuryStockValue $73.28M USD Point-in-time
Treasury stock, at cost, 3,058,248 and 2,986,308 shares as of March 31, 2018 and December 31, 2017 TreasuryStockValue $75.77M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $860.00K USD Point-in-time
Total stockholders' equity StockholdersEquity $1.97B USD Point-in-time
Total stockholders' equity StockholdersEquity $1.96B USD Point-in-time
Long-term debt, excluding current portion DebtInstrumentCarryingAmountNoncurrent $2.08B USD Point-in-time
Long-term debt, excluding current portion DebtInstrumentCarryingAmountNoncurrent $2.03B USD Point-in-time
Less: debt issuance costs DeferredFinanceCostsNoncurrentNet $21.61M USD Point-in-time
Less: debt issuance costs DeferredFinanceCostsNoncurrentNet $21.22M USD Point-in-time
Long-term debt, excluding current portion, net of debt issuance costs LongTermDebtNoncurrent $2.01B USD Point-in-time
Long-term debt, excluding current portion, net of debt issuance costs LongTermDebtNoncurrent $2.06B USD Point-in-time
Commitments and contingencies (See Note 14) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (See Note 14) CommitmentsAndContingencies - USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $113.77M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $103.83M USD Point-in-time
Loans payable LoansPayableCurrent $20.34M USD Point-in-time
Loans payable LoansPayableCurrent $3.65M USD Point-in-time
Accounts payable AccountsPayableCurrent $40.21M USD Point-in-time
Accounts payable AccountsPayableCurrent $59.16M USD Point-in-time
Book overdraft BankOverdrafts $21.63M USD Point-in-time
Book overdraft BankOverdrafts $12.69M USD Point-in-time
Accrued interest InterestPayableCurrent $24.62M USD Point-in-time
Accrued interest InterestPayableCurrent $21.36M USD Point-in-time
Accrued taxes AccruedIncomeTaxesCurrent $23.76M USD Point-in-time
Accrued taxes AccruedIncomeTaxesCurrent $22.97M USD Point-in-time
Other accrued liabilities AccruedLiabilitiesCurrent $34.47M USD Point-in-time
Other accrued liabilities AccruedLiabilitiesCurrent $41.15M USD Point-in-time
Total current liabilities LiabilitiesCurrent $284.49M USD Point-in-time
Total current liabilities LiabilitiesCurrent $259.13M USD Point-in-time
Deferred income taxes and investment tax credits DeferredTaxLiabilitiesNoncurrent $769.07M USD Point-in-time
Deferred income taxes and investment tax credits DeferredTaxLiabilitiesNoncurrent $786.01M USD Point-in-time
Customers' advances for construction CustomerAdvancesForConstruction $90.60M USD Point-in-time
Customers' advances for construction CustomerAdvancesForConstruction $93.19M USD Point-in-time
Regulatory liabilities RegulatoryLiabilityNoncurrent $541.91M USD Point-in-time
Regulatory liabilities RegulatoryLiabilityNoncurrent $543.45M USD Point-in-time
Other OtherLiabilitiesNoncurrent $107.34M USD Point-in-time
Other OtherLiabilitiesNoncurrent $107.75M USD Point-in-time
Total deferred credits and other liabilities LiabilitiesOtherThanLongtermDebtNoncurrent $1.51B USD Point-in-time
Total deferred credits and other liabilities LiabilitiesOtherThanLongtermDebtNoncurrent $1.53B USD Point-in-time
Contributions in aid of construction ContributionsInAidOfConstruction $581.54M USD Point-in-time
Contributions in aid of construction ContributionsInAidOfConstruction $571.09M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $6.40B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $6.33B USD Point-in-time
Income Statement 40 line items
Line Item Tag Value Unit Period
Operating revenues Revenues $187.79M USD 1 Quarter
Operating revenues Revenues $194.35M USD 1 Quarter
Operations and maintenance UtilitiesOperatingExpenseMaintenanceAndOperations $67.89M USD 1 Quarter
Operations and maintenance UtilitiesOperatingExpenseMaintenanceAndOperations $73.95M USD 1 Quarter
Depreciation Depreciation $33.84M USD 1 Quarter
Depreciation Depreciation $35.97M USD 1 Quarter
Amortization AdjustmentForAmortization $130.00K USD 1 Quarter
Amortization AdjustmentForAmortization $189.00K USD 1 Quarter
Taxes other than income taxes UtilitiesOperatingExpenseTaxes $14.97M USD 1 Quarter
Taxes other than income taxes UtilitiesOperatingExpenseTaxes $14.74M USD 1 Quarter
Total operating expenses CostsAndExpenses $125.01M USD 1 Quarter
Total operating expenses CostsAndExpenses $116.65M USD 1 Quarter
Operating income OperatingIncomeLoss $71.13M USD 1 Quarter
Operating income OperatingIncomeLoss $69.34M USD 1 Quarter
Interest expense, net InterestExpense $23.47M USD 1 Quarter
Interest expense, net InterestExpense $21.33M USD 1 Quarter
Allowance for funds used during construction PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions $2.87M USD 1 Quarter
Allowance for funds used during construction PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions $3.19M USD 1 Quarter
Gain on sale of other assets GainLossOnSaleOfOtherAssets $269.00K USD 1 Quarter
Gain on sale of other assets GainLossOnSaleOfOtherAssets $196.00K USD 1 Quarter
Equity (earnings) loss in joint venture NoncontrollingInterestInNetIncomeLossJointVenturePartnersNonredeemable $-382.00K USD 1 Quarter
Equity (earnings) loss in joint venture NoncontrollingInterestInNetIncomeLossJointVenturePartnersNonredeemable $30.00K USD 1 Quarter
Other OtherNonoperatingIncomeExpense $-603.00K USD 1 Quarter
Other OtherNonoperatingIncomeExpense $-1.24M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $48.71M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $52.00M USD 1 Quarter
Provision for income tax (benefit) expense IncomeTaxExpenseBenefit $2.93M USD 1 Quarter
Provision for income tax (benefit) expense IncomeTaxExpenseBenefit $-2.13M USD 1 Quarter
Net income NetIncomeLoss $50.84M USD 1 Quarter
Net income NetIncomeLoss $49.07M USD 1 Quarter
Basic EarningsPerShareBasic $0.29 USD 1 Quarter
Basic EarningsPerShareBasic $0.28 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.28 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.29 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 177.48M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 177.80M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 177.97M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 178.24M shares 1 Quarter
Cash dividends declared per common share CommonStockDividendsPerShareDeclared $0.20 USD 1 Quarter
Cash dividends declared per common share CommonStockDividendsPerShareDeclared $0.19 USD 1 Quarter
Cash Flow Statement 74 line items
Line Item Tag Value Unit Period
Debt component of allowance for funds used during construction DebtComponentOfAllowanceForFundsUsedDuringConstruction $721.00K USD 1 Quarter
Debt component of allowance for funds used during construction DebtComponentOfAllowanceForFundsUsedDuringConstruction $782.00K USD 1 Quarter
Net income NetIncomeLoss $50.84M USD 1 Quarter
Net income NetIncomeLoss $49.07M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $34.03M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $36.10M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $2.68M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-2.85M USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $896.00K USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $1.11M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $1.31M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $1.44M USD 1 Quarter
Loss on sale of market-based business unit GainLossOnSaleOfBusiness - USD 1 Quarter
Loss on sale of market-based business unit GainLossOnSaleOfBusiness $-278.00K USD 1 Quarter
Gain on sale of other assets GainLossOnSaleOfOtherAssets $269.00K USD 1 Quarter
Gain on sale of other assets GainLossOnSaleOfOtherAssets $196.00K USD 1 Quarter
Net change in receivables, inventory and prepayments IncreaseDecreaseInOperatingAssets $-5.73M USD 1 Quarter
Net change in receivables, inventory and prepayments IncreaseDecreaseInOperatingAssets $-5.40M USD 1 Quarter
Net change in payables, accrued interest, accrued taxes and other accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-4.52M USD 1 Quarter
Net change in payables, accrued interest, accrued taxes and other accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-996.00K USD 1 Quarter
Pension and other postretirement benefits contributions IncreaseDecreaseInPensionAndPostretirementObligations $-5.22M USD 1 Quarter
Pension and other postretirement benefits contributions IncreaseDecreaseInPensionAndPostretirementObligations $-7.71M USD 1 Quarter
Other IncreaseDecreaseInOtherOperatingAssets $-2.93M USD 1 Quarter
Other IncreaseDecreaseInOtherOperatingAssets $507.00K USD 1 Quarter
Net cash flows from operating activities NetCashProvidedByUsedInOperatingActivities $81.20M USD 1 Quarter
Net cash flows from operating activities NetCashProvidedByUsedInOperatingActivities $88.35M USD 1 Quarter
Property, plant and equipment additions, including the debt component of allowance for funds used during construction of $782 and $721 PaymentsToAcquirePropertyPlantAndEquipment $94.56M USD 1 Quarter
Property, plant and equipment additions, including the debt component of allowance for funds used during construction of $782 and $721 PaymentsToAcquirePropertyPlantAndEquipment $105.14M USD 1 Quarter
Acquisitions of utility systems and other, net PaymentsToAcquireWasteWaterSystems $220.00K USD 1 Quarter
Acquisitions of utility systems and other, net PaymentsToAcquireWasteWaterSystems $190.00K USD 1 Quarter
Net proceeds from the sale of market-based business unit and other assets ProceedsFromSaleOfUtilitySystemAndOther $174.00K USD 1 Quarter
Net proceeds from the sale of market-based business unit and other assets ProceedsFromSaleOfUtilitySystemAndOther $639.00K USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $75.00K USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $171.00K USD 1 Quarter
Net cash flows used in investing activities NetCashProvidedByUsedInInvestingActivities $-94.31M USD 1 Quarter
Net cash flows used in investing activities NetCashProvidedByUsedInInvestingActivities $-105.23M USD 1 Quarter
Customers' advances and contributions in aid of construction ProceedsFromAdvancesForConstructionFinancingActivities $1.58M USD 1 Quarter
Customers' advances and contributions in aid of construction ProceedsFromAdvancesForConstructionFinancingActivities $1.74M USD 1 Quarter
Repayments of customers' advances RepaymentsOfAdvancesForConstructionFinancingActivities $511.00K USD 1 Quarter
Repayments of customers' advances RepaymentsOfAdvancesForConstructionFinancingActivities $1.01M USD 1 Quarter
Net proceeds of short-term debt ProceedsFromRepaymentsOfShortTermDebt $21.20M USD 1 Quarter
Net proceeds of short-term debt ProceedsFromRepaymentsOfShortTermDebt $16.69M USD 1 Quarter
Proceeds from long-term debt ProceedsFromIssuanceOfLongTermDebt $117.88M USD 1 Quarter
Proceeds from long-term debt ProceedsFromIssuanceOfLongTermDebt $67.00M USD 1 Quarter
Repayments of long-term debt RepaymentsOfLongTermDebt $89.67M USD 1 Quarter
Repayments of long-term debt RepaymentsOfLongTermDebt $21.90M USD 1 Quarter
Change in cash overdraft position ProceedsFromRepaymentsOfBankOverdrafts $-2.40M USD 1 Quarter
Change in cash overdraft position ProceedsFromRepaymentsOfBankOverdrafts $-8.94M USD 1 Quarter
Proceeds from issuing common stock ProceedsFromIssuanceOfCommonStock $361.00K USD 1 Quarter
Proceeds from issuing common stock ProceedsFromIssuanceOfCommonStock $360.00K USD 1 Quarter
Proceeds from exercised stock options ProceedsFromStockOptionsExercised $1.54M USD 1 Quarter
Proceeds from exercised stock options ProceedsFromStockOptionsExercised $1.01M USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $2.49M USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $2.05M USD 1 Quarter
Dividends paid on common stock PaymentsOfDividendsCommonStock $33.95M USD 1 Quarter
Dividends paid on common stock PaymentsOfDividendsCommonStock $36.39M USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $-206.00K USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $-197.00K USD 1 Quarter
Net cash flows from financing activities NetCashProvidedByUsedInFinancingActivities $13.77M USD 1 Quarter
Net cash flows from financing activities NetCashProvidedByUsedInFinancingActivities $15.87M USD 1 Quarter
Net change in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $662.00K USD 1 Quarter
Net change in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-1.00M USD 1 Quarter
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.76M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.20M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $4.42M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $4.20M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.76M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.20M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $4.42M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $4.20M USD Point-in-time
Property, plant and equipment additions purchased at the period end, but not yet paid for CapitalExpendituresIncurredButNotYetPaid $27.08M USD 1 Quarter
Property, plant and equipment additions purchased at the period end, but not yet paid for CapitalExpendituresIncurredButNotYetPaid $23.63M USD 1 Quarter
Non-cash customer advances and contributions in aid of construction NonCashCustomerAdvancesAndContributionsInAidOfConstruction $4.98M USD 1 Quarter
Non-cash customer advances and contributions in aid of construction NonCashCustomerAdvancesAndContributionsInAidOfConstruction $4.28M USD 1 Quarter
Stockholders Equity 16 line items
Line Item Tag Value Unit Period
Sale of stock, shares StockIssuedDuringPeriodSharesNewIssues 11,252.00 shares 1 Quarter
Repurchase of stock, shares StockRepurchasedDuringPeriodShares 71,940.00 shares 1 Quarter
Equity compensation plan, shares ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod 181,670.00 shares 1 Quarter
Exercise of stock options, shares StockIssuedDuringPeriodSharesStockOptionsExercised 62,688.00 shares 1 Quarter
Balance StockholdersEquity $1.97B USD Point-in-time
Balance StockholdersEquity $1.96B USD Point-in-time
Net income NetIncomeLoss $50.84M USD 1 Quarter
Net income NetIncomeLoss $49.07M USD 1 Quarter
Dividends DividendsCommonStockCash $36.39M USD 1 Quarter
Sale of stock (11,252 shares) StockIssuedDuringPeriodValueNewIssues $361.00K USD 1 Quarter
Repurchase of stock (71,940 shares) TreasuryStockValueAcquiredCostMethod $2.49M USD 1 Quarter
Exercise of stock options (62,688 shares) StockIssuedDuringPeriodValueStockOptionsExercised $1.01M USD 1 Quarter
Stock-based compensation TreasuryStockReissuedAtLowerThanRepurchasePriceShareBasedCompensation $1.40M USD 1 Quarter
Other AdjustmentsToAdditionalPaidInCapitalOther $-197.00K USD 1 Quarter
Balance StockholdersEquity $1.97B USD Point-in-time
Balance StockholdersEquity $1.96B USD Point-in-time
Comprehensive Income 6 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $50.84M USD 1 Quarter
Net income NetIncomeLoss $49.07M USD 1 Quarter
Income taxes arising from net unrealized holding gain on investments OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax $31.00K USD 1 Quarter
Unrealized holding gain on investments, net of tax expense of $31 for the three months ended March 31, 2017 OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $58.00K USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $49.13M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $50.84M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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