Large Accelerated Filer | x | Accelerated Filer | ☐ | |||||||||||||||||
Non-accelerated Filer | ☐ | Smaller Reporting Company | ☐ | |||||||||||||||||
Emerging Growth Company | ☐ | |||||||||||||||||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||||||||
Name of each exchange on which registered | ||||||||||||||||||||
Common stock of $1.00 par value | BKH | New York Stock Exchange |
Class | Outstanding at October 31, 2020 | |||||||||||||
Common stock, $1.00 par value | 62,746,692 | shares |
TABLE OF CONTENTS | |||||||||||
Page | |||||||||||
Item 1. | |||||||||||
TABLE OF CONTENTS | ||||||||||||||
Page | ||||||||||||||
Item 2. | ||||||||||||||
Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||||||||||||
Item 3. | ||||||||||||||
Item 4. | ||||||||||||||
OTHER INFORMATION | ||||||||||||||
Item 1. | ||||||||||||||
Item 1A. | ||||||||||||||
Item | 4. | |||||||||||||
Item | 6. | |||||||||||||
AFUDC | Allowance for Funds Used During Construction | ||||
AOCI | Accumulated Other Comprehensive Income (Loss) | ||||
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). | ||||
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 | Black Hills | ||||
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 | |||||
Black Hills Non-regulated Holdings | Black Hills Non-regulated Holdings, LLC, a direct, wholly-owned subsidiary of Black Hills Corporation | ||||
Black Hills Power | Black Hills Power, Inc., a direct, wholly-owned subsidiary of Black Hills Corporation (doing business as Black Hills Energy). Also known as South Dakota Electric. | ||||
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 | ||||
CARES Act | Coronavirus Aid, Relief, and Economic Security Act, signed on March 27, 2020, which is a tax and spending package intended to | ||||
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. | ||||
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. | ||||
City of Colorado Springs | Colorado Springs, Colorado | ||||
City of Gillette | Gillette, Wyoming | ||||
Colorado Electric | Black Hills Colorado Electric, LLC, a direct, wholly-owned subsidiary of Black Hills Utility | ||||
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). | ||||
Consolidated Indebtedness to Capitalization Ratio | Any | ||||
Cooling Degree Day (CDD) | A cooling degree day is equivalent to each degree that the average of the high and low | ||||
COVID-19 | The official name for the | ||||
CP Program | Commercial Paper Program | ||||
CPUC | Colorado Public Utilities Commission | ||||
CVA | Credit Valuation Adjustment | ||||
Dodd-Frank | Dodd-Frank Wall Street Reform and Consumer Protection Act | ||||
Dth | Dekatherm. A unit of energy equal to 10 therms or approximately one million British thermal units (MMBtu) | ||||
FASB | Financial Accounting Standards Board | ||||
FERC | United States Federal Energy Regulatory Commission | ||||
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 | ||||
HomeServe | Repair service plans offered to electric and natural gas residential customers that cover parts and labor to repair electrical, gas, heating, cooling, and water systems. | ||||
ICFR | Internal Controls over Financial Reporting | ||||
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 | ||||
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). | ||||
MMBtu | Million British thermal units | ||||
Moody’s | Moody’s Investors Service, Inc. | ||||
MW | |||||
MWh | |||||
Nebraska Gas | Black Hills Nebraska Gas, | ||||
NPSC | Nebraska Public Service Commission | ||||
OCA | Office of Consumer Advocate | ||||
OCC | Office of Consumer Counsel | ||||
OCI | Other Comprehensive Income | ||||
PPA | Power Purchase Agreement | ||||
PRPA | Platte River Power Authority | ||||
PSA | Power Sales Agreement | ||||
Pueblo Airport Generation | 420 MW combined cycle gas-fired power generation plants jointly owned by Colorado Electric (220 MW) and Black Hills Colorado IPP (200 MW). Black Hills Colorado IPP owns and operates this facility. The plants commenced operation on January 1, 2012. | ||||
Renewable Advantage | A 200 MW solar facility project to be constructed in Pueblo County, Colorado. The project aims to lower customer energy costs and provide economic and environmental benefits to Colorado Electric’s customers and communities. This project, which was approved by the CPUC in September 2020, will be owned by a third-party renewable energy developer with Colorado Electric purchasing all of the energy generated at the facility under the terms of a 15-year PPA. The project is expected to be placed in service in 2023. | ||||
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 | ||||
South Dakota Public Utilities Commission | |||||
SEC | |||||
Standard and Poor’s, a division of The McGraw-Hill Companies, Inc. | |||||
South Dakota Electric | |||||
SSIR | System Safety and Integrity Rider | ||||
Non-regulated product lines within Black Hills Corporation 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-owner 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 | ||||
WPSC | Wyoming Public Service Commission | ||||
WRDC | Wyodak Resources Development | ||||
Wygen I | A mine-mouth, coal-fired power plant with a total capacity of 90 MW located at our Gillette, Wyoming energy complex. We own 76.5% of the plant and Municipal Energy Agency of Nebraska (MEAN) owns the remaining 23.5%. | ||||
Wyodak Plant | Wyodak, a 362 MW mine-mouth coal-fired plant in Gillette, Wyoming, | ||||
Wyoming Electric | |||||
Wyoming Gas |
(unaudited) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
(in thousands, except per share amounts) | ||||||||||||||
Revenue | $ | 346,590 | $ | 325,548 | $ | 1,210,554 | $ | 1,257,246 | ||||||
Operating expenses: | ||||||||||||||
Fuel, purchased power and cost of natural gas sold | 71,686 | 73,544 | 331,194 | 413,486 | ||||||||||
Operations and maintenance | 122,759 | 116,583 | 365,533 | 365,116 | ||||||||||
Depreciation, depletion and amortization | 56,348 | 51,884 | 169,413 | 154,507 | ||||||||||
Taxes - property and production | 13,563 | 12,986 | 42,062 | 39,454 | ||||||||||
Total operating expenses | 264,356 | 254,997 | 908,202 | 972,563 | ||||||||||
Operating income | 82,234 | 70,551 | 302,352 | 284,683 | ||||||||||
Other income (expense): | ||||||||||||||
Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) | (36,521) | (34,000) | (108,067) | (103,677) | ||||||||||
Interest income | 480 | 513 | 1,028 | 1,208 | ||||||||||
Impairment of investment | 0 | (19,741) | (6,859) | (19,741) | ||||||||||
Other income (expense), net | (1,193) | 580 | (703) | 55 | ||||||||||
Total other income (expense) | (37,234) | (52,648) | (114,601) | (122,155) | ||||||||||
Income before income taxes | 45,000 | 17,903 | 187,751 | 162,528 | ||||||||||
Income tax (expense) | (4,651) | (2,508) | (25,484) | (22,078) | ||||||||||
Net income | 40,349 | 15,395 | 162,267 | 140,450 | ||||||||||
Net income attributable to noncontrolling interest | (4,066) | (3,655) | (11,844) | (10,319) | ||||||||||
Net income available for common stock | $ | 36,283 | $ | 11,740 | $ | 150,423 | $ | 130,131 | ||||||
Earnings per share of common stock: | ||||||||||||||
Earnings per share, Basic | $ | 0.58 | $ | 0.19 | $ | 2.41 | $ | 2.15 | ||||||
Earnings per share, Diluted | $ | 0.58 | $ | 0.19 | $ | 2.41 | $ | 2.15 | ||||||
Weighted average common shares outstanding: | ||||||||||||||
Basic | 62,575 | 60,976 | 62,310 | 60,458 | ||||||||||
Diluted | 62,630 | 61,104 | 62,362 | 60,578 |
(unaudited) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
(in thousands, except per share amounts) | ||||||||||||
Revenue | $ | 342,138 | $ | 333,786 | $ | 1,244,119 | $ | 1,109,186 | ||||
Operating expenses: | ||||||||||||
Fuel, purchased power and cost of natural gas sold | 86,281 | 80,194 | 404,222 | 336,539 | ||||||||
Operations and maintenance | 114,648 | 115,103 | 354,152 | 334,706 | ||||||||
Depreciation, depletion and amortization | 49,434 | 48,925 | 146,744 | 140,637 | ||||||||
Taxes - property, production and severance | 13,092 | 12,114 | 40,804 | 36,991 | ||||||||
Impairment of long-lived assets | — | 12,293 | — | 52,286 | ||||||||
Other operating expenses | 164 | 6,748 | 3,301 | 40,730 | ||||||||
Total operating expenses | 263,619 | 275,377 | 949,223 | 941,889 | ||||||||
Operating income | 78,519 | 58,409 | 294,896 | 167,297 | ||||||||
Other income (expense): | ||||||||||||
Interest charges - | ||||||||||||
Interest expense incurred (including amortization of debt issuance costs, premiums and discounts) | (35,305 | ) | (37,306 | ) | (105,499 | ) | (103,989 | ) | ||||
Allowance for funds used during construction - borrowed | 753 | 860 | 2,061 | 2,115 | ||||||||
Capitalized interest | 149 | 282 | 448 | 785 | ||||||||
Interest income | 402 | 912 | 700 | 2,513 | ||||||||
Allowance for funds used during construction - equity | 696 | 1,211 | 1,982 | 2,900 | ||||||||
Other income (expense), net | 189 | 160 | 29 | 801 | ||||||||
Total other income (expense), net | (33,116 | ) | (33,881 | ) | (100,279 | ) | (94,875 | ) | ||||
Income before income taxes | 45,403 | 24,528 | 194,617 | 72,422 | ||||||||
Income tax benefit (expense) | (13,805 | ) | (6,644 | ) | (57,562 | ) | (11,205 | ) | ||||
Net income | 31,598 | 17,884 | 137,055 | 61,217 | ||||||||
Net income attributable to noncontrolling interest | (3,935 | ) | (3,753 | ) | (10,674 | ) | (6,415 | ) | ||||
Net income available for common stock | $ | 27,663 | $ | 14,131 | $ | 126,381 | $ | 54,802 | ||||
Earnings per share of common stock: | ||||||||||||
Earnings per share, Basic | $ | 0.52 | $ | 0.27 | $ | 2.38 | $ | 1.06 | ||||
Earnings per share, Diluted | $ | 0.50 | $ | 0.26 | $ | 2.29 | $ | 1.04 | ||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 53,243 | 52,184 | 53,208 | 51,583 | ||||||||
Diluted | 55,432 | 53,733 | 55,254 | 52,893 | ||||||||
Dividends declared per share of common stock | $ | 0.445 | $ | 0.420 | $ | 1.335 | $ | 1.260 |
(unaudited) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
(in thousands) | ||||||||||||||
Net income | $ | 40,349 | $ | 15,395 | $ | 162,267 | $ | 140,450 | ||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||
Benefit plan liability adjustments - net gain (net of tax of $0,$0, $(17) and $0, respectively) | 0 | 0 | 55 | 0 | ||||||||||
Reclassification adjustments of benefit plan liability - prior service cost (net of tax of $6, $3, $19 and $13, respectively) | (18) | (16) | (60) | (45) | ||||||||||
Reclassification adjustments of benefit plan liability - net gain (net of tax of $(149), $(92), $(426) and $(197), respectively) | 448 | (9) | 1,365 | 327 | ||||||||||
Derivative instruments designated as cash flow hedges: | ||||||||||||||
Reclassification of net realized losses on settled/amortized interest rate swaps (net of tax of $(168), $(165), $(508) and $(500), respectively) | 544 | 548 | 1,630 | 1,639 | ||||||||||
Net unrealized gains (losses) on commodity derivatives (net of tax of $(112), $35, $(44) and $100, respectively) | 401 | (115) | 181 | (334) | ||||||||||
Reclassification of net realized (gains) losses on settled commodity derivatives (net of tax of $(41), $(5), $(172), and $142, respectively) | 137 | 124 | 562 | (366) | ||||||||||
Other comprehensive income, net of tax | 1,512 | 532 | 3,733 | 1,221 | ||||||||||
Comprehensive income | 41,861 | 15,927 | 166,000 | 141,671 | ||||||||||
Less: comprehensive income attributable to noncontrolling interest | (4,066) | (3,655) | (11,844) | (10,319) | ||||||||||
Comprehensive income available for common stock | $ | 37,795 | $ | 12,272 | $ | 154,156 | $ | 131,352 |
(unaudited) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
(in thousands) | ||||||||||||
Net income | $ | 31,598 | $ | 17,884 | $ | 137,055 | $ | 61,217 | ||||
Other comprehensive income (loss), net of tax: | ||||||||||||
Reclassification adjustments of benefit plan liability - prior service cost (net of tax (expense) benefit of $17 and $19 for the three months ended September 30, 2017 and 2016 and $52 and $57 for the nine months ended September 30, 2017 and 2016, respectively) | (32 | ) | (36 | ) | (94 | ) | (108 | ) | ||||
Reclassification adjustments of benefit plan liability - net gain (loss) (net of tax (expense) benefit of $(145) and $(171) for the three months ended September 30, 2017 and 2016 and $(445) and $(517) for the nine months ended September 30, 2017 and 2016, respectively) | 269 | 323 | 797 | 966 | ||||||||
Derivative instruments designated as cash flow hedges: | ||||||||||||
Net unrealized gains (losses) on interest rate swaps (net of tax of $0 and $163 for the three months ended September 30, 2017 and 2016 and $0 and $10,930 for the nine months ended September 30, 2017 and 2016, respectively) | — | (302 | ) | — | (20,200 | ) | ||||||
Reclassification of net realized (gains) losses on settled/amortized interest rate swaps (net of tax of $(249) and $(294) for the three months ended September 30, 2017 and 2016 and $(779) and $(886) for the nine months ended September 30, 2017 and 2016, respectively) | 464 | 546 | 1,449 | 1,644 | ||||||||
Net unrealized gains (losses) on commodity derivatives (net of tax of $94 and $(423) for the three months ended September 30, 2017 and 2016 and $(442) and $(324) for the nine months ended September 30, 2017 and 2016, respectively) | (160 | ) | (249 | ) | 755 | (417 | ) | |||||
Reclassification of net realized (gains) losses on settled commodity derivatives (net of tax of $95 and $860 for the three months ended September 30, 2017 and 2016 and $344 and $3,337 for the nine months ended September 30, 2017 and 2016, respectively) | (166 | ) | (1,469 | ) | (590 | ) | (5,781 | ) | ||||
Other comprehensive income (loss), net of tax | 375 | (1,187 | ) | 2,317 | (23,896 | ) | ||||||
Comprehensive income | 31,973 | 16,697 | 139,372 | 37,321 | ||||||||
Less: comprehensive income attributable to noncontrolling interest | (3,935 | ) | (3,753 | ) | (10,674 | ) | (6,415 | ) | ||||
Comprehensive income available for common stock | $ | 28,038 | $ | 12,944 | $ | 128,698 | $ | 30,906 |
(unaudited) | As of | ||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||
(in thousands) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 6,955 | $ | 9,777 | |||||||
Restricted cash and equivalents | 4,257 | 3,881 | |||||||||
Accounts receivable, net | 160,478 | 255,805 | |||||||||
Materials, supplies and fuel | 126,358 | 117,172 | |||||||||
Derivative assets, current | 2,001 | 342 | |||||||||
Income tax receivable, net | 20,828 | 16,446 | |||||||||
Regulatory assets, current | 49,493 | 43,282 | |||||||||
Other current assets | 33,287 | 26,479 | |||||||||
Total current assets | 403,657 | 473,184 | |||||||||
Investments | 15,659 | 21,929 | |||||||||
Property, plant and equipment | 7,128,387 | 6,784,679 | |||||||||
Less: accumulated depreciation and depletion | (1,276,410) | (1,281,493) | |||||||||
Total property, plant and equipment, net | 5,851,977 | 5,503,186 | |||||||||
Other assets: | |||||||||||
Goodwill | 1,299,454 | 1,299,454 | |||||||||
Intangible assets, net | 12,242 | 13,266 | |||||||||
Regulatory assets, non-current | 221,743 | 228,062 | |||||||||
Other assets, non-current | 24,318 | 19,376 | |||||||||
Total other assets, non-current | 1,557,757 | 1,560,158 | |||||||||
TOTAL ASSETS | $ | 7,829,050 | $ | 7,558,457 |
(unaudited) | As of | ||||||||||
September 30, 2017 | December 31, 2016 | September 30, 2016 | |||||||||
(in thousands) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 13,510 | $ | 13,580 | $ | 31,814 | |||||
Restricted cash and equivalents | 2,683 | 2,274 | 2,140 | ||||||||
Accounts receivable, net | 153,832 | 263,289 | 154,617 | ||||||||
Materials, supplies and fuel | 126,520 | 107,210 | 113,475 | ||||||||
Derivative assets, current | 657 | 4,138 | 4,382 | ||||||||
Regulatory assets, current | 61,023 | 49,260 | 50,561 | ||||||||
Other current assets | 26,793 | 27,063 | 30,032 | ||||||||
Total current assets | 385,018 | 466,814 | 387,021 | ||||||||
Investments | 12,947 | 12,561 | 12,416 | ||||||||
Property, plant and equipment | 6,615,098 | 6,412,223 | 6,306,119 | ||||||||
Less: accumulated depreciation and depletion | (2,020,331 | ) | (1,943,234 | ) | (1,841,116 | ) | |||||
Total property, plant and equipment, net | 4,594,767 | 4,468,989 | 4,465,003 | ||||||||
Other assets: | |||||||||||
Goodwill | 1,299,454 | 1,299,454 | 1,300,379 | ||||||||
Intangible assets, net | 7,765 | 8,392 | 8,944 | ||||||||
Regulatory assets, non-current | 239,571 | 246,882 | 234,240 | ||||||||
Derivative assets, non-current | — | 222 | 183 | ||||||||
Other assets, non-current | 11,655 | 12,130 | 12,800 | ||||||||
Total other assets, non-current | 1,558,445 | 1,567,080 | 1,556,546 | ||||||||
TOTAL ASSETS | $ | 6,551,177 | $ | 6,515,444 | $ | 6,420,986 |
(unaudited) | As of | ||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||
(in thousands, except share amounts) | |||||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 152,010 | $ | 193,523 | |||||||
Accrued liabilities | 244,010 | 226,767 | |||||||||
Derivative liabilities, current | 1,439 | 2,254 | |||||||||
Regulatory liabilities, current | 22,282 | 33,507 | |||||||||
Notes payable | 84,320 | 349,500 | |||||||||
Current maturities of long-term debt | 9,871 | 5,743 | |||||||||
Total current liabilities | 513,932 | 811,294 | |||||||||
Long-term debt, net of current maturities | 3,526,894 | 3,140,096 | |||||||||
Deferred credits and other liabilities: | |||||||||||
Deferred income tax liabilities, net | 398,136 | 360,719 | |||||||||
Regulatory liabilities, non-current | 505,317 | 503,145 | |||||||||
Benefit plan liabilities | 144,049 | 154,472 | |||||||||
Other deferred credits and other liabilities | 120,522 | 124,662 | |||||||||
Total deferred credits and other liabilities | 1,168,024 | 1,142,998 | |||||||||
Commitments and contingencies (See Notes 7, 9, 12, 13) | |||||||||||
Equity: | |||||||||||
Stockholders’ equity — | |||||||||||
Common stock $1 par value; 100,000,000 shares authorized; issued 62,773,015 and 61,480,658 shares, respectively | 62,773 | 61,481 | |||||||||
Additional paid-in capital | 1,655,912 | 1,552,788 | |||||||||
Retained earnings | 828,993 | 778,776 | |||||||||
Treasury stock, at cost – 24,897 and 3,956 shares, respectively | (1,710) | (267) | |||||||||
Accumulated other comprehensive income (loss) | (26,922) | (30,655) | |||||||||
Total stockholders’ equity | 2,519,046 | 2,362,123 | |||||||||
Noncontrolling interest | 101,154 | 101,946 | |||||||||
Total equity | 2,620,200 | 2,464,069 | |||||||||
TOTAL LIABILITIES AND TOTAL EQUITY | $ | 7,829,050 | $ | 7,558,457 |
(unaudited) | As of | ||||||||||
September 30, 2017 | December 31, 2016 | September 30, 2016 | |||||||||
(in thousands, except share amounts) | |||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND TOTAL EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 95,595 | $ | 153,477 | $ | 110,630 | |||||
Accrued liabilities | 213,571 | 244,034 | 228,522 | ||||||||
Derivative liabilities, current | 1,562 | 2,459 | 1,941 | ||||||||
Accrued income taxes, net | 5,587 | 12,552 | 10,909 | ||||||||
Regulatory liabilities, current | 7,042 | 13,067 | 16,925 | ||||||||
Notes payable | 225,170 | 96,600 | 75,000 | ||||||||
Current maturities of long-term debt | 5,743 | 5,743 | 5,743 | ||||||||
Total current liabilities | 554,270 | 527,932 | 449,670 | ||||||||
Long-term debt | 3,109,864 | 3,211,189 | 3,211,768 | ||||||||
Deferred credits and other liabilities: | |||||||||||
Deferred income tax liabilities, net, non-current | 605,744 | 535,606 | 533,865 | ||||||||
Derivative liabilities, non-current | 74 | 274 | 317 | ||||||||
Regulatory liabilities, non-current | 198,189 | 193,689 | 186,496 | ||||||||
Benefit plan liabilities | 149,803 | 173,682 | 171,633 | ||||||||
Other deferred credits and other liabilities | 137,251 | 138,643 | 141,007 | ||||||||
Total deferred credits and other liabilities | 1,091,061 | 1,041,894 | 1,033,318 | ||||||||
Commitments and contingencies (See Notes 8, 10, 15, 16) | |||||||||||
Redeemable noncontrolling interest | — | 4,295 | 4,206 | ||||||||
Equity: | |||||||||||
Stockholders’ equity — | |||||||||||
Common stock $1 par value; 100,000,000 shares authorized; issued 53,524,529; 53,397,467; and 53,131,469 shares, respectively | 53,525 | 53,397 | 53,131 | ||||||||
Additional paid-in capital | 1,147,922 | 1,138,982 | 1,123,527 | ||||||||
Retained earnings | 516,371 | 457,934 | 462,090 | ||||||||
Treasury stock, at cost – 41,457; 15,258; and 22,368 shares, respectively | (2,448 | ) | (791 | ) | (1,155 | ) | |||||
Accumulated other comprehensive income (loss) | (32,566 | ) | (34,883 | ) | (32,951 | ) | |||||
Total stockholders’ equity | 1,682,804 | 1,614,639 | 1,604,642 | ||||||||
Noncontrolling interest | 113,178 | 115,495 | 117,382 | ||||||||
Total equity | 1,795,982 | 1,730,134 | 1,722,024 | ||||||||
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND TOTAL EQUITY | $ | 6,551,177 | $ | 6,515,444 | $ | 6,420,986 |
(unaudited) | Nine Months Ended September 30, | (unaudited) | Nine Months Ended September 30, | |||||||||||
2017 | 2016 | 2020 | 2019 | |||||||||||
Operating activities: | (in thousands) | Operating activities: | (in thousands) | |||||||||||
Net income | $ | 137,055 | $ | 54,802 | Net income | $ | 162,267 | $ | 140,450 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Depreciation, depletion and amortization | 146,744 | 140,637 | Depreciation, depletion and amortization | 169,413 | 154,507 | |||||||||
Deferred financing cost amortization | 6,212 | 4,002 | Deferred financing cost amortization | 5,523 | 6,326 | |||||||||
Impairment of long-lived assets | — | 52,286 | ||||||||||||
Derivative fair value adjustments | 1,931 | (7,308 | ) | |||||||||||
Impairment of investment | Impairment of investment | 6,859 | 19,741 | |||||||||||
Stock compensation | 7,594 | 9,124 | Stock compensation | 2,696 | 8,332 | |||||||||
Deferred income taxes | 64,672 | 38,578 | Deferred income taxes | 28,502 | 24,381 | |||||||||
Employee benefit plans | 8,470 | 11,830 | Employee benefit plans | 9,294 | 7,965 | |||||||||
Other adjustments, net | (5,550 | ) | (2,076 | ) | Other adjustments, net | 7,910 | 9,192 | |||||||
Changes in certain operating assets and liabilities: | Changes in certain operating assets and liabilities: | |||||||||||||
Materials, supplies and fuel | (19,560 | ) | (5,166 | ) | Materials, supplies and fuel | (10,905) | (4,126) | |||||||
Accounts receivable, unbilled revenues and other operating assets | 107,026 | 78,869 | ||||||||||||
Accounts payable and other operating liabilities | (101,471 | ) | (117,631 | ) | ||||||||||
Accounts receivable and other current assets | Accounts receivable and other current assets | 75,960 | 115,325 | |||||||||||
Accounts payable and other current liabilities | Accounts payable and other current liabilities | (11,136) | (83,436) | |||||||||||
Regulatory assets - current | 1,287 | 8,453 | Regulatory assets - current | 1,954 | 12,455 | |||||||||
Regulatory liabilities - current | (4,328 | ) | (8,181 | ) | Regulatory liabilities - current | (17,686) | (15,644) | |||||||
Contributions to defined benefit pension plans | (27,700 | ) | (14,200 | ) | Contributions to defined benefit pension plans | (12,700) | (12,700) | |||||||
Interest rate swap settlement | — | (28,820 | ) | |||||||||||
Other operating activities, net | (2,952 | ) | (5,998 | ) | Other operating activities, net | 1,508 | 3,307 | |||||||
Net cash provided by (used in) operating activities | 319,430 | 209,201 | ||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 419,459 | 386,075 | |||||||||||
Investing activities: | Investing activities: | |||||||||||||
Property, plant and equipment additions | (256,138 | ) | (334,098 | ) | Property, plant and equipment additions | (535,993) | (592,537) | |||||||
Acquisition, net of long term debt assumed | — | (1,124,238 | ) | |||||||||||
Other investing activities | (250 | ) | (860 | ) | Other investing activities | 6,269 | (735) | |||||||
Net cash provided by (used in) investing activities | (256,388 | ) | (1,459,196 | ) | ||||||||||
Net cash (used in) investing activities | Net cash (used in) investing activities | (529,724) | (593,272) | |||||||||||
Financing activities: | Financing activities: | |||||||||||||
Dividends paid on common stock | (71,334 | ) | (65,247 | ) | Dividends paid on common stock | (99,999) | (91,779) | |||||||
Common stock issued | 3,562 | 107,690 | Common stock issued | 99,316 | 101,361 | |||||||||
Sale of noncontrolling interest | — | 216,370 | ||||||||||||
Net (payments) borrowings of short-term debt | 128,570 | (1,800 | ) | Net (payments) borrowings of short-term debt | (265,180) | 109,280 | ||||||||
Long-term debt - issuances | — | 1,767,608 | Long-term debt - issuances | 400,000 | 400,000 | |||||||||
Long-term debt - repayments | (104,307 | ) | (1,162,872 | ) | Long-term debt - repayments | (7,163) | (304,307) | |||||||
Distributions to noncontrolling interest | (12,884 | ) | (4,516 | ) | Distributions to noncontrolling interest | (12,636) | (12,736) | |||||||
Other financing activities | (6,719 | ) | (16,285 | ) | Other financing activities | (6,519) | (1,992) | |||||||
Net cash provided by (used in) financing activities | (63,112 | ) | 840,948 | |||||||||||
Net change in cash and cash equivalents | (70 | ) | (409,047 | ) | ||||||||||
Cash and cash equivalents, beginning of period | 13,580 | 440,861 | ||||||||||||
Cash and cash equivalents, end of period | $ | 13,510 | $ | 31,814 | ||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | 107,819 | 199,827 | |||||||||||
Net change in cash, restricted cash and cash equivalents | Net change in cash, restricted cash and cash equivalents | (2,446) | (7,370) | |||||||||||
Cash, restricted cash and cash equivalents at beginning of period | Cash, restricted cash and cash equivalents at beginning of period | 13,658 | 24,145 | |||||||||||
Cash, restricted cash and cash equivalents at end of period | Cash, restricted cash and cash equivalents at end of period | $ | 11,212 | $ | 16,775 | |||||||||
Supplemental cash flow information: | Supplemental cash flow information: | |||||||||||||
Cash (paid) refunded during the period: | Cash (paid) refunded during the period: | |||||||||||||
Interest (net of amounts capitalized) | Interest (net of amounts capitalized) | $ | (87,453) | $ | (99,375) | |||||||||
Income taxes | Income taxes | $ | 1,256 | $ | 2,255 | |||||||||
Non-cash investing and financing activities: | Non-cash investing and financing activities: | |||||||||||||
Accrued property, plant and equipment purchases at September 30 | Accrued property, plant and equipment purchases at September 30 | $ | 86,474 | $ | 86,661 |
(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, 2019 | 61,480,658 | $ | 61,481 | 3,956 | $ | (267) | $ | 1,552,788 | $ | 778,776 | $ | (30,655) | $ | 101,946 | $ | 2,464,069 | |||||||||||||
Net income available for common stock | — | — | — | — | — | 93,174 | — | 4,050 | 97,224 | ||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | 1,273 | — | 1,273 | ||||||||||||||||||||
Dividends on common stock ($0.535 per share) | — | — | — | — | — | (32,902) | — | — | (32,902) | ||||||||||||||||||||
Share-based compensation | 69,378 | 69 | 20,700 | (1,658) | 2,263 | — | — | — | 674 | ||||||||||||||||||||
Issuance of common stock | 1,222,942 | 1,223 | — | — | 98,777 | — | — | — | 100,000 | ||||||||||||||||||||
Issuance costs | — | — | — | — | (967) | — | — | — | (967) | ||||||||||||||||||||
Implementation of ASU 2016-13 Financial Instruments - - Credit Losses | — | — | — | — | — | (207) | — | — | (207) | ||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (4,741) | (4,741) | ||||||||||||||||||||
March 31, 2020 | 62,772,978 | $ | 62,773 | 24,656 | $ | (1,925) | $ | 1,652,861 | $ | 838,841 | $ | (29,382) | $ | 101,255 | $ | 2,624,423 | |||||||||||||
Net income available for common stock | — | — | — | — | — | 20,966 | — | 3,728 | 24,694 | ||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | 948 | — | 948 | ||||||||||||||||||||
Dividends on common stock ($0.535 per share) | — | — | — | — | — | (33,538) | — | — | (33,538) | ||||||||||||||||||||
Share-based compensation | 18 | — | 1,743 | 46 | 1,781 | — | — | — | 1,827 | ||||||||||||||||||||
Issuance costs | — | — | — | — | (79) | — | — | — | (79) | ||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (3,779) | (3,779) | ||||||||||||||||||||
June 30, 2020 | 62,772,996 | $ | 62,773 | 26,399 | $ | (1,879) | $ | 1,654,563 | $ | 826,269 | $ | (28,434) | $ | 101,204 | $ | 2,614,496 | |||||||||||||
Net income available for common stock | — | — | — | — | — | 36,283 | — | 4,066 | 40,349 | ||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | 1,512 | — | 1,512 | ||||||||||||||||||||
Dividends on common stock (0.535 per share) | — | — | — | — | — | (33,559) | — | — | (33,559) | ||||||||||||||||||||
Share-based compensation | 19 | — | (1,502) | 169 | 1,468 | — | — | — | 1,637 | ||||||||||||||||||||
Issuance costs | — | — | — | — | (119) | — | — | — | (119) | ||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (4,116) | (4,116) | ||||||||||||||||||||
September 30, 2020 | 62,773,015 | $ | 62,773 | 24,897 | $ | (1,710) | $ | 1,655,912 | $ | 828,993 | $ | (26,922) | $ | 101,154 | $ | 2,620,200 | |||||||||||||
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, 2018 | 60,048,567 | $ | 60,049 | 44,253 | $ | (2,510) | $ | 1,450,569 | $ | 700,396 | $ | (26,916) | $ | 105,835 | $ | 2,287,423 | |||||||||||||
Net income available for common stock | — | — | — | — | — | 103,808 | — | 3,554 | 107,362 | ||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | 457 | — | 457 | ||||||||||||||||||||
Dividends on common stock ($0.505 per share) | — | — | — | — | — | (30,332) | — | — | (30,332) | ||||||||||||||||||||
Share-based compensation | 48,956 | 49 | (20,497) | 1,078 | (589) | — | — | — | 538 | ||||||||||||||||||||
Tax effect of share-based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Issuance of common stock | 280,497 | 280 | — | — | 19,719 | — | — | — | 19,999 | ||||||||||||||||||||
Issuance costs | — | — | — | — | (289) | — | — | — | (289) | ||||||||||||||||||||
Implementation of ASU 2016-02 Leases | — | — | — | — | — | 3,390 | — | — | 3,390 | ||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (4,846) | (4,846) | ||||||||||||||||||||
March 31, 2019 | 60,378,020 | $ | 60,378 | 23,756 | $ | (1,432) | $ | 1,469,410 | $ | 777,262 | $ | (26,459) | $ | 104,543 | $ | 2,383,702 | |||||||||||||
Net income available for common stock | — | — | — | — | — | 14,583 | — | 3,110 | 17,693 | ||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | 232 | — | 232 | ||||||||||||||||||||
Dividends on common stock ($0.505 per share) | — | — | — | — | — | (30,620) | — | — | (30,620) | ||||||||||||||||||||
Share-based compensation | 54,767 | 54 | 1,603 | (112) | 3,948 | — | — | — | 3,890 | ||||||||||||||||||||
Tax effect of share-based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Issuance of common stock | 658,598 | 659 | — | — | 49,342 | — | — | — | 50,001 | ||||||||||||||||||||
Issuance costs | — | — | — | — | (492) | — | — | — | (492) | ||||||||||||||||||||
Implementation of ASU 2016-02 Leases | — | — | — | — | — | (3) | — | — | (3) | ||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (4,405) | (4,405) | ||||||||||||||||||||
June 30, 2019 | 61,091,385 | $ | 61,091 | 25,359 | $ | (1,544) | $ | 1,522,208 | $ | 761,222 | $ | (26,227) | $ | 103,248 | $ | 2,419,998 | |||||||||||||
Net income available for common stock | — | — | — | — | — | 11,740 | — | 3,655 | 15,395 | ||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | 532 | — | 532 | ||||||||||||||||||||
Dividends on common stock ($0.505 per share) | — | — | — | — | — | (30,827) | — | — | (30,827) | ||||||||||||||||||||
Share-based compensation | 18 | 0 | 1,213 | (92) | 1,769 | — | — | — | 1,677 | ||||||||||||||||||||
Tax effect of share-based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Issuance of common stock | 389,237 | 390 | — | — | 29,611 | — | — | — | 30,001 | ||||||||||||||||||||
Issuance costs | — | — | — | — | (398) | — | — | — | (398) | ||||||||||||||||||||
Implementation of ASU 2016-02 Leases | — | — | — | — | — | 3 | — | — | 3 | ||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (3,485) | (3,485) | ||||||||||||||||||||
September 30, 2019 | 61,480,640 | $ | 61,481 | 26,572 | $ | (1,636) | $ | 1,553,190 | $ | 742,138 | $ | (25,695) | $ | 103,418 | $ | 2,432,896 | |||||||||||||
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | |||||||
(in millions) | ||||||||
Fuel, purchased power and cost of natural gas sold | $ | 0.5 | $ | 1.8 | ||||
Operations and maintenance | (0.5) | (1.8) | ||||||
Operating income | $ | 0 | $ | 0 |
Three Months Ended September 30, 2020 | Electric Utilities | Gas Utilities | Power Generation | Mining | Inter-company Revenues | Total | ||||||||||||||
Customer types: | (in thousands) | |||||||||||||||||||
Retail | $ | 169,505 | $ | 94,367 | $ | 0 | $ | 14,668 | $ | (8,100) | $ | 270,440 | ||||||||
Transportation | 0 | 38,196 | 0 | 0 | (139) | 38,057 | ||||||||||||||
Wholesale | 5,925 | 0 | 26,049 | 0 | (24,521) | 7,453 | ||||||||||||||
Market - off-system sales | 9,535 | 36 | 0 | 0 | (1,904) | 7,667 | ||||||||||||||
Transmission/Other | 15,653 | 10,277 | 0 | 0 | (5,235) | 20,695 | ||||||||||||||
Revenue from contracts with customers | $ | 200,618 | $ | 142,876 | $ | 26,049 | $ | 14,668 | $ | (39,899) | $ | 344,312 | ||||||||
Other revenues | 224 | 1,053 | 469 | 568 | (36) | 2,278 | ||||||||||||||
Total revenues | $ | 200,842 | $ | 143,929 | $ | 26,518 | $ | 15,236 | $ | (39,935) | $ | 346,590 | ||||||||
Timing of revenue recognition: | ||||||||||||||||||||
Services transferred at a point in time | $ | 0 | $ | 0 | $ | 0 | $ | 14,668 | $ | (8,100) | $ | 6,568 | ||||||||
Services transferred over time | 200,618 | 142,876 | 26,049 | 0 | (31,799) | 337,744 | ||||||||||||||
Revenue from contracts with customers | $ | 200,618 | $ | 142,876 | $ | 26,049 | $ | 14,668 | $ | (39,899) | $ | 344,312 | ||||||||
Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2016 | |||||
(in thousands, except per share amounts) | ||||||
Revenue | $ | 333,786 | $ | 1,188,148 | ||
Net income available for common stock | $ | 17,376 | $ | 89,973 | ||
Earnings per share, Basic | $ | 0.33 | $ | 1.74 | ||
Earnings per share, Diluted | $ | 0.32 | $ | 1.70 |
Three Months Ended September 30, 2019 | Electric Utilities | Gas Utilities | Power Generation | Mining | Inter-company Revenues | Total | ||||||||||||||
Customer Types: | ||||||||||||||||||||
Retail | $ | 162,214 | $ | 89,810 | $ | 0 | $ | 14,992 | $ | (8,146) | $ | 258,870 | ||||||||
Transportation | 0 | 29,019 | 0 | 0 | (195) | 28,824 | ||||||||||||||
Wholesale | 8,210 | 0 | 16,119 | 0 | (14,414) | 9,915 | ||||||||||||||
Market - off-system sales | 6,452 | 139 | 0 | 0 | (1,488) | 5,103 | ||||||||||||||
Transmission/Other | 14,274 | 10,965 | 0 | 0 | (4,206) | 21,033 | ||||||||||||||
Revenue from contracts with customers | $ | 191,150 | $ | 129,933 | $ | 16,119 | $ | 14,992 | $ | (28,449) | $ | 323,745 | ||||||||
Other revenues | 234 | 811 | 9,692 | 560 | (9,494) | 1,803 | ||||||||||||||
Total Revenues | $ | 191,384 | $ | 130,744 | $ | 25,811 | $ | 15,552 | $ | (37,943) | $ | 325,548 | ||||||||
Timing of Revenue Recognition: | ||||||||||||||||||||
Services transferred at a point in time | $ | 0 | $ | 0 | $ | 0 | $ | 14,992 | $ | (8,146) | $ | 6,846 | ||||||||
Services transferred over time | 191,150 | 129,933 | 16,119 | 0 | (20,303) | 316,899 | ||||||||||||||
Revenue from contracts with customers | $ | 191,150 | $ | 129,933 | $ | 16,119 | $ | 14,992 | $ | (28,449) | $ | 323,745 | ||||||||
Nine Months Ended September 30, 2020 | Electric Utilities | Gas Utilities | Power Generation | Mining | Inter-company Revenues | Total | ||||||||||||||
Customer types: | (in thousands) | |||||||||||||||||||
Retail | $ | 459,949 | $ | 513,208 | $ | 0 | $ | 43,917 | $ | (23,855) | $ | 993,219 | ||||||||
Transportation | 0 | 113,096 | 0 | 0 | (416) | 112,680 | ||||||||||||||
Wholesale | 14,947 | 0 | 77,234 | 0 | (72,609) | 19,572 | ||||||||||||||
Market - off-system sales | 17,940 | 197 | 0 | 0 | (6,123) | 12,014 | ||||||||||||||
Transmission/Other | 43,271 | 32,038 | 0 | 0 | (14,080) | 61,229 | ||||||||||||||
Revenue from contracts with customers | $ | 536,107 | $ | 658,539 | $ | 77,234 | $ | 43,917 | $ | (117,083) | $ | 1,198,714 | ||||||||
Other revenues | 2,074 | 7,273 | 1,372 | 1,940 | (819) | 11,840 | ||||||||||||||
Total revenues | $ | 538,181 | $ | 665,812 | $ | 78,606 | $ | 45,857 | $ | (117,902) | $ | 1,210,554 | ||||||||
Timing of revenue recognition: | ||||||||||||||||||||
Services transferred at a point in time | $ | 0 | $ | 0 | $ | 0 | $ | 43,917 | $ | (23,855) | $ | 20,062 | ||||||||
Services transferred over time | 536,107 | 658,539 | 77,234 | 0 | (93,228) | 1,178,652 | ||||||||||||||
Revenue from contracts with customers | $ | 536,107 | $ | 658,539 | $ | 77,234 | $ | 43,917 | $ | (117,083) | $ | 1,198,714 | ||||||||
Nine Months Ended September 30, 2019 | Electric Utilities | Gas Utilities | Power Generation | Mining | Inter-company Revenues | Total | ||||||||||||||
Customer Types: | ||||||||||||||||||||
Retail | $ | 455,409 | $ | 567,715 | $ | 0 | $ | 43,249 | $ | (23,315) | $ | 1,043,058 | ||||||||
Transportation | 0 | 102,159 | 0 | 0 | (903) | 101,256 | ||||||||||||||
Wholesale | 23,334 | 0 | 46,650 | 0 | (40,923) | 29,061 | ||||||||||||||
Market - off-system sales | 16,592 | 517 | 0 | 0 | (5,047) | 12,062 | ||||||||||||||
Transmission/Other | 42,865 | 35,767 | 0 | 0 | (12,608) | 66,024 | ||||||||||||||
Revenue from contracts with customers | $ | 538,200 | $ | 706,158 | $ | 46,650 | $ | 43,249 | $ | (82,796) | $ | 1,251,461 | ||||||||
Other revenues | 2,465 | 1,135 | 29,114 | 1,777 | (28,706) | 5,785 | ||||||||||||||
Total Revenues | $ | 540,665 | $ | 707,293 | $ | 75,764 | $ | 45,026 | $ | (111,502) | $ | 1,257,246 | ||||||||
Timing of Revenue Recognition: | ||||||||||||||||||||
Services transferred at a point in time | $ | 0 | $ | 0 | $ | 0 | $ | 43,249 | $ | (23,315) | $ | 19,934 | ||||||||
Services transferred over time | 538,200 | 706,158 | 46,650 | 0 | (59,481) | 1,231,527 | ||||||||||||||
Revenue from contracts with customers | $ | 538,200 | $ | 706,158 | $ | 46,650 | $ | 43,249 | $ | (82,796) | $ | 1,251,461 | ||||||||
Three Months Ended September 30, 2020 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | ||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | ||||||||||||||||||||
Segment: | |||||||||||||||||||||||
Electric Utilities | $ | 194,941 | $ | 224 | $ | 5,677 | $ | 0 | $ | 200,842 | |||||||||||||
Gas Utilities | 141,275 | 863 | 1,601 | 190 | 143,929 | ||||||||||||||||||
Power Generation | 1,528 | 414 | 24,521 | 55 | 26,518 | ||||||||||||||||||
Mining | 6,568 | 777 | 8,100 | (209) | 15,236 | ||||||||||||||||||
Inter-company eliminations | — | — | (39,899) | (36) | (39,935) | ||||||||||||||||||
Total | $ | 344,312 | $ | 2,278 | $ | 0 | $ | 0 | $ | 346,590 |
Three Months Ended September 30, 2017 | External Operating Revenue | Inter-company Operating Revenue | Net Income (Loss) Available for Common Stock | |||||||||
Segment: | ||||||||||||
Electric | $ | 181,238 | $ | 2,333 | $ | 27,324 | ||||||
Gas | 142,821 | 73 | (4,329 | ) | ||||||||
Power Generation (b) | 1,810 | 21,117 | 6,155 | |||||||||
Mining | 9,742 | 7,751 | 3,477 | |||||||||
Oil and Gas | 6,527 | — | (2,712 | ) | ||||||||
Corporate activities (c) | — | — | (2,252 | ) | ||||||||
Inter-company eliminations | — | (31,274 | ) | — | ||||||||
Total | $ | 342,138 | $ | — | $ | 27,663 |
Three Months Ended September 30, 2019 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | ||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | ||||||||||||||||||||
Segment: | |||||||||||||||||||||||
Electric Utilities | $ | 185,811 | $ | 234 | $ | 5,339 | $ | 0 | $ | 191,384 | |||||||||||||
Gas Utilities | 129,385 | 810 | 549 | 0 | 130,744 | ||||||||||||||||||
Power Generation | 1,703 | 531 | 14,415 | 9,162 | 25,811 | ||||||||||||||||||
Mining | 6,846 | 228 | 8,146 | 332 | 15,552 | ||||||||||||||||||
Inter-company eliminations | — | — | (28,449) | (9,494) | (37,943) | ||||||||||||||||||
Total | $ | 323,745 | $ | 1,803 | $ | 0 | $ | 0 | $ | 325,548 | |||||||||||||
Nine Months Ended September 30, 2020 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | ||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | ||||||||||||||||||||
Segment: | |||||||||||||||||||||||
Electric Utilities | $ | 518,641 | $ | 2,074 | $ | 17,466 | $ | 0 | $ | 538,181 | |||||||||||||
Gas Utilities | 655,386 | 7,083 | 3,153 | 190 | 665,812 | ||||||||||||||||||
Power Generation | 4,625 | 1,206 | 72,609 | 166 | 78,606 | ||||||||||||||||||
Mining | 20,062 | 1,477 | 23,855 | 463 | 45,857 | ||||||||||||||||||
Inter-company eliminations | — | — | (117,083) | (819) | (117,902) | ||||||||||||||||||
Total | $ | 1,198,714 | $ | 11,840 | $ | 0 | $ | 0 | $ | 1,210,554 |
Nine Months Ended September 30, 2019 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | ||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | ||||||||||||||||||||
Segment: | |||||||||||||||||||||||
Electric Utilities | $ | 521,614 | $ | 2,465 | $ | 16,586 | $ | 0 | $ | 540,665 | |||||||||||||
Gas Utilities | 704,188 | 1,134 | 1,971 | 0 | 707,293 | ||||||||||||||||||
Power Generation | 5,725 | 1,401 | 40,924 | 27,714 | 75,764 | ||||||||||||||||||
Mining | 19,934 | 785 | 23,315 | 992 | 45,026 | ||||||||||||||||||
Inter-company eliminations | — | — | (82,796) | (28,706) | (111,502) | ||||||||||||||||||
Total | $ | 1,251,461 | $ | 5,785 | $ | 0 | $ | 0 | $ | 1,257,246 |
Three Months Ended September 30, 2016 | External Operating Revenue | Inter-company Operating Revenue | Net Income (Loss) Available for Common Stock | |||||||||
Segment: | ||||||||||||
Electric. | $ | 171,754 | $ | 2,747 | $ | 24,181 | ||||||
Gas | 141,445 | — | (2,939 | ) | ||||||||
Power Generation (b) | 1,906 | 21,431 | 5,642 | |||||||||
Mining | 9,042 | 7,778 | 3,307 | |||||||||
Oil and Gas (e) | 9,639 | — | (8,828 | ) | ||||||||
Corporate activities (c) | — | — | (7,232 | ) | ||||||||
Inter-company eliminations | — | (31,956 | ) | — | ||||||||
Total | $ | 333,786 | $ | — | $ | 14,131 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
Adjusted operating income (a): | ||||||||||||||
Electric Utilities | $ | 52,083 | $ | 50,653 | $ | 121,726 | $ | 125,219 | ||||||
Gas Utilities | 18,147 | 4,736 | 139,253 | 116,607 | ||||||||||
Power Generation | 8,738 | 11,822 | 31,489 | 33,945 | ||||||||||
Mining | 3,505 | 3,374 | 9,992 | 9,351 | ||||||||||
Corporate and Other | (239) | (34) | (108) | (439) | ||||||||||
Operating income | 82,234 | 70,551 | 302,352 | 284,683 | ||||||||||
Interest expense, net | (36,041) | (33,487) | (107,039) | (102,469) | ||||||||||
Impairment of investment | 0 | (19,741) | (6,859) | (19,741) | ||||||||||
Other income (expense), net | (1,193) | 580 | (703) | 55 | ||||||||||
Income tax (expense) | (4,651) | (2,508) | (25,484) | (22,078) | ||||||||||
Net income | 40,349 | 15,395 | 162,267 | 140,450 | ||||||||||
Net income attributable to noncontrolling interest | (4,066) | (3,655) | (11,844) | (10,319) | ||||||||||
Net income available for common stock | $ | 36,283 | $ | 11,740 | $ | 150,423 | $ | 130,131 | ||||||
Nine Months Ended September 30, 2017 | External Operating Revenue | Inter-company Operating Revenue | Net Income (Loss) Available for Common Stock | |||||||||
Segment: | ||||||||||||
Electric | $ | 518,925 | $ | 9,123 | $ | 68,386 | ||||||
Gas (a) | 674,161 | 90 | 41,409 | |||||||||
Power Generation (b) | 5,382 | 62,907 | 18,017 | |||||||||
Mining | 26,500 | 22,485 | 9,048 | |||||||||
Oil and Gas | 19,151 | — | (7,609 | ) | ||||||||
Corporate activities (c)(d) | — | — | (2,870 | ) | ||||||||
Inter-company eliminations | — | (94,605 | ) | — | ||||||||
Total | $ | 1,244,119 | $ | — | $ | 126,381 |
Nine Months Ended September 30, 2016 | External Operating Revenue | Inter-company Operating Revenue | Net Income (Loss) Available for Common Stock | |||||||||
Segment: | ||||||||||||
Electric | $ | 493,845 | $ | 9,413 | $ | 62,625 | ||||||
Gas (a) | 563,879 | — | 29,975 | |||||||||
Power Generation (b) | 5,304 | 63,055 | 19,907 | |||||||||
Mining | 20,498 | 23,651 | 6,969 | |||||||||
Oil and Gas (e) | 25,660 | — | (35,277 | ) | ||||||||
Corporate activities (c)(d) | — | — | (29,397 | ) | ||||||||
Inter-company eliminations | — | (96,119 | ) | — | ||||||||
Total | $ | 1,109,186 | $ | — | $ | 54,802 |
Total assets (net of inter-company eliminations) as of: | September 30, 2020 | December 31, 2019 | |||||||||
Segment: | |||||||||||
Electric Utilities | $ | 3,040,064 | $ | 2,900,983 | |||||||
Gas Utilities | 4,201,325 | 4,032,339 | |||||||||
Power Generation | 403,491 | 417,715 | |||||||||
Mining | 75,752 | 77,175 | |||||||||
Corporate and Other | 108,418 | 130,245 | |||||||||
Total assets | $ | 7,829,050 | $ | 7,558,457 |
Total Assets (net of inter-company eliminations) as of: | September 30, 2017 | December 31, 2016 | September 30, 2016 | ||||||||
Segment: | |||||||||||
Electric (a) | $ | 2,911,919 | $ | 2,859,559 | $ | 2,814,408 | |||||
Gas | 3,288,104 | 3,307,967 | 3,170,571 | ||||||||
Power Generation (a) | 64,357 | 73,445 | 77,570 | ||||||||
Mining | 66,700 | 67,347 | 66,804 | ||||||||
Oil and Gas (b) | 105,963 | 96,435 | 158,981 | ||||||||
Corporate activities | 114,134 | 110,691 | 132,652 | ||||||||
Total assets | $ | 6,551,177 | $ | 6,515,444 | $ | 6,420,986 |
September 30, 2020 | December 31, 2019 | ||||||||||
Accounts receivable, trade | $ | 108,351 | $ | 144,747 | |||||||
Unbilled revenue | 60,736 | 113,502 | |||||||||
Less: Allowance for credit losses | (8,609) | (2,444) | |||||||||
Accounts receivable, net | $ | 160,478 | $ | 255,805 |
Accounts | Unbilled | Less Allowance for | Accounts | |||||||||
September 30, 2017 | Receivable, Trade | Revenue | Doubtful Accounts | Receivable, net | ||||||||
Electric Utilities | $ | 42,716 | $ | 29,762 | $ | (494 | ) | $ | 71,984 | |||
Gas Utilities | 49,842 | 24,516 | (1,190 | ) | 73,168 | |||||||
Power Generation | 1,010 | — | — | 1,010 | ||||||||
Mining | 3,534 | — | — | 3,534 | ||||||||
Oil and Gas | 3,590 | — | (83 | ) | 3,507 | |||||||
Corporate | 629 | — | — | 629 | ||||||||
Total | $ | 101,321 | $ | 54,278 | $ | (1,767 | ) | $ | 153,832 |
Accounts | Unbilled | Less Allowance for | Accounts | |||||||||
December 31, 2016 | Receivable, Trade | Revenue | Doubtful Accounts | Receivable, net | ||||||||
Electric Utilities | $ | 41,730 | $ | 36,463 | $ | (353 | ) | $ | 77,840 | |||
Gas Utilities | 88,168 | 88,329 | (2,026 | ) | 174,471 | |||||||
Power Generation | 1,420 | — | — | 1,420 | ||||||||
Mining | 3,352 | — | — | 3,352 | ||||||||
Oil and Gas | 3,991 | — | (13 | ) | 3,978 | |||||||
Corporate | 2,228 | — | — | 2,228 | ||||||||
Total | $ | 140,889 | $ | 124,792 | $ | (2,392 | ) | $ | 263,289 |
Accounts | Unbilled | Less Allowance for | Accounts | |||||||||
September 30, 2016 | Receivable, Trade | Revenue | Doubtful Accounts | Receivable, net | ||||||||
Electric Utilities | $ | 44,747 | $ | 30,970 | $ | (580 | ) | $ | 75,137 | |||
Gas Utilities | 48,057 | 23,582 | (1,923 | ) | 69,716 | |||||||
Power Generation | 1,165 | — | — | 1,165 | ||||||||
Mining | 3,612 | — | — | 3,612 | ||||||||
Oil and Gas | 3,341 | — | (13 | ) | 3,328 | |||||||
Corporate | 1,659 | — | — | 1,659 | ||||||||
Total | $ | 102,581 | $ | 54,552 | $ | (2,516 | ) | $ | 154,617 |
Maximum Amortization (in years) | September 30, 2017 | December 31, 2016 | September 30, 2016 | |||||||
Regulatory assets | ||||||||||
Deferred energy and fuel cost adjustments - current (a)(d) | 1 | $ | 20,559 | $ | 17,491 | $ | 16,525 | |||
Deferred gas cost adjustments (a) (d) | 1 | 12,833 | 15,329 | 12,172 | ||||||
Gas price derivatives (a) | 3 | 11,297 | 8,843 | 14,405 | ||||||
Deferred taxes on AFUDC (b) | 45 | 15,645 | 15,227 | 14,093 | ||||||
Employee benefit plans (c) | 12 | 105,671 | 108,556 | 107,578 | ||||||
Environmental (a) | subject to approval | 1,051 | 1,108 | 1,126 | ||||||
Asset retirement obligations (a) | 44 | 514 | 505 | 507 | ||||||
Loss on reacquired debt (a) | 30 | 21,067 | 22,266 | 18,077 | ||||||
Renewable energy standard adjustment (b) | 5 | 1,956 | 1,605 | 1,694 | ||||||
Deferred taxes on flow through accounting (c) | 35 | 41,900 | 37,498 | 33,136 | ||||||
Decommissioning costs (e) | 6 | 13,989 | 16,859 | 17,271 | ||||||
Gas supply contract termination | 5 | 21,402 | 26,666 | 28,164 | ||||||
Other regulatory assets (a) (e) | 30 | 32,710 | 24,189 | 20,053 | ||||||
$ | 300,594 | $ | 296,142 | $ | 284,801 | |||||
Regulatory liabilities | ||||||||||
Deferred energy and gas costs (a) (d) | 1 | $ | 3,780 | $ | 10,368 | $ | 15,033 | |||
Employee benefit plan costs and related deferred taxes (c) | 12 | 66,620 | 68,654 | 65,575 | ||||||
Cost of removal (a) | 44 | 125,360 | 118,410 | 114,616 | ||||||
Revenue subject to refund | 1 | 1,386 | 2,485 | 1,892 | ||||||
Other regulatory liabilities (c) | 25 | 8,085 | 6,839 | 6,305 | ||||||
$ | 205,231 | $ | 206,756 | $ | 203,421 |
Balance at Beginning of Year | Additions Charged to Costs and Expenses | Recoveries and Other Additions | Write-offs and Other Deductions | Balance at September 30, | ||||||||||||||||||||||||||||||||||
2020 | $ | 2,444 | $ | 8,471 | (a) | $ | 3,720 | $ | (6,026) | $ | 8,609 | |||||||||||||||||||||||||||
2019 | $ | 3,209 | $ | 5,637 | $ | 2,742 | $ | (8,429) | $ | 3,159 |
September 30, 2020 | December 31, 2019 | ||||||||||
Materials and supplies | $ | 93,069 | $ | 82,809 | |||||||
Fuel - Electric Utilities | 1,745 | 2,425 | |||||||||
Natural gas in storage | 31,544 | 31,938 | |||||||||
Total materials, supplies and fuel | $ | 126,358 | $ | 117,172 |
September 30, 2020 | December 31, 2019 | |||||||
Accrued employee compensation, benefits and withholdings | $ | 65,309 | $ | 62,837 | ||||
Accrued property taxes | 40,624 | 44,547 | ||||||
Customer deposits and prepayments | 59,510 | 54,728 | ||||||
Accrued interest | 46,044 | 31,868 | ||||||
Other (none of which is individually significant) | 32,523 | 32,787 | ||||||
Total accrued liabilities | $ | 244,010 | $ | 226,767 |
September 30, 2017 | December 31, 2016 | September 30, 2016 | |||||||||
Materials and supplies | $ | 73,938 | $ | 68,456 | $ | 67,257 | |||||
Fuel - Electric Utilities | 2,993 | 3,667 | 4,282 | ||||||||
Natural gas in storage held for distribution | 49,589 | 35,087 | 41,936 | ||||||||
Total materials, supplies and fuel | $ | 126,520 | $ | 107,210 | $ | 113,475 |
September 30, 2020 | December 31, 2019 | |||||||
Regulatory assets | ||||||||
Deferred energy and fuel cost adjustments (a) | $ | 35,878 | $ | 34,088 | ||||
Deferred gas cost adjustments (a) | 3,670 | 1,540 | ||||||
Gas price derivatives (a) | 499 | 3,328 | ||||||
Deferred taxes on AFUDC (b) | 7,683 | 7,790 | ||||||
Employee benefit plan costs and related deferred taxes (c) | 114,971 | 115,900 | ||||||
Environmental (a) | 1,417 | 1,454 | ||||||
Loss on reacquired debt (a) | 23,342 | 24,777 | ||||||
Renewable energy standard adjustment (a) | 0 | 1,622 | ||||||
Deferred taxes on flow through accounting (c) | 44,528 | 41,220 | ||||||
Decommissioning costs (b) | 9,421 | 10,670 | ||||||
Gas supply contract termination (a) | 4,027 | 8,485 | ||||||
Other regulatory assets (a) | 25,800 | 20,470 | ||||||
Total regulatory assets | 271,236 | 271,344 | ||||||
Less current regulatory assets | (49,493) | (43,282) | ||||||
Regulatory assets, non-current | $ | 221,743 | $ | 228,062 | ||||
Regulatory liabilities | ||||||||
Deferred energy and gas costs (a) | $ | 14,443 | $ | 17,278 | ||||
Employee benefit plan costs and related deferred taxes (c) | 40,719 | 43,349 | ||||||
Cost of removal (a) | 169,426 | 166,727 | ||||||
Excess deferred income taxes (c) | 286,055 | 285,438 | ||||||
Other regulatory liabilities (c) | 16,956 | 23,860 | ||||||
Total regulatory liabilities | 527,599 | 536,652 | ||||||
Less current regulatory liabilities | (22,282) | (33,507) | ||||||
Regulatory liabilities, non-current | $ | 505,317 | $ | 503,145 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Net income available for common stock | $ | 36,283 | $ | 11,740 | $ | 150,423 | $ | 130,131 | |||||||||
Weighted average shares - basic | 62,575 | 60,976 | 62,310 | 60,458 | |||||||||||||
Dilutive effect of: | |||||||||||||||||
Equity compensation | 55 | 128 | 52 | 120 | |||||||||||||
Weighted average shares - diluted | 62,630 | 61,104 | 62,362 | 60,578 | |||||||||||||
Earnings per share of common stock: | |||||||||||||||||
Earnings per share, Basic | $ | 0.58 | $ | 0.19 | $ | 2.41 | $ | 2.15 | |||||||||
Earnings per share, Diluted | $ | 0.58 | $ | 0.19 | $ | 2.41 | $ | 2.15 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
Net income available for common stock | $ | 27,663 | $ | 14,131 | $ | 126,381 | $ | 54,802 | |||||
Weighted average shares - basic | 53,243 | 52,184 | 53,208 | 51,583 | |||||||||
Dilutive effect of: | |||||||||||||
Equity Units (a) | 2,015 | 1,414 | 1,872 | 1,191 | |||||||||
Equity compensation | 174 | 135 | 174 | 119 | |||||||||
Weighted average shares - diluted | 55,432 | 53,733 | 55,254 | 52,893 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Equity compensation | 22 | 2 | 22 | 4 | |||||||||||||
Restricted stock | 49 | 0 | 40 | 1 | |||||||||||||
Anti-dilutive shares | 71 | 2 | 62 | 5 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||
2017 | 2016 | 2017 | 2016 | ||||||
Equity compensation | — | 2 | — | 4 | |||||
Anti-dilutive shares | — | 2 | — | 4 |
September 30, 2020 | December 31, 2019 | |||||||||||||
Balance Outstanding | Letters of Credit (a) | Balance Outstanding | Letters of Credit (a) | |||||||||||
Revolving Credit Facility | $ | 0 | $ | 24,588 | $ | 0 | $ | 30,274 | ||||||
CP Program | 84,320 | 0 | 349,500 | 0 | ||||||||||
Total | $ | 84,320 | $ | 24,588 | $ | 349,500 | $ | 30,274 |
September 30, 2017 | December 31, 2016 | September 30, 2016 | ||||||||||||||||
Balance Outstanding | Letters of Credit | Balance Outstanding | Letters of Credit | Balance Outstanding | Letters of Credit | |||||||||||||
Revolving Credit Facility | $ | — | $ | 25,391 | $ | 96,600 | $ | 36,000 | $ | 75,000 | $ | 30,500 | ||||||
CP Program | 225,170 | — | — | — | — | — | ||||||||||||
Total | $ | 225,170 | $ | 25,391 | $ | 96,600 | $ | 36,000 | $ | 75,000 | $ | 30,500 |
As of September 30, 2017 | Covenant Requirement | |||
Consolidated Indebtedness to Capitalization Ratio | 61% | Less than | 65% |
As of September 30, 2020 | Covenant Requirement | |||||||||||||
Consolidated Indebtedness to Capitalization Ratio | 59.3% | Less than | 65% |
Nine Months Ended September 30, 2017 | Total Stockholders’ Equity | Noncontrolling Interest | Total Equity | ||||||
(in thousands) | |||||||||
Balance at December 31, 2016 | $ | 1,614,639 | $ | 115,495 | $ | 1,730,134 | |||
Net income (loss) | 126,381 | 10,567 | 136,948 | ||||||
Other comprehensive income (loss) | 2,317 | — | 2,317 | ||||||
Dividends on common stock | (71,334 | ) | — | (71,334 | ) | ||||
Share-based compensation | 5,853 | — | 5,853 | ||||||
Issuance of common stock | — | — | — | ||||||
Dividend reinvestment and stock purchase plan | 2,300 | — | 2,300 | ||||||
Redeemable noncontrolling interest | (886 | ) | — | (886 | ) | ||||
Cumulative effect of ASU 2016-09 implementation | 3,714 | — | 3,714 | ||||||
Other stock transactions | (180 | ) | — | (180 | ) | ||||
Distribution to noncontrolling interest | — | (12,884 | ) | (12,884 | ) | ||||
Balance at September 30, 2017 | $ | 1,682,804 | $ | 113,178 | $ | 1,795,982 |
Nine Months Ended September 30, 2016 | Total Stockholders’ Equity | Noncontrolling Interest | Total Equity | ||||||
(in thousands) | |||||||||
Balance at December 31, 2015 | $ | 1,465,867 | $ | — | $ | 1,465,867 | |||
Net income (loss) | 54,802 | 6,402 | 61,204 | ||||||
Other comprehensive income (loss) | (23,896 | ) | — | (23,896 | ) | ||||
Dividends on common stock | (65,247 | ) | — | (65,247 | ) | ||||
Share-based compensation | 3,822 | — | 3,822 | ||||||
Issuance of common stock | 105,238 | — | 105,238 | ||||||
Dividend reinvestment and stock purchase plan | 2,242 | — | 2,242 | ||||||
Other stock transactions | (24 | ) | — | (24 | ) | ||||
Sale of noncontrolling interest | 61,838 | 115,496 | 177,334 | ||||||
Distribution to noncontrolling interest | — | (4,516 | ) | (4,516 | ) | ||||
Balance at September 30, 2016 | $ | 1,604,642 | $ | 117,382 | $ | 1,722,024 |
September 30, 2017 | December 31, 2016 | September 30, 2016 | |||||||||
(in thousands) | |||||||||||
Assets | |||||||||||
Current assets | $ | 14,732 | $ | 12,627 | $ | 14,191 | |||||
Property, plant and equipment of variable interest entities, net | $ | 211,380 | $ | 218,798 | $ | 220,818 | |||||
Liabilities | |||||||||||
Current liabilities | $ | 3,275 | $ | 4,342 | $ | 3,353 |
September 30, 2017 | December 31, 2016 | September 30, 2016 | ||||||||||||||||||
Crude Oil Futures | Crude Oil Options | Natural Gas Futures and Swaps | Crude Oil Futures | Crude Oil Options | Natural Gas Futures and Swaps | Crude Oil Futures | Crude Oil Options | Natural Gas Futures and Swaps | ||||||||||||
Notional (a) | 54,000 | 9,000 | 540,000 | 108,000 | 36,000 | 2,700,000 | 159,000 | 36,000 | 1,625,000 | |||||||||||
Maximum terms in months (b) | 15 | 3 | 3 | 24 | 12 | 12 | 27 | 15 | 15 |
September 30, 2017 | December 31, 2016 | September 30, 2016 | September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||
Notional (MMBtus) | Maximum Term (months) (a) | Notional (MMBtus) | Maximum Term (months) (a) | Notional (MMBtus) | Maximum Term (months) (a) | Units | Notional Amounts | Maximum Term (months) (a) | Notional Amounts | Maximum Term (months) (a) | ||||||||||||||||||||||||||||||||||||||||||
Natural gas futures purchased | 10,250,000 | 39 | 14,770,000 | 48 | 17,740,000 | 51 | Natural gas futures purchased | MMBtus | 1,930,000 | 6 | 1,450,000 | 12 | ||||||||||||||||||||||||||||||||||||||||
Natural gas options purchased, net | 7,360,000 | 17 | 3,020,000 | 5 | 6,540,000 | 17 | Natural gas options purchased, net | MMBtus | 8,320,000 | 6 | 3,240,000 | 3 | ||||||||||||||||||||||||||||||||||||||||
Natural gas basis swaps purchased | 9,170,000 | 39 | 12,250,000 | 48 | 13,650,000 | 51 | Natural gas basis swaps purchased | MMBtus | 1,780,000 | 6 | 1,290,000 | 12 | ||||||||||||||||||||||||||||||||||||||||
Natural gas over-the-counter swaps, net (b) | 4,600,000 | 20 | 4,622,302 | 28 | 4,749,000 | 20 | Natural gas over-the-counter swaps, net (b) | MMBtus | 4,525,100 | 20 | 4,600,000 | 24 | ||||||||||||||||||||||||||||||||||||||||
Natural gas physical contracts, net | 21,071,714 | 38 | 21,504,378 | 10 | 15,666,202 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||
Natural gas physical contracts, net (c) | Natural gas physical contracts, net (c) | MMBtus | 23,350,287 | 13 | 13,548,235 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||
Electric wholesale contracts (c) | Electric wholesale contracts (c) | MWh | 55,225 | 3 | 0 | 0 |
Balance Sheet Location | September 30, 2020 | December 31, 2019 | ||||||||||||
Derivatives designated as hedges: | ||||||||||||||
Asset derivative instruments: | ||||||||||||||
Current commodity derivatives | Derivative assets, current | $ | 435 | $ | 1 | |||||||||
Noncurrent commodity derivatives | Other assets, non-current | 94 | 3 | |||||||||||
Liability derivative instruments: | ||||||||||||||
Current commodity derivatives | Derivative liabilities, current | (9) | (490) | |||||||||||
Noncurrent commodity derivatives | Other deferred credits and other liabilities | 0 | (29) | |||||||||||
Total derivatives designated as hedges | $ | 520 | $ | (515) | ||||||||||
Derivatives not designated as hedges: | ||||||||||||||
Asset derivative instruments: | ||||||||||||||
Current commodity derivatives | Derivative assets, current | $ | 1,566 | $ | 341 | |||||||||
Noncurrent commodity derivatives | Other assets, non-current | 434 | 2 | |||||||||||
Liability derivative instruments: | ||||||||||||||
Current commodity derivatives | Derivative liabilities, current | (1,430) | (1,764) | |||||||||||
Noncurrent commodity derivatives | Other deferred credits and other liabilities | 0 | (63) | |||||||||||
Total derivatives not designated as hedges | $ | 570 | $ | (1,484) |
Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
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 | $ | 712 | $ | 713 | Interest expense | $ | (712) | $ | (713) | ||||||||
Commodity derivatives | 691 | (21) | Fuel, purchased power and cost of natural gas sold | (178) | (129) | ||||||||||||
Total | $ | 1,403 | $ | 692 | $ | (890) | $ | (842) |
Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
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 | $ | 2,138 | $ | 2,139 | Interest expense | $ | (2,138) | $ | (2,139) | ||||||||
Commodity derivatives | 959 | (942) | Fuel, purchased power and cost of natural gas sold | (734) | 508 | ||||||||||||
Total | $ | 3,097 | $ | 1,197 | $ | (2,872) | $ | (1,631) |
September 30, 2017 | December 31, 2016 | September 30, 2016 | |||||||||
Designated Interest Rate Swaps | Designated Interest Rate Swap (a) | Designated Interest Rate Swaps (a) | |||||||||
Notional | $ | — | $ | 50,000 | $ | 75,000 | |||||
Weighted average fixed interest rate | — | % | 4.94 | % | 4.97 | % | |||||
Maximum terms in months | 0 | 1 | 4 | ||||||||
Derivative liabilities, current | $ | — | $ | 90 | $ | 654 |
Three Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Derivatives Not Designated as Hedging Instruments | Income Statement Location | Amount of Gain/(Loss) on Derivatives Recognized in Income | |||||||||
Commodity derivatives - Electric | Fuel, purchased power and cost of natural gas sold | $ | (1,386) | $ | — | ||||||
Commodity derivatives - Electric | Other income (expense), net | — | 142 | ||||||||
Commodity derivatives - Natural Gas | Fuel, purchased power and cost of natural gas sold | 1,777 | (20) | ||||||||
$ | 391 | $ | 122 |
Three Months Ended September 30, 2017 | ||||||||||||
Derivatives in Cash Flow Hedging Relationships | Location of Reclassifications from AOCI into Income | Amount of Gain/(Loss) Reclassified from AOCI into Income (Settlements) | Location of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||||||
Interest rate swaps | Interest expense | $ | (713 | ) | Interest expense | $ | — | |||||
Commodity derivatives | Revenue | 295 | Revenue | — | ||||||||
Commodity derivatives | Fuel, purchased power and cost of natural gas sold | (34 | ) | Fuel, purchased power and cost of natural gas sold | — | |||||||
Total | $ | (452 | ) | $ | — |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
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 | $ | (228) | $ | — | ||||||
Commodity derivatives - Electric | Other income (expense), net | — | 142 | ||||||||
Commodity derivatives - Natural Gas | Fuel, purchased power and cost of natural gas sold | 2,992 | (1,180) | ||||||||
$ | 2,764 | $ | (1,038) |
Three Months Ended September 30, 2016 | ||||||||||||
Derivatives in Cash Flow Hedging Relationships | Location of Reclassifications from AOCI into Income | Amount of Gain/(Loss) Reclassified from AOCI into Income (Settlements) | Location of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||||||
Interest rate swaps | Interest expense | $ | (840 | ) | Interest expense | $ | — | |||||
Commodity derivatives | Revenue | 2,201 | Revenue | — | ||||||||
Commodity derivatives | Fuel, purchased power and cost of natural gas sold | 128 | Fuel, purchased power and cost of natural gas sold | — | ||||||||
Total | $ | 1,489 | $ | — |
Nine Months Ended September 30, 2017 | ||||||||||||
Derivatives in Cash Flow Hedging Relationships | Location of Reclassifications from AOCI into Income | Amount of Gain/(Loss) Reclassified from AOCI into Income (Settlements) | Location of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||||||
Interest rate swaps | Interest expense | $ | (2,228 | ) | Interest expense | $ | — | |||||
Commodity derivatives | Revenue | 954 | Revenue | — | ||||||||
Commodity derivatives | Fuel, purchased power and cost of natural gas sold | (20 | ) | Fuel, purchased power and cost of natural gas sold | — | |||||||
Total | $ | (1,294 | ) | $ | — | |||||||
Nine Months Ended September 30, 2016 | ||||||||||||
Derivatives in Cash Flow Hedging Relationships | Location of Reclassifications from AOCI into Income | Amount of Gain/(Loss) Reclassified from AOCI into Income (Settlements) | Location of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||||||
Interest rate swaps | Interest expense | $ | (2,530 | ) | Interest expense | $ | — | |||||
Commodity derivatives | Revenue | 9,140 | Revenue | — | ||||||||
Commodity derivatives | Fuel, purchased power and cost of natural gas sold | (23 | ) | Fuel, purchased power and cost of natural gas sold | — | |||||||
Total | $ | 6,587 | $ | — |
Three Months Ended September 30, | |||||||
2017 | 2016 | ||||||
(In thousands) | |||||||
Increase (decrease) in fair value: | |||||||
Interest rate swaps | $ | — | $ | (787 | ) | ||
Forward commodity contracts | (254 | ) | 174 | ||||
Recognition of (gains) losses in earnings due to settlements: | |||||||
Interest rate swaps | 713 | 1,162 | |||||
Forward commodity contracts | (261 | ) | (2,329 | ) | |||
Total other comprehensive income (loss) from hedging | $ | 198 | $ | (1,780 | ) |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
(In thousands) | |||||||
Increase (decrease) in fair value: | |||||||
Interest rate swaps | $ | — | $ | (31,452 | ) | ||
Forward commodity contracts | 1,197 | (92 | ) | ||||
Recognition of (gains) losses in earnings due to settlements: | |||||||
Interest rate swaps | 2,228 | 2,852 | |||||
Forward commodity contracts | (934 | ) | 4,459 | ||||
Total other comprehensive income (loss) from hedging | $ | 2,491 | $ | (24,233 | ) |
Three Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | |||||
Commodity derivatives | Revenue | $ | (53 | ) | $ | — | ||
Commodity derivatives | Fuel, purchased power and cost of natural gas sold | (322 | ) | (342 | ) | |||
$ | (375 | ) | $ | (342 | ) |
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | |||||
Commodity derivatives | Revenue | $ | 90 | $ | — | |||
Commodity derivatives | Fuel, purchased power and cost of natural gas sold | (1,822 | ) | 2,492 | ||||
$ | (1,732 | ) | $ | 2,492 |
As of September 30, 2020 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting | Total | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Commodity derivatives — Gas Utilities | $ | 0 | $ | 6,544 | $ | 0 | $ | (4,015) | $ | 2,529 | ||||||||||
Commodity derivatives — Electric Utilities | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Total | $ | 0 | $ | 6,544 | $ | 0 | $ | (4,015) | $ | 2,529 | ||||||||||
Liabilities: | ||||||||||||||||||||
Commodity derivatives — Gas Utilities | $ | 0 | $ | 1,537 | $ | 0 | $ | (326) | $ | 1,211 | ||||||||||
Commodity derivatives — Electric Utilities | 0 | 228 | 0 | 0 | $ | 228 | ||||||||||||||
Total | $ | 0 | $ | 1,765 | $ | 0 | $ | (326) | $ | 1,439 |
As of December 31, 2019 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting | Total | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Commodity derivatives — Gas Utilities | $ | 0 | $ | 1,433 | $ | 0 | $ | (1,085) | $ | 348 | ||||||||||
Total | $ | 0 | $ | 1,433 | $ | 0 | $ | (1,085) | $ | 348 | ||||||||||
Liabilities: | ||||||||||||||||||||
Commodity derivatives — Gas Utilities | $ | 0 | $ | 5,254 | $ | 0 | $ | (2,909) | $ | 2,345 | ||||||||||
Total | $ | 0 | $ | 5,254 | $ | 0 | $ | (2,909) | $ | 2,345 |
As of September 30, 2017 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting | Total | ||||||||||||
(in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Commodity derivatives — Oil and Gas | $ | — | $ | 769 | $ | — | $ | (544 | ) | $ | 225 | |||||
Commodity derivatives — Utilities | — | 2,880 | — | (2,448 | ) | 432 | ||||||||||
Total | $ | — | $ | 3,649 | $ | — | $ | (2,992 | ) | $ | 657 | |||||
Liabilities: | ||||||||||||||||
Commodity derivatives — Oil and Gas | $ | — | $ | 114 | $ | — | $ | — | $ | 114 | ||||||
Commodity derivatives — Utilities | — | 12,647 | — | (11,125 | ) | 1,522 | ||||||||||
Total | $ | — | $ | 12,761 | $ | — | $ | (11,125 | ) | $ | 1,636 |
As of December 31, 2016 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting | Total | ||||||||||||
(in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Commodity derivatives — Oil and Gas | $ | — | $ | 2,886 | $ | — | $ | (2,733 | ) | $ | 153 | |||||
Commodity derivatives —Utilities | — | 7,469 | — | (3,262 | ) | 4,207 | ||||||||||
Total | $ | — | $ | 10,355 | $ | — | $ | (5,995 | ) | $ | 4,360 | |||||
Liabilities: | ||||||||||||||||
Commodity derivatives — Oil and Gas | $ | — | $ | 1,586 | $ | — | $ | — | $ | 1,586 | ||||||
Commodity derivatives — Utilities | — | 12,201 | — | (11,144 | ) | 1,057 | ||||||||||
Interest rate swaps | — | 90 | — | — | 90 | |||||||||||
Total | $ | — | $ | 13,877 | $ | — | $ | (11,144 | ) | $ | 2,733 |
As of September 30, 2016 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting | Total | ||||||||||||
(in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Commodity derivatives — Oil and Gas | $ | — | $ | 2,882 | $ | — | $ | — | $ | 2,882 | ||||||
Commodity derivatives — Utilities | — | 5,330 | — | (3,647 | ) | 1,683 | ||||||||||
Total | $ | — | $ | 8,212 | $ | — | $ | (3,647 | ) | $ | 4,565 | |||||
Liabilities: | ||||||||||||||||
Commodity derivatives — Oil and Gas | $ | — | $ | 705 | $ | — | $ | — | $ | 705 | ||||||
Commodity derivatives — Utilities | — | 16,130 | — | (15,231 | ) | 899 | ||||||||||
Interest rate swaps | — | 654 | — | — | 654 | |||||||||||
Total | $ | — | $ | 17,489 | $ | — | $ | (15,231 | ) | $ | 2,258 |
As of September 30, 2017 | ||||||||
Balance Sheet Location | Fair Value of Asset Derivatives | Fair Value of Liability Derivatives | ||||||
Derivatives designated as hedges: | ||||||||
Commodity derivatives | Derivative assets — current | $ | 227 | $ | — | |||
Commodity derivatives | Derivative assets — non-current | — | — | |||||
Commodity derivatives | Derivative liabilities — current | — | 511 | |||||
Commodity derivatives | Derivative liabilities — non-current | — | 59 | |||||
Total derivatives designated as hedges | $ | 227 | $ | 570 | ||||
Derivatives not designated as hedges: | ||||||||
Commodity derivatives | Derivative assets — current | $ | 430 | $ | — | |||
Commodity derivatives | Derivative assets — non-current | — | — | |||||
Commodity derivatives | Derivative liabilities — current | — | 1,051 | |||||
Commodity derivatives | Derivative liabilities — non-current | — | 15 | |||||
Total derivatives not designated as hedges | $ | 430 | $ | 1,066 |
As of December 31, 2016 | ||||||||
Balance Sheet Location | Fair Value of Asset Derivatives | Fair Value of Liability Derivatives | ||||||
Derivatives designated as hedges: | ||||||||
Commodity derivatives | Derivative assets — current | $ | 1,161 | $ | — | |||
Commodity derivatives | Derivative assets — non-current | 124 | — | |||||
Commodity derivatives | Derivative liabilities — current | — | 1,090 | |||||
Commodity derivatives | Derivative liabilities — non-current | — | 238 | |||||
Interest rate swaps | Derivative liabilities — current | — | 90 | |||||
Total derivatives designated as hedges | $ | 1,285 | $ | 1,418 | ||||
Derivatives not designated as hedges: | ||||||||
Commodity derivatives | Derivative assets — current | $ | 2,977 | $ | — | |||
Commodity derivatives | Derivative assets — non-current | 98 | — | |||||
Commodity derivatives | Derivative liabilities — current | — | 1,279 | |||||
Commodity derivatives | Derivative liabilities — non-current | — | 36 | |||||
Total derivatives not designated as hedges | $ | 3,075 | $ | 1,315 |
As of September 30, 2016 | ||||||||
Balance Sheet Location | Fair Value of Asset Derivatives | Fair Value of Liability Derivatives | ||||||
Derivatives designated as hedges: | ||||||||
Commodity derivatives | Derivative assets — current | $ | 2,919 | $ | — | |||
Commodity derivatives | Derivative assets — non-current | 66 | — | |||||
Commodity derivatives | Derivative liabilities — current | — | 479 | |||||
Commodity derivatives | Derivative liabilities — non-current | — | 256 | |||||
Interest rate swaps | Derivative liabilities — current | — | 654 | |||||
Total derivatives designated as hedges | $ | 2,985 | $ | 1,389 | ||||
Derivatives not designated as hedges: | ||||||||
Commodity derivatives | Derivative assets — current | $ | 1,463 | $ | — | |||
Commodity derivatives | Derivative assets — non-current | 117 | — | |||||
Commodity derivatives | Derivative liabilities — current | — | 808 | |||||
Commodity derivatives | Derivative liabilities — non-current | — | 61 | |||||
Total derivatives not designated as hedges | $ | 1,580 | $ | 869 |
September 30, 2017 | December 31, 2016 | September 30, 2016 | ||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||
Cash and cash equivalents (a) | $ | 13,510 | $ | 13,510 | $ | 13,580 | $ | 13,580 | $ | 31,814 | $ | 31,814 | ||||||||
Restricted cash and equivalents (a) | $ | 2,683 | $ | 2,683 | $ | 2,274 | $ | 2,274 | $ | 2,140 | $ | 2,140 | ||||||||
Notes payable (b) | $ | 225,170 | $ | 225,170 | $ | 96,600 | $ | 96,600 | $ | 75,000 | $ | 75,000 | ||||||||
Long-term debt, including current maturities (c) (d) | $ | 3,115,607 | $ | 3,362,971 | $ | 3,216,932 | $ | 3,351,305 | $ | 3,217,511 | $ | 3,525,362 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Long-term debt, including current maturities (a) | $ | 3,536,765 | $ | 4,177,801 | $ | 3,145,839 | $ | 3,479,367 |
(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 as Level 2 in the fair value hierarchy. Carrying amount of long-term debt is net of deferred financing costs. |
Location on the Condensed Consolidated Statements of Income | Amount Reclassified from AOCI | Location on the Condensed Consolidated Statements of Income | Amount Reclassified from AOCI | |||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||
Gains and (losses) on cash flow hedges: | Gains and (losses) on cash flow hedges: | |||||||||||||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | (713 | ) | $ | (840 | ) | $ | (2,228 | ) | $ | (2,530 | ) | Interest rate swaps | Interest expense | $ | (712) | $ | (713) | $ | (2,138) | $ | (2,139) | |||||||||||
Commodity contracts | Revenue | 295 | 2,201 | 954 | 9,140 | Commodity contracts | Fuel, purchased power and cost of natural gas sold | (178) | (129) | (734) | 508 | |||||||||||||||||||||||
Commodity contracts | Fuel, purchased power and cost of natural gas sold | (34 | ) | 128 | (20 | ) | (23 | ) | ||||||||||||||||||||||||||
(452 | ) | 1,489 | (1,294 | ) | 6,587 | (890) | (842) | (2,872) | (1,631) | |||||||||||||||||||||||||
Income tax | Income tax benefit (expense) | 154 | (566 | ) | 435 | (2,450 | ) | Income tax | Income tax benefit (expense) | 209 | 170 | 680 | 358 | |||||||||||||||||||||
Total reclassification adjustments related to cash flow hedges, net of tax | $ | (298 | ) | $ | 923 | $ | (859 | ) | $ | 4,137 | Total reclassification adjustments related to cash flow hedges, net of tax | $ | (681) | $ | (672) | $ | (2,192) | $ | (1,273) | |||||||||||||||
Amortization of components of defined benefit plans: | Amortization of components of defined benefit plans: | |||||||||||||||||||||||||||||||||
Prior service cost | Operations and maintenance | $ | 49 | $ | 55 | $ | 146 | $ | 165 | Prior service cost | Operations and maintenance | $ | 24 | $ | 19 | $ | 79 | $ | 58 | |||||||||||||||
Actuarial gain (loss) | Operations and maintenance | (414 | ) | (494 | ) | (1,242 | ) | (1,483 | ) | Actuarial gain (loss) | Operations and maintenance | (597) | (83) | (1,791) | (524) | |||||||||||||||||||
(365 | ) | (439 | ) | (1,096 | ) | (1,318 | ) | (573) | (64) | (1,712) | (466) | |||||||||||||||||||||||
Income tax | Income tax benefit (expense) | 128 | 152 | 393 | 460 | Income tax | Income tax benefit (expense) | 143 | 89 | 407 | 184 | |||||||||||||||||||||||
Total reclassification adjustments related to defined benefit plans, net of tax | $ | (237 | ) | $ | (287 | ) | $ | (703 | ) | $ | (858 | ) | Total reclassification adjustments related to defined benefit plans, net of tax | $ | (430) | $ | 25 | $ | (1,305) | $ | (282) | |||||||||||||
Total reclassifications | $ | (535 | ) | $ | 636 | $ | (1,562 | ) | $ | 3,279 | Total reclassifications | $ | (1,111) | $ | (647) | $ | (3,497) | $ | (1,555) |
Interest Rate Swaps | Commodity Derivatives | Employee Benefit Plans | Total | |||||||||||
As of December 31, 2019 | $ | (15,122) | $ | (456) | $ | (15,077) | $ | (30,655) | ||||||
Other comprehensive income (loss) | ||||||||||||||
before reclassifications | 0 | 181 | 55 | 236 | ||||||||||
Amounts reclassified from AOCI | 1,630 | 562 | 1,305 | 3,497 | ||||||||||
As of September 30, 2020 | $ | (13,492) | $ | 287 | $ | (13,717) | $ | (26,922) | ||||||
Interest Rate Swaps | Commodity Derivatives | Employee Benefit Plans | Total | |||||||||||
As of December 31, 2018 | $ | (17,307) | $ | 328 | $ | (9,937) | $ | (26,916) | ||||||
Other comprehensive income (loss) | ||||||||||||||
before reclassifications | 0 | (334) | 0 | (334) | ||||||||||
Amounts reclassified from AOCI | 1,639 | (366) | 282 | 1,555 | ||||||||||
As of September 30, 2019 | $ | (15,668) | $ | (372) | $ | (9,655) | $ | (25,695) |
Derivatives Designated as Cash Flow Hedges | ||||||||||||
Interest Rate Swaps | Commodity Derivatives | Employee Benefit Plans | Total | |||||||||
As of December 31, 2016 | $ | (18,109 | ) | $ | (233 | ) | $ | (16,541 | ) | $ | (34,883 | ) |
Other comprehensive income (loss) | ||||||||||||
before reclassifications | — | 755 | — | 755 | ||||||||
Amounts reclassified from AOCI | 1,449 | (590 | ) | 703 | 1,562 | |||||||
Ending Balance September 30, 2017 | $ | (16,660 | ) | $ | (68 | ) | $ | (15,838 | ) | $ | (32,566 | ) |
Derivatives Designated as Cash Flow Hedges | ||||||||||||
Interest Rate Swaps | Commodity Derivatives | Employee Benefit Plans | Total | |||||||||
Balance as of December 31, 2015 | $ | (341 | ) | $ | 7,066 | $ | (15,780 | ) | $ | (9,055 | ) | |
Other comprehensive income (loss) | ||||||||||||
before reclassifications | (20,200 | ) | (417 | ) | — | (20,617 | ) | |||||
Amounts reclassified from AOCI | 1,644 | (5,781 | ) | 858 | (3,279 | ) | ||||||
Ending Balance September 30, 2016 | $ | (18,897 | ) | $ | 868 | $ | (14,922 | ) | $ | (32,951 | ) |
Nine Months Ended | September 30, 2017 | September 30, 2016 | |||||
(in thousands) | |||||||
Non-cash investing and financing activities— | |||||||
Property, plant and equipment acquired with accrued liabilities | $ | 35,065 | $ | 44,140 | |||
Increase (decrease) in capitalized assets associated with asset retirement obligations | $ | 1,362 | $ | (2,285 | ) | ||
Cash (paid) refunded during the period — | |||||||
Interest (net of amounts capitalized) | $ | (101,840 | ) | $ | (82,639 | ) | |
Income taxes, net | $ | 1 | $ | (1,168 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Service cost | $ | 1,352 | $ | 1,346 | $ | 4,058 | $ | 4,037 | |||||||||
Interest cost | 3,356 | 4,344 | 10,069 | 13,031 | |||||||||||||
Expected return on plan assets | (5,647) | (6,100) | (16,943) | (18,300) | |||||||||||||
Prior service cost (benefit) | 0 | 6 | 0 | 19 | |||||||||||||
Net loss (gain) | 2,093 | 941 | 6,279 | 2,822 | |||||||||||||
Net periodic benefit cost | $ | 1,154 | $ | 537 | $ | 3,463 | $ | 1,609 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
Service cost | $ | 1,759 | $ | 2,078 | $ | 5,276 | $ | 6,234 | |||||
Interest cost | 3,880 | 3,936 | 11,640 | 11,808 | |||||||||
Expected return on plan assets | (6,130 | ) | (5,766 | ) | (18,388 | ) | (17,297 | ) | |||||
Prior service cost | 15 | 15 | 44 | 45 | |||||||||
Net loss (gain) | 1,002 | 1,793 | 3,005 | 5,379 | |||||||||
Net periodic benefit cost | $ | 526 | $ | 2,056 | $ | 1,577 | $ | 6,169 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Service cost | $ | 514 | $ | 454 | $ | 1,542 | $ | 1,362 | |||||||||
Interest cost | 412 | 560 | 1,237 | 1,683 | |||||||||||||
Expected return on plan assets | (46) | (57) | (137) | (172) | |||||||||||||
Prior service cost (benefit) | (136) | (99) | (410) | (298) | |||||||||||||
Net loss (gain) | 5 | 0 | 15 | 0 | |||||||||||||
Net periodic benefit cost | $ | 749 | $ | 858 | $ | 2,247 | $ | 2,575 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
Service cost | $ | 575 | $ | 467 | $ | 1,725 | $ | 1,401 | |||||
Interest cost | 533 | 485 | 1,600 | 1,455 | |||||||||
Expected return on plan assets | (79 | ) | (70 | ) | (237 | ) | (210 | ) | |||||
Prior service cost (benefit) | (109 | ) | (107 | ) | (327 | ) | (321 | ) | |||||
Net loss (gain) | 125 | 84 | 375 | 252 | |||||||||
Net periodic benefit cost | $ | 1,045 | $ | 859 | $ | 3,136 | $ | 2,577 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Service cost | $ | 1,035 | $ | 429 | $ | 1,482 | $ | 2,406 | |||||||||
Interest cost | 274 | 324 | 824 | 972 | |||||||||||||
Prior service cost (benefit) | 1 | 0 | 1 | 1 | |||||||||||||
Net loss (gain) | 425 | 134 | 1,277 | 402 | |||||||||||||
Net periodic benefit cost | $ | 1,735 | $ | 887 | $ | 3,584 | $ | 3,781 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
Service cost | $ | 612 | $ | 623 | $ | 2,048 | $ | 1,530 | |||||
Interest cost | 319 | 314 | 957 | 943 | |||||||||
Prior service cost | — | 1 | 1 | 2 | |||||||||
Net loss (gain) | 251 | 207 | 751 | 621 | |||||||||
Net periodic benefit cost | $ | 1,182 | $ | 1,145 | $ | 3,757 | $ | 3,096 |
Contributions Made | Additional Contributions | Contributions | ||||||||||||
Nine Months Ended September 30, 2020 | Anticipated for 2020 | Anticipated for 2021 | ||||||||||||
Defined Benefit Pension Plan | $ | 12,700 | $ | 0 | $ | 12,700 | ||||||||
Non-pension Defined Benefit Postretirement Healthcare Plans | $ | 4,006 | $ | 1,335 | $ | 5,227 | ||||||||
Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | $ | 1,065 | $ | 355 | $ | 1,964 |
Contributions Made | Contributions Made | Additional Contributions | Contributions | |||||||||
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | Anticipated for 2017 | Anticipated for 2018 | |||||||||
Defined Benefit Pension Plan | $ | 27,700 | $ | 27,700 | $ | — | $ | 12,700 | ||||
Non-pension Defined Benefit Postretirement Healthcare Plans | $ | 1,270 | $ | 3,810 | $ | 1,270 | $ | 5,115 | ||||
Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | $ | 395 | $ | 1,187 | $ | 396 | $ | 1,682 |
Three Months Ended September 30, | ||||
Tax (benefit) expense | 2017 | 2016 | ||
Federal statutory rate | 35.0 | % | 35.0 | % |
State income tax (net of federal tax effect) (a) | (1.0 | ) | (4.0 | ) |
Percentage depletion in excess of cost | (1.1 | ) | (2.3 | ) |
Accounting for uncertain tax positions adjustment | (0.9 | ) | (2.4 | ) |
Noncontrolling interest (b) | (3.0 | ) | (3.7 | ) |
Tax credits (c) | (1.5 | ) | — | |
Effective tax rate adjustment (d) | 3.9 | 7.2 | ||
Flow-through adjustments | (1.7 | ) | (2.2 | ) |
AFUDC equity | (0.4 | ) | (0.6 | ) |
Other tax differences | 1.1 | 0.1 | ||
30.4 | % | 27.1 | % |
Nine Months Ended September 30, | ||||
Tax (benefit) expense | 2017 | 2016 | ||
Federal statutory rate | 35.0 | % | 35.0 | % |
State income tax (net of federal tax effect) (a) | 0.5 | 1.7 | ||
Percentage depletion in excess of cost (b) | (0.7 | ) | (9.7 | ) |
Accounting for uncertain tax positions adjustment (c) | (0.2 | ) | (7.7 | ) |
Noncontrolling interest (d) | (1.9 | ) | (2.5 | ) |
IRC 172(f) carryback claim (e) | (1.0 | ) | — | |
Tax credits (f) | (1.7 | ) | — | |
Effective tax rate adjustment (g) | 0.3 | 0.1 | ||
Flow-through adjustments (h) | (1.2 | ) | (1.9 | ) |
Transaction costs | — | 1.4 | ||
Other tax differences | 0.5 | (0.9 | ) | |
29.6 | % | 15.5 | % |
September 30, 2020 | December 31, 2019 | |||||||
Investment in privately held oil and gas company | $ | 1,500 | $ | 8,359 | ||||
Cash surrender value of life insurance contracts | 13,467 | 13,056 | ||||||
Other investments | 692 | 514 | ||||||
Total investments | $ | 15,659 | $ | 21,929 |
September 30, 2017 | December 31, 2016 | September 30, 2016 | |||||||
Accrued employee compensation, benefits and withholdings | $ | 54,134 | $ | 56,926 | $ | 57,203 | |||
Accrued property taxes | 39,564 | 40,004 | 37,156 | ||||||
Customer deposits and prepayments | 45,711 | 51,628 | 51,137 | ||||||
Accrued interest and contract adjustment payments | 30,977 | 45,503 | 42,612 | ||||||
CIAC current portion | 1,575 | — | 5,465 | ||||||
Other (none of which is individually significant) | 41,610 | 49,973 | 34,949 | ||||||
Total accrued liabilities | $ | 213,571 | $ | 244,034 | $ | 228,522 |
Three Months Ended | Nine Months Ended | ||||||||||||
(in thousands) | September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | |||||||||
Revenue | $ | 6,527 | $ | 9,639 | $ | 19,151 | $ | 25,660 | |||||
Net (loss) available for common stock | $ | (2,712 | ) | $ | (8,828 | ) | $ | (7,609 | ) | $ | (35,277 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2017 | 2016 | Variance | 2017 | 2016 | Variance | |||||||||||||
Revenue | ||||||||||||||||||
Revenue | $ | 373,412 | $ | 365,742 | $ | 7,670 | $ | 1,338,724 | $ | 1,205,305 | $ | 133,419 | ||||||
Inter-company eliminations | (31,274 | ) | (31,956 | ) | 682 | (94,605 | ) | (96,119 | ) | 1,514 | ||||||||
$ | 342,138 | $ | 333,786 | $ | 8,352 | $ | 1,244,119 | $ | 1,109,186 | $ | 134,933 | |||||||
Net income (loss) available for common stock | ||||||||||||||||||
Electric Utilities | $ | 27,324 | $ | 24,181 | $ | 3,143 | $ | 68,386 | $ | 62,625 | $ | 5,761 | ||||||
Gas Utilities | (4,329 | ) | (2,939 | ) | (1,390 | ) | 41,409 | 29,975 | 11,434 | |||||||||
Power Generation (a) | 6,155 | 5,642 | 513 | 18,017 | 19,907 | (1,890 | ) | |||||||||||
Mining | 3,477 | 3,307 | 170 | 9,048 | 6,969 | 2,079 | ||||||||||||
Oil and Gas (b) (c) | (2,712 | ) | (8,828 | ) | 6,116 | (7,609 | ) | (35,277 | ) | 27,668 | ||||||||
29,915 | 21,363 | 8,552 | 129,251 | 84,199 | 45,052 | |||||||||||||
Corporate activities and eliminations (d) (e) | (2,252 | ) | (7,232 | ) | 4,980 | (2,870 | ) | (29,397 | ) | 26,527 | ||||||||
Net income available for common stock | $ | 27,663 | $ | 14,131 | $ | 13,532 | $ | 126,381 | $ | 54,802 | $ | 71,579 |
(in thousands, except per share amounts) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Revenue | ||||||||||||||||||||
Revenue | $ | 386,525 | $ | 363,491 | $ | 1,328,456 | $ | 1,368,748 | ||||||||||||
Inter-company eliminations | (39,935) | (37,943) | (117,902) | (111,502) | ||||||||||||||||
$ | 346,590 | $ | 325,548 | $ | 1,210,554 | $ | 1,257,246 | |||||||||||||
Adjusted operating income (a) | ||||||||||||||||||||
Electric Utilities | $ | 52,083 | $ | 50,653 | $ | 121,726 | $ | 125,219 | ||||||||||||
Gas Utilities | 18,147 | 4,736 | 139,253 | 116,607 | ||||||||||||||||
Power Generation | 8,738 | 11,822 | 31,489 | 33,945 | ||||||||||||||||
Mining | 3,505 | 3,374 | 9,992 | 9,351 | ||||||||||||||||
Corporate and Other | (239) | (34) | (108) | (439) | ||||||||||||||||
Operating income | 82,234 | 70,551 | 302,352 | 284,683 | ||||||||||||||||
Interest expense, net | (36,041) | (33,487) | (107,039) | (102,469) | ||||||||||||||||
Impairment of investment | — | (19,741) | (6,859) | (19,741) | ||||||||||||||||
Other income (expense), net | (1,193) | 580 | (703) | 55 | ||||||||||||||||
Income tax (expense) | (4,651) | (2,508) | (25,484) | (22,078) | ||||||||||||||||
Net income | 40,349 | 15,395 | 162,267 | 140,450 | ||||||||||||||||
Net income attributable to noncontrolling interest | (4,066) | (3,655) | (11,844) | (10,319) | ||||||||||||||||
Net income available for common stock | $ | 36,283 | $ | 11,740 | $ | 150,423 | $ | 130,131 | ||||||||||||
Earnings per share, Basic | $ | 0.58 | $ | 0.19 | $ | 2.41 | $ | 2.15 | ||||||||||||
Earnings per share, Diluted | $ | 0.58 | $ | 0.19 | $ | 2.41 | $ | 2.15 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2020 | 2019 | Variance | 2020 | 2019 | Variance | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Revenue | $ | 200,842 | $ | 191,384 | $ | 9,458 | $ | 538,181 | $ | 540,665 | $ | (2,484) | ||||||||
Total fuel and purchased power | 77,885 | 71,593 | 6,292 | 201,398 | 207,004 | (5,606) | ||||||||||||||
Gross margin (non-GAAP) | 122,957 | 119,791 | 3,166 | 336,783 | 333,661 | 3,122 | ||||||||||||||
Operations and maintenance | 47,426 | 47,172 | 254 | 144,956 | 143,049 | 1,907 | ||||||||||||||
Depreciation and amortization | 23,448 | 21,966 | 1,482 | 70,101 | 65,393 | 4,708 | ||||||||||||||
Total operating expenses | 70,874 | 69,138 | 1,736 | 215,057 | 208,442 | 6,615 | ||||||||||||||
Adjusted operating income | $ | 52,083 | $ | 50,653 | $ | 1,430 | $ | 121,726 | $ | 125,219 | $ | (3,493) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2017 | 2016 | Variance | 2017 | 2016 | Variance | |||||||||||||
(in thousands) | ||||||||||||||||||
Revenue | $ | 183,571 | $ | 174,501 | $ | 9,070 | $ | 528,048 | $ | 503,258 | $ | 24,790 | ||||||
Total fuel and purchased power | 68,733 | 66,953 | 1,780 | 199,398 | 194,477 | 4,921 | ||||||||||||
Gross margin | 114,838 | 107,548 | 7,290 | 328,650 | 308,781 | 19,869 | ||||||||||||
Operations and maintenance | 40,204 | 38,108 | 2,096 | 125,302 | 116,312 | 8,990 | ||||||||||||
Depreciation and amortization | 23,446 | 21,063 | 2,383 | 69,427 | 62,794 | 6,633 | ||||||||||||
Total operating expenses | 63,650 | 59,171 | 4,479 | 194,729 | 179,106 | 15,623 | ||||||||||||
Operating income | 51,188 | 48,377 | 2,811 | 133,921 | 129,675 | 4,246 | ||||||||||||
Interest expense, net | (12,744 | ) | (12,046 | ) | (698 | ) | (39,049 | ) | (36,676 | ) | (2,373 | ) | ||||||
Other income (expense), net | 649 | 1,335 | (686 | ) | 1,579 | 2,828 | (1,249 | ) | ||||||||||
Income tax benefit (expense) | (11,769 | ) | (13,485 | ) | 1,716 | (28,065 | ) | (33,202 | ) | 5,137 | ||||||||
Net income | $ | 27,324 | $ | 24,181 | $ | 3,143 | $ | 68,386 | $ | 62,625 | $ | 5,761 |
(in millions) | |||||
Release of TCJA revenue reserves | $ | 1.5 | |||
Rider recovery | 1.3 | ||||
Off-system power marketing | 0.9 | ||||
Weather | 0.2 | ||||
Mark-to-market on wholesale energy contracts | (1.4) | ||||
COVID-19 impacts | (0.2) | ||||
Other | 0.9 | ||||
Total increase in Gross margin (non-GAAP) | $ | 3.2 |
(in millions) | |||||
Release of TCJA revenue reserves | $ | 2.7 | |||
Rider recovery and true-up (a) | 1.0 | ||||
Weather | 0.9 | ||||
COVID-19 impacts (b) | (1.7) | ||||
Other | 0.2 | ||||
Total increase in Gross margin (non-GAAP) | $ | 3.1 |
Electric Revenue | Quantities Sold | ||||||||||||||||||||||||||||
(in thousands) | (MWh) | ||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Residential | $ | 62,395 | $ | 58,919 | $ | 167,048 | $ | 162,257 | 405,989 | 384,735 | 1,113,821 | 1,075,394 | |||||||||||||||||
Commercial | 64,756 | 65,732 | 178,979 | 186,434 | 538,299 | 560,547 | 1,492,239 | 1,556,449 | |||||||||||||||||||||
Industrial | 35,660 | 33,937 | 99,725 | 98,074 | 462,545 | 462,809 | 1,382,710 | 1,335,260 | |||||||||||||||||||||
Municipal | 4,834 | 4,792 | 12,732 | 13,184 | 46,256 | 46,106 | 121,027 | 121,025 | |||||||||||||||||||||
Subtotal Retail Revenue - Electric | 167,645 | 163,380 | 458,484 | 459,949 | 1,453,089 | 1,454,197 | 4,109,797 | 4,088,128 | |||||||||||||||||||||
Contract Wholesale (a) | 5,924 | 8,211 | 14,947 | 23,335 | 129,960 | 229,369 | 348,991 | 646,611 | |||||||||||||||||||||
Off-system/Power Marketing Wholesale | 9,535 | 6,452 | 17,939 | 16,592 | 167,494 | 160,357 | 469,590 | 436,298 | |||||||||||||||||||||
Other | 17,738 | 13,341 | 46,811 | 40,789 | — | — | — | — | |||||||||||||||||||||
Total Revenue and Energy Sold | 200,842 | 191,384 | 538,181 | 540,665 | 1,750,543 | 1,843,923 | 4,928,378 | 5,171,037 | |||||||||||||||||||||
Other Uses, Losses or Generation, net (b) | — | — | — | — | 118,410 | 112,172 | 294,466 | 299,038 | |||||||||||||||||||||
Total Revenue and Energy | 200,842 | 191,384 | 538,181 | 540,665 | 1,868,953 | 1,956,095 | 5,222,844 | 5,470,075 | |||||||||||||||||||||
Less cost of fuel and purchased power | 77,885 | 71,593 | 201,398 | 207,004 | |||||||||||||||||||||||||
Gross Margin (non-GAAP) | $ | 122,957 | $ | 119,791 | $ | 336,783 | $ | 333,661 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Revenue - Electric (in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Residential: | |||||||||||||||
South Dakota Electric | $ | 18,020 | $ | 17,501 | $ | 53,724 | $ | 53,057 | |||||||
Wyoming Electric | 10,083 | 9,585 | 29,571 | 29,283 | |||||||||||
Colorado Electric | 27,763 | 27,460 | 74,722 | 73,721 | |||||||||||
Total Residential | 55,866 | 54,546 | 158,017 | 156,061 | |||||||||||
Commercial: | |||||||||||||||
South Dakota Electric | 25,459 | 25,714 | 72,608 | 73,026 | |||||||||||
Wyoming Electric | 16,389 | 16,306 | 48,565 | 47,818 | |||||||||||
Colorado Electric | 26,196 | 25,907 | 74,322 | 72,782 | |||||||||||
Total Commercial | 68,044 | 67,927 | 195,495 | 193,626 | |||||||||||
Industrial: | |||||||||||||||
South Dakota Electric | 8,149 | 8,275 | 24,774 | 24,540 | |||||||||||
Wyoming Electric | 12,104 | 11,904 | 37,737 | 32,353 | |||||||||||
Colorado Electric | 10,311 | 9,870 | 29,072 | 28,917 | |||||||||||
Total Industrial | 30,564 | 30,049 | 91,583 | 85,810 | |||||||||||
Municipal: | |||||||||||||||
South Dakota Electric | 1,071 | 1,053 | 2,849 | 2,844 | |||||||||||
Wyoming Electric | 542 | 543 | 1,588 | 1,606 | |||||||||||
Colorado Electric | 3,345 | 3,299 | 9,497 | 8,879 | |||||||||||
Total Municipal | 4,958 | 4,895 | 13,934 | 13,329 | |||||||||||
Total Retail Revenue - Electric | 159,432 | 157,417 | 459,029 | 448,826 | |||||||||||
Contract Wholesale: | |||||||||||||||
Total Contract Wholesale - South Dakota Electric (a) | 8,048 | 4,596 | 22,593 | 12,717 | |||||||||||
Off-system Wholesale: | |||||||||||||||
South Dakota Electric | 4,787 | 3,984 | 11,044 | 11,304 | |||||||||||
Wyoming Electric | 758 | 924 | 3,505 | 3,777 | |||||||||||
Colorado Electric | 387 | 522 | 561 | 1,229 | |||||||||||
Total Off-system Wholesale | 5,932 | 5,430 | 15,110 | 16,310 | |||||||||||
Other Revenue: | |||||||||||||||
South Dakota Electric | 8,404 | 5,605 | 26,193 | 19,901 | |||||||||||
Wyoming Electric | 794 | 325 | 2,333 | 1,435 | |||||||||||
Colorado Electric | 961 | 1,128 | 2,790 | 4,069 | |||||||||||
Total Other Revenue | 10,159 | 7,058 | 31,316 | 25,405 | |||||||||||
Total Revenue - Electric | $ | 183,571 | $ | 174,501 | $ | 528,048 | $ | 503,258 |
Electric Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Quantities Sold (MWh) (b) | ||||||||||||||||||||||||
Three Months Ended September 30, | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Colorado Electric | $ | 74,742 | $ | 70,771 | $ | 42,236 | $ | 41,916 | 666,916 | 634,098 | ||||||||||||||||
South Dakota Electric (a) | 78,861 | 77,022 | 58,062 | 55,217 | 699,150 | 835,725 | ||||||||||||||||||||
Wyoming Electric | 47,239 | 43,591 | 22,659 | 22,658 | 502,887 | 486,272 | ||||||||||||||||||||
Total Electric Revenue, Gross Margin (non-GAAP), and Quantities Sold | $ | 200,842 | $ | 191,384 | $ | 122,957 | $ | 119,791 | 1,868,953 | 1,956,095 | ||||||||||||||||
Electric Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Quantities Sold (MWh) (b) | ||||||||||||||||||||||||
Nine Months Ended September 30, | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Colorado Electric | $ | 191,197 | $ | 186,030 | $ | 106,961 | $ | 104,411 | 1,765,501 | 1,611,126 | ||||||||||||||||
South Dakota Electric (a) | 213,059 | 225,309 | 163,659 | 162,390 | 1,954,902 | 2,438,366 | ||||||||||||||||||||
Wyoming Electric | 133,925 | 129,326 | 66,163 | 66,860 | 1,502,441 | 1,420,583 | ||||||||||||||||||||
Total Electric Revenue, Gross Margin (non-GAAP), and Quantities Sold | $ | 538,181 | $ | 540,665 | $ | 336,783 | $ | 333,661 | 5,222,844 | 5,470,075 | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
Quantities Generated and Purchased (in MWh) | 2017 | 2016 | 2017 | 2016 | |||||||
Generated — | |||||||||||
Coal-fired: | |||||||||||
South Dakota Electric | 423,766 | 401,231 | 1,101,291 | 1,054,264 | |||||||
Wyoming Electric (d) | 201,824 | 188,739 | 562,644 | 548,513 | |||||||
Total Coal-fired | 625,590 | 589,970 | 1,663,935 | 1,602,777 | |||||||
Natural Gas and Oil: | |||||||||||
South Dakota Electric (a) | 54,466 | 41,654 | 75,840 | 96,649 | |||||||
Wyoming Electric (a) | 25,567 | 23,874 | 39,136 | 58,944 | |||||||
Colorado Electric | 76,432 | 64,507 | 134,089 | 128,397 | |||||||
Total Natural Gas and Oil | 156,465 | 130,035 | 249,065 | 283,990 | |||||||
Wind: | |||||||||||
Colorado Electric (b) | 38,773 | 10,676 | 167,429 | 34,325 | |||||||
Total Wind | 38,773 | 10,676 | 167,429 | 34,325 | |||||||
Total Generated: | |||||||||||
South Dakota Electric | 478,232 | 442,885 | 1,177,131 | 1,150,913 | |||||||
Wyoming Electric (a) | 227,391 | 212,613 | 601,780 | 607,457 | |||||||
Colorado Electric (b) | 115,205 | 75,183 | 301,518 | 162,722 | |||||||
Total Generated | 820,828 | 730,681 | 2,080,429 | 1,921,092 | |||||||
Purchased — | |||||||||||
South Dakota Electric (c) | 357,053 | 247,097 | 1,222,864 | 902,166 | |||||||
Wyoming Electric (d) | 207,554 | 215,257 | 696,229 | 624,137 | |||||||
Colorado Electric (b) | 476,084 | 527,947 | 1,273,125 | 1,473,195 | |||||||
Total Purchased | 1,040,691 | 990,301 | 3,192,218 | 2,999,498 | |||||||
Total Generated and Purchased: | |||||||||||
South Dakota Electric (c) | 835,285 | 689,982 | 2,399,995 | 2,053,079 | |||||||
Wyoming Electric | 434,945 | 427,870 | 1,298,009 | 1,231,594 | |||||||
Colorado Electric | 591,289 | 603,130 | 1,574,643 | 1,635,917 | |||||||
Total Generated and Purchased | 1,861,519 | 1,720,982 | 5,272,647 | 4,920,590 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||
Quantity Sold (in MWh) | 2017 | 2016 | 2017 | 2016 | |||||
Residential: | |||||||||
South Dakota Electric | 129,616 | 124,012 | 386,709 | 381,616 | |||||
Wyoming Electric | 65,723 | 63,505 | 190,087 | 191,405 | |||||
Colorado Electric | 174,127 | 176,900 | 461,641 | 470,246 | |||||
Total Residential | 369,466 | 364,417 | 1,038,437 | 1,043,267 | |||||
Commercial: | |||||||||
South Dakota Electric | 212,773 | 213,276 | 582,899 | 592,371 | |||||
Wyoming Electric | 137,169 | 137,534 | 398,178 | 398,414 | |||||
Colorado Electric | 208,033 | 211,716 | 566,177 | 572,062 | |||||
Total Commercial | 557,975 | 562,526 | 1,547,254 | 1,562,847 | |||||
Industrial: | |||||||||
South Dakota Electric | 109,745 | 110,220 | 323,038 | 320,861 | |||||
Wyoming Electric (a) | 182,844 | 175,188 | 545,640 | 468,262 | |||||
Colorado Electric | 114,357 | 116,073 | 323,638 | 329,016 | |||||
Total Industrial | 406,946 | 401,481 | 1,192,316 | 1,118,139 | |||||
Municipal: | |||||||||
South Dakota Electric | 10,156 | 9,927 | 25,865 | 25,855 | |||||
Wyoming Electric | 2,154 | 2,201 | 6,643 | 6,848 | |||||
Colorado Electric | 35,079 | 34,507 | 92,557 | 91,116 | |||||
Total Municipal | 47,389 | 46,635 | 125,065 | 123,819 | |||||
Total Retail Quantity Sold | 1,381,776 | 1,375,059 | 3,903,072 | 3,848,072 | |||||
Contract Wholesale: | |||||||||
Total Contract Wholesale-South Dakota Electric (b) | 185,723 | 62,547 | 537,720 | 182,087 | |||||
Off-system Wholesale: | |||||||||
South Dakota Electric (c) | 130,825 | 128,415 | 388,287 | 438,852 | |||||
Wyoming Electric | 17,981 | 18,788 | 72,517 | 77,534 | |||||
Colorado Electric (c) | 10,619 | 17,949 | 16,479 | 53,644 | |||||
Total Off-system Wholesale | 159,425 | 165,152 | 477,283 | 570,030 | |||||
Total Quantity Sold: | |||||||||
South Dakota Electric | 778,838 | 648,397 | 2,244,518 | 1,941,642 | |||||
Wyoming Electric | 405,871 | 397,216 | 1,213,065 | 1,142,463 | |||||
Colorado Electric | 542,215 | 557,145 | 1,460,492 | 1,516,084 | |||||
Total Quantity Sold | 1,726,924 | 1,602,758 | 4,918,075 | 4,600,189 | |||||
Other Uses, Losses or Generation, net (d): | |||||||||
South Dakota Electric | 56,447 | 41,585 | 155,477 | 111,437 | |||||
Wyoming Electric | 29,074 | 30,654 | 84,944 | 89,131 | |||||
Colorado Electric | 49,074 | 45,985 | 114,151 | 119,833 | |||||
Total Other Uses, Losses and Generation, net | 134,595 | 118,224 | 354,572 | 320,401 | |||||
Total Energy | 1,861,519 | 1,720,982 | 5,272,647 | 4,920,590 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
Quantities Generated and Purchased (MWh) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Coal-fired | 592,681 | 564,220 | 1,712,540 | 1,621,355 | ||||||||||
Natural Gas and Oil | 199,408 | 234,366 | 453,950 | 445,498 | ||||||||||
Wind | 54,518 | 55,407 | 191,696 | 167,331 | ||||||||||
Total Generated | 846,607 | 853,993 | 2,358,186 | 2,234,184 | ||||||||||
Purchased (a) | 1,022,346 | 1,102,102 | 2,864,658 | 3,235,891 | ||||||||||
Total Generated and Purchased | 1,868,953 | 1,956,095 | 5,222,844 | 5,470,075 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
Quantities Generated and Purchased (MWh) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Generated: | ||||||||||||||
Colorado Electric | 97,450 | 149,509 | 271,957 | 341,925 | ||||||||||
South Dakota Electric | 518,821 | 489,042 | 1,434,353 | 1,262,336 | ||||||||||
Wyoming Electric | 230,336 | 215,442 | 651,876 | 629,923 | ||||||||||
Total Generated | 846,607 | 853,993 | 2,358,186 | 2,234,184 | ||||||||||
Purchased: | ||||||||||||||
Colorado Electric | 569,466 | 484,589 | 1,493,544 | 1,269,201 | ||||||||||
South Dakota Electric (a) | 180,329 | 346,683 | 520,549 | 1,176,030 | ||||||||||
Wyoming Electric | 272,551 | 270,830 | 850,565 | 790,660 | ||||||||||
Total Purchased | 1,022,346 | 1,102,102 | 2,864,658 | 3,235,891 | ||||||||||
Total Generated and Purchased | 1,868,953 | 1,956,095 | 5,222,844 | 5,470,075 |
Three Months Ended September 30, | |||||||||||||||||
Degree days | 2020 | 2019 | |||||||||||||||
Actual | Variance from Normal | Actual | Variance from Normal | ||||||||||||||
Heating Degree Days: | |||||||||||||||||
Colorado Electric | 99 | 1 | % | 4 | (96) | % | |||||||||||
South Dakota Electric | 202 | (10) | % | 175 | (22) | % | |||||||||||
Wyoming Electric | 208 | (29) | % | 120 | (77) | % | |||||||||||
Combined (a) | 156 | (14) | % | 86 | (36) | % | |||||||||||
Cooling Degree Days: | |||||||||||||||||
Colorado Electric | 987 | 44 | % | 1,079 | 58 | % | |||||||||||
South Dakota Electric | 561 | 5 | % | 366 | (31) | % | |||||||||||
Wyoming Electric | 492 | 65 | % | 433 | 45 | % | |||||||||||
Combined (a) | 742 | 34 | % | 705 | 27 | % |
Nine Months Ended September 30, | |||||||||||||||||
Degree days | 2020 | 2019 | |||||||||||||||
Actual | Variance from Normal | Actual | Variance from Normal | ||||||||||||||
Heating Degree Days: | |||||||||||||||||
Colorado Electric | 3,073 | (9) | % | 3,156 | (6) | % | |||||||||||
South Dakota Electric | 4,440 | — | % | 5,370 | 20 | % | |||||||||||
Wyoming Electric | 4,356 | (3) | % | 4,677 | 5 | % | |||||||||||
Combined (a) | 3,799 | (4) | % | 4,198 | 6 | % | |||||||||||
Cooling Degree Days: | |||||||||||||||||
Colorado Electric | 1,369 | 53 | % | 1,226 | 37 | % | |||||||||||
South Dakota Electric | 681 | 8 | % | 404 | (36) | % | |||||||||||
Wyoming Electric | 593 | 70 | % | 462 | 33 | % | |||||||||||
Combined (a) | 977 | 41 | % | 791 | 14 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
Contracted Power Plant Fleet Availability (a) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Coal-fired plants (b) | 97.4 | % | 94.6 | % | 94.1 | % | 90.0 | % | ||||||
Natural gas-fired plants and Other plants (c)(d) | 79.7 | % | 89.6 | % | 80.5 | % | 89.8 | % | ||||||
Wind | 97.7 | % | 93.7 | % | 98.3 | % | 95.0 | % | ||||||
Total Availability | 86.8 | % | 91.5 | % | 86.3 | % | 90.3 | % | ||||||
Wind Capacity Factor | 33.2 | % | 33.8 | % | 39.3 | % | 37.1 | % |
Three Months Ended September 30, | |||||||||||||
Degree Days | 2017 | 2016 | |||||||||||
Actual | Variance from 30-Year Average | Actual Variance to Prior Year | Actual | Variance from 30-Year Average | |||||||||
Heating Degree Days: | |||||||||||||
South Dakota Electric | 202 | (10 | )% | 25% | 161 | (23 | )% | ||||||
Wyoming Electric | 292 | (4 | )% | 39% | 210 | (19 | )% | ||||||
Colorado Electric | 87 | (11 | )% | 335% | 20 | (77 | )% | ||||||
Combined (a) | 168 | (8 | )% | 57% | 107 | (34 | )% | ||||||
Cooling Degree Days: | |||||||||||||
South Dakota Electric | 595 | 11 | % | 29% | 460 | (18 | )% | ||||||
Wyoming Electric | 388 | 30 | % | 8% | 358 | 19 | % | ||||||
Colorado Electric | 784 | 14 | % | (19)% | 968 | 33 | % | ||||||
Combined (a) | 640 | 15 | % | (5)% | 673 | 15 | % |
Nine Months Ended September 30, | |||||||||||||
Degree Days | 2017 | 2016 | |||||||||||
Actual | Variance from 30-Year Average | Actual Variance to Prior Year | Actual | Variance from 30-Year Average | |||||||||
Heating Degree Days: | |||||||||||||
South Dakota Electric | 4,242 | (5 | )% | 10% | 3,844 | (13 | )% | ||||||
Wyoming Electric | 4,186 | (11 | )% | 2% | 4,120 | (12 | )% | ||||||
Colorado Electric | 2,773 | (17 | )% | (2)% | 2,821 | (15 | )% | ||||||
Combined (a) | 3,559 | (11 | )% | 4% | 3,430 | (13 | )% | ||||||
Cooling Degree Days: | |||||||||||||
South Dakota Electric | 709 | 12 | % | 10% | 646 | (3 | )% | ||||||
Wyoming Electric | 429 | 23 | % | (7)% | 460 | 31 | % | ||||||
Colorado Electric | 1,027 | 15 | % | (23)% | 1,337 | 40 | % | ||||||
Combined (a) | 798 | 15 | % | (14)% | 926 | 26 | % |
Electric Utilities Power Plant Availability | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
Coal-fired plants (a) | 98.3 | % | 94.8 | % | 88.1 | % | 88.0 | % | ||||
Natural gas fired plants and Other plants | 94.6 | % | 98.4 | % | 95.8 | % | 97.0 | % | ||||
Wind (b) | 91.0 | % | 99.1 | % | 92.0 | % | 99.2 | % | ||||
Total availability | 95.5 | % | 97.1 | % | 93.0 | % | 93.7 | % | ||||
Wind capacity factor | 23.6 | % | 33.5 | % | 34.3 | % | 36.1 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2020 | 2019 | Variance | 2020 | 2019 | Variance | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Revenue: | ||||||||||||||||||||
Natural gas - regulated | $ | 128,468 | $ | 117,549 | $ | 10,919 | $ | 612,797 | $ | 651,366 | $ | (38,569) | ||||||||
Other - non-regulated services | 15,461 | 13,195 | 2,266 | 53,015 | 55,927 | (2,912) | ||||||||||||||
Total revenue | 143,929 | 130,744 | 13,185 | 665,812 | 707,293 | (41,481) | ||||||||||||||
Cost of sales: | ||||||||||||||||||||
Natural gas - regulated | 25,235 | 28,154 | (2,919) | 222,144 | 280,312 | (58,168) | ||||||||||||||
Other - non-regulated services | 1,800 | 4,870 | (3,070) | 4,874 | 16,975 | (12,101) | ||||||||||||||
Total cost of sales | 27,035 | 33,024 | (5,989) | 227,018 | 297,287 | (70,269) | ||||||||||||||
Gross margin (non-GAAP) | 116,894 | 97,720 | 19,174 | 438,794 | 410,006 | 28,788 | ||||||||||||||
Operations and maintenance | 73,642 | 70,170 | 3,472 | 223,351 | 225,239 | (1,888) | ||||||||||||||
Depreciation and amortization | 25,105 | 22,814 | 2,291 | 76,190 | 68,160 | 8,030 | ||||||||||||||
Total operating expenses | 98,747 | 92,984 | 5,763 | 299,541 | 293,399 | 6,142 | ||||||||||||||
Adjusted operating income | $ | 18,147 | $ | 4,736 | $ | 13,411 | $ | 139,253 | $ | 116,607 | $ | 22,646 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2017 | 2016 | Variance | 2017 | 2016 | Variance | |||||||||||||
(in thousands) | ||||||||||||||||||
Revenue: | ||||||||||||||||||
Natural gas — regulated | $ | 126,865 | $ | 123,699 | $ | 3,166 | $ | 618,924 | $ | 515,963 | $ | 102,961 | ||||||
Other — non-regulated services | 16,029 | 17,746 | (1,717 | ) | 55,327 | 47,916 | 7,411 | |||||||||||
Total revenue | 142,894 | 141,445 | 1,449 | 674,251 | 563,879 | 110,372 | ||||||||||||
Cost of sales | ||||||||||||||||||
Natural gas — regulated | 33,376 | 29,330 | 4,046 | 255,410 | 202,244 | 53,166 | ||||||||||||
Other — non-regulated services | 11,917 | 12,400 | (483 | ) | 33,615 | 25,755 | 7,860 | |||||||||||
Total cost of sales | 45,293 | 41,730 | 3,563 | 289,025 | 227,999 | 61,026 | ||||||||||||
Gross margin | 97,601 | 99,715 | (2,114 | ) | 385,226 | 335,880 | 49,346 | |||||||||||
Operations and maintenance | 65,390 | 64,921 | 469 | 201,105 | 179,845 | 21,260 | ||||||||||||
Depreciation and amortization | 20,937 | 21,193 | (256 | ) | 62,658 | 57,096 | 5,562 | |||||||||||
Total operating expenses | 86,327 | 86,114 | 213 | 263,763 | 236,941 | 26,822 | ||||||||||||
Operating income | 11,274 | 13,601 | (2,327 | ) | 121,463 | 98,939 | 22,524 | |||||||||||
Interest expense, net | (19,527 | ) | (21,267 | ) | 1,740 | (58,919 | ) | (53,858 | ) | (5,061 | ) | |||||||
Other income (expense), net | (294 | ) | (418 | ) | 124 | (342 | ) | (28 | ) | (314 | ) | |||||||
Income tax benefit (expense) | 4,218 | 5,128 | (910 | ) | (20,686 | ) | (15,065 | ) | (5,621 | ) | ||||||||
Net income (loss) | (4,329 | ) | (2,956 | ) | (1,373 | ) | 41,516 | 29,988 | 11,528 | |||||||||
Net (income) loss attributable to noncontrolling interest | — | 17 | (17 | ) | (107 | ) | (13 | ) | (94 | ) | ||||||||
Net income (loss) available for common stock | $ | (4,329 | ) | $ | (2,939 | ) | $ | (1,390 | ) | $ | 41,409 | $ | 29,975 | $ | 11,434 |
(in millions) | |||||
Weather (a) | $ | 8.4 | |||
New rates | 4.9 | ||||
Mark-to-market on non-utility natural gas commodity contracts | 1.8 | ||||
Customer growth - distribution | 1.5 | ||||
Non-Utility - Tech Services | 0.6 | ||||
COVID-19 impacts (b) | (0.8) | ||||
Other | 2.8 | ||||
Total increase in Gross margin (non-GAAP) | $ | 19.2 | |||
(in millions) | |||||
New rates | $ | 14.1 | |||
Mark-to-market on non-utility natural gas commodity contracts | 4.2 | ||||
Customer growth - distribution | 3.6 | ||||
Prior year amortization of excess deferred income taxes | 3.5 | ||||
Non-Utility - Tech Services and Gas Supply Services | 1.4 | ||||
Weather (a) | 0.8 | ||||
COVID-19 impacts (b) | (1.7) | ||||
Other | 2.9 | ||||
Total increase in Gross margin (non-GAAP) | $ | 28.8 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Revenue (in thousands) (a) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Residential: | |||||||||||||||
Arkansas | $ | 9,085 | $ | 8,201 | $ | 57,992 | $ | 33,778 | |||||||
Colorado | 12,911 | 12,144 | 80,351 | 65,285 | |||||||||||
Nebraska (b) | 12,622 | 12,259 | 72,965 | 69,132 | |||||||||||
Iowa | 10,314 | 9,694 | 60,618 | 57,328 | |||||||||||
Kansas | 8,128 | 7,760 | 44,309 | 39,428 | |||||||||||
Wyoming (b) | 4,744 | 4,895 | 28,172 | 23,663 | |||||||||||
Total Residential | $ | 57,804 | $ | 54,953 | $ | 344,407 | $ | 288,614 | |||||||
Commercial: | |||||||||||||||
Arkansas | $ | 5,281 | $ | 4,123 | $ | 30,465 | $ | 16,652 | |||||||
Colorado | 4,893 | 4,971 | 29,967 | 23,107 | |||||||||||
Nebraska | 2,994 | 3,123 | 20,567 | 19,462 | |||||||||||
Iowa | 3,425 | 3,144 | 24,522 | 22,617 | |||||||||||
Kansas | 2,672 | 2,298 | 14,695 | 12,558 | |||||||||||
Wyoming | 2,101 | 2,315 | 13,940 | 11,495 | |||||||||||
Total Commercial | $ | 21,366 | $ | 19,974 | $ | 134,156 | $ | 105,891 | |||||||
Industrial: | |||||||||||||||
Arkansas | $ | 1,801 | $ | 1,463 | $ | 5,382 | $ | 3,071 | |||||||
Colorado | 906 | 808 | 1,588 | 1,340 | |||||||||||
Nebraska | 158 | 143 | 363 | 330 | |||||||||||
Iowa | 119 | 189 | 1,158 | 1,014 | |||||||||||
Kansas | 5,734 | 5,204 | 7,716 | 7,793 | |||||||||||
Wyoming | 754 | 692 | 2,492 | 2,349 | |||||||||||
Total Industrial | $ | 9,472 | $ | 8,499 | $ | 18,699 | $ | 15,897 | |||||||
Transportation: | |||||||||||||||
Arkansas | $ | 2,335 | $ | 1,997 | $ | 7,750 | $ | 5,730 | |||||||
Colorado | 738 | 766 | 2,940 | 2,531 | |||||||||||
Nebraska (b) (c) | 20,343 | 23,222 | 54,202 | 49,147 | |||||||||||
Iowa | 967 | 970 | 3,557 | 3,525 | |||||||||||
Kansas | 1,598 | 1,736 | 4,851 | 5,134 | |||||||||||
Wyoming (b) | 4,387 | 4,245 | 18,849 | 14,382 | |||||||||||
Total Transportation | $ | 30,368 | $ | 32,936 | $ | 92,149 | $ | 80,449 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Revenue (in thousands) (continued) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Transmission: | |||||||||||||||
Arkansas | $ | 448 | $ | 19 | $ | 1,660 | $ | 44 | |||||||
Colorado | 4,014 | 3,572 | 17,778 | 12,334 | |||||||||||
Wyoming | 1,211 | 1,209 | 3,712 | 3,386 | |||||||||||
Total Transmission | $ | 5,673 | $ | 4,800 | $ | 23,150 | $ | 15,764 | |||||||
Other Sales Revenue: | |||||||||||||||
Arkansas | $ | 218 | $ | 398 | $ | 880 | $ | 1,687 | |||||||
Colorado | 208 | 315 | 687 | 770 | |||||||||||
Nebraska | 937 | 912 | 2,724 | 2,587 | |||||||||||
Iowa | 96 | 96 | 357 | 409 | |||||||||||
Kansas | 494 | 582 | 936 | 3,215 | |||||||||||
Wyoming | 229 | 234 | 779 | 680 | |||||||||||
Total Other Sales Revenue | $ | 2,182 | $ | 2,537 | $ | 6,363 | $ | 9,348 | |||||||
Total Regulated Revenue | $ | 126,865 | $ | 123,699 | $ | 618,924 | $ | 515,963 | |||||||
Non-regulated Services | 16,029 | 17,746 | 55,327 | 47,916 | |||||||||||
Total Revenue | $ | 142,894 | $ | 141,445 | $ | 674,251 | $ | 563,879 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Gross Margin (in thousands) (a) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Residential: | |||||||||||||||
Arkansas | $ | 6,934 | $ | 6,735 | $ | 38,020 | $ | 24,116 | |||||||
Colorado | 7,533 | 7,235 | 33,784 | 28,531 | |||||||||||
Nebraska (b) | 9,333 | 9,214 | 38,383 | 37,634 | |||||||||||
Iowa | 8,430 | 8,252 | 31,442 | 30,848 | |||||||||||
Kansas | 6,033 | 5,872 | 24,031 | 22,401 | |||||||||||
Wyoming (b) | 3,749 | 3,863 | 16,596 | 15,164 | |||||||||||
Total Residential | $ | 42,012 | $ | 41,171 | $ | 182,256 | $ | 158,694 | |||||||
Commercial: | |||||||||||||||
Arkansas | $ | 2,904 | $ | 2,551 | $ | 16,053 | $ | 9,595 | |||||||
Colorado | 2,198 | 2,385 | 10,660 | 8,612 | |||||||||||
Nebraska | 1,606 | 1,652 | 7,952 | 7,865 | |||||||||||
Iowa | 1,930 | 1,894 | 8,504 | 8,351 | |||||||||||
Kansas | 1,371 | 1,289 | 5,846 | 5,300 | |||||||||||
Wyoming | 1,088 | 1,217 | 5,916 | 5,596 | |||||||||||
Total Commercial | $ | 11,097 | $ | 10,988 | $ | 54,931 | $ | 45,319 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Gross Margin (in thousands) (continued) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Industrial: | |||||||||||||||
Arkansas | $ | 566 | $ | 582 | $ | 1,727 | $ | 1,268 | |||||||
Colorado | 292 | 326 | 513 | 594 | |||||||||||
Nebraska | 57 | 54 | 134 | 149 | |||||||||||
Iowa | 33 | 40 | 169 | 127 | |||||||||||
Kansas | 1,052 | 986 | 1,638 | 1,754 | |||||||||||
Wyoming | 157 | 163 | 484 | 513 | |||||||||||
Total Industrial | $ | 2,157 | $ | 2,151 | $ | 4,665 | $ | 4,405 | |||||||
Transportation: | |||||||||||||||
Arkansas | $ | 2,335 | $ | 1,997 | $ | 7,750 | $ | 5,730 | |||||||
Colorado | 738 | 539 | 2,940 | 2,293 | |||||||||||
Nebraska (b) (c) | 20,343 | 23,222 | 54,202 | 49,147 | |||||||||||
Iowa | 967 | 970 | 3,557 | 3,525 | |||||||||||
Kansas | 1,598 | 1,736 | 4,851 | 5,134 | |||||||||||
Wyoming (b) | 4,387 | 4,245 | 18,849 | 14,382 | |||||||||||
Total Transportation | $ | 30,368 | $ | 32,709 | $ | 92,149 | $ | 80,211 | |||||||
Transmission: | |||||||||||||||
Arkansas | $ | 448 | $ | 19 | $ | 1,660 | $ | 44 | |||||||
Colorado | 4,014 | 3,572 | 17,778 | 12,334 | |||||||||||
Wyoming | 1,211 | 1,209 | 3,712 | 3,362 | |||||||||||
Total Transmission | $ | 5,673 | $ | 4,800 | $ | 23,150 | $ | 15,740 | |||||||
Other Sales Margins: | |||||||||||||||
Arkansas | $ | 218 | $ | 398 | $ | 880 | $ | 1,688 | |||||||
Colorado | 208 | 315 | 687 | 770 | |||||||||||
Nebraska | 937 | 912 | 2,724 | 2,586 | |||||||||||
Iowa | 96 | 96 | 357 | 409 | |||||||||||
Kansas | 494 | 595 | 936 | 3,217 | |||||||||||
Wyoming | 229 | 234 | 779 | 680 | |||||||||||
Total Other Sales Margins | $ | 2,182 | $ | 2,550 | $ | 6,363 | $ | 9,350 | |||||||
Total Regulated Gross Margin | $ | 93,489 | $ | 94,369 | $ | 363,514 | $ | 313,719 | |||||||
Non-regulated Services | 4,112 | 5,346 | 21,712 | 22,161 | |||||||||||
Total Gross Margin | $ | 97,601 | $ | 99,715 | $ | 385,226 | $ | 335,880 |
Gas Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Gas Utilities Quantities Sold & Transported (Dth) | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||
Residential | $ | 61,515 | $ | 57,244 | $ | 48,165 | $ | 43,441 | 4,058,040 | 3,599,549 | |||||||||||||||||||||||||||||||||||||
Commercial | 19,940 | 19,629 | 12,821 | 11,589 | 2,354,719 | 2,298,919 | |||||||||||||||||||||||||||||||||||||||||
Industrial | 7,280 | 8,770 | 2,514 | 2,493 | 2,674,127 | 2,960,930 | |||||||||||||||||||||||||||||||||||||||||
Other | 1,271 | 2,499 | 1,271 | 2,499 | — | — | |||||||||||||||||||||||||||||||||||||||||
Total Distribution | 90,006 | 88,142 | 64,771 | 60,022 | 9,086,886 | 8,859,398 | |||||||||||||||||||||||||||||||||||||||||
Transportation and Transmission | 38,462 | 29,407 | 38,462 | 29,373 | 33,668,174 | 31,538,815 | |||||||||||||||||||||||||||||||||||||||||
Total Regulated | 128,468 | 117,549 | 103,233 | 89,395 | 42,755,060 | 40,398,213 | |||||||||||||||||||||||||||||||||||||||||
Non-regulated Services | 15,461 | 13,195 | 13,661 | 8,325 | |||||||||||||||||||||||||||||||||||||||||||
Total Gas Revenue & Gross Margin (non-GAAP) | $ | 143,929 | $ | 130,744 | $ | 116,894 | $ | 97,720 | |||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||
Gas Utilities Quantities Sold and Transportation (in Dth) (a) | 2017 | 2016 | 2017 | 2016 | |||||
Residential: | |||||||||
Arkansas | 530,573 | 531,564 | 5,058,717 | 3,277,167 | |||||
Colorado | 1,114,728 | 1,067,081 | 9,385,555 | 8,012,982 | |||||
Nebraska | 747,053 | 719,880 | 7,496,171 | 7,375,926 | |||||
Iowa | 544,429 | 478,158 | 6,691,008 | 6,744,086 | |||||
Kansas | 431,594 | 416,971 | 4,066,531 | 4,071,723 | |||||
Wyoming | 314,567 | 335,772 | 3,354,432 | 2,951,579 | |||||
Total Residential | 3,682,944 | 3,549,426 | 36,052,414 | 32,433,463 | |||||
Commercial: | |||||||||
Arkansas | 586,224 | 526,937 | 3,630,598 | 2,377,038 | |||||
Colorado | 479,409 | 539,304 | 3,700,032 | 2,973,962 | |||||
Nebraska | 317,867 | 384,546 | 2,764,350 | 2,800,616 | |||||
Iowa | 438,185 | 423,084 | 3,729,944 | 3,725,512 | |||||
Kansas | 284,647 | 220,650 | 1,831,946 | 1,771,050 | |||||
Wyoming | 339,515 | 382,503 | 2,454,248 | 2,194,570 | |||||
Total Commercial | 2,445,847 | 2,477,024 | 18,111,118 | 15,842,748 | |||||
Industrial: | |||||||||
Arkansas | 304,556 | 305,910 | 914,235 | 651,815 | |||||
Colorado | 234,770 | 212,997 | 357,806 | 345,126 | |||||
Nebraska | 33,050 | 29,531 | 64,960 | 62,243 | |||||
Iowa | 30,136 | 52,092 | 225,464 | 243,902 | |||||
Kansas | 1,931,919 | 1,645,891 | 2,483,575 | 2,575,314 | |||||
Wyoming | 187,742 | 185,299 | 644,052 | 673,366 | |||||
Total Industrial | 2,722,173 | 2,431,720 | 4,690,092 | 4,551,766 | |||||
Total Quantities Sold | 8,850,964 | 8,458,170 | 58,853,624 | 52,827,977 | |||||
Transportation: | |||||||||
Arkansas | 2,528,754 | 2,225,478 | 8,628,581 | 5,774,791 | |||||
Colorado | 1,282,746 | 668,591 | 5,713,315 | 2,267,404 | |||||
Nebraska (b) | 13,522,759 | 15,123,440 | 42,476,603 | 38,723,621 | |||||
Iowa | 4,333,161 | 4,394,260 | 14,826,265 | 14,860,343 | |||||
Kansas | 4,622,069 | 4,598,060 | 12,593,545 | 11,646,066 | |||||
Wyoming | 4,287,998 | 4,707,013 | 18,076,356 | 17,194,446 | |||||
Total Transportation | 30,577,487 | 31,716,842 | 102,314,665 | 90,466,671 | |||||
Total Quantities Sold and Transportation | 39,428,451 | 40,175,012 | 161,168,289 | 143,294,648 |
Gas Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Gas Utilities Quantities Sold & Transported (Dth) | |||||||||||||||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||
Residential | $ | 351,986 | $ | 383,466 | $ | 207,654 | $ | 201,168 | 40,790,670 | 44,356,725 | |||||||||||||||||||
Commercial | 127,617 | 146,752 | 61,676 | 61,673 | 19,155,051 | 21,484,646 | |||||||||||||||||||||||
Industrial | 18,539 | 18,764 | 6,697 | 5,830 | 5,771,732 | 5,141,399 | |||||||||||||||||||||||
Other | 856 | (968) | 856 | (968) | — | — | |||||||||||||||||||||||
Total Distribution | 498,998 | 548,014 | 276,883 | 267,703 | 65,717,453 | 70,982,770 | |||||||||||||||||||||||
Transportation and Transmission | 113,799 | 103,352 | 113,770 | 103,351 | 108,967,182 | 110,622,285 | |||||||||||||||||||||||
Total Regulated | 612,797 | 651,366 | 390,653 | 371,054 | 174,684,635 | 181,605,055 | |||||||||||||||||||||||
Non-regulated Services | 53,015 | 55,927 | 48,141 | 38,952 | |||||||||||||||||||||||||
Total Gas Revenue & Gross Margin (non-GAAP) | $ | 665,812 | $ | 707,293 | $ | 438,794 | $ | 410,006 |
Gas Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Gas Utilities Quantities Sold & Transported (Dth) | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||
Arkansas Gas | $ | 21,043 | $ | 21,387 | $ | 17,400 | $ | 16,249 | 3,925,893 | 4,094,454 | |||||||||||||||||||||||||||||||||||||
Colorado Gas | 22,724 | 22,632 | 16,972 | 15,667 | 3,702,666 | 3,806,360 | |||||||||||||||||||||||||||||||||||||||||
Iowa Gas | 18,155 | 16,381 | 14,672 | 13,135 | 5,628,110 | 5,686,772 | |||||||||||||||||||||||||||||||||||||||||
Kansas Gas | 18,591 | 19,013 | 13,099 | 12,309 | 8,564,408 | 7,602,758 | |||||||||||||||||||||||||||||||||||||||||
Nebraska Gas | 46,315 | 35,715 | 39,755 | 28,046�� | 16,525,547 | 13,999,302 | |||||||||||||||||||||||||||||||||||||||||
Wyoming Gas | 17,101 | 15,616 | 14,996 | 12,314 | 4,408,436 | 5,208,567 | |||||||||||||||||||||||||||||||||||||||||
Total Gas Revenue & Gross Margin (non-GAAP) | $ | 143,929 | $ | 130,744 | $ | 116,894 | $ | 97,720 | 42,755,060 | 40,398,213 |
Gas Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Gas Utilities Quantities Sold & Transported (Dth) | |||||||||||||||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||
Arkansas Gas | $ | 124,621 | $ | 127,014 | $ | 88,161 | $ | 79,148 | 19,795,077 | 21,061,567 | |||||||||||||||||||
Colorado Gas | 123,943 | 135,816 | 73,785 | 73,022 | 21,845,915 | 23,050,638 | |||||||||||||||||||||||
Iowa Gas | 94,386 | 105,736 | 50,355 | 50,773 | 25,429,502 | 28,834,731 | |||||||||||||||||||||||
Kansas Gas | 70,571 | 77,609 | 44,162 | 42,385 | 25,202,180 | 24,336,744 | |||||||||||||||||||||||
Nebraska Gas | 170,447 | 183,827 | 122,140 | 111,828 | 56,857,061 | 57,815,316 | |||||||||||||||||||||||
Wyoming Gas | 81,844 | 77,291 | 60,191 | 52,850 | 25,554,900 | 26,506,059 | |||||||||||||||||||||||
Total Gas Revenue & Gross Margin (non-GAAP) | $ | 665,812 | $ | 707,293 | $ | 438,794 | $ | 410,006 | 174,684,635 | 181,605,055 |
Three Months Ended September 30, | |||||||||
Degree Days | 2017 | 2016 | |||||||
Heating Degree Days: | Actual | Variance from 30-Year Average | Actual Variance to Prior Year | Actual | Variance from 30-Year Average | ||||
Arkansas (a) (d) | 15 | (66)% | 67% | 9 | (79)% | ||||
Colorado | 187 | (13)% | 22% | 153 | (29)% | ||||
Nebraska | 66 | (40)% | (65)% | 191 | 74% | ||||
Iowa | 90 | (35)% | 32% | 68 | (51)% | ||||
Kansas (a) | 37 | (32)% | 42% | 26 | (54)% | ||||
Wyoming | 307 | 1% | (2)% | 314 | 3% | ||||
Combined (b) (d) | 117 | (22)% | (20)% | 146 | (2)% |
Three Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||
Heating Degree Days | Actual | Variance from Normal | Actual | Variance from Normal | |||||||||||||||||||||||||
Arkansas Gas (a) | 24 | (44)% | — | (100)% | |||||||||||||||||||||||||
Colorado Gas | 159 | (26)% | 68 | (68)% | |||||||||||||||||||||||||
Iowa Gas | 140 | 1% | 43 | (69)% | |||||||||||||||||||||||||
Kansas Gas (a) | 70 | 27% | — | (101)% | |||||||||||||||||||||||||
Nebraska Gas | 109 | (1)% | 22 | (80)% | |||||||||||||||||||||||||
Wyoming Gas | 245 | (20)% | 183 | (37)% | |||||||||||||||||||||||||
Combined (b) | 125 | (13)% | 53 | (62)% |
Nine Months Ended September 30, | |||||||||||||
Degree Days | 2017 | 2016 | |||||||||||
Heating Degree Days: | Actual | Variance from 30-Year Average | Actual Variance to Prior Year (c) | Actual | Variance from 30-Year Average | ||||||||
Arkansas (a) (d) | 1,826 | (26 | )% | 52% | 1,198 | (52 | )% | ||||||
Colorado | 3,541 | (14 | )% | (4)% | 3,670 | (6 | )% | ||||||
Nebraska | 3,280 | (13 | )% | (1)% | 3,312 | (13 | )% | ||||||
Iowa | 3,641 | (13 | )% | (4)% | 3,783 | (11 | )% | ||||||
Kansas (a) | 2,584 | (13 | )% | —% | 2,596 | (13 | )% | ||||||
Wyoming | 4,468 | (5 | )% | 3% | 4,334 | (7 | )% | ||||||
Combined (b) (d) | 3,521 | (12 | )% | 10% | 3,215 | (20 | )% |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||
Heating Degree Days | Actual | Variance from Normal | Actual | Variance from Normal | |||||||||||||||||||||||||
Arkansas Gas (a) | 2,036 | (18)% | 2,347 | (5)% | |||||||||||||||||||||||||
Colorado Gas | 3,797 | (7)% | 4,115 | —% | |||||||||||||||||||||||||
Iowa Gas | 4,104 | (2)% | 4,611 | 10% | |||||||||||||||||||||||||
Kansas Gas (a) | 2,851 | (4)% | 3,204 | 8% | |||||||||||||||||||||||||
Nebraska Gas | 3,636 | (4)% | 4,169 | 10% | |||||||||||||||||||||||||
Wyoming Gas | 4,678 | (1)% | 5,093 | 9% | |||||||||||||||||||||||||
Combined (b) | 3,731 | (4)% | 4,297 | 7% |
Subsidiary | Jurisdiction | Authorized Rate of Return on Equity | Authorized Return on Rate Base | Authorized Capital Structure Debt/Equity | Authorized Rate Base (in millions) | Effective Date | Tariff and Rate Matters | Percentage of Power Marketing Profit Shared with Customers |
South Dakota Electric | SD | Global Settlement | 7.76% | Global Settlement | $543.9 | 10/2014 | ECA, TCA, Energy Efficiency Cost Recovery/DSM | 70% |
Type of Service | Date Requested | Effective Date | Revenue Amount Requested | Revenue Amount Approved | |||||
Arkansas Stockton Storage (a) | Gas - storage | 11/2016 | 1/2017 | $ | 2.6 | $ | 2.6 | ||
Arkansas MRP/ARMRP (b) | Gas | 9/2017 | 9/2017 | $ | 2.7 | $ | 2.7 | ||
Kansas Gas (c) | Gas | 5/2017 | 6/2017 | $ | 1.4 | $ | 1.4 | ||
RMNG (d) | Gas - transmission and storage | 11/2016 | 1/2017 | $ | 2.9 | $ | 2.9 | ||
Nebraska Gas Dist. (e) | Gas | 10/2016 | 2/2017 | $ | 6.5 | $ | 6.5 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2020 | 2019 | Variance | 2020 | 2019 | Variance | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Revenue | $ | 26,518 | $ | 25,811 | $ | 707 | $ | 78,606 | $ | 75,764 | $ | 2,842 | ||||||||
Fuel expense | 2,320 | 2,283 | 37 | 6,692 | 6,933 | (241) | ||||||||||||||
Operations and maintenance | 10,539 | 6,946 | 3,593 | 24,886 | 20,817 | 4,069 | ||||||||||||||
Depreciation and amortization | 4,921 | 4,760 | 161 | 15,539 | 14,069 | 1,470 | ||||||||||||||
Total operating expense | 17,780 | 13,989 | 3,791 | 47,117 | 41,819 | 5,298 | ||||||||||||||
Adjusted operating income | $ | 8,738 | $ | 11,822 | $ | (3,084) | $ | 31,489 | $ | 33,945 | $ | (2,456) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2017 | 2016 | Variance | 2017 | 2016 | Variance | |||||||||||||
(in thousands) | ||||||||||||||||||
Revenue (a) | $ | 22,927 | $ | 23,337 | $ | (410 | ) | $ | 68,289 | $ | 68,359 | $ | (70 | ) | ||||
Operations and maintenance | 7,646 | 7,465 | 181 | 24,228 | 24,155 | 73 | ||||||||||||
Depreciation and amortization (a) | 1,036 | 996 | 40 | 3,312 | 3,080 | 232 | ||||||||||||
Total operating expense | 8,682 | 8,461 | 221 | 27,540 | 27,235 | 305 | ||||||||||||
Operating income | 14,245 | 14,876 | (631 | ) | 40,749 | 41,124 | (375 | ) | ||||||||||
Interest expense, net | (724 | ) | (409 | ) | (315 | ) | (2,015 | ) | (1,343 | ) | (672 | ) | ||||||
Other (expense) income, net | (5 | ) | (9 | ) | 4 | (36 | ) | (5 | ) | (31 | ) | |||||||
Income tax (expense) benefit | (3,426 | ) | (5,046 | ) | 1,620 | (10,114 | ) | (13,467 | ) | 3,353 | ||||||||
Net income | 10,090 | 9,412 | 678 | 28,584 | 26,309 | 2,275 | ||||||||||||
Net income attributable to noncontrolling interest | (3,935 | ) | (3,770 | ) | (165 | ) | (10,567 | ) | (6,402 | ) | (4,165 | ) | ||||||
Net income available for common stock | $ | 6,155 | $ | 5,642 | $ | 513 | $ | 18,017 | $ | 19,907 | $ | (1,890 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
Quantities Sold, Generated and Purchased (MWh) (a) | ||||||||||||||
Sold | ||||||||||||||
Black Hills Colorado IPP | 301,934 | 275,867 | 830,860 | 692,156 | ||||||||||
Black Hills Wyoming (b) | 157,855 | 162,668 | 471,073 | 476,430 | ||||||||||
Black Hills Electric Generation | 65,697 | 30,912 | 255,605 | 112,461 | ||||||||||
Total Sold | 525,486 | 469,447 | 1,557,538 | 1,281,047 | ||||||||||
Generated | ||||||||||||||
Black Hills Colorado IPP | 301,934 | 275,867 | 830,860 | 692,156 | ||||||||||
Black Hills Wyoming (b) | 139,313 | 142,219 | 408,545 | 407,001 | ||||||||||
Black Hills Electric Generation | 65,697 | 30,912 | 255,605 | 112,461 | ||||||||||
Total Generated | 506,944 | 448,998 | 1,495,010 | 1,211,618 | ||||||||||
Purchased | ||||||||||||||
Black Hills Wyoming (b) | 18,004 | 16,865 | 62,097 | 56,205 | ||||||||||
Total Purchased | 18,004 | 16,865 | 62,097 | 56,205 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Contracted Power Plant Fleet Availability (a) | 2020 | 2019 | 2020 | 2019 | |||||||||||||
Coal-fired plant | 96.1 | % | 98.0 | % | 94.5 | % | 95.2 | % | |||||||||
Natural gas-fired plants (b) | 99.8 | % | 97.6 | % | 99.6 | % | 98.4 | % | |||||||||
Wind | 90.6 | % | 81.9 | % | 92.8 | % | 93.4 | % | |||||||||
Total Availability | 95.8 | % | 93.6 | % | 96.3 | % | 96.5 | % | |||||||||
Wind Capacity Factor | 19.4 | % | 15.0 | % | 25.7 | % | 22.1 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2020 | 2019 | Variance | 2020 | 2019 | Variance | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Revenue | $ | 15,236 | $ | 15,552 | $ | (316) | $ | 45,857 | $ | 45,026 | $ | 831 | ||||||||
Operations and maintenance | 8,923 | 9,900 | (977) | 28,481 | 28,988 | (507) | ||||||||||||||
Depreciation, depletion and amortization | 2,808 | 2,278 | 530 | 7,384 | 6,687 | 697 | ||||||||||||||
Total operating expenses | 11,731 | 12,178 | (447) | 35,865 | 35,675 | 190 | ||||||||||||||
Adjusted operating income | $ | 3,505 | $ | 3,374 | $ | 131 | $ | 9,992 | $ | 9,351 | $ | 641 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in thousands, except for Revenue per ton) | 2020 | 2019 | 2020 | 2019 | |||||||||||||
Tons of coal sold | 940 | 969 | 2,808 | 2,720 | |||||||||||||
Cubic yards of overburden moved | 1,595 | 2,341 | 6,073 | 6,380 | |||||||||||||
Revenue per ton | $ | 15.60 | $ | 15.47 | $ | 15.64 | $ | 15.90 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2020 | 2019 | Variance | 2020 | 2019 | Variance | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Adjusted operating income (loss) | $ | (239) | $ | (34) | $ | (205) | $ | (108) | $ | (439) | $ | 331 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2020 | 2019 | Variance | 2020 | 2019 | Variance | |||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||
Interest expense, net | $ | (36,041) | $ | (33,487) | $ | (2,554) | $ | (107,039) | $ | (102,469) | $ | (4,570) | ||||||||
Impairment of investment | — | (19,741) | $ | 19,741 | (6,859) | (19,741) | $ | 12,882 | ||||||||||||
Other income (expense), net | (1,193) | 580 | $ | (1,773) | (703) | 55 | $ | (758) | ||||||||||||
Income tax (expense) | (4,651) | (2,508) | $ | (2,143) | (25,484) | (22,078) | $ | (3,406) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||
2017 | 2016 | 2017 | 2016 | ||||||
Quantities Sold, Generated and Purchased (MWh) (a) | |||||||||
Sold | |||||||||
Black Hills Colorado IPP (b) | 256,895 | 327,793 | 725,919 | 972,113 | |||||
Black Hills Wyoming (c) | 163,690 | 167,670 | 476,659 | 476,677 | |||||
Total Sold | 420,585 | 495,463 | 1,202,578 | 1,448,790 | |||||
Generated | |||||||||
Black Hills Colorado IPP (b) | 256,895 | 327,793 | 725,919 | 972,113 | |||||
Black Hills Wyoming (c) | 140,081 | 142,388 | 407,775 | 401,292 | |||||
Total Generated | 396,976 | 470,181 | 1,133,694 | 1,373,405 | |||||
Purchased | |||||||||
Black Hills Colorado IPP | — | — | — | — | |||||
Black Hills Wyoming (c) | 20,246 | 23,558 | 52,463 | 68,797 | |||||
Total Purchased | 20,246 | 23,558 | 52,463 | 68,797 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||
2017 | 2016 | 2017 | 2016 | ||||||
Contracted power plant fleet availability: | |||||||||
Coal-fired plant | 97.1 | % | 98.7 | % | 95.8 | % | 94.1 | % | |
Natural gas-fired plants | 99.2 | % | 99.1 | % | 99.1 | % | 99.2 | % | |
Total availability | 98.7 | % | 99.0 | % | 98.3 | % | 97.9 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2017 | 2016 | Variance | 2017 | 2016 | Variance | |||||||||||||
(in thousands) | ||||||||||||||||||
Revenue | $ | 17,493 | $ | 16,820 | $ | 673 | $ | 48,985 | $ | 44,149 | $ | 4,836 | ||||||
Operations and maintenance | 11,235 | 10,465 | 770 | 32,162 | 29,186 | 2,976 | ||||||||||||
Depreciation, depletion and amortization | 2,004 | 2,342 | (338 | ) | 6,231 | 7,269 | (1,038 | ) | ||||||||||
Total operating expenses | 13,239 | 12,807 | 432 | 38,393 | 36,455 | 1,938 | ||||||||||||
Operating income | 4,254 | 4,013 | 241 | 10,592 | 7,694 | 2,898 | ||||||||||||
Interest (expense) income, net | (47 | ) | (100 | ) | 53 | (146 | ) | (283 | ) | 137 | ||||||||
Other income, net | 567 | 559 | 8 | 1,644 | 1,625 | 19 | ||||||||||||
Income tax benefit (expense) | (1,297 | ) | (1,165 | ) | (132 | ) | (3,042 | ) | (2,067 | ) | (975 | ) | ||||||
Net income | $ | 3,477 | $ | 3,307 | $ | 170 | $ | 9,048 | $ | 6,969 | $ | 2,079 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
Tons of coal sold | 1,151 | 1,106 | 3,127 | 2,722 | |||||||||
Cubic yards of overburden moved (a) | 2,316 | 2,065 | 6,381 | 5,516 | |||||||||
Revenue per ton | $ | 15.20 | $ | 15.20 | $ | 15.67 | $ | 16.21 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2017 | 2016 | Variance | 2017 | 2016 | Variance | |||||||||||||
(in thousands) | ||||||||||||||||||
Revenue | $ | 6,527 | $ | 9,639 | $ | (3,112 | ) | $ | 19,151 | $ | 25,660 | $ | (6,509 | ) | ||||
Operations and maintenance | 6,076 | 7,592 | (1,516 | ) | 20,385 | 24,539 | (4,154 | ) | ||||||||||
Depreciation, depletion and amortization | 2,391 | 3,483 | (1,092 | ) | 6,300 | 11,415 | (5,115 | ) | ||||||||||
Impairment of long-lived assets | — | 12,293 | (12,293 | ) | — | 52,286 | (52,286 | ) | ||||||||||
Total operating expenses | 8,467 | 23,368 | (14,901 | ) | 26,685 | 88,240 | (61,555 | ) | ||||||||||
Operating (loss) | (1,940 | ) | (13,729 | ) | 11,789 | (7,534 | ) | (62,580 | ) | 55,046 | ||||||||
Interest income (expense), net | (1,269 | ) | (1,295 | ) | 26 | (3,459 | ) | (3,529 | ) | 70 | ||||||||
Other income (expense), net | (3 | ) | 16 | (19 | ) | 14 | 85 | (71 | ) | |||||||||
Income tax benefit (expense) | 500 | 6,180 | (5,680 | ) | 3,370 | 30,747 | (27,377 | ) | ||||||||||
Net (loss) | $ | (2,712 | ) | $ | (8,828 | ) | $ | 6,116 | $ | (7,609 | ) | $ | (35,277 | ) | $ | 27,668 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||
2017 | 2016 | 2017 | 2016 | ||||||
Production: | |||||||||
Bbls of oil sold | 45,240 | 89,569 | 139,642 | 263,788 | |||||
Mcf of natural gas sold | 2,379,189 | 2,426,892 | 6,392,999 | 7,148,952 | |||||
Bbls of NGL sold | 30,810 | 27,640 | 82,539 | 105,535 | |||||
Mcf equivalent sales | 2,835,487 | 3,130,147 | 7,726,083 | 9,364,891 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
Average price received: (a) | |||||||||||||
Oil/Bbl | $ | 50.22 | $ | 56.64 | $ | 46.95 | $ | 54.38 | |||||
Gas/Mcf | $ | 1.39 | $ | 1.63 | $ | 1.55 | $ | 1.28 | |||||
NGL/Bbl | $ | 21.79 | $ | 11.31 | $ | 19.99 | $ | 10.95 | |||||
Depletion expense/Mcfe | $ | 0.52 | $ | 0.81 | $ | 0.46 | $ | 0.86 |
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | ||||||||||||||||||||||||
Producing Basin | LOE | Gathering, Compression, Processing and Transportation (a) | Production Taxes | Total | LOE | Gathering, Compression, Processing and Transportation (a) | Production Taxes | Total | |||||||||||||||||
San Juan | $ | 1.60 | $ | 1.04 | $ | 0.36 | $ | 3.00 | $ | 1.69 | $ | 1.19 | $ | 0.38 | $ | 3.26 | |||||||||
Piceance | 0.20 | 1.65 | 0.06 | 1.91 | 0.24 | 1.84 | 0.16 | 2.24 | |||||||||||||||||
Powder River | 1.78 | — | 0.68 | 2.46 | 1.89 | — | 0.20 | 2.09 | |||||||||||||||||
Williston | — | — | — | — | 0.84 | — | 1.64 | 2.48 | |||||||||||||||||
All other properties | 1.00 | — | 0.28 | 1.28 | 0.30 | — | 0.22 | 0.52 | |||||||||||||||||
Total weighted average | $ | 0.75 | $ | 1.25 | $ | 0.22 | $ | 2.22 | $ | 0.84 | $ | 1.19 | $ | 0.33 | $ | 2.36 |
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | ||||||||||||||||||||||||
Producing Basin | LOE | Gathering, Compression, Processing and Transportation (a) | Production Taxes | Total | LOE | Gathering, Compression, Processing and Transportation (a) | Production Taxes | Total | |||||||||||||||||
San Juan | $ | 1.67 | $ | 1.11 | $ | 0.38 | $ | 3.16 | $ | 1.65 | $ | 1.11 | $ | 0.31 | $ | 3.07 | |||||||||
Piceance | 0.42 | 1.83 | 0.05 | 2.30 | 0.31 | 1.86 | 0.13 | 2.30 | |||||||||||||||||
Powder River | 2.30 | — | 0.72 | 3.02 | 2.52 | — | 0.45 | 2.97 | |||||||||||||||||
Williston | — | — | — | — | 1.22 | — | 1.02 | 2.24 | |||||||||||||||||
All other properties | 1.39 | — | 0.30 | 1.69 | 0.37 | — | 0.12 | 0.49 | |||||||||||||||||
Total weighted average | $ | 1.03 | $ | 1.34 | $ | 0.23 | $ | 2.60 | $ | 1.00 | $ | 1.18 | $ | 0.27 | $ | 2.45 |
Cash provided by (used in): | 2020 | 2019 | Variance | ||||||||
Operating activities | $ | 419.5 | $ | 386.1 | $ | 33.4 | |||||
Investing activities | $ | (529.7) | $ | (593.3) | $ | 63.6 | |||||
Financing activities | $ | 107.8 | $ | 199.8 | $ | (92.0) |
Cash provided by (used in): | 2017 | 2016 | Increase (Decrease) | ||||||
Operating activities | $ | 319,430 | $ | 209,201 | $ | 110,229 | |||
Investing activities | $ | (256,388 | ) | $ | (1,459,196 | ) | $ | 1,202,808 | |
Financing activities | $ | (63,112 | ) | $ | 840,948 | $ | (904,060 | ) |
Current | Revolver Borrowings at | CP Program Borrowings at | Letters of Credit (a) at | Available Capacity at | ||||||||||||||||
Credit Facility | Expiration | Capacity | September 30, 2020 | September 30, 2020 | September 30, 2020 | September 30, 2020 | ||||||||||||||
Revolving Credit Facility and CP Program | July 30, 2023 | $ | 750 | $ | — | $ | 84 | $ | 25 | $ | 641 |
Current | Revolver Borrowings at | CP Program Borrowings at | Letters of Credit at | Available Capacity at | ||||||||||||
Credit Facility | Expiration | Capacity | September 30, 2017 | September 30, 2017 | September 30, 2017 | September 30, 2017 | ||||||||||
Revolving Credit Facility | August 9, 2021 | $ | 750 | $ | — | $ | 225 | $ | 25 | $ | 500 |
For the Nine Months Ended September 30, 2017 | |||
Maximum amount outstanding - commercial paper (based on daily outstanding balances) | $ | 238 | |
Maximum amount outstanding - revolving credit facility (based on daily outstanding balances) | $ | 97 | |
Average amount outstanding - commercial paper (based on daily outstanding balances) (a) | $ | 107 | |
Average amount outstanding - revolving credit facility (based on daily outstanding balances) (a) | $ | 55 | |
Weighted average interest rates - commercial paper (a) | 1.28 | % | |
Weighted average interest rates - revolving credit facility (a) | 2.07 | % |
Maximum amount outstanding - Revolving Credit Facility | $ | 220 | |||
Maximum amount outstanding - CP | $ | 366 | |||
Average amount outstanding - Revolving Credit Facility (based on daily outstanding balances) | $ | 109 | |||
Average amount outstanding - CP Program (based on daily outstanding balances) | $ | 170 | |||
Weighted average interest rates - Revolving Credit Facility | 1.75 | % | |||
Weighted average interest rates - CP Program | 1.10 | % |
Rating Agency | Senior Unsecured Rating | Outlook | ||||||
S&P (a) | Stable | |||||||
Moody’s (b) | Baa2 | Stable | ||||||
Fitch (c) | BBB+ | Stable |
Rating Agency | Senior Secured Rating | ||||
S&P(a) | |||||
Moody’s(b) | A1 | ||||
Fitch(c) | A |
Actual | Planned | ||||||||||||||||||||||||||||||||||
Expenditures for the | Total | Total | Total | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2017 (a) | 2017 Planned Expenditures (b) | 2018 Planned Expenditures | 2019 Planned Expenditures | ||||||||||||||||||||||||||||||||
Capital Expenditures by Segment | Capital Expenditures by Segment | Nine Months Ended September 30, 2020 (a) | 2020 (b) | 2021 | 2022 | 2023 | 2024 | ||||||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||||||||||
Electric Utilities | $ | 113,199 | $ | 134,000 | $ | 149,000 | $ | 193,000 | Electric Utilities | $ | 179 | $ | 262 | $ | 240 | $ | 180 | $ | 143 | $ | 156 | ||||||||||||||
Gas Utilities | 122,482 | 187,000 | 263,000 | 279,000 | Gas Utilities | 329 | 434 | 363 | 334 | 327 | 317 | ||||||||||||||||||||||||
Power Generation | 1,899 | 1,000 | 2,000 | 14,000 | Power Generation | 12 | 10 | 10 | 9 | 6 | 4 | ||||||||||||||||||||||||
Mining | 4,315 | 7,000 | 7,000 | 7,000 | Mining | 6 | 8 | 9 | 9 | 9 | 9 | ||||||||||||||||||||||||
Oil and Gas (c) | 16,951 | 21,000 | — | — | |||||||||||||||||||||||||||||||
Corporate | 5,075 | 7,000 | 9,000 | 13,000 | |||||||||||||||||||||||||||||||
Corporate and Other | Corporate and Other | 10 | 19 | 11 | 5 | 12 | 13 | ||||||||||||||||||||||||||||
$ | 263,921 | $ | 357,000 | $ | 430,000 | $ | 506,000 | $ | 536 | $ | 733 | $ | 633 | $ | 537 | $ | 497 | $ | 499 |
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
September 30, 2017 | December 31, 2016 | September 30, 2016 | |||||||||
Net derivative (liabilities) assets | $ | (6,541 | ) | $ | (4,733 | ) | $ | (10,800 | ) | ||
Cash collateral offset in Derivatives | 5,452 | 7,882 | 11,584 | ||||||||
Cash collateral included in Other current assets | 2,841 | 4,840 | 4,602 | ||||||||
Net asset (liability) position | $ | 1,752 | $ | 7,989 | $ | 5,386 |
March 31 | June 30 | September 30 | December 31 | Total Year | |||||||||||
2017 | |||||||||||||||
Swaps - MMBtu | — | — | — | 540,000 | 540,000 | ||||||||||
Weighted Average Price per MMBtu | $ | — | $ | — | $ | — | $ | 3.04 | $ | 3.04 |
March 31 | June 30 | September 30 | December 31 | Total Year | |||||||||||
2017 | |||||||||||||||
Swaps - Bbls | — | — | — | 18,000 | 18,000 | ||||||||||
Weighted Average Price per Bbl | $ | — | $ | — | $ | — | $ | 52.33 | $ | 52.33 | |||||
Calls - Bbls | — | — | — | 9,000 | 9,000 | ||||||||||
Weighted Average Price per Bbl | $ | — | $ | — | $ | — | $ | 50.00 | $ | 50.00 | |||||
2018 | |||||||||||||||
Swaps - Bbls | 9,000 | 9,000 | 9,000 | 9,000 | 36,000 | ||||||||||
Weighted Average Price per Bbl | $ | 49.58 | $ | 49.85 | $ | 50.12 | $ | 50.45 | $ | 50.00 |
September 30, 2017 | December 31, 2016 | September 30, 2016 | |||||||||
Net derivative (liabilities) assets | $ | 110 | $ | (1,433 | ) | $ | 2,177 | ||||
Cash collateral offset in Derivatives | 544 | 2,733 | — | ||||||||
Net asset (liability) position | $ | 654 | $ | 1,300 | $ | 2,177 |
September 30, 2017 | December 31, 2016 | September 30, 2016 | |||||||||
Designated Interest Rate Swaps | Designated Interest Rate Swap (a) | Designated Interest Rate Swaps (a) | |||||||||
Notional | $ | — | $ | 50,000 | $ | 75,000 | |||||
Weighted average fixed interest rate | — | % | 4.94 | % | 4.97 | % | |||||
Maximum terms in months | 0 | 1 | 4 | ||||||||
Derivative assets, non-current | $ | — | $ | — | $ | — | |||||
Derivative liabilities, current | $ | — | $ | 90 | $ | 654 | |||||
Derivative liabilities, non-current | $ | — | $ | — | $ | — | |||||
Pre-tax accumulated other comprehensive income (loss) | $ | — | $ | (90 | ) | $ | (654 | ) |
Exhibit 3.1* | |||||
Exhibit 3.2* | |||||
Exhibit 4.1* | |||||
Exhibit 4.2* | |||||
Exhibit 4.3* | |||||
Exhibit | |||||
Exhibit 10.1 | |||||
Exhibit 31.1 | |||||
Exhibit 31.2 | |||||
Exhibit 32.1 | |||||
Exhibit 32.2 | |||||
Exhibit 95 | |||||
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 | ||||
/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: | November 3, |