John C. Griffith
Executive Vice President and Chief Financial Officer at American Water Works
Thanks, Susan, and good morning, everyone. Turning to Slide eight, I'll start by reviewing the successful completion of our 2023 financing plan. As Susan mentioned, and as I covered on the last call, earlier this year, we completed an upsized equity offering for proceeds of $1.7 billion. The remaining portion of the $2 billion of our currently planned equity is expected to be issued near the end of this five-year plan, as we've previously communicated.
Then last month, we issued just over $1 billion of exchangeable senior notes due in 2026 with an annual interest rate of 3.625%. As we previously disclosed, this exchangeable debt issuance supports our long-term growth as a diversified, low-cost funding source that benefits customer affordability and shareholder value. Upon any exchange of the notes, the principal amount will be settled in cash, with flexibility to settle any remaining value above the principal amount in cash, shares or a combination thereof at our election.
We used the proceeds from both of these transactions to bring our commercial paper balance to zero by quarter end with almost $800 million of cash yet to be utilized, that is earning interest. With our 2023 long-term financing needs now complete, our balance sheet is well positioned to fund our robust water and wastewater investment growth. On Slide nine, we provide a summary of our continued strong financial condition, our total debt-to-capital ratio, net of cash on the balance sheet, remains at 54% as of June 30, which is well below our target of 60%. We believe our current debt maturity levels, in conjunction with future debt needs, are very manageable.
And I would remind you, as shown on this slide, of the $720 million of no proceeds that we will receive in 2026 from the sale of HOS completed in 2021. Our laddered approach to long-term debt financings over the years is important to manage cash flows and minimize interest rate risk. And finally, on liquidity, we remain confident that we will have sufficient access to capital for the foreseeable future. Turning to Slide 10, I'll provide some further insights into our financial results for the quarter.
Earnings were $1.44 per share for the quarter of $0.24 per share versus the same period in 2022 and up $0.17 per share on a weather-normalized basis. As you know, we have completed rate cases recently in our larger states and are seeing the increased revenues as a result. These additional revenues are driven by the significant investments we have made and continue to make in our systems. As noted, earnings were higher in the quarter by an estimated $0.07 per share due to weather in 2023, due to warm and dry conditions, primarily in Missouri, New Jersey and Pennsylvania. But we did see unusual weather in the quarter resulting in higher throughput, which we typically don't see during this time of year.
Our investments in resiliency and our proactive communications to customers around water conservation ensured that we did not experience any significant operating issues during the quarter. And looking at operating costs, higher pension expense of about $0.04 per share and increased chemical costs of about $0.03 per share, including inflationary pressures, were largely mitigated by the higher revenues. Based on the current outlook, we are not expecting the cost of chemicals to decrease in the near term as demand remains elevated. Our operating costs in the second quarter also increased due to a higher employee headcount to support growth in the business.
As we've said, our proactive strategy last year to seek rate recovery of rising production costs and expected higher pension costs has positioned us favorably to limit the bottom line impact of those higher costs in 2023. This approach continues in our recently filed cases. Supporting our investment growth, depreciation expense increased $0.06 per share, and the cost of additional long-term financing increased $0.11 per share, primarily related to share count dilution. As I mentioned last quarter, the EPS impact of the higher share count from our equity issuance offsets the avoided interest expense in the current interest rate environment.
We expect the impact to be approximately neutral to EPS for the full year as well, based on the current outlook. Turning to Slide 11. Earnings increased $0.30 per share for the year-to-date period compared to the same period last year, driven by many of the same factors as in the second quarter. On a weather-normalized basis, earnings have increased $0.23 per share year-to-date, which, as Susan mentioned, is in line with our expectations for the first half of the year. Before we look at our expected full year 2023 EPS details, I should note that, as you would expect in the year of an equity issuance, our quarterly EPS results may not sum to equal the year-to-date EPS results each quarter.
This is simply due to a different amount of average shares outstanding used in the EPS calculations as the year progresses. Turning to Slide 12. I'll echo Susan's comments that our results remain on track to achieve our 2023 EPS guidance of $4.72 to $4.82 per share on a weather-normalized basis. Here, we provide some updated details related to 2023 guidance that reflect results so far this year, including the completed 2023 financing plan. You can see, for example, that our implied revenue growth for the second half of the year will be strong, though somewhat less than the first half growth as new rates became effective in New Jersey last September.
Looking ahead, I am pleased that we have the right fundamentals in place, including our strengthened balance sheet, to achieve our long-term financial targets, which we are also affirming today. Turning to Slide 13, you'll see that we are set up for strong growth through acquisitions in 2023 and beyond. We closed on 10 acquisitions, totaling $33 million, across five states in the first half of 2023, which demonstrates our continued ability to close deals in many states. We also had 32 transactions under agreement across 10 states through the end of June, totaling $555 million and includes both the Butler Area Sewer Authority, wastewater system in Pennsylvania and the Granite City wastewater treatment plant in Illinois we previously announced.
We now expect to close both of these transactions near the end of 2023, pending regulatory approvals for each. Also included in our acquisitions under agreement is the Towamencin Township Wastewater System in Pennsylvania, we expect to purchase for $104 million, as announced back in March. We continue to expect to close on Towamencin by midyear 2024, pending regulatory approval, and we look forward to serving all of these customers. Of course, as we close on transactions, the work to build and refill the acquisition pipeline is continuous.
Our pipeline of over 1.3 million customer connections is a strong leading indicator that supports this piece of our earnings growth triangle. With our track record of closing on acquisitions and executing on our capex plans, we are confident that we will achieve our capital investment plan of $2.9 billion for 2023. And when you combine that with the financing we have already completed to fund growth, we believe our outlook for 2023 and beyond is very attractive for investors. With that, I'll turn it over to Cheryl to talk more about our capital investment, rate case and other regulatory updates. Cheryl?
