x | Accelerated Filer | ☐ | ||||||||||||||||||
Non-accelerated Filer | ☐ | Smaller Reporting Company | ||||||||||||||||||
Emerging Growth Company |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||||||||
Class | Outstanding at July 29, 2022 | |||||||||||||
Common stock, $1.00 par value | shares |
TABLE OF CONTENTS | |||||||||||
Page | |||||||||||
Item 1. | |||||||||||
TABLE OF CONTENTS | |||||||||||
Page | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 4. | |||||||||||
Item 6. | |||||||||||
AFUDC | Allowance for Funds Used During Construction | ||||
AOCI | Accumulated Other Comprehensive Income (Loss) | ||||
APSC | Arkansas Public Service Commission | ||||
Arkansas Gas | Black Hills Energy Arkansas, Inc., an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Arkansas (doing business as Black Hills Energy). | ||||
ASC | Accounting Standards Codification | ||||
ASU | Accounting Standards Update issued by the FASB | ||||
ATM | At-the-market equity offering program | ||||
Availability | The availability factor of a power plant is the percentage of the time that it is available to provide energy. | ||||
BHC | Black Hills Corporation; the Company | ||||
Black Hills Colorado IPP | Black Hills Colorado IPP, LLC a 50.1% owned subsidiary of Black Hills Electric Generation | ||||
Black Hills Electric Generation | Black Hills Electric Generation, LLC, a direct, wholly-owned subsidiary of Black Hills Non-regulated Holdings, providing wholesale electric capacity and energy primarily to our affiliate utilities. | ||||
Black Hills Energy | The name used to conduct the business of our utility companies | ||||
Black Hills Energy Services | Black Hills Energy Services Company, an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas commodity supply for the Choice Gas Programs (doing business as Black Hills Energy). | ||||
Black Hills Non-regulated Holdings | Black Hills Non-regulated Holdings, LLC, a direct, wholly-owned subsidiary of Black Hills Corporation | ||||
Black Hills Utility Holdings | Black Hills Utility Holdings, Inc., a direct, wholly-owned subsidiary of Black Hills Corporation (doing business as Black Hills Energy) | ||||
Black Hills Wyoming | Black Hills Wyoming, LLC, a direct, wholly-owned subsidiary of Black Hills Electric Generation | ||||
Blockchain Interruptible Service (BCIS) tariff | The BCIS tariff was proposed by Wyoming Electric and approved by the WPSC in 2019. The tariff was developed to attract new large electric loads related to blockchain and other industry growth with high energy demand. | ||||
Cheyenne Light | Cheyenne Light, Fuel and Power Company, a direct, wholly-owned subsidiary of Black Hills Corporation, providing electric service in the Cheyenne, Wyoming area (doing business as Black Hills Energy). Also known as Wyoming Electric. | ||||
Chief Operating Decision Maker (CODM) | Chief Executive Officer | ||||
Choice Gas Program | Regulator-approved programs in Wyoming and Nebraska that allow certain utility customers to select their natural gas commodity supplier, providing for the unbundling of the commodity service from the distribution delivery service. | ||||
Colorado Electric | Black Hills Colorado Electric, LLC, a direct, wholly-owned subsidiary of Black Hills Utility Holdings, providing electric service to customers in Colorado (doing business as Black Hills Energy). | ||||
Colorado Gas | Black Hills Colorado Gas, Inc., an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Colorado (doing business as Black Hills Energy). | ||||
Common Use System | The Common Use System is a jointly operated transmission system we participate in with Basin Electric Power Cooperative and Powder River Energy Corporation. The Common Use System provides transmission service over these utilities' combined 230-kilovolt (kV) and limited 69-kV transmission facilities within areas of southwestern South Dakota and northeastern Wyoming. | ||||
Consolidated Indebtedness to Capitalization Ratio | Any indebtedness outstanding at such time, divided by capital at such time. Capital being consolidated net worth (excluding non-controlling interest) plus consolidated indebtedness (including letters of credit and certain guarantees issued) as defined within the current Revolving Credit Facility. | ||||
Cooling Degree Day (CDD) | A cooling degree day is equivalent to each degree that the average of the high and low temperatures for a day is above 65 degrees. The warmer the climate, the greater the number of cooling degree days. Cooling degree days are used in the utility industry to measure the relative warmth and to compare relative temperatures between one geographic area and another. Normal degree days are based on the National Weather Service data for selected locations. | ||||
CPCN | Certificate of Public Convenience and Necessity |
CP Program | Commercial Paper Program | ||||
CPUC | Colorado Public Utilities Commission | ||||
Dth | Dekatherm. A unit of energy equal to 10 therms or approximately one million British thermal units (MMBtu) | ||||
Fitch | Fitch Ratings Inc. | ||||
GAAP | Accounting principles generally accepted in the United States of America | ||||
Heating Degree Day (HDD) | A heating degree day is equivalent to each degree that the average of the high and the low temperatures for a day is below 65 degrees. The colder the climate, the greater the number of heating degree days. Heating degree days are used in the utility industry to measure the relative coldness and to compare relative temperatures between one geographic area and another. Normal degree days are based on the National Weather Service data for selected locations. | ||||
Integrated Generation | Non-regulated power generation and mining businesses that are vertically integrated within our Electric Utilities segment. | ||||
Iowa Gas | Black Hills Iowa Gas Utility Company, LLC, a direct, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Iowa (doing business as Black Hills Energy). | ||||
IPP | Independent Power Producer | ||||
IRS | United States Internal Revenue Service | ||||
Kansas Gas | Black Hills Kansas Gas Utility Company, LLC, a direct, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Kansas (doing business as Black Hills Energy). | ||||
KCC | Kansas Corporation Commission | ||||
kV | Kilovolt | ||||
LIBOR | London Interbank Offered Rate | ||||
MEAN | Municipal Energy Agency of Nebraska | ||||
MMBtu | Million British thermal units | ||||
Moody’s | Moody’s Investors Service, Inc. | ||||
MW | Megawatts | ||||
MWh | Megawatt-hours | ||||
Nebraska Gas | Black Hills Nebraska Gas, LLC, an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Nebraska (doing business as Black Hills Energy). | ||||
Neil Simpson II | A mine-mouth, coal-fired power plant owned and operated by South Dakota Electric with a total capacity of 90 MW located at our Gillette, Wyoming energy complex. | ||||
NPSC | Nebraska Public Service Commission | ||||
OCI | Other Comprehensive Income | ||||
PPA | Power Purchase Agreement | ||||
PTC | Production Tax Credit | ||||
Pueblo Airport Generation | The 420 MW combined cycle gas-fired power generating plants jointly owned by Colorado Electric (220 MW) and Black Hills Colorado IPP (200 MW). Black Hills Colorado IPP operates this facility. The plants commenced operation on January 1, 2012. | ||||
Ready Wyoming | A 260-mile, multi-phase transmission expansion project in Wyoming. This transmission project will serve the growing needs of customers by enhancing resiliency of Wyoming Electric’s overall electric system and expanding access to power markets and renewable resources. The project will help Wyoming Electric maintain top-quartile reliability and enable economic development in the Cheyenne, Wyoming region. | ||||
Renewable Ready | Voluntary renewable energy subscription program for large commercial, industrial and governmental agency customers in South Dakota and Wyoming. | ||||
Revolving Credit Facility | Our $750 million credit facility used to fund working capital needs, letters of credit and other corporate purposes, which was amended and restated on July 19, 2021, and now terminates on July 19, 2026. | ||||
RNG | Renewable Natural Gas | ||||
SEC | United States Securities and Exchange Commission | ||||
Service Guard Comfort Plan | Appliance protection plan that provides home appliance repair services through on-going monthly service agreements to residential utility customers. |
S&P | S&P Global Ratings, a division of S&P Global Inc. | ||||
South Dakota Electric | Black Hills Power, Inc., a direct, wholly-owned subsidiary of Black Hills Corporation, providing electric service to customers in Montana, South Dakota and Wyoming (doing business as Black Hills Energy). | ||||
SPP | Southwest Power Pool | ||||
TCJA | Tax Cuts and Jobs Act | ||||
Tech Services | Non-regulated product lines delivered by our Utilities that 1) provide electrical system construction services to large industrial customers of our electric utilities, and 2) serve gas transportation customers throughout its service territory by constructing and maintaining customer-owned gas infrastructure facilities, typically through one-time contracts. | ||||
Utilities | Black Hills’ Electric and Gas Utilities | ||||
Wind Capacity Factor | Measures the amount of electricity a wind turbine produces in a given time period relative to its maximum potential. | ||||
Winter Storm Uri | February 2021 winter weather event that caused extreme cold temperatures in the central United States and led to unprecedented fluctuations in customer demand and market pricing for natural gas and energy. | ||||
WPSC | Wyoming Public Service Commission | ||||
Wygen I | A mine-mouth, coal-fired power plant with a total capacity of 90 MW located at our Gillette, Wyoming energy complex. Black Hills Wyoming owns 76.5% of the facility and Municipal Energy Agency of Nebraska (MEAN) owns the remaining 23.5%. | ||||
Wygen II | A mine-mouth, coal-fired power plant owned by Wyoming Electric with a total capacity of 95 MW located at our Gillette, Wyoming energy complex. | ||||
Wygen III | A mine-mouth, coal-fired power plant operated by South Dakota Electric with a total capacity of 110 MW located at our Gillette, Wyoming energy complex. South Dakota Electric owns 52% of the power plant, MDU owns 25% and the City of Gillette owns the remaining 23%. | ||||
Wyodak Plant | The 362 MW mine-mouth, coal-fired generating facility near Gillette, Wyoming, jointly owned by PacifiCorp (80%) and South Dakota Electric (20%). Our WRDC mine supplies all of the fuel for the facility. | ||||
Wyoming Electric | Cheyenne Light, Fuel and Power Company, a direct, wholly-owned subsidiary of Black Hills Corporation, providing electric service to customers in the Cheyenne, Wyoming area (doing business as Black Hills Energy). | ||||
Wyoming Gas | Black Hills Wyoming Gas, LLC, an indirect and wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Wyoming (doing business as Black Hills Energy). |
(unaudited) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||
(in thousands, except per share amounts) | ||||||||||||||
Revenue | $ | $ | $ | $ | ||||||||||
Operating expenses: | ||||||||||||||
Fuel, purchased power and cost of natural gas sold | ||||||||||||||
Operations and maintenance | ||||||||||||||
Depreciation, depletion and amortization | ||||||||||||||
Taxes - property and production | ||||||||||||||
Total operating expenses | ||||||||||||||
Operating income | ||||||||||||||
Other income (expense): | ||||||||||||||
Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) | ( | ( | ( | ( | ||||||||||
Interest income | ||||||||||||||
Other income (expense), net | ( | |||||||||||||
Total other income (expense) | ( | ( | ( | ( | ||||||||||
Income before income taxes | ||||||||||||||
Income tax benefit (expense) | ( | ( | ( | |||||||||||
Net income | ||||||||||||||
Net income attributable to non-controlling interest | ( | ( | ( | ( | ||||||||||
Net income available for common stock | $ | $ | $ | $ | ||||||||||
Earnings per share of common stock: | ||||||||||||||
Earnings per share, Basic | $ | $ | $ | $ | ||||||||||
Earnings per share, Diluted | $ | $ | $ | $ | ||||||||||
Weighted average common shares outstanding: | ||||||||||||||
Basic | ||||||||||||||
Diluted |
(unaudited) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||
(in thousands) | ||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||
Reclassification adjustments of benefit plan liability - prior service cost (net of tax of $ | ( | ( | ( | ( | ||||||||||
Reclassification adjustments of benefit plan liability - net loss (net of tax of $( | ||||||||||||||
Derivative instruments designated as cash flow hedges: | ||||||||||||||
Reclassification of net realized (gains) losses on settled/amortized interest rate swaps (net of tax of $( | ||||||||||||||
Net unrealized gains (losses) on commodity derivatives (net of tax of $ | ( | ( | ||||||||||||
Reclassification of net realized (gains) losses on settled commodity derivatives (net of tax of $ | ( | ( | ( | ( | ||||||||||
Other comprehensive income (loss), net of tax | ( | ( | ||||||||||||
Comprehensive income | ||||||||||||||
Less: comprehensive income attributable to non-controlling interest | ( | ( | ( | ( | ||||||||||
Comprehensive income available for common stock | $ | $ | $ | $ |
(unaudited) | As of | ||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
(in thousands) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash and equivalents | |||||||||||
Accounts receivable, net | |||||||||||
Materials, supplies and fuel | |||||||||||
Derivative assets, current | |||||||||||
Income tax receivable, net | |||||||||||
Regulatory assets, current | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment | |||||||||||
Less: accumulated depreciation and depletion | ( | ( | |||||||||
Total property, plant and equipment, net | |||||||||||
Other assets: | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Regulatory assets, non-current | |||||||||||
Other assets, non-current | |||||||||||
Total other assets, non-current | |||||||||||
TOTAL ASSETS | $ | $ |
(unaudited) | As of | ||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
(in thousands, except share amounts) | |||||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued liabilities | |||||||||||
Derivative liabilities, current | |||||||||||
Regulatory liabilities, current | |||||||||||
Notes payable | |||||||||||
Total current liabilities | |||||||||||
Long-term debt, net of current maturities | |||||||||||
Deferred credits and other liabilities: | |||||||||||
Deferred income tax liabilities, net | |||||||||||
Regulatory liabilities, non-current | |||||||||||
Benefit plan liabilities | |||||||||||
Other deferred credits and other liabilities | |||||||||||
Total deferred credits and other liabilities | |||||||||||
Equity: | |||||||||||
Stockholders’ equity — | |||||||||||
Common stock $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Treasury stock, at cost – | ( | ( | |||||||||
Accumulated other comprehensive income (loss) | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Non-controlling interest | |||||||||||
Total equity | |||||||||||
TOTAL LIABILITIES AND TOTAL EQUITY | $ | $ |
(unaudited) | Six Months Ended June 30, | |||||||
2022 | 2021 | |||||||
Operating activities: | (in thousands) | |||||||
Net income | $ | $ | ||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||
Depreciation, depletion and amortization | ||||||||
Deferred financing cost amortization | ||||||||
Stock compensation | ||||||||
Deferred income taxes | ||||||||
Employee benefit plans | ||||||||
Other adjustments, net | ( | |||||||
Changes in certain operating assets and liabilities: | ||||||||
Materials, supplies and fuel | ( | |||||||
Accounts receivable and other current assets | ||||||||
Accounts payable and other current liabilities | ( | ( | ||||||
Regulatory assets | ( | |||||||
Regulatory liabilities | ( | |||||||
Other operating activities, net | ( | ( | ||||||
Net cash provided by (used in) operating activities | ( | |||||||
Investing activities: | ||||||||
Property, plant and equipment additions | ( | ( | ||||||
Other investing activities | ||||||||
Net cash (used in) investing activities | ( | ( | ||||||
Financing activities: | ||||||||
Dividends paid on common stock | ( | ( | ||||||
Common stock issued | ||||||||
Term loan - borrowings | ||||||||
Term loan - repayments | ( | |||||||
Net borrowings (payments) of Revolving Credit Facility and CP Program | ( | ( | ||||||
Long-term debt - repayments | ( | |||||||
Distributions to non-controlling interest | ( | ( | ||||||
Other financing activities | ||||||||
Net cash provided by (used in) financing activities | ( | |||||||
Net change in cash, restricted cash and cash equivalents | ( | |||||||
Cash, restricted cash and cash equivalents at beginning of period | ||||||||
Cash, restricted cash and cash equivalents at end of period | $ | $ | ||||||
Supplemental cash flow information: | ||||||||
Cash (paid) refunded during the period: | ||||||||
Interest, net of amounts capitalized | $ | ( | $ | ( | ||||
Income taxes | ||||||||
Non-cash investing and financing activities: | ||||||||
Accrued property, plant and equipment purchases at June 30 |
(unaudited) | Common Stock | Treasury Stock | |||||||||||||||||||||||||||
(in thousands except share amounts) | Shares | Value | Shares | Value | Additional Paid in Capital | Retained Earnings | AOCI | Non-controlling Interest | Total | ||||||||||||||||||||
December 31, 2021 | $ | $ | ( | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | — | ||||||||||||||||||||||
Dividends on common stock ($ | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||
Share-based compensation | — | ( | ( | — | — | — | |||||||||||||||||||||||
Issuance of common stock | — | — | — | — | — | ||||||||||||||||||||||||
Issuance costs | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||
Distributions to non-controlling interest | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||
March 31, 2022 | $ | $ | ( | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||
Other comprehensive (loss), net of tax | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||
Dividends on common stock ($ | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||
Share-based compensation | ( | — | — | — | |||||||||||||||||||||||||
Issuance of common stock | — | — | — | — | — | ||||||||||||||||||||||||
Issuance costs | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||
Distributions to non-controlling interest | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||
June 30, 2022 | $ | $ | ( | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||
(unaudited) | Common Stock | Treasury Stock | |||||||||||||||||||||||||||
(in thousands except share amounts) | Shares | Value | Shares | Value | Additional Paid in Capital | Retained Earnings | AOCI | Non-controlling Interest | Total | ||||||||||||||||||||
December 31, 2020 | $ | $ | ( | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | — | ||||||||||||||||||||||
Dividends on common stock ($ | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||
Share-based compensation | ( | — | — | — | |||||||||||||||||||||||||
Other | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||
Distributions to non-controlling interest | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||
March 31, 2021 | $ | $ | ( | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | — | ||||||||||||||||||||||
Dividends on common stock ($ | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||
Share-based compensation | ( | — | — | — | |||||||||||||||||||||||||
Issuance of common stock | — | — | — | — | — | ||||||||||||||||||||||||
Issuance costs | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||
Other | — | — | — | — | — | — | — | ||||||||||||||||||||||
Distributions to non-controlling interest | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||
June 30, 2021 | $ | $ | ( | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||
As of | As of | |||||||
June 30, 2022 | December 31, 2021 | |||||||
Regulatory assets | ||||||||
Winter Storm Uri (a) | $ | $ | ||||||
Deferred energy and fuel cost adjustments (b) | ||||||||
Deferred gas cost adjustments (b) | ||||||||
Gas price derivatives (b) | ||||||||
Deferred taxes on AFUDC (b) | ||||||||
Employee benefit plans and related deferred taxes (c) | ||||||||
Environmental (b) | ||||||||
Loss on reacquired debt (b) | ||||||||
Deferred taxes on flow through accounting (b) | ||||||||
Decommissioning costs (b) | ||||||||
Other regulatory assets (b) | ||||||||
Total regulatory assets | ||||||||
Less current regulatory assets | ( | ( | ||||||
Regulatory assets, non-current | $ | $ | ||||||
Regulatory liabilities | ||||||||
Deferred energy and gas costs (b) | $ | $ | ||||||
Employee benefit plan costs and related deferred taxes (c) | ||||||||
Cost of removal (b) | ||||||||
Excess deferred income taxes (c) | ||||||||
Other regulatory liabilities (c) | ||||||||
Total regulatory liabilities | ||||||||
Less current regulatory liabilities | ( | ( | ||||||
Regulatory liabilities, non-current | $ | $ |
Three Months Ended June 30, 2022 | Electric Utilities | Gas Utilities | Inter-company Revenues | Total | ||||||||||
Customer types: | (in thousands) | |||||||||||||
Retail | $ | $ | $ | $ | ||||||||||
Transportation | ( | |||||||||||||
Wholesale | ||||||||||||||
Market - off-system sales | ||||||||||||||
Transmission/Other | ( | |||||||||||||
Revenue from contracts with customers | $ | $ | $ | ( | $ | |||||||||
Other revenues | ( | |||||||||||||
Total revenues | $ | $ | $ | ( | $ | |||||||||
Timing of revenue recognition: | ||||||||||||||
Services transferred at a point in time | $ | $ | $ | $ | ||||||||||
Services transferred over time | ( | |||||||||||||
Revenue from contracts with customers | $ | $ | $ | ( | $ | |||||||||
Three Months Ended June 30, 2021 | Electric Utilities | Gas Utilities | Inter-company Revenues | Total | ||||||||||
Customer Types: | (in thousands) | |||||||||||||
Retail | $ | $ | $ | $ | ||||||||||
Transportation | ( | |||||||||||||
Wholesale | ||||||||||||||
Market - off-system sales | ||||||||||||||
Transmission/Other | ( | |||||||||||||
Revenue from contracts with customers | $ | $ | $ | ( | $ | |||||||||
Other revenues | ( | |||||||||||||
Total Revenues | $ | $ | $ | ( | $ | |||||||||
Timing of Revenue Recognition: | ||||||||||||||
Services transferred at a point in time | $ | $ | $ | $ | ||||||||||
Services transferred over time | ( | |||||||||||||
Revenue from contracts with customers | $ | $ | $ | ( | $ | |||||||||
Six Months Ended June 30, 2022 | Electric Utilities | Gas Utilities | Inter-company Revenues | Total | ||||||||||
Customer types: | (in thousands) | |||||||||||||
Retail | $ | $ | $ | $ | ||||||||||
Transportation | ( | |||||||||||||
Wholesale | ||||||||||||||
Market - off-system sales | ||||||||||||||
Transmission/Other | ( | |||||||||||||
Revenue from contracts with customers | $ | $ | $ | ( | $ | |||||||||
Other revenues | ( | |||||||||||||
Total revenues | $ | $ | $ | ( | $ | |||||||||
Timing of revenue recognition: | ||||||||||||||
Services transferred at a point in time | $ | $ | $ | $ | ||||||||||
Services transferred over time | ( | |||||||||||||
Revenue from contracts with customers | $ | $ | $ | ( | $ | |||||||||
Six Months Ended June 30, 2021 | Electric Utilities | Gas Utilities | Inter-company Revenues | Total | ||||||||||
Customer Types: | (in thousands) | |||||||||||||
Retail | $ | $ | $ | $ | ||||||||||
Transportation | ( | |||||||||||||
Wholesale | ||||||||||||||
Market - off-system sales | ||||||||||||||
Transmission/Other | ( | |||||||||||||
Revenue from contracts with customers | $ | $ | $ | ( | $ | |||||||||
Other revenues | ( | |||||||||||||
Total Revenues | $ | $ | $ | ( | $ | |||||||||
Timing of Revenue Recognition: | ||||||||||||||
Services transferred at a point in time | $ | $ | $ | $ | ||||||||||
Services transferred over time | ( | |||||||||||||
Revenue from contracts with customers | $ | $ | $ | ( | $ | |||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||
Balance Outstanding | Letters of Credit (a) | Balance Outstanding | Letters of Credit (a) | |||||||||||
Revolving Credit Facility | ||||||||||||||
CP Program | ||||||||||||||
Total Notes payable | $ | $ | $ | $ |
As of June 30, 2022 | Covenant Requirement | |||||||||||||
Consolidated Indebtedness to Capitalization Ratio | Less than |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Net income available for common stock | $ | $ | $ | $ | |||||||||||||
Weighted average shares - basic | |||||||||||||||||
Dilutive effect of: | |||||||||||||||||
Equity compensation | |||||||||||||||||
Weighted average shares - diluted | |||||||||||||||||
Earnings per share of common stock: | |||||||||||||||||
Earnings per share, Basic | $ | $ | $ | $ | |||||||||||||
Earnings per share, Diluted | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Equity compensation | |||||||||||||||||
Restricted stock | |||||||||||||||||
Anti-dilutive shares |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Notional Amounts (MMBtus) | Maximum Term (months) (a) | Notional Amounts (MMBtus) | Maximum Term (months) (a) | ||||||||||||||||||||
Natural gas futures purchased | |||||||||||||||||||||||
Natural gas options purchased, net | |||||||||||||||||||||||
Natural gas basis swaps purchased | |||||||||||||||||||||||
Natural gas over-the-counter swaps, net (b) | |||||||||||||||||||||||
Natural gas physical contracts, net (c) | |||||||||||||||||||||||
Balance Sheet Location | June 30, 2022 | December 31, 2021 | |||||||||
Derivatives designated as hedges: | |||||||||||
Asset derivative instruments: | |||||||||||
Current commodity derivatives | Derivative assets, current | $ | $ | ||||||||
Noncurrent commodity derivatives | Other assets, non-current | ||||||||||
Liability derivative instruments: | |||||||||||
Current commodity derivatives | Derivative liabilities, current | ( | |||||||||
Total derivatives designated as hedges | $ | ( | $ | ||||||||
Derivatives not designated as hedges: | |||||||||||
Asset derivative instruments: | |||||||||||
Current commodity derivatives | Derivative assets, current | $ | $ | ||||||||
Noncurrent commodity derivatives | Other assets, non-current | ||||||||||
Liability derivative instruments: | |||||||||||
Current commodity derivatives | Derivative liabilities, current | ( | ( | ||||||||
Noncurrent commodity derivatives | Other deferred credits and other liabilities | ( | |||||||||
Total derivatives not designated as hedges | $ | $ |
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain/(Loss) Recognized in OCI | Income Statement Location | Amount of Gain/(Loss) Reclassified from AOCI into Income | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Interest rate swaps | $ | $ | Interest expense | $ | ( | $ | ( | ||||||||||
Commodity derivatives | ( | Fuel, purchased power and cost of natural gas sold | |||||||||||||||
Total | $ | ( | $ | $ | $ | ( |
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain/(Loss) Recognized in OCI | Income Statement Location | Amount of Gain/(Loss) Reclassified from AOCI into Income | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Interest rate swaps | $ | $ | Interest expense | $ | ( | $ | ( | ||||||||||
Commodity derivatives | ( | Fuel, purchased power and cost of natural gas sold | |||||||||||||||
Total | $ | ( | $ | $ | $ | ( |
Three Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | |||||||||
(in thousands) | |||||||||||
Commodity derivatives - Electric | Fuel, purchased power and cost of natural gas sold | $ | $ | ( | |||||||
Commodity derivatives - Natural Gas | Fuel, purchased power and cost of natural gas sold | ( | |||||||||
$ | ( | $ | ( |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Derivatives Not Designated as Hedging Instruments | Income Statement Location | Amount of Gain/(Loss) on Derivatives Recognized in Income | |||||||||
(in thousands) | |||||||||||
Commodity derivatives - Electric | Fuel, purchased power and cost of natural gas sold | $ | $ | ( | |||||||
Commodity derivatives - Natural Gas | Fuel, purchased power and cost of natural gas sold | ||||||||||
$ | $ | ( |
As of June 30, 2022 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting (a) | Total | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Commodity derivatives — Gas Utilities | $ | $ | $ | $ | ( | $ | ||||||||||||||
Total | $ | $ | $ | $ | ( | $ | ||||||||||||||
Liabilities: | ||||||||||||||||||||
Commodity derivatives — Gas Utilities | $ | $ | $ | $ | ( | $ | ||||||||||||||
Total | $ | $ | $ | $ | ( | $ |
As of December 31, 2021 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting (a) | Total | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Commodity derivatives — Gas Utilities | $ | $ | $ | $ | ( | $ | ||||||||||||||
Total | $ | $ | $ | $ | ( | $ | ||||||||||||||
Liabilities: | ||||||||||||||||||||
Commodity derivatives — Gas Utilities | $ | $ | $ | $ | ( | $ | ||||||||||||||
Total | $ | $ | $ | $ | ( | $ |
June 30, 2022 | December 31, 2021 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Long-term debt, including current maturities (a) | $ | $ | $ | $ |
Location on the Condensed Consolidated Statements of Income | Amount Reclassified from AOCI | Amount Reclassified from AOCI | ||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Gains and (losses) on cash flow hedges: | ||||||||||||||||||||
Interest rate swaps | Interest expense | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||
Commodity contracts | Fuel, purchased power and cost of natural gas sold | |||||||||||||||||||
( | ( | |||||||||||||||||||
Income tax | Income tax expense | ( | ( | |||||||||||||||||
Total reclassification adjustments related to cash flow hedges, net of tax | $ | $ | ( | $ | $ | ( | ||||||||||||||
Amortization of components of defined benefit plans: | ||||||||||||||||||||
Prior service cost | Operations and maintenance | $ | $ | $ | $ | |||||||||||||||
Actuarial gain (loss) | Operations and maintenance | ( | ( | ( | ( | |||||||||||||||
( | ( | ( | ( | |||||||||||||||||
Income tax | Income tax expense | |||||||||||||||||||
Total reclassification adjustments related to defined benefit plans, net of tax | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||
Total reclassifications | $ | $ | ( | $ | $ | ( |
Derivatives Designated as Cash Flow Hedges | ||||||||||||||
Interest Rate Swaps | Commodity Derivatives | Employee Benefit Plans | Total | |||||||||||
As of December 31, 2021 | $ | ( | $ | $ | ( | $ | ( | |||||||
Other comprehensive income (loss) | ||||||||||||||
before reclassifications | ( | ( | ||||||||||||
Amounts reclassified from AOCI | ( | ( | ||||||||||||
As of June 30, 2022 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||||||
Interest Rate Swaps | Commodity Derivatives | Employee Benefit Plans | Total | |||||||||||
As of December 31, 2020 | $ | ( | $ | $ | ( | $ | ( | |||||||
Other comprehensive income (loss) | ||||||||||||||
before reclassifications | ||||||||||||||
Amounts reclassified from AOCI | ( | |||||||||||||
As of June 30, 2021 | $ | ( | $ | $ | ( | $ | ( |
Defined Benefit Pension Plan | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plan | ||||||||||||||||||
Three Months Ended June 30, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||
Net Service cost | $ | $ | $ | ( | $ | $ | $ | |||||||||||||
Interest cost | ||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | ||||||||||||||||
Net amortization of prior service costs | ( | ( | ( | |||||||||||||||||
Recognized net actuarial loss | ||||||||||||||||||||
Net periodic expense (benefit) | $ | $ | $ | ( | $ | $ | $ |
Defined Benefit Pension Plan | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plan | ||||||||||||||||||
Six Months Ended June 30, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||
Net Service cost | $ | $ | $ | ( | $ | $ | $ | |||||||||||||
Interest cost | ||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | ||||||||||||||||
Net amortization of prior service costs | ( | ( | ( | |||||||||||||||||
Recognized net actuarial loss | ||||||||||||||||||||
Net periodic expense (benefit) | $ | $ | $ | ( | $ | $ | $ |
Contributions Made | Additional Contributions | Contributions | |||||||||
Six Months Ended June 30, 2022 | Anticipated for 2022 | Anticipated for 2023 | |||||||||
Defined Benefit Pension Plan | $ | $ | $ | ||||||||
Non-pension Defined Benefit Postretirement Healthcare Plan | $ | $ | $ | ||||||||
Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | $ | $ | $ |
Total assets (net of intercompany eliminations) as of: | June 30, 2022 | December 31, 2021 | |||||||||
Electric Utilities | $ | $ | |||||||||
Gas Utilities | |||||||||||
Corporate and Other | |||||||||||
Total assets | $ | $ |
Three Months Ended June 30, 2022 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | ||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | ||||||||||||||||||||
Segment: | |||||||||||||||||||||||
Electric Utilities | $ | $ | $ | $ | $ | ||||||||||||||||||
Gas Utilities | |||||||||||||||||||||||
Inter-company eliminations | — | — | ( | ( | ( | ||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Three Months Ended June 30, 2021 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | ||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | ||||||||||||||||||||
Segment: | |||||||||||||||||||||||
Electric Utilities | $ | $ | $ | $ | $ | ||||||||||||||||||
Gas Utilities | |||||||||||||||||||||||
Inter-company eliminations | — | — | ( | ( | ( | ||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Six Months Ended June 30, 2022 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | ||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | ||||||||||||||||||||
Segment: | |||||||||||||||||||||||
Electric Utilities | $ | $ | $ | $ | $ | ||||||||||||||||||
Gas Utilities | |||||||||||||||||||||||
Inter-company eliminations | — | — | ( | ( | ( | ||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Six Months Ended June 30, 2021 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | ||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | ||||||||||||||||||||
Segment: | |||||||||||||||||||||||
Electric Utilities | $ | $ | $ | $ | $ | ||||||||||||||||||
Gas Utilities | |||||||||||||||||||||||
Inter-company eliminations | — | — | ( | ( | ( | ||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||
Operating income (loss): | ||||||||||||||
Electric Utilities | $ | $ | $ | $ | ||||||||||
Gas Utilities | ||||||||||||||
Corporate and Other | ( | ( | ( | ( | ||||||||||
Operating income | ||||||||||||||
Interest expense, net | ( | ( | ( | ( | ||||||||||
Other income (expense), net | ( | |||||||||||||
Income tax benefit (expense) | ( | ( | ( | |||||||||||
Net income | ||||||||||||||
Net income attributable to non-controlling interest | ( | ( | ( | ( | ||||||||||
Net income available for common stock | $ | $ | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||
Billed Accounts Receivable | $ | $ | |||||||||
Unbilled Revenue | |||||||||||
Less: Allowance for Credit Losses | ( | ( | |||||||||
Accounts Receivable, net | $ | $ |
Balance at Beginning of Year | Additions Charged to Costs and Expenses | Recoveries and Other Additions | Write-offs and Other Deductions | Balance at June 30, | ||||||||||||||||||||||||||||
2022 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
2021 | $ | $ | $ | $ | ( | $ |
June 30, 2022 | December 31, 2021 | ||||||||||
Materials and supplies | $ | $ | |||||||||
Fuel - Electric Utilities | |||||||||||
Natural gas in storage | |||||||||||
Total materials, supplies and fuel | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||
Accrued employee compensation, benefits and withholdings | $ | $ | |||||||||
Accrued property taxes | |||||||||||
Customer deposits and prepayments | |||||||||||
Accrued interest | |||||||||||
Other (none of which is individually significant) | |||||||||||
Total accrued liabilities | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||
(in thousands, except per share amounts) | ||||||||||||||
Operating income (loss): | ||||||||||||||
Electric Utilities | $ | 45,226 | $ | 47,462 | $ | 95,972 | $ | 86,805 | ||||||
Gas Utilities | 28,195 | 19,985 | 151,735 | 122,079 | ||||||||||
Corporate and Other | (1,032) | (181) | (1,965) | (3,303) | ||||||||||
Operating income | 72,389 | 67,266 | 245,742 | 205,581 | ||||||||||
Interest expense, net | (38,764) | (38,202) | (77,309) | (75,802) | ||||||||||
Other income (expense), net | 1,563 | (191) | 2,267 | 75 | ||||||||||
Income tax benefit (expense) | 658 | (586) | (13,830) | (1,080) | ||||||||||
Net income | 35,846 | 28,287 | 156,870 | 128,774 | ||||||||||
Net income attributable to non-controlling interest | (2,431) | (3,126) | (5,929) | (7,297) | ||||||||||
Net income available for common stock | $ | 33,415 | $ | 25,161 | $ | 150,941 | $ | 121,477 | ||||||
Total earnings per share of common stock, Diluted | $ | 0.52 | $ | 0.40 | $ | 2.33 | $ | 1.93 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2022 | 2021 | Variance | 2022 | 2021 | Variance | |||||||||||||||
Revenue: | ||||||||||||||||||||
Electric - regulated | $ | 194,197 | $ | 181,503 | $ | 12,694 | $ | 389,921 | $ | 404,599 | $ | (14,678) | ||||||||
Other - non-regulated | 10,182 | 9,513 | 669 | 20,995 | 21,821 | (826) | ||||||||||||||
Total revenue | 204,379 | 191,016 | 13,363 | 410,917 | 426,420 | (15,503) | ||||||||||||||
Cost of fuel and purchased power: | ||||||||||||||||||||
Electric - regulated | 55,723 | 44,607 | 11,116 | 107,202 | 144,076 | (36,874) | ||||||||||||||
Other - non-regulated | 909 | 956 | (47) | 1,840 | 1,786 | 54 | ||||||||||||||
Total cost of fuel and purchased power | 56,632 | 45,563 | 11,069 | 109,042 | 145,862 | (36,820) | ||||||||||||||
Electric Utility margin (non-GAAP) | 147,747 | 145,453 | 2,294 | 301,875 | 280,558 | 21,317 | ||||||||||||||
Operations and maintenance | 69,000 | 65,301 | 3,699 | 138,669 | 129,035 | 9,634 | ||||||||||||||
Depreciation and amortization | 33,521 | 32,690 | 831 | 67,234 | 64,718 | 2,516 | ||||||||||||||
Total operating expenses | 102,521 | 97,991 | 4,530 | 205,903 | 193,753 | 12,150 | ||||||||||||||
Operating income | $ | 45,226 | $ | 47,462 | $ | (2,236) | $ | 95,972 | $ | 86,805 | $ | 9,167 |
(in millions) | |||||
New rates and rider recovery | $ | 4.2 | |||
Prior year mark-to-market on wholesale energy contracts | 3.6 | ||||
Lower pricing on new Wygen I PPA | (2.6) | ||||
Prior year Winter Storm Uri impacts (a) | (2.4) | ||||
Other | (0.5) | ||||
Total increase in Electric Utility margin | $ | 2.3 |
(in millions) | |||||
Prior year TCJA-related bill credits (a) | $ | 9.3 | |||
New rates and rider recovery | 6.3 | ||||
Prior year mark-to-market on wholesale energy contracts | 5.1 | ||||
Transmission services and off-system energy sales | 2.6 | ||||
Customer load growth | 1.8 | ||||
Prior year Winter Storm Uri impacts (b) | 1.2 | ||||
Lower pricing on new Wygen I PPA | (5.1) | ||||
Weather | (0.2) | ||||
Other | 0.3 | ||||
Total increase in Electric Utility margin | $ | 21.3 |
Revenue (in thousands) | Quantities Sold (MWh) | ||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Residential | $ | 52,853 | $ | 53,451 | $ | 115,102 | $ | 126,211 | 323,775 | 335,063 | 715,357 | 731,149 | |||||||||||||||||
Commercial | 68,756 | 66,809 | 133,109 | 143,816 | 509,830 | 501,463 | 1,000,248 | 994,418 | |||||||||||||||||||||
Industrial | 38,190 | 35,186 | 73,598 | 78,195 | 464,928 | 441,793 | 928,696 | 856,984 | |||||||||||||||||||||
Municipal | 4,992 | 4,382 | 9,567 | 9,402 | 40,240 | 39,863 | 75,545 | 76,105 | |||||||||||||||||||||
Subtotal Retail Revenue - Electric | 164,791 | 159,828 | 331,377 | 357,624 | 1,338,773 | 1,318,182 | 2,719,846 | 2,658,656 | |||||||||||||||||||||
Contract Wholesale | 4,339 | 3,010 | 10,262 | 8,932 | 150,645 | 129,763 | 332,852 | 286,758 | |||||||||||||||||||||
Off-system/Power Marketing Wholesale | 8,666 | 7,266 | 15,820 | 12,038 | 144,425 | 148,981 | 304,866 | 209,202 | |||||||||||||||||||||
Other (a) | 16,400 | 11,399 | 32,463 | 26,005 | — | — | — | — | |||||||||||||||||||||
Total Regulated | 194,197 | 181,503 | 389,921 | 404,599 | 1,633,843 | 1,596,926 | 3,357,564 | 3,154,616 | |||||||||||||||||||||
Non-Regulated (b) | 10,182 | 9,513 | 20,995 | 21,821 | 72,770 | 61,408 | 161,864 | 140,923 | |||||||||||||||||||||
Total Revenue and Quantities Sold | $ | 204,379 | $ | 191,016 | $ | 410,917 | $ | 426,420 | 1,706,613 | 1,658,334 | 3,519,428 | 3,295,539 | |||||||||||||||||
Other Uses, Losses or Generation, net (c) | 98,323 | 94,932 | 211,609 | 227,680 | |||||||||||||||||||||||||
Total Energy | 1,804,936 | 1,753,266 | 3,731,037 | 3,523,219 | |||||||||||||||||||||||||
Revenue (in thousands) | Quantities Sold (MWh) | ||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Colorado Electric | $ | 71,197 | $ | 64,009 | $ | 146,642 | $ | 143,446 | 568,890 | 596,364 | 1,188,478 | 1,150,344 | |||||||||||||||||
South Dakota Electric | 76,195 | 72,640 | 154,792 | 166,769 | 600,172 | 581,628 | 1,244,395 | 1,163,476 | |||||||||||||||||||||
Wyoming Electric | 47,146 | 45,601 | 89,235 | 95,551 | 464,781 | 418,934 | 924,691 | 840,796 | |||||||||||||||||||||
Integrated Generation | 9,841 | 8,766 | 20,248 | 20,654 | 72,770 | 61,408 | 161,864 | 140,923 | |||||||||||||||||||||
Total Revenue and Quantities Sold | $ | 204,379 | $ | 191,016 | $ | 410,917 | $ | 426,420 | 1,706,613 | 1,658,334 | 3,519,428 | 3,295,539 | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
Quantities Generated and Purchased by Fuel Type (MWh) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Generated: | ||||||||||||||
Coal | 589,438 | 623,822 | 1,252,876 | 1,241,956 | ||||||||||
Natural Gas and Oil | 262,157 | 377,155 | 558,579 | 750,941 | ||||||||||
Wind | 244,456 | 195,736 | 498,024 | 409,583 | ||||||||||
Total Generated | 1,096,051 | 1,196,713 | 2,309,479 | 2,402,480 | ||||||||||
Purchased: | ||||||||||||||
Coal, Natural Gas, Oil and Other Market Purchases | 608,045 | 481,346 | 1,196,205 | 945,887 | ||||||||||
Wind | 100,840 | 75,207 | 225,353 | 174,852 | ||||||||||
Total Purchased | 708,885 | 556,553 | 1,421,558 | 1,120,739 | ||||||||||
Total Generated and Purchased | 1,804,936 | 1,753,266 | 3,731,037 | 3,523,219 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
Quantities Generated and Purchased (MWh) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Generated: | ||||||||||||||
Colorado Electric | 112,117 | 110,821 | 197,548 | 201,077 | ||||||||||
South Dakota Electric | 367,936 | 442,665 | 823,541 | 911,481 | ||||||||||
Wyoming Electric | 225,720 | 222,540 | 430,318 | 396,530 | ||||||||||
Integrated Generation | 390,278 | 420,687 | 858,072 | 893,392 | ||||||||||
Total Generated | 1,096,051 | 1,196,713 | 2,309,479 | 2,402,480 | ||||||||||
Purchased: | ||||||||||||||
Colorado Electric | 255,969 | 251,648 | 556,366 | 471,893 | ||||||||||
South Dakota Electric | 248,625 | 154,633 | 445,688 | 296,635 | ||||||||||
Wyoming Electric | 185,932 | 135,177 | 376,737 | 307,602 | ||||||||||
Integrated Generation | 18,359 | 15,095 | 42,767 | 44,609 | ||||||||||
Total Purchased | 708,885 | 556,553 | 1,421,558 | 1,120,739 | ||||||||||
Total Generated and Purchased | 1,804,936 | 1,753,266 | 3,731,037 | 3,523,219 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Degree Days | Actual | Variance from Normal | Actual | Variance from Normal | Actual | Variance from Normal | Actual | Variance from Normal | |||||||||||||||||||||
Heating Degree Days: | |||||||||||||||||||||||||||||
Colorado Electric | 556 | (5) | % | 595 | (6) | % | 3,271 | 5 | % | 3,326 | 2 | % | |||||||||||||||||
South Dakota Electric | 1,221 | 13 | % | 1,048 | 2 | % | 4,469 | 3 | % | 4,372 | 3 | % | |||||||||||||||||
Wyoming Electric | 1,159 | (3) | % | 1,221 | 2 | % | 4,291 | 2 | % | 4,482 | 6 | % | |||||||||||||||||
Combined (a) | 904 | 3 | % | 875 | — | % | 3,885 | 4 | % | 3,915 | 3 | % | |||||||||||||||||
Cooling Degree Days: | |||||||||||||||||||||||||||||
Colorado Electric | 333 | 24 | % | 300 | 44 | % | 333 | 24 | % | 300 | 44 | % | |||||||||||||||||
South Dakota Electric | 107 | 15 | % | 167 | 69 | % | 107 | 15 | % | 167 | 69 | % | |||||||||||||||||
Wyoming Electric | 121 | 102 | % | 117 | 134 | % | 121 | 102 | % | 117 | 134 | % | |||||||||||||||||
Combined (a) | 213 | 28 | % | 218 | 56 | % | 213 | 28 | % | 218 | 56 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
Contracted generating facilities Availability by fuel type (a) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Coal (b) (c) | 82.1 | % | 86.1 | % | 86.3 | % | 86.2 | % | ||||||
Natural gas and diesel oil | 95.1 | % | 97.6 | % | 95.2 | % | 93.8 | % | ||||||
Wind | 93.8 | % | 96.8 | % | 94.7 | % | 95.3 | % | ||||||
Total Availability | 91.4 | % | 94.4 | % | 92.7 | % | 92.1 | % | ||||||
Wind Capacity Factor | 39.8 | % | 31.0 | % | 40.9 | % | 34.1 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2022 | 2021 | Variance | 2022 | 2021 | Variance | |||||||||||||||
Revenue: | ||||||||||||||||||||
Natural gas - regulated | $ | 258,349 | $ | 172,465 | $ | 85,884 | $ | 854,807 | $ | 550,542 | $ | 304,265 | ||||||||
Other - non-regulated | 15,821 | 13,585 | 2,236 | 40,755 | 38,027 | 2,728 | ||||||||||||||
Total revenue | 274,169 | 186,050 | 88,119 | 895,561 | 588,569 | 306,992 | ||||||||||||||
Cost of natural gas sold: | ||||||||||||||||||||
Natural gas - regulated | 126,704 | 62,317 | 64,387 | 510,416 | 245,284 | 265,132 | ||||||||||||||
Other - non-regulated | 5,040 | 798 | 4,242 | 6,055 | 10,881 | (4,826) | ||||||||||||||
Total cost of natural gas sold | 131,744 | 63,115 | 68,629 | 516,471 | 256,165 | 260,306 | ||||||||||||||
Gas Utility margin (non-GAAP) | 142,425 | 122,935 | 19,490 | 379,090 | 332,404 | 46,686 | ||||||||||||||
Operations and maintenance | 83,689 | 77,263 | 6,426 | 170,130 | 159,463 | 10,667 | ||||||||||||||
Depreciation and amortization | 30,541 | 25,687 | 4,854 | 57,225 | 50,862 | 6,363 | ||||||||||||||
Total operating expenses | 114,230 | 102,950 | 11,280 | 227,355 | 210,325 | 17,030 | ||||||||||||||
Operating income | $ | 28,195 | $ | 19,985 | $ | 8,210 | $ | 151,735 | $ | 122,079 | $ | 29,656 |
(in millions) | |||||
Carrying costs on Winter Storm Uri regulatory asset (a) | $ | 12.3 | |||
New rates and rider recovery | 4.6 | ||||
Current and prior year TCJA-related bill credits (b) | 2.2 | ||||
Increased transportation and transmission volumes | 1.9 | ||||
Residential customer growth and increased usage per customer | 1.5 | ||||
Mark-to-market on non-utility natural gas commodity contracts | (4.3) | ||||
Weather | (0.2) | ||||
Other | 1.5 | ||||
Total increase in Gas Utility margin | $ | 19.5 |
(in millions) | |||||
New rates and rider recovery | $ | 17.4 | |||
Carrying costs on Winter Storm Uri regulatory asset (a) | 14.6 | ||||
Prior year Black Hills Energy Services Winter Storm Uri costs (b) | 8.2 | ||||
Residential customer growth and increased usage per customer | 4.5 | ||||
Increased transportation and transmission volumes | 1.5 | ||||
Current and prior year TCJA-related bill credits (c) | 1.4 | ||||
Weather | (1.0) | ||||
Mark-to-market on non-utility natural gas commodity contracts | (0.9) | ||||
Other | 1.0 | ||||
Total increase in Gas Utility margin | $ | 46.7 |
Revenue (in thousands) | Quantities Sold and Transported (Dth) | ||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Residential | $ | 143,127 | $ | 98,370 | $ | 519,171 | $ | 332,767 | 8,523,755 | 8,575,051 | 40,338,005 | 39,143,789 | |||||||||||||||||
Commercial | 61,182 | 36,888 | 219,824 | 127,977 | 4,499,245 | 4,493,931 | 19,130,948 | 18,306,252 | |||||||||||||||||||||
Industrial | 16,875 | 5,811 | 26,113 | 10,713 | 2,150,532 | 1,337,672 | 3,315,115 | 2,235,961 | |||||||||||||||||||||
Other | 2,300 | (418) | 5,072 | (890) | — | — | — | — | |||||||||||||||||||||
Total Distribution | 223,483 | 140,651 | 770,179 | 470,567 | 15,173,532 | 14,406,654 | 62,784,068 | 59,686,002 | |||||||||||||||||||||
Transportation and Transmission | 34,865 | 31,814 | 84,627 | 79,975 | 37,623,610 | 34,074,214 | 82,668,813 | 79,388,652 | |||||||||||||||||||||
Total Regulated | 258,349 | 172,465 | 854,807 | 550,542 | 52,797,142 | 48,480,868 | 145,452,881 | 139,074,654 | |||||||||||||||||||||
Non-regulated Services | 15,821 | 13,585 | 40,755 | 38,027 | — | — | — | — | |||||||||||||||||||||
Total Revenue and Quantities Sold | $ | 274,169 | $ | 186,050 | $ | 895,561 | $ | 588,569 | 52,797,142 | 48,480,868 | 145,452,881 | 139,074,654 | |||||||||||||||||
Revenue (in thousands) | Quantities Sold & Transported (Dth) | ||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Arkansas Gas | $ | 51,815 | $ | 32,994 | $ | 179,624 | $ | 119,988 | 5,445,450 | 5,718,417 | 18,373,186 | 19,025,151 | |||||||||||||||||
Colorado Gas | 50,328 | 34,190 | 170,381 | 113,312 | 6,365,777 | 5,957,285 | 19,784,461 | 19,323,300 | |||||||||||||||||||||
Iowa Gas | 42,050 | 29,831 | 162,629 | 86,585 | 8,178,613 | 7,016,613 | 23,554,795 | 21,330,586 | |||||||||||||||||||||
Kansas Gas | 35,482 | 21,163 | 94,333 | 61,226 | 8,762,807 | 7,155,427 | 19,751,874 | 17,618,224 | |||||||||||||||||||||
Nebraska Gas | 62,337 | 43,037 | 196,571 | 136,135 | 16,714,480 | 15,822,880 | 44,050,254 | 43,106,981 | |||||||||||||||||||||
Wyoming Gas | 32,157 | 24,835 | 92,023 | 71,323 | 7,330,015 | 6,810,246 | 19,938,311 | 18,670,412 | |||||||||||||||||||||
Total Revenue and Quantities Sold | $ | 274,169 | $ | 186,050 | $ | 895,561 | $ | 588,569 | 52,797,142 | 48,480,868 | 145,452,881 | 139,074,654 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Heating Degree Days | Actual | Variance from Normal | Actual | Variance from Normal | Actual | Variance from Normal | Actual | Variance from Normal | |||||||||||||||||||||
Arkansas Gas (a) | 271 | (18)% | 383 | 16% | 2,370 | (3)% | 2,504 | 3% | |||||||||||||||||||||
Colorado Gas | 817 | (14)% | 865 | (9)% | 3,763 | (3)% | 3,830 | (1)% | |||||||||||||||||||||
Iowa Gas | 803 | 17% | 691 | 1% | 4,382 | 8% | 4,113 | 1% | |||||||||||||||||||||
Kansas Gas (a) | 436 | (2)% | 493 | 10% | 3,020 | 4% | 3,069 | 5% | |||||||||||||||||||||
Nebraska Gas | 679 | 7% | 624 | (1)% | 3,720 | 1% | 3,721 | 1% | |||||||||||||||||||||
Wyoming Gas | 1,326 | 9% | 1,200 | (1)% | 4,598 | 4% | 4,625 | 5% | |||||||||||||||||||||
Combined (b) | 768 | 2% | 739 | 1% | 3,933 | 2% | 3,925 | 2% |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2022 | 2021 | Variance | 2022 | 2021 | Variance | |||||||||||||||
Operating (loss) | $ | (1,032) | $ | (181) | $ | (851) | $ | (1,965) | $ | (3,303) | $ | 1,338 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2022 | 2021 | Variance | 2022 | 2021 | Variance | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Interest expense, net | $ | (38,764) | $ | (38,202) | $ | (562) | $ | (77,309) | $ | (75,802) | $ | (1,507) | ||||||||
Other income, net | 1,563 | (191) | $ | 1,754 | $ | 2,267 | $ | 75 | $ | 2,192 | ||||||||||
Income tax benefit (expense) | 658 | (586) | $ | 1,244 | $ | (13,830) | $ | (1,080) | $ | (12,750) |
Cash provided by (used in): | 2022 | 2021 | Variance | ||||||||
Operating activities | $ | 442,030 | $ | (250,173) | $ | 692,203 | |||||
Investing activities | $ | (291,385) | $ | (309,737) | $ | 18,352 | |||||
Financing activities | $ | (149,093) | $ | 554,905 | $ | (703,998) |
Current | Short-term borrowings at | Letters of Credit (a) at | Available Capacity at | ||||||||||||||
Credit Facility | Expiration | Capacity | June 30, 2022 | June 30, 2022 | June 30, 2022 | ||||||||||||
Revolving Credit Facility and CP Program | July 19, 2026 | $ | 750 | $ | 335 | $ | 14 | $ | 401 |
(dollars in millions) | |||||
Maximum amount outstanding (based on daily outstanding balances) | $ | 429 | |||
Average amount outstanding (based on daily outstanding balances) | $ | 326 | |||
Weighted average interest rates | 0.82 | % |
Rating Agency | Senior Unsecured Rating | Outlook | ||||||
S&P (a) | BBB+ | Stable | ||||||
Moody’s (b) | Baa2 | Stable | ||||||
Fitch (c) | BBB+ | Stable |
Rating Agency | Senior Secured Rating | ||||
S&P (a) | A | ||||
Fitch (b) | A |
Actual | Forecasted | ||||||||||||||||||||||
Capital Expenditures by Segment | Six Months Ended June 30, 2022 (a) | 2022 (b) | 2023 | 2024 | 2025 | 2026 | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Electric Utilities | $ | 120 | $ | 239 | $ | 205 | $ | 285 | $ | 231 | $ | 155 | |||||||||||
Gas Utilities | 150 | 363 | 383 | 386 | 349 | 346 | |||||||||||||||||
Corporate and Other | 4 | 9 | 12 | 13 | 13 | 13 | |||||||||||||||||
Incremental Projects (c) | — | — | — | — | 60 | 140 | |||||||||||||||||
$ | 274 | $ | 611 | $ | 600 | $ | 684 | $ | 653 | $ | 654 |
Period | Total Number of Shares Purchased (a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plans or Programs | ||||||||||
April 1, 2022 - April 30, 2022 | 2 | $ | 78.44 | — | — | |||||||||
May 1, 2022 - May 31, 2022 | 741 | $ | 75.60 | — | — | |||||||||
June 1, 2022 - June 30, 2022 | 3 | $ | 76.38 | — | — | |||||||||
Total | 746 | $ | 75.61 | — | — |
Exhibit Number | Description | ||||
10.1 | |||||
31.1* | |||||
31.2* | |||||
32.1* | |||||
32.2* | |||||
95* | |||||
101.INS* | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||
101.SCH* | XBRL Taxonomy Extension Schema Document | ||||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104* | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
/s/ Linden R. Evans | ||||||||
Linden R. Evans, President and | ||||||||
Chief Executive Officer | ||||||||
/s/ Richard W. Kinzley | ||||||||
Richard W. Kinzley, Senior Vice President and | ||||||||
Chief Financial Officer | ||||||||
Dated: | August 4, 2022 |
1. | I have reviewed this Quarterly Report on Form 10-Q of Black Hills Corporation; | |||||||
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |||||||
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |||||||
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | |||||||
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |||||||
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |||||||
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |||||||
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. | |||||||
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): | |||||||
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | |||||||
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. | |||||||
Date: | August 4, 2022 | ||||||||||
/S/ LINDEN R. EVANS | |||||||||||
Linden R. Evans | |||||||||||
President and Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of Black Hills Corporation; | |||||||
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |||||||
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |||||||
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | |||||||
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |||||||
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |||||||
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |||||||
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. | |||||||
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): | |||||||
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | |||||||
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. | |||||||
Date: | August 4, 2022 | ||||||||||
/S/ RICHARD W. KINZLEY | |||||||||||
Richard W. Kinzley | |||||||||||
Senior Vice President and Chief Financial Officer |
(1) | The Report fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and | |||||||
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. | |||||||
Date: | August 4, 2022 | ||||||||||
/S/ LINDEN R. EVANS | |||||||||||
Linden R. Evans | |||||||||||
President and Chief Executive Officer |
(1) | The Report fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and | |||||||
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. | |||||||
Date: | August 4, 2022 | ||||||||||
/S/ RICHARD W. KINZLEY | |||||||||||
Richard W. Kinzley | |||||||||||
Senior Vice President and Chief Financial Officer |
Mine/ MSHA | Mine Act Section 104 S&S Citations issued during three months ended | Mine Act Section 104(b) | Mine Act Section 104(d) Citations and | Mine Act Section 110(b)(2) | Mine Act Section 107(a) Imminent Danger | Total Dollar Value of Proposed MSHA | Total Number of Mining Related | Received Notice of Potential to Have Pattern Under | Legal Actions Pending as of Last Day of | Legal Actions Initiated During | Legal Actions Resolved During | ||||||||||||||||||||||||
Identification Number | June 30, 2022 | Orders (#) | Orders (#) | Violations (#) | Orders (#) | Assessments | Fatalities (#) | Section 104(e) (yes/no) | Period (#) (a) | Period (#) | Period (#) | ||||||||||||||||||||||||
Wyodak Coal Mine - 4800083 | — | — | — | — | — | $ | — | — | No | — | — | — |
Condensed Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Income Statement [Abstract] | ||||
Revenues | $ 474,195 | $ 372,572 | $ 1,297,765 | $ 1,006,004 |
Operating expenses: | ||||
Fuel, purchased power and cost of natural gas sold | 188,171 | 108,474 | 625,097 | 401,621 |
Operations and maintenance | 132,968 | 123,245 | 269,100 | 252,924 |
Depreciation, depletion and amortization | 64,128 | 58,443 | 124,591 | 115,712 |
Taxes - property and production | 16,539 | 15,144 | 33,235 | 30,166 |
Total operating expenses | 401,806 | 305,306 | 1,052,023 | 800,423 |
Operating income | 72,389 | 67,266 | 245,742 | 205,581 |
Other income (expense): | ||||
Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) | (39,053) | (38,669) | (77,874) | (76,494) |
Interest income | 289 | 467 | 565 | 692 |
Other income (expense), net | 1,563 | (191) | 2,267 | 75 |
Total other income (expense) | (37,201) | (38,393) | (75,042) | (75,727) |
Income before income taxes | 35,188 | 28,873 | 170,700 | 129,854 |
Income tax benefit (expense) | 658 | (586) | (13,830) | (1,080) |
Net income | 35,846 | 28,287 | 156,870 | 128,774 |
Net income attributable to non-controlling interest | (2,431) | (3,126) | (5,929) | (7,297) |
Net income available for common stock | $ 33,415 | $ 25,161 | $ 150,941 | $ 121,477 |
Earnings per share of common stock: | ||||
Earnings per share, Basic (usd per share) | $ 0.52 | $ 0.40 | $ 2.33 | $ 1.94 |
Earnings per share, Diluted (usd per share) | $ 0.52 | $ 0.40 | $ 2.33 | $ 1.93 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 64,721 | 62,867 | 64,643 | 62,751 |
Diluted (in shares) | 64,883 | 62,918 | 64,822 | 62,817 |
Condensed Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
(Tax) benefit on reclassification adjustment of benefit plan liability - prior service cost | $ 8 | $ 6 | $ 14 | $ 15 |
(Tax) benefit on reclassification adjustment of benefit plan liability - net loss | (68) | (157) | (113) | (374) |
Interest rate swaps | ||||
(Tax) benefit on reclassification of net realized (gains) losses on settled/amortized derivatives | (238) | (150) | (415) | (340) |
Commodity Contract | ||||
(Tax) benefit on reclassification of net realized (gains) losses on settled/amortized derivatives | 319 | 14 | 871 | 6 |
(Tax) benefit on net unrealized gains (losses) on commodity derivatives | $ 734 | $ (304) | $ 394 | $ (339) |
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value (usd per share) | $ 1 | $ 1 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares, issued | 65,105,178 | 64,793,095 |
Treasury stock, shares | 23,691 | 54,078 |
Condensed Consolidated Statements of Equity (unaudited) - USD ($) |
Total |
Common Stock |
Treasury Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (loss) |
Noncontrolling Interest |
---|---|---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2020 | 62,827,179 | 32,492 | |||||
Beginning balance at Dec. 31, 2020 | $ 2,662,647,000 | $ 62,827,000 | $ (2,119,000) | $ 1,657,285,000 | $ 870,738,000 | $ (27,346,000) | $ 101,262,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 100,487,000 | 96,316,000 | 4,171,000 | ||||
Other comprehensive (loss), net of tax | 1,018,000 | 1,018,000 | |||||
Dividends on common stock | (35,514,000) | (35,514,000) | |||||
Share-based compensation (in shares) | 82,794 | 7,448 | |||||
Share-based compensation | 1,310,000 | $ 83,000 | $ (445,000) | 1,672,000 | |||
Other | (2,000) | (2,000) | |||||
Distributions to non-controlling interest | (4,644,000) | (4,644,000) | |||||
Ending balance (in shares) at Mar. 31, 2021 | 62,909,973 | 39,940 | |||||
Ending balance at Mar. 31, 2021 | 2,725,302,000 | $ 62,910,000 | $ (2,564,000) | 1,658,957,000 | 931,538,000 | (26,328,000) | 100,789,000 |
Beginning balance (in shares) at Dec. 31, 2020 | 62,827,179 | 32,492 | |||||
Beginning balance at Dec. 31, 2020 | 2,662,647,000 | $ 62,827,000 | $ (2,119,000) | 1,657,285,000 | 870,738,000 | (27,346,000) | 101,262,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 128,774,000 | ||||||
Other comprehensive (loss), net of tax | 2,900,000 | ||||||
Ending balance (in shares) at Jun. 30, 2021 | 63,526,913 | 46,528 | |||||
Ending balance at Jun. 30, 2021 | 2,758,894,000 | $ 63,527,000 | $ (2,988,000) | 1,701,825,000 | 921,122,000 | (24,446,000) | 99,854,000 |
Beginning balance (in shares) at Mar. 31, 2021 | 62,909,973 | 39,940 | |||||
Beginning balance at Mar. 31, 2021 | 2,725,302,000 | $ 62,910,000 | $ (2,564,000) | 1,658,957,000 | 931,538,000 | (26,328,000) | 100,789,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 28,287,000 | 25,161,000 | 3,126,000 | ||||
Other comprehensive (loss), net of tax | 1,882,000 | 1,882,000 | |||||
Dividends on common stock | (35,578,000) | (35,578,000) | |||||
Share-based compensation (in shares) | 20,905 | 6,588 | |||||
Share-based compensation | 3,295,000 | $ 21,000 | $ (424,000) | 3,698,000 | |||
Issuance of common stock (in shares) | 596,035 | ||||||
Issuance of common stock | 40,232,000 | $ 596,000 | 39,636,000 | ||||
Issuance costs | (466,000) | (466,000) | |||||
Other | 1,000 | 1,000 | |||||
Distributions to non-controlling interest | (4,061,000) | (4,061,000) | |||||
Ending balance (in shares) at Jun. 30, 2021 | 63,526,913 | 46,528 | |||||
Ending balance at Jun. 30, 2021 | 2,758,894,000 | $ 63,527,000 | $ (2,988,000) | 1,701,825,000 | 921,122,000 | (24,446,000) | 99,854,000 |
Beginning balance (in shares) at Dec. 31, 2021 | 64,793,095 | 54,078 | |||||
Beginning balance at Dec. 31, 2021 | 2,887,123,000 | $ 64,793,000 | $ (3,509,000) | 1,783,436,000 | 962,458,000 | (20,084,000) | 100,029,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 121,024,000 | 117,526,000 | 3,498,000 | ||||
Other comprehensive (loss), net of tax | 6,000 | 6,000 | |||||
Dividends on common stock | (38,533,000) | (38,533,000) | |||||
Share-based compensation (in shares) | 425 | (34,393) | |||||
Share-based compensation | 2,031,000 | $ 2,222,000 | (191,000) | ||||
Issuance of common stock (in shares) | 55,707 | ||||||
Issuance of common stock | 3,832,000 | $ 56,000 | 3,776,000 | ||||
Issuance costs | (41,000) | (41,000) | |||||
Distributions to non-controlling interest | (4,420,000) | (4,420,000) | |||||
Ending balance (in shares) at Mar. 31, 2022 | 64,849,227 | 19,685 | |||||
Ending balance at Mar. 31, 2022 | 2,971,022,000 | $ 64,849,000 | $ (1,287,000) | 1,786,980,000 | 1,041,451,000 | (20,078,000) | 99,107,000 |
Beginning balance (in shares) at Dec. 31, 2021 | 64,793,095 | 54,078 | |||||
Beginning balance at Dec. 31, 2021 | 2,887,123,000 | $ 64,793,000 | $ (3,509,000) | 1,783,436,000 | 962,458,000 | (20,084,000) | 100,029,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 156,870,000 | ||||||
Other comprehensive (loss), net of tax | (2,732,000) | ||||||
Ending balance (in shares) at Jun. 30, 2022 | 65,105,178 | 23,691 | |||||
Ending balance at Jun. 30, 2022 | 2,982,801,000 | $ 65,105,000 | $ (1,542,000) | 1,808,437,000 | 1,036,263,000 | (22,816,000) | 97,354,000 |
Beginning balance (in shares) at Mar. 31, 2022 | 64,849,227 | 19,685 | |||||
Beginning balance at Mar. 31, 2022 | 2,971,022,000 | $ 64,849,000 | $ (1,287,000) | 1,786,980,000 | 1,041,451,000 | (20,078,000) | 99,107,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 35,846,000 | 33,415,000 | 2,431,000 | ||||
Other comprehensive (loss), net of tax | (2,738,000) | (2,738,000) | |||||
Dividends on common stock | (38,603,000) | (38,603,000) | |||||
Share-based compensation (in shares) | 39,066 | 4,006 | |||||
Share-based compensation | 5,154,000 | $ 39,000 | $ (255,000) | 5,370,000 | |||
Issuance of common stock (in shares) | 216,885 | ||||||
Issuance of common stock | 16,570,000 | $ 217,000 | 16,353,000 | ||||
Issuance costs | (266,000) | (266,000) | |||||
Distributions to non-controlling interest | (4,184,000) | (4,184,000) | |||||
Ending balance (in shares) at Jun. 30, 2022 | 65,105,178 | 23,691 | |||||
Ending balance at Jun. 30, 2022 | $ 2,982,801,000 | $ 65,105,000 | $ (1,542,000) | $ 1,808,437,000 | $ 1,036,263,000 | $ (22,816,000) | $ 97,354,000 |
Condensed Consolidated Statements of Equity (unaudited) (Parenthetical) - $ / shares |
3 Months Ended | |||
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Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2021 |
Mar. 31, 2021 |
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Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Dividends on common stock (usd per share) | $ 0.595 | $ 0.595 | $ 0.565 | $ 0.565 |
Management's Statement: |
6 Months Ended |
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Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Management's Statement | Management’s Statement The unaudited Condensed Consolidated Financial Statements included herein have been prepared by Black Hills Corporation (together with our subsidiaries the “Company”, “us”, “we” or “our”), pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations; however, we believe that the footnotes adequately disclose the information presented. These Condensed Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and the notes included in our 2021 Annual Report on Form 10-K. Segment Reporting Our reportable segments are based on our method of internal reporting, which is generally segregated by differences in products and services. All of our operations and assets are located within the United States. We conduct our operations through the Electric Utilities and Gas Utilities segments. In the fourth quarter of 2021, we integrated our power generation and mining businesses within the Electric Utilities segment. The alignment is consistent with the current way our CODM evaluates the performance of the business and makes decisions related to the allocation of resources. Comparative periods presented reflect this change. Use of Estimates and Basis of Presentation The information furnished in the accompanying Condensed Consolidated Financial Statements reflects certain estimates required and all adjustments, including accruals, which are, in the opinion of management, necessary for a fair presentation of the June 30, 2022, December 31, 2021 and June 30, 2021 financial information. Certain lines of business in which we operate are highly seasonal, and our interim results of operations are not necessarily indicative of the results of operations to be expected for an entire year. Recently Issued Accounting Standards Facilitation of the Effects of Reference Rate Reform on Financial Reporting, ASU 2020-04 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which was subsequently amended by ASU 2021-01. The standard provides relief for companies preparing for discontinuation of interest rates, such as LIBOR, and allows optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update are elective and are effective upon the ASU issuance through December 31, 2022. We are currently evaluating whether we will apply the optional guidance as we assess the impact of the discontinuance of LIBOR on our current arrangements but do not expect it to have a material impact on our financial position, results of operations and cash flows.
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Regulatory Matters: |
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Regulatory Assets and Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Matters | Regulatory Matters We had the following regulatory assets and liabilities (in thousands):
__________ (a) Timing of Winter Storm Uri incremental cost recovery and associated carrying costs vary by jurisdiction and Wyoming Gas is still subject to pending application with the WPSC. See further information below. (b) Recovery of costs, but we are not allowed a rate of return. (c) In addition to recovery or repayment of costs, we are allowed a return on a portion of this amount or a reduction in rate base. Regulatory Activity Except as discussed below, there have been no other significant changes to our Regulatory Matters from those previously disclosed in Note 2 of the Notes to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K. Winter Storm Uri In February 2021, a prolonged period of historic cold temperatures across the central United States, which covered all of our Utilities’ service territories, caused a substantial increase in heating and energy demand and contributed to unforeseeable and unprecedented market prices for natural gas and electricity. As a result of Winter Storm Uri, we incurred significant incremental fuel, purchased power and natural gas costs. Our Utilities submitted Winter Storm Uri cost recovery applications in our state jurisdictions seeking to recover $546 million of these incremental costs through separate tracking mechanisms over a weighted-average recovery period of 3.5 years. These incremental cost estimates are subject to adjustments as final decisions are issued by the respective utility commissions. In these applications, we sought approval to recover carrying costs. For three and six months ended June 30, 2022 and three and six months ended June 30, 2021, $12 million, $15 million, $0.1 million and $0.1 million, respectively, of carrying costs were accrued and recorded to a regulatory asset. The carrying costs accrued during the three and six months ended June 30, 2022 included a one-time, $10 million true-up to reflect Commission authorized rates. On January 27, 2022, Kansas Gas received approval from the KCC for its Winter Storm Uri cost recovery settlement with final rates implemented in February 2022. In March 2022, Colorado Electric and Colorado Gas received approval from the CPUC for their respective Winter Storm Uri cost recovery settlements with final rates implemented in April 2022. In June 2022, Arkansas Gas received approval from the APSC for its Winter Storm Uri cost recovery application. The APSC had previously approved interim cost recovery effective in June 2021. To date, Arkansas Gas, Colorado Electric, Colorado Gas, Iowa Gas, Kansas Gas, Nebraska Gas and South Dakota Electric received commission approval of their Winter Storm Uri cost recovery applications. Additionally, Wyoming Gas received approval for interim cost recovery subject to a final decision on carrying costs and recovery period at a later date. For the six months ended June 30, 2022, our Utilities collected $111 million of Winter Storm Uri incremental costs and carrying costs from customers. As of June 30, 2022, we estimate that our remaining Winter Storm Uri regulatory asset has a weighted-average recovery period of 3.0 years. TCJA As part of Kansas Gas’s 2021 rate review settlement agreement, Kansas Gas will deliver $3.0 million of TCJA and state tax reform benefits to customers, annually, for three years starting in 2022 (approximately $9.1 million of total benefits expected to be delivered). For the three and six months ended June 30, 2022, Kansas Gas delivered TCJA and state tax reform bill credits to customers of $0.7 million and $1.5 million, respectively. These bill credits, which resulted in a reduction of revenue, were offset by a reduction in income tax expense and resulted in an immaterial impact to Net income for the three and six months ended June 30, 2022. Arkansas Gas On December 10, 2021, Arkansas Gas filed a rate review with the APSC seeking recovery of significant infrastructure investments in its 7,200-mile natural gas pipeline system. The rate review requests $22 million in new annual revenue with a capital structure of 50.9% equity and 49.1% debt and a return on equity of 10.2%. The request seeks to finalize rates in the fourth quarter of 2022. Wyoming Electric On June 1, 2022, Wyoming Electric filed a rate review with the WPSC seeking recovery of significant infrastructure investments in its 1,330-mile electric distribution and 59-mile electric transmission systems. The rate review requests $15 million in new annual revenue with a capital structure of 54% equity and 46% debt and a return on equity of 10.3%. The request seeks to finalize rates in the first quarter of 2023.
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Commitments, Contingencies and Guarantees: |
6 Months Ended |
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Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | Commitments, Contingencies and Guarantees There have been no significant changes to commitments, contingencies and guarantees from those previously disclosed in Note 3 of our Notes to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K except for those described below. Agreement under Blockchain Interruptible Service Tariff On June 21, 2022, Wyoming Electric completed its first agreement for service under its Blockchain Interruptible Service tariff. Under the five-year agreement, Wyoming Electric will deliver up to 45 MW of electric service with an option to expand service up to 75 MW to a new customer in Cheyenne, Wyoming. The crypto mining facility is expected to be operational and purchasing energy in the fourth quarter of 2022. Power Sales Agreements On May 3, 2022, South Dakota Electric entered into an agreement with MDU to provide MDU capacity and energy up to a maximum of 50 MW in excess of MDU’s 25% ownership in Wygen III. This agreement, which has similar terms and conditions as South Dakota Electric’s existing agreement with MDU expiring on December 31, 2023, is effective on January 1, 2024 and will expire on December 31, 2028. During periods of reduced production at Wygen III, in which MDU owns a portion of the capacity, or during periods when Wygen III is off-line, South Dakota Electric will provide MDU with 23 MW from our other generation facilities or from system purchases with reimbursement of costs by MDU. On June 3, 2022, South Dakota Electric entered into an agreement with similar terms and conditions as its existing agreement with MDU expiring on December 31, 2023, is effective on January 1, 2024 and will expire on December 31, 2028. GT Resources, LLC v. Black Hills Corporation, Case No. 2020CV30751 (U.S. District Court for the City and County of Denver, Colorado) On April 13, 2022, a jury awarded $41 million for claims made by GT Resources, LLC (“GTR”) against BHC and two of its subsidiaries (Black Hills Exploration and Production, Inc. and Black Hills Gas Resources, Inc.), which ceased oil and natural gas operations in 2018 as part of BHC’s decision to exit the exploration and production business. The claims involved a dispute over a 2.3 million-acre concession award in Costa Rica which was acquired by a BHC subsidiary in 2003. GTR retained rights to receive a royalty interest on any hydrocarbon production from the concession upon the occurrence of contingent events. GTR contended that BHC and its subsidiaries failed to adequately pursue the opportunity and failed to transfer the concession to GTR. We believe we have meritorious defenses to the verdict and intend to appeal the verdict. At this time, we believe that the liability related to this matter, if any, is not reasonably estimable. Power Purchase Agreements On March 21, 2022, Wyoming Electric entered into a PPA with South Cheyenne Solar, LLC (Cheyenne Solar) to purchase up to 150 MW of renewable energy upon construction of a new solar facility, to be owned by Cheyenne Solar, which is expected to be completed by the end of 2023. The agreement will expire 20 years after construction completion. The solar energy from this PPA will be used to serve our expanding partnerships with industrial customers in Cheyenne, Wyoming. On February 19, 2021, Colorado Electric entered into an agreement with TC Colorado Solar, LLC (TC Solar) to purchase up to 200 MW of renewable energy upon construction of a new solar facility, to be owned by TC Solar. On January 31, 2022, TC Solar provided notice of its intent to terminate the PPA. Colorado Electric will seek new requests for proposals for renewable resources as part of its Clean Energy Plan filing, the “2030 Ready Plan.” On May 27, 2022, Colorado Electric filed its 2030 Ready Plan with the CPUC. A CPUC decision is expected in April 2023, after which time, Colorado Electric’s request for proposals for renewable energy resources is expected to commence. Transmission Service Agreements On January 1, 2022, Colorado Electric entered into a firm point-to-point transmission service agreement that provides Tri-State Generation and Transmission Association Inc. with a maximum of 58 MW of transmission capacity. This agreement expires December 31, 2024. On January 1, 2022, South Dakota Electric entered into a firm point-to-point transmission service agreement that provides MEAN with a maximum of 20 MW of transmission capacity. This agreement expires December 31, 2023.
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Revenue: |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue The following tables depict the disaggregation of revenue, including intercompany revenue, from contracts with customers by customer type and timing of revenue recognition for each of the reportable segments for the three and six months ended June 30, 2022 and 2021. Sales tax and other similar taxes are excluded from revenues.
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Financing: |
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Financing | Financing Short-term Debt We had the following Notes payable outstanding in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of:
(a) Letters of credit are off-balance sheet commitments that reduce the borrowing capacity available on our corporate Revolving Credit Facility. Revolving Credit Facility and CP Program Our net short-term repayments related to our Revolving Credit Facility and CP Program during the six months ended June 30, 2022 were $85 million. The weighted average interest rate on short-term borrowings related to our Revolving Credit Facility and CP Program at June 30, 2022 was 1.74%. Debt Covenants Revolving Credit Facility Under our Revolving Credit Facility, we are required to maintain a Consolidated Indebtedness to Capitalization Ratio not to exceed 0.65 to 1.00. Subject to applicable cure periods, a violation of any of these covenants would constitute an event of default that entitles the lenders to terminate their remaining commitments and accelerate all principal and interest outstanding. We were in compliance with our covenants at June 30, 2022 as shown below:
Wyoming Electric Covenants within Wyoming Electric's financing agreements require Wyoming Electric to maintain a debt to capitalization ratio of no more than 0.60 to 1.00. As of June 30, 2022, Wyoming Electric’s debt to capitalization ratio was 50%, which was in compliance with these financial covenants. Equity At-the-Market Equity Offering Program During the three months ended June 30, 2022, we issued a total of 0.2 million shares of common stock under the ATM for proceeds of $16 million, net of $0.2 million in issuance costs. During the six months ended June 30, 2022, we issued a total of 0.3 million shares of common stock under the ATM for proceeds of $20 million, net of $0.2 million in issuance costs. During the three and six months ended June 30, 2021, we issued a total of 0.6 million shares of common stock under the ATM for proceeds of $40 million, net of $0.4 million in issuance costs.
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Earnings Per Share: |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share A reconciliation of share amounts used to compute earnings per share in the accompanying Condensed Consolidated Statements of Income was as follows (in thousands, except per share amounts):
The following securities were excluded from the diluted earnings per share computation because of their anti-dilutive nature (in thousands):
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Risk Management and Derivatives: |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Management and Derivatives | Risk Management and Derivatives Market and Credit Risk Disclosures Our activities in the energy industry expose us to a number of risks in the normal operations of our businesses. Depending on the activity, we are exposed to varying degrees of market risk and credit risk. Market Risk Market risk is the potential loss that may occur as a result of an adverse change in market price, rate or supply. We are exposed but not limited to, the following market risks: •Commodity price risk associated with our retail natural gas and wholesale electric power marketing activities and our fuel procurement for several of our gas-fired generation assets, which include market fluctuations due to unpredictable factors such as the COVID-19 pandemic, weather (Winter Storm Uri), geopolitical events, market speculation, inflation, pipeline constraints, and other factors that may impact natural gas and electric supply and demand; and •Interest rate risk associated with outstanding variable rate debt and future debt, including reduced access to liquidity during periods of extreme capital markets volatility, such as the 2008 financial crisis and the COVID-19 pandemic. Credit Risk Credit risk is the risk of financial loss resulting from non-performance of contractual obligations by a counterparty. We attempt to mitigate our credit exposure by conducting business primarily with high credit quality entities, setting tenor and credit limits commensurate with counterparty financial strength, obtaining master netting agreements and mitigating credit exposure with less creditworthy counterparties through parental guarantees, cash collateral requirements, letters of credit and other security agreements. We perform ongoing credit evaluations of our customers and adjust credit limits based upon payment history and the customers’ current creditworthiness, as determined by review of their current credit information. We maintain a provision for estimated credit losses based upon historical experience, changes in current market conditions, expected losses and any specific customer collection issue that is identified. Derivatives and Hedging Activity Our derivative and hedging activities included in the accompanying Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income are detailed below and in Note 8. The operations of our Utilities, including natural gas sold by our Gas Utilities and natural gas used by our Electric Utilities’ generation plants or those plants under PPAs where our Electric Utilities must provide the generation fuel (tolling agreements), expose our utility customers to natural gas price volatility. Therefore, as allowed or required by state utility commissions, we have entered into commission approved hedging programs utilizing natural gas futures, options, over-the-counter swaps and basis swaps to reduce our customers’ underlying exposure to these fluctuations. These transactions are considered derivatives, and in accordance with accounting standards for derivatives and hedging, mark-to-market adjustments are recorded as Derivative assets or Derivative liabilities on the accompanying Condensed Consolidated Balance Sheets, net of balance sheet offsetting as permitted by GAAP. For our regulated Utilities’ hedging plans, unrealized and realized gains and losses, as well as option premiums and commissions on these transactions, are recorded as Regulatory assets or Regulatory liabilities in the accompanying Condensed Consolidated Balance Sheets in accordance with the state regulatory commission guidelines. When the related costs are recovered through our rates, the hedging activity is recognized in the Condensed Consolidated Statements of Income. We use wholesale power purchase and sale contracts to manage purchased power costs and load requirements associated with serving our electric customers. Periodically, certain wholesale energy contracts are considered derivative instruments due to not qualifying for the normal purchase and normal sales exception to derivative accounting. Changes in the fair value of these commodity derivatives are recognized in the Condensed Consolidated Statements of Income. We buy, sell and deliver natural gas at competitive prices by managing commodity price risk. As a result of these activities, this area of our business is exposed to risks associated with changes in the market price of natural gas. We manage our exposure to such risks using over-the-counter and exchange traded options and swaps with counterparties in anticipation of forecasted purchases and sales during time frames ranging from July 2022 through December 2024. A portion of our over-the-counter swaps have been designated as cash flow hedges to mitigate the commodity price risk associated with deliveries under fixed price forward contracts to deliver gas to our Choice Gas Program customers. The gain or loss on these designated derivatives is reported in AOCI in the accompanying Condensed Consolidated Balance Sheets and reclassified into earnings in the same period that the underlying hedged item is recognized in earnings. Effectiveness of our hedging position is evaluated at least quarterly. The contract or notional amounts and terms of the electric and natural gas derivative commodity instruments held at our Utilities are composed of both long and short positions. We had the following net long positions as of:
__________ (a) Term reflects the maximum forward period hedged. (b) As of June 30, 2022, 2,416,000 MMBtus of natural gas over-the-counter swaps purchases were designated as cash flow hedges. (c) Volumes exclude derivative contracts that qualify for the normal purchases and normal sales exception permitted by GAAP. We have certain derivative contracts which contain credit provisions. These credit provisions may require the Company to post collateral when credit exposure to the Company is in excess of a negotiated line of unsecured credit. At June 30, 2022, the Company posted $0.4 million related to such provisions, which is included in Other current assets on the Condensed Consolidated Balance Sheets. Derivatives by Balance Sheet Classification As required by accounting standards for derivatives and hedges, fair values within the following tables are presented on a gross basis aside from the netting of asset and liability positions. Netting of positions is permitted in accordance with accounting standards for offsetting and under terms of our master netting agreements that allow us to settle positive and negative positions. The following table presents the fair value and balance sheet classification of our derivative instruments (in thousands) as of:
Derivatives Designated as Hedge Instruments The impacts of cash flow hedges on our Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statements of Income are presented below for the three and six months ended June 30, 2022 and 2021. Note that this presentation does not reflect the gains or losses arising from the underlying physical transactions; therefore, it is not indicative of the economic profit or loss we realized when the underlying physical and financial transactions were settled.
As of June 30, 2022, $6.1 million of net losses related to our interest rate swaps and commodity derivatives are expected to be reclassified from AOCI into earnings within the next 12 months. As market prices fluctuate, estimated and actual realized gains or losses will change during future periods. Derivatives Not Designated as Hedge Instruments The following table summarizes the impacts of derivative instruments not designated as hedge instruments on our Condensed Consolidated Statements of Income for the three and six months ended June 30, 2022 and 2021. Note that this presentation does not reflect the expected gains or losses arising from the underlying physical transactions; therefore, it is not indicative of the economic profit or loss we realized when the underlying physical and financial transactions were settled.
As discussed above, financial instruments used in our regulated Gas Utilities are not designated as cash flow hedges. However, there is no earnings impact because the unrealized gains and losses arising from the use of these financial instruments are recorded as Regulatory assets or Regulatory liabilities. The net unrealized losses included in our Regulatory asset accounts related to these financial instruments in our Gas Utilities were $4.8 million and $2.6 million as of June 30, 2022 and December 31, 2021, respectively. For our Electric Utilities, the unrealized gains and losses arising from these derivatives are recognized in the Condensed Consolidated Statements of Income.
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Fair Value Measurements: |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement | Fair Value Measurements We use the following fair value hierarchy for determining inputs for our financial instruments. Our assets and liabilities for financial instruments are classified and disclosed in one of the following fair value categories: Level 1 — Unadjusted quoted prices available in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities. Level 1 instruments primarily consist of highly liquid and actively traded financial instruments with quoted pricing information on an ongoing basis. Level 2 — Pricing inputs include quoted prices for identical or similar assets and liabilities in active markets other than quoted prices in Level 1, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 — Pricing inputs are generally less observable from objective sources. These inputs reflect management’s best estimate of fair value using its own assumptions about the assumptions a market participant would use in pricing the asset or liability. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement within the fair value hierarchy levels. We record transfers, if necessary, between levels at the end of the reporting period for all of our financial instruments. Transfers into Level 3, if any, occur when significant inputs used to value the derivative instruments become less observable, such as a significant decrease in the frequency and volume in which the instrument is traded, negatively impacting the availability of observable pricing inputs. Transfers out of Level 3, if any, occur when the significant inputs become more observable, such as when the time between the valuation date and the delivery date of a transaction becomes shorter, positively impacting the availability of observable pricing inputs. Recurring Fair Value Measurements Derivatives The commodity contracts for our Utilities segments are valued using the market approach and include forward strip pricing at liquid delivery points, exchange-traded futures, options, basis swaps and over-the-counter swaps and options (Level 2) for wholesale electric energy and natural gas contracts. For exchange-traded futures, options and basis swap assets and liabilities, fair value was derived using broker quotes validated by the exchange settlement pricing for the applicable contract. For over-the-counter instruments, the fair value is obtained by utilizing a nationally recognized service that obtains observable inputs to compute the fair value, which we validate by comparing our valuation with the counterparty. The fair value of these swaps includes a credit valuation adjustment based on the credit spreads of the counterparties when we are in an unrealized gain position or on our own credit spread when we are in an unrealized loss position. For additional information, see Note 1 of our Notes to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K. The following tables set forth, by level within the fair value hierarchy, our gross assets and gross liabilities and related offsetting of cash collateral and contractual netting rights as permitted by GAAP that were accounted for at fair value on a recurring basis for derivative instruments.
(a) As of June 30, 2022, $0.8 million of our commodity derivative assets and $0.8 million of our commodity liabilities, as well as related gross collateral amounts, were subject to master netting agreements.
__________ (a) As of December 31, 2021, $2.4 million of our commodity derivative assets and $1.8 million of our commodity derivative liabilities, as well as related gross collateral amounts, were subject to master netting agreements. Pension and Postretirement Plan Assets Fair value measurements also apply to the valuation of our pension and postretirement plan assets. Current accounting guidance requires employers to annually disclose information about the fair value measurements of their assets of a defined benefit pension or other postretirement plan. The fair value of these assets is presented in Note 13 to the Consolidated Financial Statements included in our 2021 Annual Report on Form 10-K. Other Fair Value Measures The carrying amount of cash and cash equivalents, restricted cash and equivalents and short-term borrowings approximates fair value due to their liquid or short-term nature. Cash, cash equivalents and restricted cash are classified in Level 1 in the fair value hierarchy. Notes payable consist of commercial paper borrowings and are not traded on an exchange; therefore, they are classified as Level 2 in the fair value hierarchy. The following table presents the carrying amounts and fair values of financial instruments not recorded at fair value on the Condensed Consolidated Balance Sheets (in thousands) as of:
__________ (a) Long-term debt is valued based on observable inputs available either directly or indirectly for similar liabilities in active markets and therefore is classified in Level 2 in the fair value hierarchy. Carrying amount of long-term debt is net of deferred financing costs.
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Other Comprehensive Income: |
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | Other Comprehensive Income We record deferred gains (losses) in AOCI related to interest rate swaps designated as cash flow hedges, commodity contracts designated as cash flow hedges and the amortization of components of our defined benefit plans. Deferred gains (losses) for our commodity contracts designated as cash flow hedges are recognized in earnings upon settlement, while deferred gains (losses) related to our interest rate swaps are recognized in earnings as they are amortized. The following table details reclassifications out of AOCI and into Net income. The amounts in parentheses below indicate decreases to Net income in the Condensed Consolidated Statements of Income for the period, net of tax (in thousands):
Balances by classification included within AOCI, net of tax on the accompanying Condensed Consolidated Balance Sheets were as follows (in thousands):
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Employee Benefit Plans: |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans Components of Net Periodic Expense The components of net periodic expense were as follows (in thousands):
Plan Contributions Contributions to the Defined Benefit Pension Plan are cash contributions made directly to the Pension Plan Trust account. Contributions to the Postretirement Healthcare and Supplemental Plans are made in the form of benefit payments. Contributions made in the first six months of 2022 and anticipated contributions for 2022 and 2023 are as follows (in thousands):
Funding Status of Employee Benefit Plans Based on the fair value of assets and estimated discount rate used to value benefit obligations as of June 30, 2022, we estimate the unfunded status of our employee benefit plans to be approximately $29 million compared to $20 million at December 31, 2021. In 2012, we froze our pension plan and closed it to new participants. Since then, we have implemented various de-risking strategies including lump sum buyouts, the purchase of annuities and the reduction of return-seeking assets over time to a more liability-hedged portfolio. As a result, recent capital markets volatility has not materially affected our unfunded status and does not require interim re-measurement of our pension plan assets or defined benefit obligations.
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Income Taxes: |
6 Months Ended |
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Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income Tax Expense (Benefit) and Effective Tax Rates Three Months Ended June 30, 2022 Compared to the Three Months Ended June 30, 2021 Income tax expense (benefit) for the three months ended June 30, 2022 was $(0.7) million compared to $0.6 million reported for the same period in 2021. For the three months ended June 30, 2022 the effective tax rate was (1.9)% compared to 2.0% for the same period in 2021. The lower effective tax rate was primarily due to $3.8 million of tax benefits from state rate changes, $1.5 million of increased tax benefits from federal PTCs associated with increased wind production and a current year PTC rate increase (inflation adjustment). These current year tax benefits were greater than prior year tax benefits from Nebraska Gas TCJA-related bill credits to customers (which were offset by reduced revenue) and prior year flow-through tax benefits related to repairs and certain indirect costs. Six Months Ended June 30, 2022 Compared to the Six Months Ended June 30, 2021 Income tax expense for the six months ended June 30, 2022 was $14 million compared to $1.1 million reported for the same period in 2021. For the six months ended June 30, 2022, the effective tax rate was 8.1% compared to 0.8% for the same period in 2021. The higher effective tax rate was primarily due to $10 million of prior year tax benefits from Colorado Electric and Nebraska Gas TCJA-related bill credits to customers (which were offset by reduced revenue) partially offset by $3.8 million of current year tax benefits from state rate changes and $2.4 million of increased tax benefits from federal PTCs associated with increased wind production and a current year PTC rate increase (inflation adjustment).
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Business Segment Information: |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, Additional Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Information | Business Segment Information Our CODM reviews financial information presented on an operating segment basis for purposes of making decisions and assessing financial performance. Our CODM assesses the performance of our operating segments based on operating income. For the first nine months of 2021, we had reported four operating segments: Electric Utilities, Gas Utilities, Power Generation and Mining. In the fourth quarter of 2021, we integrated our power generation and mining businesses within the Electric Utilities segment. The alignment is consistent with the current way our CODM evaluates the performance of the business and makes decisions related to the allocation of resources. Comparative periods presented reflect this change. Our operating segments are equivalent to our reportable segments. Segment information was as follows (in thousands):
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Selected Balance Sheet Information: |
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Selected Balance Sheet Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Balance Sheet Information | Selected Balance Sheet Information Accounts Receivable and Allowance for Credit Losses Following is a summary of Accounts receivable, net included in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of:
Changes to allowance for credit losses for the six months ended June 30, 2022 and 2021, respectively, were as follows (in thousands):
Materials, Supplies and Fuel The following amounts by major classification are included in Materials, supplies and fuel on the accompanying Condensed Consolidated Balance Sheets (in thousands) as of:
Accrued Liabilities The following amounts by major classification are included in Accrued liabilities on the accompanying Condensed Consolidated Balance Sheets (in thousands) as of:
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Subsequent Events: |
6 Months Ended |
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Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsExcept as described in XXX, there have been no events subsequent to June 30, 2022, which would require recognition in the condensed consolidated financial statements or disclosures. |
Management's Statement (Policies) |
6 Months Ended |
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Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Segment Reporting | Segment Reporting Our reportable segments are based on our method of internal reporting, which is generally segregated by differences in products and services. All of our operations and assets are located within the United States. We conduct our operations through the Electric Utilities and Gas Utilities segments. In the fourth quarter of 2021, we integrated our power generation and mining businesses within the Electric Utilities segment. The alignment is consistent with the current way our CODM evaluates the performance of the business and makes decisions related to the allocation of resources. Comparative periods presented reflect this change. |
Use of Estimates and Basis of Presentation | Use of Estimates and Basis of Presentation The information furnished in the accompanying Condensed Consolidated Financial Statements reflects certain estimates required and all adjustments, including accruals, which are, in the opinion of management, necessary for a fair presentation of the June 30, 2022, December 31, 2021 and June 30, 2021 financial information. Certain lines of business in which we operate are highly seasonal, and our interim results of operations are not necessarily indicative of the results of operations to be expected for an entire year.
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Recently Issued Accounting Standards | Recently Issued Accounting Standards Facilitation of the Effects of Reference Rate Reform on Financial Reporting, ASU 2020-04 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which was subsequently amended by ASU 2021-01. The standard provides relief for companies preparing for discontinuation of interest rates, such as LIBOR, and allows optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update are elective and are effective upon the ASU issuance through December 31, 2022. We are currently evaluating whether we will apply the optional guidance as we assess the impact of the discontinuance of LIBOR on our current arrangements but do not expect it to have a material impact on our financial position, results of operations and cash flows.
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Regulatory Matters (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Regulatory Assets and Liabilities | We had the following regulatory assets and liabilities (in thousands):
__________ (a) Timing of Winter Storm Uri incremental cost recovery and associated carrying costs vary by jurisdiction and Wyoming Gas is still subject to pending application with the WPSC. See further information below. (b) Recovery of costs, but we are not allowed a rate of return. (c) In addition to recovery or repayment of costs, we are allowed a return on a portion of this amount or a reduction in rate base.
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Revenue (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following tables depict the disaggregation of revenue, including intercompany revenue, from contracts with customers by customer type and timing of revenue recognition for each of the reportable segments for the three and six months ended June 30, 2022 and 2021. Sales tax and other similar taxes are excluded from revenues.
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Financing (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term Debt | We had the following Notes payable outstanding in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of:
(a) Letters of credit are off-balance sheet commitments that reduce the borrowing capacity available on our corporate Revolving Credit Facility.
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Credit Facility and Short Term Debt Covenants | We were in compliance with our covenants at June 30, 2022 as shown below:
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Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share Reconciliation | A reconciliation of share amounts used to compute earnings per share in the accompanying Condensed Consolidated Statements of Income was as follows (in thousands, except per share amounts):
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following securities were excluded from the diluted earnings per share computation because of their anti-dilutive nature (in thousands):
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Risk Management and Derivatives: (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract or notional amounts and terms of marketing activities and derivative commodity instruments | We had the following net long positions as of:
__________ (a) Term reflects the maximum forward period hedged. (b) As of June 30, 2022, 2,416,000 MMBtus of natural gas over-the-counter swaps purchases were designated as cash flow hedges. (c) Volumes exclude derivative contracts that qualify for the normal purchases and normal sales exception permitted by GAAP.
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the fair value and balance sheet classification of our derivative instruments (in thousands) as of:
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Derivative Instruments, Gain (Loss) | The impacts of cash flow hedges on our Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statements of Income are presented below for the three and six months ended June 30, 2022 and 2021. Note that this presentation does not reflect the gains or losses arising from the underlying physical transactions; therefore, it is not indicative of the economic profit or loss we realized when the underlying physical and financial transactions were settled.
The following table summarizes the impacts of derivative instruments not designated as hedge instruments on our Condensed Consolidated Statements of Income for the three and six months ended June 30, 2022 and 2021. Note that this presentation does not reflect the expected gains or losses arising from the underlying physical transactions; therefore, it is not indicative of the economic profit or loss we realized when the underlying physical and financial transactions were settled.
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value Hierarchy, Measured on Recurring Basis | The following tables set forth, by level within the fair value hierarchy, our gross assets and gross liabilities and related offsetting of cash collateral and contractual netting rights as permitted by GAAP that were accounted for at fair value on a recurring basis for derivative instruments.
(a) As of June 30, 2022, $0.8 million of our commodity derivative assets and $0.8 million of our commodity liabilities, as well as related gross collateral amounts, were subject to master netting agreements.
__________ (a) As of December 31, 2021, $2.4 million of our commodity derivative assets and $1.8 million of our commodity derivative liabilities, as well as related gross collateral amounts, were subject to master netting agreements.
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Fair Value, by Balance Sheet Grouping | The following table presents the carrying amounts and fair values of financial instruments not recorded at fair value on the Condensed Consolidated Balance Sheets (in thousands) as of:
__________ (a) Long-term debt is valued based on observable inputs available either directly or indirectly for similar liabilities in active markets and therefore is classified in Level 2 in the fair value hierarchy. Carrying amount of long-term debt is net of deferred financing costs.
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Other Comprehensive Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification Out of Accumulated Other Comprehensive Income (Loss) | The following table details reclassifications out of AOCI and into Net income. The amounts in parentheses below indicate decreases to Net income in the Condensed Consolidated Statements of Income for the period, net of tax (in thousands):
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Schedule of Accumulated Other Comprehensive Income (Loss) | Balances by classification included within AOCI, net of tax on the accompanying Condensed Consolidated Balance Sheets were as follows (in thousands):
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Employee Benefit Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | The components of net periodic expense were as follows (in thousands):
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Schedule of Defined Benefit Plans Contributions | Contributions made in the first six months of 2022 and anticipated contributions for 2022 and 2023 are as follows (in thousands):
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Business Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, Additional Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Segment information was as follows (in thousands):
|
Selected Balance Sheet Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Balance Sheet Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Account Receivable Schedule | Following is a summary of Accounts receivable, net included in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of:
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Financing Receivable, Current, Allowance for Credit Loss | Changes to allowance for credit losses for the six months ended June 30, 2022 and 2021, respectively, were as follows (in thousands):
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Materials, Supplies, and Fuel Schedule | The following amounts by major classification are included in Materials, supplies and fuel on the accompanying Condensed Consolidated Balance Sheets (in thousands) as of:
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Accrued Liabilities Schedule | The following amounts by major classification are included in Accrued liabilities on the accompanying Condensed Consolidated Balance Sheets (in thousands) as of:
|
Regulatory Matters: Tax Cut and Jobs Act (Details) - Kansas Corporation Commission (KCC) - Kansas Gas - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jan. 01, 2022 |
Jun. 30, 2022 |
Jun. 30, 2022 |
|
Public Utilities, General Disclosures [Line Items] | |||
Settlement of Plan to Provide TCJA and State Tax Reform benefits to Customers Annually | $ 3.0 | ||
Number of Years TCJA and State Tax Reform Benefits to be Provide to Customers | 3 years | ||
Settlement Total of Plan to Provide TCJA and State Tax Reform benefits to Customers | $ 9.1 | ||
Annual TCJA-Related Customer Billing Credits | $ 0.7 | $ 1.5 |
Commitments, Contingencies and Guarantees: Agreement under Blockchain Interruptible Service Tariff (Details) - Blockchain Customer - Wyoming Electric - Maximum |
Jun. 21, 2022
MW
|
---|---|
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Electric Supply Commitment, Term | 5 years |
Number of Megawatts Sold Under Long-Term Contract | 45 |
Option to Deliver an Increased Number of Megawatts Under a Long-Term Contract | 75 |
Commitments, Contingencies and Guarantees: Power Sales Agreements (Details) - MW |
Jun. 03, 2022 |
May 03, 2022 |
---|---|---|
Wygen I I I Generating Facility Member | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Jointly Owned Utility Plant, Proportionate Ownership Share | 25.00% | |
M D U, Montana Dakota Utilities | South Dakota Electric | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Number of Megawatts Sold Under Long-Term Contract | 23 | |
M D U, Montana Dakota Utilities | South Dakota Electric | Maximum | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Number of Megawatts Sold Under Long-Term Contract | 50 |
Commitments, Contingencies and Guarantees: GT Resources, LLC v Black Hills Corp (Details) - GT Resources, LLC - Pending Litigation a in Millions, $ in Millions |
Apr. 13, 2022
USD ($)
a
|
---|---|
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Awarded, Value | $ | $ 41 |
Loss Contingency, Concession Award, Area | a | 2.3 |
Commitments, Contingencies and Guarantees: Power Purchase Agreements (Details) - Solar - MW |
Mar. 21, 2022 |
Feb. 19, 2021 |
---|---|---|
South Cheyenne Solar, LLC | Wyoming Electric | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Number of Megawatts Capacity Purchased | 150 | |
Purchase Power Agreement Set to Expire after a Certain Number of Years Following Completion of the Facility | 20 years | |
TC Colorado Solar, LLC | Colorado Electric | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Number of Megawatts Capacity Purchased | 200 |
Commitments, Contingencies and Guarantees: Transmission Service Agreements (Details) |
Jan. 01, 2022
MW
|
---|---|
Colorado Electric | Tri-State Generation and Transmission Association | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Number of Megawatts Sold Under Long-Term Contract | 58 |
South Dakota Electric | Purchase Power Contract, MEAN | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Number of Megawatts Sold Under Long-Term Contract | 20 |
Financing: Schedule of Short-term Debt and Narrative (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Short-term Debt [Line Items] | ||
Notes payable | $ 335,050 | $ 420,180 |
Letters of Credit | 14,239 | 27,209 |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Notes payable | 335,050 | 420,180 |
Letters of Credit | 0 | 0 |
Revolving Credit Facility | ||
Short-term Debt [Line Items] | ||
Notes payable | 0 | 0 |
Letters of Credit | $ 14,239 | $ 27,209 |
Financing: Revolving Credit Facility and CP Program (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Net borrowings (payments) of Revolving Credit Facility and CP Program | $ (85,130) | $ (4,190) |
Commercial Paper | ||
Short-term interest rate | 1.74% |
Financing: Equity (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Payments of Stock Issuance Costs | $ 0.2 | $ 0.4 | $ 0.2 | $ 0.4 |
Common Stock | ||||
At The Market Equity Offering Program Shares Issued | 0.2 | 0.6 | 0.3 | 0.6 |
At The Market Equity Program - Net Proceeds from Sale of Stock | $ 16.0 | $ 40.0 | $ 20.0 | $ 40.0 |
Earnings Per Share: Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Earnings Per Share [Abstract] | ||||
Net income available for common stock | $ 33,415 | $ 25,161 | $ 150,941 | $ 121,477 |
Weighted average shares - basic (in shares) | 64,721 | 62,867 | 64,643 | 62,751 |
Dilutive effect of: | ||||
Equity compensation (in shares) | 162 | 51 | 179 | 66 |
Weighted average shares - diluted (in shares) | 64,883 | 62,918 | 64,822 | 62,817 |
Earnings per share, Basic (usd per share) | $ 0.52 | $ 0.40 | $ 2.33 | $ 1.94 |
Earnings per share, Diluted (usd per share) | $ 0.52 | $ 0.40 | $ 2.33 | $ 1.93 |
Earnings Per Share: Anti-dilutive shares (Details) - shares shares in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares (in shares) | 0 | 13 | 1 | 13 |
Equity compensation - (in shares) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares (in shares) | 0 | 13 | 0 | 12 |
Restricted Stock (in shares) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares (in shares) | 0 | 0 | 1 | 1 |
Risk Management and Derivatives: Derivatives Not Designated as Hedge Instruments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Derivative [Line Items] | |||||
Regulatory assets | $ 702,368 | $ 702,368 | $ 796,599 | ||
Gas price derivatives | |||||
Derivative [Line Items] | |||||
Regulatory assets | 4,845 | 4,845 | $ 2,584 | ||
Not Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | (2,332) | $ (1,782) | 1,162 | $ (2,940) | |
Not Designated as Hedging Instrument | Fuel, purchased power and cost of natural gas sold | Electricity | |||||
Derivative [Line Items] | |||||
Derivative, Loss on Derivative | 0 | 3,598 | 0 | 5,122 | |
Not Designated as Hedging Instrument | Fuel, purchased power and cost of natural gas sold | Natural Gas | |||||
Derivative [Line Items] | |||||
Derivative, Loss on Derivative | $ 2,332 | ||||
Derivative, Gain on Derivative | $ 1,816 | $ 1,162 | $ 2,182 |
Fair Value Measurements: Other Fair Value Measurements (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt | $ 4,129,662 | $ 4,126,923 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt | $ 3,917,015 | $ 4,570,619 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Income Tax Expense (Benefit) | $ (658) | $ 586 | $ 13,830 | $ 1,080 |
Effective Tax Rate | (1.90%) | 2.00% | 8.10% | 0.80% |
Effective Income Tax Rate Reconciliation, State Rate Changes | $ 3,800 | $ 3,800 | ||
Effective Income Tax Rate Reconciliation, Tax Credit, from Federal Production Tax Credits associated with increased wind production | $ 1,500 | 2,400 | ||
Colorado Electric and Nebraska Gas | ||||
Effective Income Tax Rate Reconciliation Prior Year Credit - Tax Cuts And Jobs Act Of 2017 Amount, Tax Benefit from Bill Credit | $ 10,000 |
Business Segment Information: (Details) |
9 Months Ended |
---|---|
Sep. 30, 2021
numberOfOperatingSegments
| |
Segment Reporting Information, Additional Information [Abstract] | |
Number of Operating Segments | 4 |
Business Segment Information: Segment and Corporate Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 9,134,562 | $ 9,131,896 |
Corporate and Other | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 102,542 | 88,864 |
Electric Utilities | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 3,834,826 | 3,796,662 |
Gas Utilities | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 5,197,194 | $ 5,246,370 |
Selected Balance Sheet Information: Accounts Receivable (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Selected Balance Sheet Information [Abstract] | ||||
Billed Accounts Receivable | $ 188,649 | $ 181,027 | ||
Unbilled Revenue | 81,647 | 142,738 | ||
Less: Allowance for Credit Losses | (3,193) | (2,113) | $ (6,029) | $ (7,003) |
Accounts receivable, net | $ 267,103 | $ 321,652 |
Selected Balance Sheet Information: Changes to Allowance for Credit Losses (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Selected Balance Sheet Information [Abstract] | ||
Balance at Beginning of Year | $ 2,113 | $ 7,003 |
Additions Charged to Costs and Expenses | 4,239 | 1,510 |
Recoveries and Other Additions | 1,266 | 1,786 |
Write-offs and Other Deductions | (4,425) | (4,270) |
Balance at End of Year | $ 3,193 | $ 6,029 |
Selected Balance Sheet Information: Materials and Supplies (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Selected Balance Sheet Information [Abstract] | ||
Materials and supplies | $ 91,736 | $ 86,400 |
Fuel - Electric Utilities | 2,169 | 1,267 |
Natural gas in storage | 58,959 | 63,312 |
Total materials, supplies and fuel | $ 152,864 | $ 150,979 |
Selected Balance Sheet Information: Accrued Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Selected Balance Sheet Information [Abstract] | ||
Accrued employee compensation, benefits and withholdings | $ 64,417 | $ 74,387 |
Accrued property taxes | 42,944 | 50,874 |
Customer deposits and prepayments | 43,151 | 48,814 |
Accrued interest | 33,764 | 33,680 |
Other (none of which is individually significant) | 42,044 | 37,004 |
Total accrued liabilities | $ 226,320 | $ 244,759 |
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