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: | ||||||||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||||||||
Common stock of $1.00 par value | BKH | New York Stock Exchange |
Class | Outstanding at April 30, | ||||||||||||||
Common stock, $1.00 par value | shares |
TABLE OF CONTENTS | |||||||||||
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TABLE OF CONTENTS | |||||||||||
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Item 3. | |||||||||||
Item 4. | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 4. | |||||||||||
Item 6. | |||||||||||
AFUDC | Allowance for Funds Used During Construction | ||||
AOCI | Accumulated Other Comprehensive Income (Loss) | ||||
Arkansas Gas | Black Hills Energy Arkansas, Inc., | ||||
ASC | Accounting Standards Codification | ||||
ASU | Accounting Standards Update issued by the FASB | ||||
ATM | At-the-market equity offering program | ||||
Availability | The availability factor of a power plant is the percentage of the time that it is available to provide energy. | ||||
BHC | Black Hills Corporation; the Company | ||||
Black Hills Colorado IPP | Black Hills Colorado IPP, LLC a 50.1% owned subsidiary of Black Hills Electric Generation | ||||
Black Hills Electric Generation | Black Hills Electric Generation, LLC, a direct, wholly-owned subsidiary of Black Hills Non-regulated Holdings, providing wholesale electric capacity and energy primarily to our affiliate utilities. | ||||
Black Hills Energy | The name used to conduct the business of our utility companies | ||||
Black Hills Energy Services | Black Hills Energy Services Company, an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas commodity supply for the Choice Gas Programs (doing business as Black Hills Energy). | ||||
Black Hills Non-regulated Holdings | Black Hills Non-regulated Holdings, LLC, a direct, wholly-owned subsidiary of Black Hills Corporation | ||||
Black Hills 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 | ||||
Cheyenne Light | Cheyenne Light, Fuel and Power Company, a direct, wholly-owned subsidiary of Black Hills Corporation, providing electric service in the Cheyenne, Wyoming area (doing business as Black Hills Energy). Also known as Wyoming Electric. | ||||
Chief Operating Decision Maker (CODM) | Chief Executive Officer | ||||
Choice Gas Program | Regulator-approved programs in Wyoming and Nebraska that allow certain utility customers to select their natural gas commodity supplier, providing for the unbundling of the commodity service from the distribution delivery service. | ||||
City of Gillette | Gillette, Wyoming | ||||
Colorado Electric | Black Hills Colorado Electric, LLC, a direct, wholly-owned subsidiary of Black Hills Utility Holdings, providing electric service to customers in Colorado (doing business as Black Hills Energy). | ||||
Colorado Gas | Black Hills Colorado Gas, Inc., an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Colorado (doing business as Black Hills Energy). |
Consolidated Indebtedness to Capitalization Ratio | Any indebtedness outstanding at such time, divided by capital at such time. Capital being consolidated net worth (excluding noncontrolling interest) plus consolidated indebtedness (including letters of credit and certain guarantees issued) as defined within the current Revolving Credit Facility. | ||||
Cooling Degree Day (CDD) | A cooling degree day is equivalent to each degree that the average of the high and low temperatures for a day is above 65 degrees. The warmer the climate, the greater the number of cooling degree days. Cooling degree days are used in the utility industry to measure the relative warmth and to compare relative temperatures between one geographic area and another. Normal degree days are based on the National Weather Service data for selected locations. | ||||
Corriedale | |||||
COVID-19 | The official name for the 2019 novel coronavirus disease | ||||
CP Program | Commercial Paper Program | ||||
CPUC | Colorado Public Utilities Commission | ||||
CVA | Credit Valuation Adjustment | ||||
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 and to compare relative temperatures between one geographic area and another. Normal degree days are based on the National Weather Service data for selected locations. | ||||
Iowa Gas | Black Hills Iowa Gas Utility Company, LLC, a direct, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Iowa (doing business as Black Hills Energy). | ||||
IPP | Independent power producer | ||||
IRS | United States Internal Revenue Service | ||||
Kansas Gas | Black Hills Kansas Gas Utility Company, LLC, a direct, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Kansas (doing business as Black Hills Energy) | ||||
Kansas Corporation Commission | |||||
LIBOR | London Interbank Offered Rate | ||||
MMBtu | Million British thermal units | ||||
Moody’s | Moody’s Investors Service, Inc. | ||||
MWh | Megawatt-hours | ||||
Nebraska Gas | Black Hills Nebraska Gas, LLC, an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Nebraska (doing business as Black Hills Energy) | ||||
Net Operating Loss | |||||
NPSC | Nebraska Public Service Commission | ||||
OCI | Other Comprehensive Income | ||||
PPA | Power Purchase Agreement | ||||
PSA | Power Sales Agreement | ||||
Pueblo Airport Generation | The 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 |
Revolving Credit Facility | Our $750 million credit facility used to fund working capital needs, letters of credit and other corporate purposes, which was amended and restated on July 30, 2018, and now terminates on July 30, 2023. | ||||
SDPUC | South Dakota Public Utilities Commission | ||||
SEC | United States Securities and Exchange Commission | ||||
Service Guard Comfort Plan | |||||
Standard and Poor’s, a division of The McGraw-Hill Companies, Inc. | |||||
South Dakota Electric | Black Hills Power, Inc., a direct, wholly-owned subsidiary of Black Hills Corporation, providing electric service to customers in Montana, South Dakota and Wyoming (doing business as Black Hills Energy). | ||||
TCJA | Tax Cuts and Jobs Act | ||||
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 | ||||
WRDC | Wyodak Resources Development Corporation, a direct, wholly-owned subsidiary of Black Hills Non-regulated Holdings (doing business as Black Hills Energy) | ||||
Wygen I | A mine-mouth, coal-fired power plant with a total capacity of 90 MW located at our Gillette, Wyoming energy complex. Black Hills Wyoming owns 76.5% of the facility and Municipal Energy Agency of Nebraska (MEAN) owns the remaining 23.5%. | ||||
Wyodak Plant | |||||
Wyoming Electric | Cheyenne Light, Fuel and Power Company, a direct, wholly-owned subsidiary of Black Hills Corporation, providing electric service to customers in the Cheyenne, Wyoming area (doing business as Black Hills Energy). | ||||
Wyoming Gas | Black Hills Wyoming Gas, LLC, an indirect and wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Wyoming (doing business as Black Hills Energy). |
(unaudited) | Three Months Ended March 31, | |||||||||||||
2021 | 2020 | |||||||||||||
(in thousands, except per share amounts) | ||||||||||||||
Revenue | $ | 633,432 | $ | 537,050 | ||||||||||
Operating expenses: | ||||||||||||||
Fuel, purchased power and cost of natural gas sold | 293,147 | 187,879 | ||||||||||||
Operations and maintenance | 129,679 | 125,466 | ||||||||||||
Depreciation, depletion and amortization | 57,269 | 56,402 | ||||||||||||
Taxes - property and production | 15,022 | 14,118 | ||||||||||||
Total operating expenses | 495,117 | 383,865 | ||||||||||||
Operating income | 138,315 | 153,185 | ||||||||||||
Other income (expense): | ||||||||||||||
Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) | (37,825) | (35,781) | ||||||||||||
Interest income | 225 | 328 | ||||||||||||
Impairment of investment | 0 | (6,859) | ||||||||||||
Other income (expense), net | 266 | 2,353 | ||||||||||||
Total other income (expense) | (37,334) | (39,959) | ||||||||||||
Income before income taxes | 100,981 | 113,226 | ||||||||||||
Income tax (expense) | (494) | (16,002) | ||||||||||||
Net income | 100,487 | 97,224 | ||||||||||||
Net income attributable to noncontrolling interest | (4,171) | (4,050) | ||||||||||||
Net income available for common stock | $ | 96,316 | $ | 93,174 | ||||||||||
Earnings per share of common stock: | ||||||||||||||
Earnings per share, Basic | $ | 1.54 | $ | 1.51 | ||||||||||
Earnings per share, Diluted | $ | 1.54 | $ | 1.51 | ||||||||||
Weighted average common shares outstanding: | ||||||||||||||
Basic | 62,633 | 61,778 | ||||||||||||
Diluted | 62,691 | 61,856 |
(unaudited) | Three Months Ended March 31, | |||||
2020 | 2019 | |||||
(in thousands, except per share amounts) | ||||||
Revenue | $ | 537,050 | $ | 597,810 | ||
Operating expenses: | ||||||
Fuel, purchased power and cost of natural gas sold | 187,879 | 249,742 | ||||
Operations and maintenance | 125,466 | 123,584 | ||||
Depreciation, depletion and amortization | 56,402 | 51,028 | ||||
Taxes - property and production | 14,118 | 13,325 | ||||
Total operating expenses | 383,865 | 437,679 | ||||
Operating income | 153,185 | 160,131 | ||||
Other income (expense): | ||||||
Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) | (35,781 | ) | (35,016 | ) | ||
Interest income | 328 | 299 | ||||
Impairment of investment | (6,859 | ) | — | |||
Other income (expense), net | 2,353 | (789 | ) | |||
Total other income (expense) | (39,959 | ) | (35,506 | ) | ||
Income before income taxes | 113,226 | 124,625 | ||||
Income tax (expense) | (16,002 | ) | (17,263 | ) | ||
Net income | 97,224 | 107,362 | ||||
Net income attributable to noncontrolling interest | (4,050 | ) | (3,554 | ) | ||
Net income available for common stock | $ | 93,174 | $ | 103,808 | ||
Earnings per share of common stock: | ||||||
Earnings per share, Basic | $ | 1.51 | $ | 1.73 | ||
Earnings per share, Diluted | $ | 1.51 | $ | 1.73 | ||
Weighted average common shares outstanding: | ||||||
Basic | 61,778 | 59,920 | ||||
Diluted | 61,856 | 60,060 |
(unaudited) | Three Months Ended March 31, | |||||||||||||
2021 | 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Net income | $ | 100,487 | $ | 97,224 | ||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||
Benefit plan liability adjustments - net gain (net of tax of $0 and $(17), respectively) | 0 | 55 | ||||||||||||
Reclassification adjustments of benefit plan liability - prior service cost (net of tax of $9 and $7, respectively) | (16) | (23) | ||||||||||||
Reclassification adjustments of benefit plan liability - net loss (net of tax of $(217) and $(95), respectively) | 381 | 502 | ||||||||||||
Derivative instruments designated as cash flow hedges: | ||||||||||||||
Reclassification of net realized losses on settled/amortized interest rate swaps (net of tax of $(190) and $(170), respectively) | 523 | 543 | ||||||||||||
Net unrealized gains (losses) on commodity derivatives (net of tax of $(35) and $54, respectively) | 107 | (175) | ||||||||||||
Reclassification of net realized losses on settled commodity derivatives (net of tax of $(8) and $(115), respectively) | 23 | 371 | ||||||||||||
Other comprehensive income, net of tax | 1,018 | 1,273 | ||||||||||||
Comprehensive income | 101,505 | 98,497 | ||||||||||||
Less: comprehensive income attributable to noncontrolling interest | (4,171) | (4,050) | ||||||||||||
Comprehensive income available for common stock | $ | 97,334 | $ | 94,447 |
(unaudited) | Three Months Ended March 31, | |||||
2020 | 2019 | |||||
(in thousands) | ||||||
Net income | $ | 97,224 | $ | 107,362 | ||
Other comprehensive income (loss), net of tax: | ||||||
Benefit plan liability adjustments - net gain (net of tax of $(17) and $0, respectively | 55 | — | ||||
Reclassification adjustments of benefit plan liability - prior service cost (net of tax of $7 and $5, respectively) | (23 | ) | (14 | ) | ||
Reclassification adjustments of benefit plan liability - net gain (net of tax of $(95) and $(53), respectively) | 502 | 167 | ||||
Derivative instruments designated as cash flow hedges: | ||||||
Reclassification of net realized losses on settled/amortized interest rate swaps (net of tax of $(170) and $(163), respectively) | 543 | 550 | ||||
Net unrealized gains (losses) on commodity derivatives (net of tax of $54 and $(54), respectively) | (175 | ) | 180 | |||
Reclassification of net realized (gains) losses on settled commodity derivatives (net of tax of $(115) and $128, respectively) | 371 | (426 | ) | |||
Other comprehensive income, net of tax | 1,273 | 457 | ||||
Comprehensive income | 98,497 | 107,819 | ||||
Less: comprehensive income attributable to noncontrolling interest | (4,050 | ) | (3,554 | ) | ||
Comprehensive income available for common stock | $ | 94,447 | $ | 104,265 |
(unaudited) | As of | ||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 13,442 | $ | 6,356 | |||||||
Restricted cash and equivalents | 4,483 | 4,383 | |||||||||
Accounts receivable, net | 282,382 | 265,961 | |||||||||
Materials, supplies and fuel | 102,603 | 117,400 | |||||||||
Derivative assets, current | 1,917 | 1,848 | |||||||||
Income tax receivable, net | 18,115 | 19,446 | |||||||||
Regulatory assets, current | 129,951 | 51,676 | |||||||||
Other current assets | 25,722 | 26,221 | |||||||||
Total current assets | 578,615 | 493,291 | |||||||||
Property, plant and equipment | 7,415,818 | 7,305,530 | |||||||||
Less: accumulated depreciation and depletion | (1,320,525) | (1,285,816) | |||||||||
Total property, plant and equipment, net | 6,095,293 | 6,019,714 | |||||||||
Other assets: | |||||||||||
Goodwill | 1,299,454 | 1,299,454 | |||||||||
Intangible assets, net | 11,649 | 11,944 | |||||||||
Regulatory assets, non-current | 672,306 | 226,582 | |||||||||
Other assets, non-current | 38,882 | 37,801 | |||||||||
Total other assets, non-current | 2,022,291 | 1,575,781 | |||||||||
TOTAL ASSETS | $ | 8,696,199 | $ | 8,088,786 |
(unaudited) | As of | ||||||
March 31, 2020 | December 31, 2019 | ||||||
(in thousands) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 54,137 | $ | 9,777 | |||
Restricted cash and equivalents | 4,027 | 3,881 | |||||
Accounts receivable, net | 238,903 | 255,805 | |||||
Materials, supplies and fuel | 92,894 | 117,172 | |||||
Derivative assets, current | 1,780 | 342 | |||||
Income tax receivable, net | 22,319 | 16,446 | |||||
Regulatory assets, current | 49,415 | 43,282 | |||||
Other current assets | 26,198 | 26,479 | |||||
Total current assets | 489,673 | 473,184 | |||||
Investments | 15,250 | 21,929 | |||||
Property, plant and equipment | 6,808,261 | 6,784,679 | |||||
Less: accumulated depreciation and depletion | (1,223,979 | ) | (1,281,493 | ) | |||
Total property, plant and equipment, net | 5,584,282 | 5,503,186 | |||||
Other assets: | |||||||
Goodwill | 1,299,454 | 1,299,454 | |||||
Intangible assets, net | 13,083 | 13,266 | |||||
Regulatory assets, non-current | 222,814 | 228,062 | |||||
Other assets, non-current | 24,258 | 19,376 | |||||
Total other assets, non-current | 1,559,609 | 1,560,158 | |||||
TOTAL ASSETS | $ | 7,648,814 | $ | 7,558,457 |
(unaudited) | As of | ||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
(in thousands, except share amounts) | |||||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 160,179 | $ | 183,340 | |||||||
Accrued liabilities | 230,444 | 243,612 | |||||||||
Derivative liabilities, current | 2,526 | 2,044 | |||||||||
Regulatory liabilities, current | 13,580 | 25,061 | |||||||||
Notes payable | 815,870 | 234,040 | |||||||||
Current maturities of long-term debt | 7,000 | 8,436 | |||||||||
Total current liabilities | 1,229,599 | 696,533 | |||||||||
Long-term debt, net of current maturities | 3,529,158 | 3,528,100 | |||||||||
Deferred credits and other liabilities: | |||||||||||
Deferred income tax liabilities, net | 428,127 | 408,624 | |||||||||
Regulatory liabilities, non-current | 497,810 | 507,659 | |||||||||
Benefit plan liabilities | 150,979 | 150,556 | |||||||||
Other deferred credits and other liabilities | 135,224 | 134,667 | |||||||||
Total deferred credits and other liabilities | 1,212,140 | 1,201,506 | |||||||||
0 | 0 | ||||||||||
Equity: | |||||||||||
Stockholders’ equity — | |||||||||||
Common stock $1 par value; 100,000,000 shares authorized; issued 62,909,973 and 62,827,179 shares, respectively | 62,910 | 62,827 | |||||||||
Additional paid-in capital | 1,658,957 | 1,657,285 | |||||||||
Retained earnings | 931,538 | 870,738 | |||||||||
Treasury stock, at cost – 39,940 and 32,492 shares, respectively | (2,564) | (2,119) | |||||||||
Accumulated other comprehensive income (loss) | (26,328) | (27,346) | |||||||||
Total stockholders’ equity | 2,624,513 | 2,561,385 | |||||||||
Noncontrolling interest | 100,789 | 101,262 | |||||||||
Total equity | 2,725,302 | 2,662,647 | |||||||||
TOTAL LIABILITIES AND TOTAL EQUITY | $ | 8,696,199 | $ | 8,088,786 |
(unaudited) | As of | ||||||
March 31, 2020 | December 31, 2019 | ||||||
(in thousands, except share amounts) | |||||||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 136,344 | $ | 193,523 | |||
Accrued liabilities | 203,445 | 226,767 | |||||
Derivative liabilities, current | 852 | 2,254 | |||||
Regulatory liabilities, current | 54,345 | 33,507 | |||||
Notes payable | 319,125 | 349,500 | |||||
Current maturities of long-term debt | 5,743 | 5,743 | |||||
Total current liabilities | 719,854 | 811,294 | |||||
Long-term debt, net of current maturities | 3,136,887 | 3,140,096 | |||||
Deferred credits and other liabilities: | |||||||
Deferred income tax liabilities, net | 387,939 | 360,719 | |||||
Regulatory liabilities, non-current | 504,149 | 503,145 | |||||
Benefit plan liabilities | 152,693 | 154,472 | |||||
Other deferred credits and other liabilities | 122,869 | 124,662 | |||||
Total deferred credits and other liabilities | 1,167,650 | 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 62,772,978 and 61,480,658 shares, respectively | 62,773 | 61,481 | |||||
Additional paid-in capital | 1,652,861 | 1,552,788 | |||||
Retained earnings | 838,841 | 778,776 | |||||
Treasury stock, at cost – 24,656 and 3,956 shares, respectively | (1,925 | ) | (267 | ) | |||
Accumulated other comprehensive income (loss) | (29,382 | ) | (30,655 | ) | |||
Total stockholders’ equity | 2,523,168 | 2,362,123 | |||||
Noncontrolling interest | 101,255 | 101,946 | |||||
Total equity | 2,624,423 | 2,464,069 | |||||
TOTAL LIABILITIES AND TOTAL EQUITY | $ | 7,648,814 | $ | 7,558,457 |
(unaudited) | Three Months Ended March 31, | |||||
2020 | 2019 | |||||
Operating activities: | (in thousands) | |||||
Net income | $ | 97,224 | $ | 107,362 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation, depletion and amortization | 56,402 | 51,028 | ||||
Deferred financing cost amortization | 2,237 | 2,007 | ||||
Impairment of investment | 6,859 | — | ||||
Stock compensation | 291 | 3,296 | ||||
Deferred income taxes | 21,876 | 19,602 | ||||
Employee benefit plans | 1,235 | 3,137 | ||||
Other adjustments, net | 892 | 4,428 | ||||
Changes in certain operating assets and liabilities: | ||||||
Materials, supplies and fuel | 19,222 | 29,387 | ||||
Accounts receivable and other current assets | 8,171 | (15,857 | ) | |||
Accounts payable and other current liabilities | (43,297 | ) | (41,689 | ) | ||
Regulatory assets - current | 20,679 | 13,031 | ||||
Regulatory liabilities - current | 1,316 | (1,635 | ) | |||
Other operating activities, net | (1,138 | ) | 1,796 | |||
Net cash provided by operating activities | 191,969 | 175,893 | ||||
Investing activities: | ||||||
Property, plant and equipment additions | (171,882 | ) | (144,126 | ) | ||
Other investing activities | (1,202 | ) | (901 | ) | ||
Net cash (used in) investing activities | (173,084 | ) | (145,027 | ) | ||
Financing activities: | ||||||
Dividends paid on common stock | (32,902 | ) | (30,332 | ) | ||
Common stock issued | 99,321 | 19,949 | ||||
Net (payments) borrowings of short-term debt | (30,375 | ) | (20,970 | ) | ||
Long-term debt - repayments | (4,291 | ) | (1,436 | ) | ||
Distributions to noncontrolling interest | (4,741 | ) | (4,846 | ) | ||
Other financing activities | (1,391 | ) | (1,657 | ) | ||
Net cash provided by (used in) financing activities | 25,621 | (39,292 | ) | |||
Net change in cash, restricted cash and cash equivalents | 44,506 | (8,426 | ) | |||
Cash, restricted cash and cash equivalents at beginning of period | 13,658 | 24,145 | ||||
Cash, restricted cash and cash equivalents at end of period | $ | 58,164 | $ | 15,719 | ||
Supplemental cash flow information: | ||||||
Cash (paid) refunded during the period: | ||||||
Interest (net of amounts capitalized) | $ | (21,776 | ) | $ | (30,672 | ) |
Income taxes | — | 8 | ||||
Non-cash investing and financing activities: | ||||||
Accrued property, plant and equipment purchases at March 31 | 53,011 | 56,571 |
(unaudited) | Three Months Ended March 31, | |||||||
2021 | 2020 | |||||||
Operating activities: | (in thousands) | |||||||
Net income | $ | 100,487 | $ | 97,224 | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||
Depreciation, depletion and amortization | 57,269 | 56,402 | ||||||
Deferred financing cost amortization | 2,214 | 2,237 | ||||||
Impairment of investment | 0 | 6,859 | ||||||
Stock compensation | 3,257 | 291 | ||||||
Deferred income taxes | 153 | 21,876 | ||||||
Employee benefit plans | 2,304 | 1,235 | ||||||
Other adjustments, net | 6,151 | 892 | ||||||
Changes in certain operating assets and liabilities: | ||||||||
Materials, supplies and fuel | 15,932 | 19,222 | ||||||
Accounts receivable and other current assets | (11,599) | 8,171 | ||||||
Accounts payable and other current liabilities | (23,602) | (43,297) | ||||||
Regulatory assets | (533,006) | 20,679 | ||||||
Regulatory liabilities | (5,291) | 1,316 | ||||||
Other operating activities, net | (355) | (1,138) | ||||||
Net cash provided by (used in) operating activities | (386,086) | 191,969 | ||||||
Investing activities: | ||||||||
Property, plant and equipment additions | (146,302) | (171,882) | ||||||
Other investing activities | 78 | (1,202) | ||||||
Net cash (used in) investing activities | (146,224) | (173,084) | ||||||
Financing activities: | ||||||||
Dividends paid on common stock | (35,514) | (32,902) | ||||||
Common stock issued | 0 | 99,321 | ||||||
Term loan - borrowings | 800,000 | 0 | ||||||
Term loan - repayments | (200,000) | 0 | ||||||
Net (payments) borrowings of Revolving Credit Facility and CP Program | (18,170) | (30,375) | ||||||
Long-term debt - repayments | (1,436) | (4,291) | ||||||
Distributions to noncontrolling interest | (4,644) | (4,741) | ||||||
Other financing activities | (740) | (1,391) | ||||||
Net cash provided by financing activities | 539,496 | 25,621 | ||||||
Net change in cash, restricted cash and cash equivalents | 7,186 | 44,506 | ||||||
Cash, restricted cash and cash equivalents at beginning of period | 10,739 | 13,658 | ||||||
Cash, restricted cash and cash equivalents at end of period | $ | 17,925 | $ | 58,164 | ||||
Supplemental cash flow information: | ||||||||
Cash (paid) refunded during the period: | ||||||||
Interest, net of amounts capitalized | $ | (21,232) | $ | (21,776) | ||||
Income taxes | 990 | 0 | ||||||
Non-cash investing and financing activities: | ||||||||
Accrued property, plant and equipment purchases at March 31 | 51,914 | 53,011 |
(unaudited) | Common Stock | Treasury Stock | |||||||||||||||||||||||||||
(in thousands except share amounts) | Shares | Value | Shares | Value | Additional Paid in Capital | Retained Earnings | AOCI | Non controlling Interest | Total | ||||||||||||||||||||
December 31, 2020 | 62,827,179 | $ | 62,827 | 32,492 | $ | (2,119) | $ | 1,657,285 | $ | 870,738 | $ | (27,346) | $ | 101,262 | $ | 2,662,647 | |||||||||||||
Net income | — | — | — | — | — | 96,316 | — | 4,171 | 100,487 | ||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | 1,018 | — | 1,018 | ||||||||||||||||||||
Dividends on common stock ($0.565 per share) | — | — | — | — | — | (35,514) | — | — | (35,514) | ||||||||||||||||||||
Share-based compensation | 82,794 | 83 | 7,448 | (445) | 1,672 | — | — | — | 1,310 | ||||||||||||||||||||
Other | — | — | — | — | — | (2) | — | — | (2) | ||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (4,644) | (4,644) | ||||||||||||||||||||
March 31, 2021 | 62,909,973 | $ | 62,910 | 39,940 | $ | (2,564) | $ | 1,658,957 | $ | 931,538 | $ | (26,328) | $ | 100,789 | $ | 2,725,302 | |||||||||||||
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 | — | — | — | — | — | 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 | |||||||||||||
(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, 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 | |||||||
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 (loss) available for common stock | — | — | — | — | — | 103,808 | — | 3,554 | 107,362 | ||||||||||||||||
Other comprehensive income, 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 | ||||||||||||||
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 | |||||||
As of | As of | |||||||
March 31, 2021 | December 31, 2020 | |||||||
Regulatory assets | ||||||||
Winter Storm Uri (a) | $ | 480,842 | $ | 0 | ||||
Deferred energy and fuel cost adjustments (a) (b) | 68,402 | 39,035 | ||||||
Deferred gas cost adjustments (a) (b) | 17,066 | 3,200 | ||||||
Gas price derivatives (b) | 324 | 2,226 | ||||||
Deferred taxes on AFUDC (c) | 7,469 | 7,491 | ||||||
Employee benefit plans and related deferred taxes (d) | 117,886 | 116,598 | ||||||
Environmental (b) | 1,413 | 1,413 | ||||||
Loss on reacquired debt (b) | 22,386 | 22,864 | ||||||
Deferred taxes on flow through accounting (d) | 51,823 | 47,515 | ||||||
Decommissioning costs (c) | 7,827 | 8,988 | ||||||
Gas supply contract termination (b) | 1,013 | 2,524 | ||||||
Other regulatory assets (b) | 25,806 | 26,404 | ||||||
Total regulatory assets | 802,257 | 278,258 | ||||||
Less current regulatory assets | (129,951) | (51,676) | ||||||
Regulatory assets, non-current | $ | 672,306 | $ | 226,582 | ||||
Regulatory liabilities | ||||||||
Deferred energy and gas costs (b) | $ | 426 | $ | 13,253 | ||||
Employee benefit plan costs and related deferred taxes (d) | 40,471 | 40,256 | ||||||
Cost of removal (b) | 177,003 | 172,902 | ||||||
Excess deferred income taxes (d) | 271,492 | 285,259 | ||||||
Other regulatory liabilities (d) | 21,998 | 21,050 | ||||||
Total regulatory liabilities | 511,390 | 532,720 | ||||||
Less current regulatory liabilities | (13,580) | (25,061) | ||||||
Regulatory liabilities, non-current | $ | 497,810 | $ | 507,659 |
Costs by Jurisdiction | (in thousands) | |||||||||||||
Gas Utilities: | ||||||||||||||
Arkansas Gas | $ | 137,500 | ||||||||||||
Colorado Gas | 77,850 | |||||||||||||
Iowa Gas | 95,450 | |||||||||||||
Kansas Gas | 87,900 | |||||||||||||
Nebraska Gas | 79,750 | |||||||||||||
Wyoming Gas | 29,409 | |||||||||||||
Gas Utilities Total | $ | 507,859 | ||||||||||||
Electric Utilities: | ||||||||||||||
Colorado Electric | $ | 25,500 | ||||||||||||
South Dakota Electric | 22,200 | |||||||||||||
Wyoming Electric | 3,266 | |||||||||||||
Electric Utilities Total | $ | 50,966 | ||||||||||||
Total Winter Storm Uri Incremental Costs Recorded to Regulatory Asset | $ | 558,825 | ||||||||||||
Costs by Regulatory Asset | ||||||||||||||
Winter Storm Uri (a) | $ | 480,842 | ||||||||||||
Deferred energy and fuel cost adjustments | 27,166 | |||||||||||||
Deferred gas cost adjustments (b) | 50,817 | |||||||||||||
$ | 558,825 |
Three Months Ended March 31, 2020 | Electric Utilities | Gas Utilities | Power Generation | Mining | Inter-company Revenues | Total | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2021 | Electric Utilities | Gas Utilities | Power Generation | Mining | Inter-company Revenues | Total | |||||||||||||||||||||||||||||||
Customer types: | (in thousands) | Customer types: | (in thousands) | |||||||||||||||||||||||||||||||||||
Retail | $ | 148,640 | $ | 298,247 | $ | — | $ | 14,403 | $ | (7,839 | ) | $ | 453,451 | Retail | $ | 198,500 | $ | 341,605 | $ | 0 | $ | 14,083 | $ | (7,107) | $ | 547,081 | ||||||||||||
Transportation | — | 44,108 | — | — | (139 | ) | 43,969 | Transportation | 0 | 47,951 | 0 | 0 | (110) | 47,841 | ||||||||||||||||||||||||
Wholesale | 5,552 | — | 25,467 | — | (23,612 | ) | 7,407 | Wholesale | 5,922 | 0 | 28,692 | 0 | (24,451) | 10,163 | ||||||||||||||||||||||||
Market - off-system sales | 4,867 | 138 | — | — | (2,639 | ) | 2,366 | Market - off-system sales | 7,656 | 73 | 0 | 0 | (2,884) | 4,845 | ||||||||||||||||||||||||
Transmission/Other | 14,857 | 12,572 | — | — | (4,413 | ) | 23,016 | Transmission/Other | 15,193 | 10,390 | 0 | 0 | (5,296) | 20,287 | ||||||||||||||||||||||||
Revenue from contracts with customers | $ | 173,916 | $ | 355,065 | $ | 25,467 | $ | 14,403 | $ | (38,642 | ) | $ | 530,209 | Revenue from contracts with customers | $ | 227,271 | $ | 400,019 | $ | 28,692 | $ | 14,083 | $ | (39,848) | $ | 630,217 | ||||||||||||
Other revenues | 223 | 5,708 | 499 | 802 | (391 | ) | 6,841 | Other revenues | 137 | 2,500 | 471 | 589 | (482) | 3,215 | ||||||||||||||||||||||||
Total revenues | $ | 174,139 | $ | 360,773 | $ | 25,966 | $ | 15,205 | $ | (39,033 | ) | $ | 537,050 | Total revenues | $ | 227,408 | $ | 402,519 | $ | 29,163 | $ | 14,672 | $ | (40,330) | $ | 633,432 | ||||||||||||
Timing of revenue recognition: | Timing of revenue recognition: | |||||||||||||||||||||||||||||||||||||
Services transferred at a point in time | $ | — | $ | — | $ | — | $ | 14,403 | $ | (7,839 | ) | $ | 6,564 | Services transferred at a point in time | $ | 0 | $ | 0 | $ | 0 | $ | 14,083 | $ | (7,107) | $ | 6,976 | ||||||||||||
Services transferred over time | 173,916 | 355,065 | 25,467 | — | (30,803 | ) | 523,645 | Services transferred over time | 227,271 | 400,019 | 28,692 | 0 | (32,741) | 623,241 | ||||||||||||||||||||||||
Revenue from contracts with customers | $ | 173,916 | $ | 355,065 | $ | 25,467 | $ | 14,403 | $ | (38,642 | ) | $ | 530,209 | Revenue from contracts with customers | $ | 227,271 | $ | 400,019 | $ | 28,692 | $ | 14,083 | $ | (39,848) | $ | 630,217 | ||||||||||||
Three Months Ended March 31, 2020 | Electric Utilities | Gas Utilities | Power Generation | Mining | Inter-company Revenues | Total | ||||||||||||||
Customer Types: | ||||||||||||||||||||
Retail | $ | 148,640 | $ | 298,247 | $ | 0 | $ | 14,403 | $ | (7,839) | $ | 453,451 | ||||||||
Transportation | 0 | 44,108 | 0 | 0 | (139) | 43,969 | ||||||||||||||
Wholesale | 5,552 | 0 | 25,467 | 0 | (23,612) | 7,407 | ||||||||||||||
Market - off-system sales | 4,867 | 138 | 0 | 0 | (2,639) | 2,366 | ||||||||||||||
Transmission/Other | 14,857 | 12,572 | 0 | 0 | (4,413) | 23,016 | ||||||||||||||
Revenue from contracts with customers | $ | 173,916 | $ | 355,065 | $ | 25,467 | $ | 14,403 | $ | (38,642) | $ | 530,209 | ||||||||
Other revenues | 223 | 5,708 | 499 | 802 | (391) | 6,841 | ||||||||||||||
Total Revenues | $ | 174,139 | $ | 360,773 | $ | 25,966 | $ | 15,205 | $ | (39,033) | $ | 537,050 | ||||||||
Timing of Revenue Recognition: | ||||||||||||||||||||
Services transferred at a point in time | $ | 0 | $ | 0 | $ | 0 | $ | 14,403 | $ | (7,839) | $ | 6,564 | ||||||||
Services transferred over time | 173,916 | 355,065 | 25,467 | 0 | (30,803) | 523,645 | ||||||||||||||
Revenue from contracts with customers | $ | 173,916 | $ | 355,065 | $ | 25,467 | $ | 14,403 | $ | (38,642) | $ | 530,209 | ||||||||
Three Months Ended March 31, 2019 | Electric Utilities | Gas Utilities | Power Generation | Mining | Inter-company Revenues | Total | ||||||||||||
Customer Types: | ||||||||||||||||||
Retail | $ | 153,463 | $ | 354,275 | $ | — | $ | 15,829 | $ | (8,128 | ) | $ | 515,439 | |||||
Transportation | — | 44,517 | — | — | (432 | ) | 44,085 | |||||||||||
Wholesale | 8,343 | — | 24,147 | — | (21,891 | ) | 10,599 | |||||||||||
Market - off-system sales | 6,692 | 217 | — | — | (2,224 | ) | 4,685 | |||||||||||
Transmission/Other | 14,175 | 13,190 | — | — | (4,203 | ) | 23,162 | |||||||||||
Revenue from contracts with customers | $ | 182,673 | $ | 412,199 | $ | 24,147 | $ | 15,829 | $ | (36,878 | ) | $ | 597,970 | |||||
Other revenues | 254 | (1,119 | ) | 1,098 | 600 | (993 | ) | (160 | ) | |||||||||
Total Revenues | $ | 182,927 | $ | 411,080 | $ | 25,245 | $ | 16,429 | $ | (37,871 | ) | $ | 597,810 | |||||
Timing of Revenue Recognition: | ||||||||||||||||||
Services transferred at a point in time | $ | — | $ | — | $ | — | $ | 15,829 | $ | (8,128 | ) | $ | 7,701 | |||||
Services transferred over time | 182,673 | 412,199 | 24,147 | — | (28,750 | ) | 590,269 | |||||||||||
Revenue from contracts with customers | $ | 182,673 | $ | 412,199 | $ | 24,147 | $ | 15,829 | $ | (36,878 | ) | $ | 597,970 | |||||
Three Months Ended March 31, 2020 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | ||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | ||||||||||||||
Segment: | |||||||||||||||||
Electric Utilities | $ | 167,503 | $ | 223 | $ | 6,413 | $ | — | $ | 174,139 | |||||||
Gas Utilities | 354,287 | 5,708 | 778 | — | 360,773 | ||||||||||||
Power Generation | 1,855 | 443 | 23,612 | 56 | 25,966 | ||||||||||||
Mining | 6,564 | 467 | 7,839 | 335 | 15,205 | ||||||||||||
Inter-company eliminations | — | — | (38,642 | ) | (391 | ) | (39,033 | ) | |||||||||
Total | $ | 530,209 | $ | 6,841 | $ | — | $ | — | $ | 537,050 |
Three Months Ended March 31, 2019 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | ||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | ||||||||||||||
Segment: | |||||||||||||||||
Electric Utilities | $ | 176,663 | $ | 254 | $ | 6,010 | $ | — | $ | 182,927 | |||||||
Gas Utilities | 411,500 | (1,119 | ) | 699 | — | 411,080 | |||||||||||
Power Generation | 2,257 | 436 | 21,890 | 662 | 25,245 | ||||||||||||
Mining | 7,550 | 269 | 8,279 | 331 | 16,429 | ||||||||||||
Inter-company eliminations | — | — | (36,878 | ) | (993 | ) | (37,871 | ) | |||||||||
Total | $ | 597,970 | $ | (160 | ) | $ | — | $ | — | $ | 597,810 |
Three Months Ended March 31, | ||||||
2020 | 2019 | |||||
Adjusted operating income (a): | ||||||
Electric Utilities | $ | 35,650 | $ | 41,020 | ||
Gas Utilities | 102,897 | 103,314 | ||||
Power Generation | 11,349 | 11,967 | ||||
Mining | 3,129 | 4,337 | ||||
Corporate and Other | 160 | (507 | ) | |||
Operating income | 153,185 | 160,131 | ||||
Interest expense, net | (35,453 | ) | (34,717 | ) | ||
Impairment of investment | (6,859 | ) | — | |||
Other income (expense), net | 2,353 | (789 | ) | |||
Income tax (expense) | (16,002 | ) | (17,263 | ) | ||
Net income | 97,224 | 107,362 | ||||
Net income attributable to noncontrolling interest | (4,050 | ) | (3,554 | ) | ||
Net income available for common stock | $ | 93,174 | $ | 103,808 |
Total assets (net of inter-company eliminations) as of: | March 31, 2020 | December 31, 2019 | |||||
Segment: | |||||||
Electric Utilities | $ | 2,931,902 | $ | 2,900,983 | |||
Gas Utilities | 4,043,539 | 4,032,339 | |||||
Power Generation | 412,572 | 417,715 | |||||
Mining | 80,289 | 77,175 | |||||
Corporate and Other | 180,512 | 130,245 | |||||
Total assets | $ | 7,648,814 | $ | 7,558,457 |
March 31, 2020 | December 31, 2019 | ||||||
Accounts receivable, trade | $ | 162,138 | $ | 144,747 | |||
Unbilled revenue | 81,927 | 113,502 | |||||
Less: Allowance for credit losses | (5,162 | ) | (2,444 | ) | |||
Accounts receivable, net | $ | 238,903 | $ | 255,805 |
March 31, 2020 | December 31, 2019 | ||||||
Materials and supplies | $ | 88,346 | $ | 82,809 | |||
Fuel - Electric Utilities | 3,049 | 2,425 | |||||
Natural gas in storage | 1,499 | 31,938 | |||||
Total materials, supplies and fuel | $ | 92,894 | $ | 117,172 |
March 31, 2020 | December 31, 2019 | |||||
Accrued employee compensation, benefits and withholdings | $ | 45,070 | $ | 62,837 | ||
Accrued property taxes | 45,666 | 44,547 | ||||
Customer deposits and prepayments | 43,524 | 54,728 | ||||
Accrued interest | 43,776 | 31,868 | ||||
Other (none of which is individually significant) | 25,409 | 32,787 | ||||
Total accrued liabilities | $ | 203,445 | $ | 226,767 |
March 31, 2020 | December 31, 2019 | |||||
Regulatory assets | ||||||
Deferred energy and fuel cost adjustments (a) | $ | 35,687 | $ | 34,088 | ||
Deferred gas cost adjustments (a) | — | 1,540 | ||||
Gas price derivatives (a) | 1,302 | 3,328 | ||||
Deferred taxes on AFUDC (b) | 7,739 | 7,790 | ||||
Employee benefit plans (c) | 117,150 | 115,900 | ||||
Environmental (a) | 1,439 | 1,454 | ||||
Loss on reacquired debt (a) | 24,299 | 24,777 | ||||
Renewable energy standard adjustment (a) | 340 | 1,622 | ||||
Deferred taxes on flow through accounting (c) | 44,589 | 41,220 | ||||
Decommissioning costs (b) | 10,248 | 10,670 | ||||
Gas supply contract termination (a) | 7,007 | 8,485 | ||||
Other regulatory assets (a) | 22,429 | 20,470 | ||||
Total regulatory assets | 272,229 | 271,344 | ||||
Less current regulatory assets | (49,415 | ) | (43,282 | ) | ||
Regulatory assets, non-current | $ | 222,814 | $ | 228,062 | ||
Regulatory liabilities | ||||||
Deferred energy and gas costs (a) | $ | 40,002 | $ | 17,278 | ||
Employee benefit plan costs and related deferred taxes (c) | 41,518 | 43,349 | ||||
Cost of removal (a) | 170,954 | 166,727 | ||||
Excess deferred income taxes (c) | 283,690 | 285,438 | ||||
TCJA revenue reserve | 5,147 | 3,418 | ||||
Other regulatory liabilities (c) | 17,183 | 20,442 | ||||
Total regulatory liabilities | 558,494 | 536,652 | ||||
Less current regulatory liabilities | (54,345 | ) | (33,507 | ) | ||
Regulatory liabilities, non-current | $ | 504,149 | $ | 503,145 |
Three Months Ended March 31, | ||||||
2020 | 2019 | |||||
Net income available for common stock | $ | 93,174 | $ | 103,808 | ||
Weighted average shares - basic | 61,778 | 59,920 | ||||
Dilutive effect of: | ||||||
Equity compensation | 78 | 140 | ||||
Weighted average shares - diluted | 61,856 | 60,060 | ||||
Earnings per share of common stock: | ||||||
Earnings per share, Basic | $ | 1.51 | $ | 1.73 | ||
Earnings per share, Diluted | $ | 1.51 | $ | 1.73 |
Three Months Ended March 31, | ||||
2020 | 2019 | |||
Equity compensation | 12 | 6 | ||
Restricted stock | 26 | — | ||
Anti-dilutive shares | 38 | 6 |
March 31, 2020 | December 31, 2019 | |||||||||||
Balance Outstanding | Letters of Credit (a) | Balance Outstanding | Letters of Credit (a) | |||||||||
Revolving Credit Facility | $ | 165,000 | $ | 17,281 | $ | — | $ | 30,274 | ||||
CP Program | 154,125 | — | 349,500 | — | ||||||||
Total | $ | 319,125 | $ | 17,281 | $ | 349,500 | $ | 30,274 |
March 31, 2021 | December 31, 2020 | |||||||||||||
Balance Outstanding | Letters of Credit (a) | Balance Outstanding | Letters of Credit (a) | |||||||||||
Term Loan | $ | 600,000 | $ | 0 | $ | 0 | $ | 0 | ||||||
Revolving Credit Facility | 0 | 16,629 | 0 | 24,730 | ||||||||||
CP Program | 215,870 | 0 | 234,040 | 0 | ||||||||||
Total Notes payable | $ | 815,870 | $ | 16,629 | $ | 234,040 | $ | 24,730 |
As of March 31, 2021 | Covenant Requirement | |||||||||||||
Consolidated Indebtedness to Capitalization Ratio | 62.6% | Less than | 65% |
As of March 31, 2020 | Covenant Requirement | |||
Consolidated Indebtedness to Capitalization Ratio | 58.2% | Less than | 65% |
Three Months Ended March 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Net income available for common stock | $ | 96,316 | $ | 93,174 | |||||||||||||
Weighted average shares - basic | 62,633 | 61,778 | |||||||||||||||
Dilutive effect of: | |||||||||||||||||
Equity compensation | 58 | 78 | |||||||||||||||
Weighted average shares - diluted | 62,691 | 61,856 | |||||||||||||||
Earnings per share of common stock: | |||||||||||||||||
Earnings per share, Basic | $ | 1.54 | $ | 1.51 | |||||||||||||
Earnings per share, Diluted | $ | 1.54 | $ | 1.51 |
Three Months Ended March 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Equity compensation | 14 | 12 | |||||||||||||||
Restricted stock | 19 | 26 | |||||||||||||||
Anti-dilutive shares | 33 | 38 |
March 31, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Units | Notional Amounts | Maximum Term (months) (a) | Notional Amounts | Maximum Term (months) (a) | Units | Notional Amounts | Maximum Term (months) (a) | Notional Amounts | Maximum Term (months) (a) | |||||||||||||||||||||||||||||||||||||||
Natural gas futures purchased | MMBtus | 920,000 | 9 | 1,450,000 | 12 | Natural gas futures purchased | MMBtus | 0 | 0 | 620,000 | 3 | |||||||||||||||||||||||||||||||||||||
Natural gas options purchased, net | MMBtus | — | 0 | 3,240,000 | 3 | Natural gas options purchased, net | MMBtus | 0 | 0 | 3,160,000 | 3 | |||||||||||||||||||||||||||||||||||||
Natural gas basis swaps purchased | MMBtus | 790,000 | 9 | 1,290,000 | 12 | Natural gas basis swaps purchased | MMBtus | 0 | 0 | 900,000 | 3 | |||||||||||||||||||||||||||||||||||||
Natural gas over-the-counter swaps, net (b) | MMBtus | 4,620,000 | 26 | 4,600,000 | 24 | Natural gas over-the-counter swaps, net (b) | MMBtus | 3,590,000 | 29 | 3,850,000 | 17 | |||||||||||||||||||||||||||||||||||||
Natural gas physical contracts, net (c) | MMBtus | 1,104,725 | 12 | 13,548,235 | 12 | Natural gas physical contracts, net (c) | MMBtus | 3,107,817 | 12 | 17,513,061 | 22 | |||||||||||||||||||||||||||||||||||||
Electric wholesale contracts (c) | MWh | 195,825 | 9 | — | 0 | Electric wholesale contracts (c) | MWh | 183,025 | 9 | 219,000 | 12 |
Balance Sheet Location | March 31, 2021 | December 31, 2020 | ||||||||||||
Derivatives designated as hedges: | ||||||||||||||
Asset derivative instruments: | ||||||||||||||
Current commodity derivatives | Derivative assets, current | $ | 285 | $ | 181 | |||||||||
Noncurrent commodity derivatives | Other assets, non-current | 4 | 43 | |||||||||||
Liability derivative instruments: | ||||||||||||||
Current commodity derivatives | Derivative liabilities, current | 0 | (108) | |||||||||||
Noncurrent commodity derivatives | Other deferred credits and other liabilities | 0 | 0 | |||||||||||
Total derivatives designated as hedges | $ | 289 | $ | 116 | ||||||||||
Derivatives not designated as hedges: | ||||||||||||||
Asset derivative instruments: | ||||||||||||||
Current commodity derivatives | Derivative assets, current | $ | 1,632 | $ | 1,667 | |||||||||
Noncurrent commodity derivatives | Other assets, non-current | 32 | 151 | |||||||||||
Liability derivative instruments: | ||||||||||||||
Current commodity derivatives | Derivative liabilities, current | (2,526) | (1,936) | |||||||||||
Noncurrent commodity derivatives | Other deferred credits and other liabilities | (43) | 0 | |||||||||||
Total derivatives not designated as hedges | $ | (905) | $ | (118) |
Balance Sheet Location | March 31, 2020 | December 31, 2019 | ||||||
Derivatives designated as hedges: | ||||||||
Asset derivative instruments: | ||||||||
Current commodity derivatives | Derivative assets, current | $ | 8 | $ | 1 | |||
Noncurrent commodity derivatives | Other assets, non-current | — | 3 | |||||
Liability derivative instruments: | ||||||||
Current commodity derivatives | Derivative liabilities, current | (284 | ) | (490 | ) | |||
Noncurrent commodity derivatives | Other deferred credits and other liabilities | (10 | ) | (29 | ) | |||
Total derivatives designated as hedges | $ | (286 | ) | $ | (515 | ) | ||
Derivatives not designated as hedges: | ||||||||
Asset derivative instruments: | ||||||||
Current commodity derivatives | Derivative assets, current | $ | 1,772 | $ | 341 | |||
Noncurrent commodity derivatives | Other assets, non-current | 156 | 2 | |||||
Liability derivative instruments: | ||||||||
Current commodity derivatives | Derivative liabilities, current | (568 | ) | (1,764 | ) | |||
Noncurrent commodity derivatives | Other deferred credits and other liabilities | (28 | ) | (63 | ) | |||
Total derivatives not designated as hedges | $ | 1,332 | $ | (1,484 | ) |
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
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 | $ | 713 | $ | 713 | Interest expense | $ | (713) | $ | (713) | ||||||||
Commodity derivatives | 173 | 257 | Fuel, purchased power and cost of natural gas sold | (31) | (486) | ||||||||||||
Total | $ | 886 | $ | 970 | $ | (744) | $ | (1,199) |
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||
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 | $ | 713 | $ | 713 | Interest expense | $ | (713 | ) | $ | (713 | ) | ||
Commodity derivatives | 257 | (320 | ) | Fuel, purchased power and cost of natural gas sold | (486 | ) | 554 | ||||||
Total | $ | 970 | $ | 393 | $ | (1,199 | ) | $ | (159 | ) |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
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 | $ | (1,524) | $ | 1,362 | ||||||
Commodity derivatives - Natural Gas | Fuel, purchased power and cost of natural gas sold | 366 | 766 | ||||||||
$ | (1,158) | $ | 2,128 |
Three Months Ended March 31, | |||||||
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 | $ | 1,362 | $ | — | ||
Commodity derivatives - Natural Gas | Fuel, purchased power and cost of natural gas sold | 766 | 25 | ||||
$ | 2,128 | $ | 25 |
As of March 31, 2021 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting | Total | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Commodity derivatives — Gas Utilities | $ | 0 | $ | 1,389 | $ | 0 | $ | 0 | $ | 1,389 | ||||||||||
Commodity derivatives — Electric Utilities | $ | 0 | $ | 564 | $ | 0 | $ | 0 | $ | 564 | ||||||||||
Total | $ | 0 | $ | 1,953 | $ | 0 | $ | 0 | $ | 1,953 | ||||||||||
Liabilities: | ||||||||||||||||||||
Commodity derivatives — Gas Utilities | $ | 0 | $ | 625 | $ | 0 | $ | 0 | $ | 625 | ||||||||||
Commodity derivatives — Electric Utilities | $ | 0 | $ | 1,944 | $ | 0 | $ | 0 | $ | 1,944 | ||||||||||
Total | $ | 0 | $ | 2,569 | $ | 0 | $ | 0 | $ | 2,569 |
As of March 31, 2020 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting | Total | ||||||||||||
(in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Commodity derivatives — Gas Utilities | $ | — | $ | 1,949 | $ | — | $ | (13 | ) | $ | 1,936 | |||||
Commodity derivatives — Electric Utilities | — | 1,362 | — | — | 1,362 | |||||||||||
Total | $ | — | $ | 3,311 | $ | — | $ | (13 | ) | $ | 3,298 | |||||
Liabilities: | ||||||||||||||||
Commodity derivatives — Gas Utilities | $ | — | $ | 2,464 | $ | — | $ | (1,573 | ) | $ | 891 | |||||
Total | $ | — | $ | 2,464 | $ | — | $ | (1,573 | ) | $ | 891 |
As of December 31, 2020 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting | Total | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Commodity derivatives — Gas Utilities | $ | 0 | $ | 2,504 | $ | 0 | $ | (1,527) | $ | 977 | ||||||||||
Commodity derivatives — Electric Utilities | $ | 0 | $ | 1,065 | $ | 0 | $ | 0 | $ | 1,065 | ||||||||||
Total | $ | 0 | $ | 3,569 | $ | 0 | $ | (1,527) | $ | 2,042 | ||||||||||
Liabilities: | ||||||||||||||||||||
Commodity derivatives — Gas Utilities | $ | 0 | $ | 2,675 | $ | 0 | $ | (1,552) | $ | 1,123 | ||||||||||
Commodity derivatives — Electric Utilities | $ | 0 | $ | 921 | $ | 0 | $ | 0 | $ | 921 | ||||||||||
Total | $ | 0 | $ | 3,596 | $ | 0 | $ | (1,552) | $ | 2,044 |
As of December 31, 2019 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting | Total | ||||||||||||
(in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Commodity derivatives — Gas Utilities | $ | — | $ | 1,433 | $ | — | $ | (1,085 | ) | $ | 348 | |||||
Total | $ | — | $ | 1,433 | $ | — | $ | (1,085 | ) | $ | 348 | |||||
Liabilities: | ||||||||||||||||
Commodity derivatives — Gas Utilities | $ | — | $ | 5,254 | $ | — | $ | (2,909 | ) | $ | 2,345 | |||||
Total | $ | — | $ | 5,254 | $ | — | $ | (2,909 | ) | $ | 2,345 |
March 31, 2020 | December 31, 2019 | ||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||
Long-term debt, including current maturities (a) | $ | 3,142,630 | $ | 3,320,562 | $ | 3,145,839 | $ | 3,479,367 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Long-term debt, including current maturities (a) | $ | 3,536,158 | $ | 3,938,977 | $ | 3,536,536 | $ | 4,208,167 |
(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 | ||||||
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Gains and (losses) on cash flow hedges: | |||||||
Interest rate swaps | Interest expense | $ | (713 | ) | $ | (713 | ) |
Commodity contracts | Fuel, purchased power and cost of natural gas sold | (486 | ) | 554 | |||
(1,199 | ) | (159 | ) | ||||
Income tax | Income tax benefit (expense) | 285 | 35 | ||||
Total reclassification adjustments related to cash flow hedges, net of tax | $ | (914 | ) | $ | (124 | ) | |
Amortization of components of defined benefit plans: | |||||||
Prior service cost | Operations and maintenance | $ | 30 | $ | 19 | ||
Actuarial gain (loss) | Operations and maintenance | (597 | ) | (220 | ) | ||
(567 | ) | (201 | ) | ||||
Income tax | Income tax benefit (expense) | 88 | 48 | ||||
Total reclassification adjustments related to defined benefit plans, net of tax | $ | (479 | ) | $ | (153 | ) | |
Total reclassifications | $ | (1,393 | ) | $ | (277 | ) |
Location on the Condensed Consolidated Statements of Income | Amount Reclassified from AOCI | |||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Gains and (losses) on cash flow hedges: | ||||||||||||||||||||
Interest rate swaps | Interest expense | $ | (713) | $ | (713) | |||||||||||||||
Commodity contracts | Fuel, purchased power and cost of natural gas sold | (31) | (486) | |||||||||||||||||
(744) | (1,199) | |||||||||||||||||||
Income tax | Income tax benefit | 198 | 285 | |||||||||||||||||
Total reclassification adjustments related to cash flow hedges, net of tax | $ | (546) | $ | (914) | ||||||||||||||||
Amortization of components of defined benefit plans: | ||||||||||||||||||||
Prior service cost | Operations and maintenance | $ | 25 | $ | 30 | |||||||||||||||
Actuarial gain (loss) | Operations and maintenance | (598) | (597) | |||||||||||||||||
(573) | (567) | |||||||||||||||||||
Income tax | Income tax benefit | 208 | 88 | |||||||||||||||||
Total reclassification adjustments related to defined benefit plans, net of tax | $ | (365) | $ | (479) | ||||||||||||||||
Total reclassifications | $ | (911) | $ | (1,393) |
Derivatives Designated as Cash Flow Hedges | ||||||||||||||
Interest Rate Swaps | Commodity Derivatives | Employee Benefit Plans | Total | |||||||||||
As of December 31, 2020 | $ | (12,558) | $ | 2 | $ | (14,790) | $ | (27,346) | ||||||
Other comprehensive income (loss) | ||||||||||||||
before reclassifications | 0 | 107 | 0 | 107 | ||||||||||
Amounts reclassified from AOCI | 523 | 23 | 365 | 911 | ||||||||||
As of March 31, 2021 | $ | (12,035) | $ | 132 | $ | (14,425) | $ | (26,328) | ||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||||||
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 | (175) | 55 | (120) | ||||||||||
Amounts reclassified from AOCI | 543 | 371 | 479 | 1,393 | ||||||||||
As of March 31, 2020 | $ | (14,579) | $ | (260) | $ | (14,543) | $ | (29,382) |
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 | — | (175 | ) | 55 | (120 | ) | ||||||
Amounts reclassified from AOCI | 543 | 371 | 479 | 1,393 | ||||||||
As of March 31, 2020 | $ | (14,579 | ) | $ | (260 | ) | $ | (14,543 | ) | $ | (29,382 | ) |
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 | — | 180 | — | 180 | ||||||||
Amounts reclassified from AOCI | 550 | (426 | ) | 153 | 277 | |||||||
As of March 31, 2019 | $ | (16,757 | ) | $ | 82 | $ | (9,784 | ) | $ | (26,459 | ) |
Three Months Ended March 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Service cost | $ | 1,259 | $ | 1,353 | |||||||||||||
Interest cost | 2,328 | 3,357 | |||||||||||||||
Expected return on plan assets | (5,219) | (5,648) | |||||||||||||||
Net loss (gain) | 1,829 | 2,093 | |||||||||||||||
Net periodic benefit cost | $ | 197 | $ | 1,155 |
Three Months Ended March 31, | ||||||
2020 | 2019 | |||||
Service cost | $ | 1,353 | $ | 1,346 | ||
Interest cost | 3,357 | 4,343 | ||||
Expected return on plan assets | (5,648 | ) | (6,100 | ) | ||
Prior service cost (benefit) | — | 6 | ||||
Net loss (gain) | 2,093 | 941 | ||||
Net periodic benefit cost | $ | 1,155 | $ | 536 |
Three Months Ended March 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Service cost | $ | 559 | $ | 514 | |||||||||||||
Interest cost | 265 | 412 | |||||||||||||||
Expected return on plan assets | (34) | (45) | |||||||||||||||
Prior service cost (benefit) | (109) | (137) | |||||||||||||||
Net loss (gain) | 117 | 5 | |||||||||||||||
Net periodic benefit cost | $ | 798 | $ | 749 |
Three Months Ended March 31, | ||||||
2020 | 2019 | |||||
Service cost | $ | 514 | $ | 454 | ||
Interest cost | 412 | 560 | ||||
Expected return on plan assets | (45 | ) | (57 | ) | ||
Prior service cost (benefit) | (137 | ) | (99 | ) | ||
Net loss (gain) | 5 | — | ||||
Net periodic benefit cost | $ | 749 | $ | 858 |
Three Months Ended March 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Service cost | $ | 693 | $ | (1,370) | |||||||||||||
Interest cost | 177 | 275 | |||||||||||||||
Net loss (gain) | 439 | 426 | |||||||||||||||
Net periodic benefit cost | $ | 1,309 | $ | (669) |
Three Months Ended March 31, | ||||||
2020 | 2019 | |||||
Service cost | $ | (1,370 | ) | $ | 1,285 | |
Interest cost | 275 | 324 | ||||
Net loss (gain) | 426 | 134 | ||||
Net periodic benefit cost | $ | (669 | ) | $ | 1,743 |
Contributions Made | Additional Contributions | Contributions | ||||||||||||
Three Months Ended March 31, 2021 | Anticipated for 2021 | Anticipated for 2022 | ||||||||||||
Defined Benefit Pension Plan | $ | 0 | $ | 0 | $ | 3,788 | ||||||||
Non-pension Defined Benefit Postretirement Healthcare Plan | $ | 1,382 | $ | 4,145 | $ | 5,241 | ||||||||
Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | $ | 482 | $ | 1,445 | $ | 1,967 |
Contributions Made | Additional Contributions | Contributions | |||||||
Three Months Ended March 31, 2020 | Anticipated for 2020 | Anticipated for 2021 | |||||||
Defined Benefit Pension Plan | $ | — | $ | 12,700 | $ | 12,700 | |||
Non-pension Defined Benefit Postretirement Healthcare Plans | $ | 1,335 | $ | 4,006 | $ | 5,364 | |||
Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | $ | 355 | $ | 1,065 | $ | 1,614 |
Total assets (net of intercompany eliminations) as of: | March 31, 2021 | December 31, 2020 | |||||||||
Electric Utilities | $ | 3,217,474 | $ | 3,120,928 | |||||||
Gas Utilities | 4,900,939 | 4,376,204 | |||||||||
Power Generation | 406,742 | 404,220 | |||||||||
Mining | 76,097 | 77,085 | |||||||||
Corporate and Other | 94,947 | 110,349 | |||||||||
Total assets | $ | 8,696,199 | $ | 8,088,786 |
Three Months Ended March 31, 2021 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | ||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | ||||||||||||||||||||
Segment: | |||||||||||||||||||||||
Electric Utilities | $ | 220,500 | $ | 137 | $ | 6,771 | $ | 0 | $ | 227,408 | |||||||||||||
Gas Utilities | 398,499 | 2,408 | 1,520 | 92 | 402,519 | ||||||||||||||||||
Power Generation | 4,241 | 421 | 24,451 | 50 | 29,163 | ||||||||||||||||||
Mining | 6,977 | 249 | 7,106 | 340 | 14,672 | ||||||||||||||||||
Inter-company eliminations | — | — | (39,848) | (482) | (40,330) | ||||||||||||||||||
Total | $ | 630,217 | $ | 3,215 | $ | 0 | $ | 0 | $ | 633,432 |
Three Months Ended March 31, 2020 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | ||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | ||||||||||||||||||||
Segment: | |||||||||||||||||||||||
Electric Utilities | $ | 167,503 | $ | 223 | $ | 6,413 | $ | 0 | $ | 174,139 | |||||||||||||
Gas Utilities | 354,287 | 5,708 | 778 | 0 | 360,773 | ||||||||||||||||||
Power Generation | 1,855 | 443 | 23,612 | 56 | 25,966 | ||||||||||||||||||
Mining | 6,564 | 467 | 7,839 | 335 | 15,205 | ||||||||||||||||||
Inter-company eliminations | — | — | (38,642) | (391) | (39,033) | ||||||||||||||||||
Total | $ | 530,209 | $ | 6,841 | $ | 0 | $ | 0 | $ | 537,050 |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Adjusted operating income: | ||||||||||||||
Electric Utilities | $ | 21,813 | $ | 35,650 | ||||||||||
Gas Utilities | 102,094 | 102,897 | ||||||||||||
Power Generation | 14,269 | 11,349 | ||||||||||||
Mining | 3,261 | 3,129 | ||||||||||||
Corporate and Other | (3,122) | 160 | ||||||||||||
Operating income | 138,315 | 153,185 | ||||||||||||
Interest expense, net | (37,600) | (35,453) | ||||||||||||
Impairment of investment | 0 | (6,859) | ||||||||||||
Other income (expense), net | 266 | 2,353 | ||||||||||||
Income tax (expense) | (494) | (16,002) | ||||||||||||
Net income | 100,487 | 97,224 | ||||||||||||
Net income attributable to noncontrolling interest | (4,171) | (4,050) | ||||||||||||
Net income available for common stock | $ | 96,316 | $ | 93,174 |
March 31, 2021 | December 31, 2020 | ||||||||||
Accounts receivable, trade | $ | 199,548 | $ | 146,899 | |||||||
Unbilled revenue | 91,085 | 126,065 | |||||||||
Less: Allowance for credit losses | (8,251) | (7,003) | |||||||||
Accounts receivable, net | $ | 282,382 | $ | 265,961 |
Balance at Beginning of Year | Additions Charged to Costs and Expenses | Recoveries and Other Additions | Write-offs and Other Deductions | Balance at March 31, | ||||||||||||||||||||||||||||||||||
2021 | $ | 7,003 | $ | 1,877 | $ | 1,014 | $ | (1,643) | $ | 8,251 | ||||||||||||||||||||||||||||
2020 | $ | 2,444 | $ | 3,519 | $ | 922 | $ | (1,723) | $ | 5,162 |
March 31, 2021 | December 31, 2020 | ||||||||||
Materials and supplies | $ | 88,088 | $ | 85,250 | |||||||
Fuel - Electric Utilities | 1,590 | 1,531 | |||||||||
Natural gas in storage | 12,925 | 30,619 | |||||||||
Total materials, supplies and fuel | $ | 102,603 | $ | 117,400 |
March 31, 2020 | December 31, 2019 | |||||
Investment in privately held oil and gas company | $ | 1,500 | $ | 8,359 | ||
Cash surrender value of life insurance contracts | 13,235 | 13,056 | ||||
Other investments | 515 | 514 | ||||
Total investments | $ | 15,250 | $ | 21,929 |
March 31, 2021 | December 31, 2020 | |||||||
Accrued employee compensation, benefits and withholdings | $ | 57,347 | $ | 77,806 | ||||
Accrued property taxes | 49,267 | 47,105 | ||||||
Customer deposits and prepayments | 50,194 | 52,185 | ||||||
Accrued interest | 45,896 | 31,520 | ||||||
Other (none of which is individually significant) | 27,740 | 34,996 | ||||||
Total accrued liabilities | $ | 230,444 | $ | 243,612 |
(in millions) | |||||
Incremental fuel, purchased power and natural gas costs recorded to regulatory assets | $ | 558.8 | |||
Electric Utilities wholesale power margin sharing | $ | 3.2 | |||
Electric Utilities non-recoverable fuel costs | 2.1 | ||||
Black Hills Energy Services non-recoverable natural gas costs | 8.2 | ||||
Interest expense from $800 million term loan | 0.7 | ||||
Less Power Generation favorable net impact | (1.7) | ||||
Incremental costs recorded as expenses, net | $ | 12.5 | |||
Total incremental costs related to Winter Storm Uri, net | $ | 571.3 |
Three Months Ended March 31, | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
(in thousands except per share amounts) | ||||||||||||||||||||
Adjusted operating income (a) | ||||||||||||||||||||
Electric Utilities | $ | 21,813 | $ | 35,650 | ||||||||||||||||
Gas Utilities | 102,094 | 102,897 | ||||||||||||||||||
Power Generation | 14,269 | 11,349 | ||||||||||||||||||
Mining | 3,261 | 3,129 | ||||||||||||||||||
Corporate and Other | (3,122) | 160 | ||||||||||||||||||
Operating income | 138,315 | 153,185 | ||||||||||||||||||
Interest expense, net | (37,600) | (35,453) | ||||||||||||||||||
Impairment of investment | — | (6,859) | ||||||||||||||||||
Other income (expense), net | 266 | 2,353 | ||||||||||||||||||
Income tax (expense) | (494) | (16,002) | ||||||||||||||||||
Net income | 100,487 | 97,224 | ||||||||||||||||||
Net income attributable to noncontrolling interest | (4,171) | (4,050) | ||||||||||||||||||
Net income available for common stock | 96,316 | 93,174 | ||||||||||||||||||
Total earnings per share of common stock, Diluted | $ | 1.54 | $ | 1.51 |
Three Months Ended March 31, | |||||||||||||
2020 | 2019 | ||||||||||||
(in millions, except per share amounts) | Income | EPS | Income | EPS | |||||||||
Net income available for common stock | $ | 93.2 | $ | 1.51 | $ | 103.8 | $ | 1.73 |
Three Months Ended March 31, | |||||||||
2020 | 2019 | Variance | |||||||
Revenue | |||||||||
Revenue | $ | 576,083 | $ | 635,681 | $ | (59,598 | ) | ||
Inter-company eliminations | (39,033 | ) | (37,871 | ) | (1,162 | ) | |||
$ | 537,050 | $ | 597,810 | $ | (60,760 | ) | |||
Adjusted operating income (a) | |||||||||
Electric Utilities | $ | 35,650 | $ | 41,020 | $ | (5,370 | ) | ||
Gas Utilities | 102,897 | 103,314 | (417 | ) | |||||
Power Generation | 11,349 | 11,967 | (618 | ) | |||||
Mining | 3,129 | 4,337 | (1,208 | ) | |||||
Corporate and Other | 160 | (507 | ) | 667 | |||||
Operating income | 153,185 | 160,131 | (6,946 | ) | |||||
Interest expense, net | (35,453 | ) | (34,717 | ) | (736 | ) | |||
Impairment of investment | (6,859 | ) | — | (6,859 | ) | ||||
Other income (expense), net | 2,353 | (789 | ) | 3,142 | |||||
Income tax (expense) | (16,002 | ) | (17,263 | ) | 1,261 | ||||
Net income | 97,224 | 107,362 | (10,138 | ) | |||||
Net income attributable to noncontrolling interest | (4,050 | ) | (3,554 | ) | (496 | ) | |||
Net income available for common stock | $ | 93,174 | $ | 103,808 | $ | (10,634 | ) |
Three Months Ended March 31, | |||||||||
2020 | 2019 | Variance | |||||||
(in thousands) | |||||||||
Revenue | $ | 174,139 | $ | 182,927 | $ | (8,788 | ) | ||
Total fuel and purchased power | 64,460 | 73,283 | (8,823 | ) | |||||
Gross margin (non-GAAP) | 109,679 | 109,644 | 35 | ||||||
Operations and maintenance | 50,499 | 47,144 | 3,355 | ||||||
Depreciation and amortization | 23,530 | 21,480 | 2,050 | ||||||
Total operating expenses | 74,029 | 68,624 | 5,405 | ||||||
Adjusted operating income | $ | 35,650 | $ | 41,020 | $ | (5,370 | ) |
Three Months Ended March 31, | ||||||||||||||||||||
2021 | 2020 | Variance | ||||||||||||||||||
Revenue | $ | 227,408 | $ | 174,139 | $ | 53,269 | ||||||||||||||
Total fuel and purchased power | 132,069 | 64,460 | 67,609 | |||||||||||||||||
Gross margin (non-GAAP) | 95,339 | 109,679 | (14,340) | |||||||||||||||||
Operations and maintenance | 48,577 | 50,499 | (1,922) | |||||||||||||||||
Depreciation and amortization | 24,949 | 23,530 | 1,419 | |||||||||||||||||
Total operating expenses | 73,526 | 74,029 | (503) | |||||||||||||||||
Adjusted operating income | $ | 21,813 | $ | 35,650 | $ | (13,837) |
(in millions) | |||||
TCJA-related bill credits (a) | $ | (9.3) | |||
Winter Storm Uri impacts (b) | (5.3) | ||||
Mark-to-market on wholesale energy contracts | (2.9) | ||||
Rider recovery | 1.3 | ||||
Weather | 1.1 | ||||
Residential customer growth | 0.3 | ||||
Other | 0.5 | ||||
Total change in Gross margin (non-GAAP) | $ | (14.3) |
(in millions) | |||
Increased mark-to-market on wholesale energy contracts | $ | 1.4 | |
Rider recovery | 1.0 | ||
Weather | (1.8 | ) | |
Off-system power marketing | (1.2 | ) | |
Other | 0.6 | ||
Total change in Gross margin (non-GAAP) | $ | — |
Electric Revenue | Quantities Sold | ||||||||||
(in thousands) | (MWh) | ||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||
Residential | $ | 54,505 | $ | 57,638 | 373,150 | 389,178 | |||||
Commercial | 57,823 | 60,963 | 494,308 | 505,573 | |||||||
Industrial | 32,169 | 32,440 | 460,632 | 426,614 | |||||||
Municipal | 3,878 | 4,139 | 36,399 | 36,636 | |||||||
Subtotal Retail Revenue - Electric | 148,375 | 155,180 | 1,364,489 | 1,358,001 | |||||||
Contract Wholesale (a) | 5,553 | 8,343 | 131,778 | 223,020 | |||||||
Off-system/Power Marketing Wholesale | 4,867 | 6,692 | 165,785 | 140,850 | |||||||
Other | 15,344 | 12,712 | — | — | |||||||
Total Revenue and Energy Sold | 174,139 | 182,927 | 1,662,052 | 1,721,871 | |||||||
Other Uses, Losses or Generation, net (b) | — | — | 90,871 | 97,000 | |||||||
Total Revenue and Energy | 174,139 | 182,927 | 1,752,923 | 1,818,871 | |||||||
Less cost of fuel and purchased power | 64,460 | 73,283 | |||||||||
Gross Margin (non-GAAP) | $ | 109,679 | $ | 109,644 |
Revenue (in thousands) | Quantities Sold (MWh) | ||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Residential | $ | 72,760 | $ | 54,505 | 396,086 | 373,150 | |||||||||||||||||||||||
Commercial | 77,007 | 57,823 | 492,955 | 494,308 | |||||||||||||||||||||||||
Industrial | 43,009 | 32,169 | 415,191 | 460,632 | |||||||||||||||||||||||||
Municipal | 5,020 | 3,878 | 36,242 | 36,399 | |||||||||||||||||||||||||
Subtotal Retail Revenue - Electric | 197,796 | 148,375 | 1,340,474 | 1,364,489 | |||||||||||||||||||||||||
Contract Wholesale (a) | 8,465 | 5,553 | 156,995 | 131,778 | |||||||||||||||||||||||||
Off-system/Power Marketing Wholesale | 5,113 | 4,867 | 127,583 | 165,785 | |||||||||||||||||||||||||
Other | 16,034 | 15,344 | — | — | |||||||||||||||||||||||||
Total Revenue and Energy Sold | 227,408 | 174,139 | 1,625,052 | 1,662,052 | |||||||||||||||||||||||||
Other Uses, Losses or Generation, net | — | — | 130,975 | 90,871 | |||||||||||||||||||||||||
Total Revenue and Energy | 227,408 | 174,139 | 1,756,027 | 1,752,923 | |||||||||||||||||||||||||
Less cost of fuel and purchased power | 132,069 | 64,460 | |||||||||||||||||||||||||||
Gross Margin (non-GAAP) | $ | 95,339 | $ | 109,679 |
Three Months Ended March 31, | Electric Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Quantities Sold (MWh) (b) | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||
Colorado Electric | $ | 58,558 | $ | 59,847 | $ | 32,270 | $ | 31,444 | 550,771 | 491,682 | |||||||||
South Dakota Electric (a) | 71,611 | 79,041 | 55,624 | 56,308 | 685,224 | 845,001 | |||||||||||||
Wyoming Electric | 43,970 | 44,039 | 21,785 | 21,892 | 516,928 | 482,188 | |||||||||||||
Total Electric Revenue, Gross Margin (non-GAAP), and Quantities Sold | $ | 174,139 | $ | 182,927 | $ | 109,679 | $ | 109,644 | 1,752,923 | 1,818,871 |
Three Months Ended March 31, | ||||
Quantities Generated and Purchased (MWh) | 2020 | 2019 | ||
Coal-fired | 547,829 | 585,295 | ||
Natural Gas and Oil | 167,744 | 124,657 | ||
Wind | 73,550 | 55,419 | ||
Total Generated | 789,123 | 765,371 | ||
Purchased (a) | 963,800 | 1,053,500 | ||
Total Generated and Purchased | 1,752,923 | 1,818,871 |
Three Months Ended March 31, | ||||
Quantities Generated and Purchased (MWh) | 2020 | 2019 | ||
Generated: | ||||
Colorado Electric | 94,051 | 100,530 | ||
South Dakota Electric | 472,966 | 457,369 | ||
Wyoming Electric | 222,106 | 207,472 | ||
Total Generated | 789,123 | 765,371 | ||
Purchased: | ||||
Colorado Electric | 456,720 | 391,152 | ||
South Dakota Electric (a) | 212,258 | 387,632 | ||
Wyoming Electric | 294,822 | 274,716 | ||
Total Purchased | 963,800 | 1,053,500 | ||
Total Generated and Purchased | 1,752,923 | 1,818,871 |
Three Months Ended March 31, | Three Months Ended March 31, | Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Quantities Sold (MWh)(a) | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||
Colorado Electric | Colorado Electric | $ | 79,741 | $ | 58,558 | $ | 24,091 | $ | 32,270 | 606,343 | 550,771 | |||||||||||||||||||||||||||||||
South Dakota Electric | South Dakota Electric | 95,336 | 71,611 | 49,550 | 55,624 | 657,779 | 685,224 | |||||||||||||||||||||||||||||||||||
Wyoming Electric | Wyoming Electric | 52,331 | 43,970 | 21,698 | 21,785 | 491,905 | 516,928 | |||||||||||||||||||||||||||||||||||
Total Electric Revenue, Gross Margin (non-GAAP), and Quantities Sold | Total Electric Revenue, Gross Margin (non-GAAP), and Quantities Sold | $ | 227,408 | $ | 174,139 | $ | 95,339 | $ | 109,679 | 1,756,027 | 1,752,923 | |||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||
Heating Degree Days | Actual | Variance from Normal | Actual Variance to Prior Year | Actual | Variance from Normal | |||||||||||||||||||||||||||||||||||||
Colorado Electric | 2,456 | (7 | )% | (4)% | 2,549 | (4 | )% | |||||||||||||||||||||||||||||||||||
South Dakota Electric | 3,111 | (3 | )% | (21)% | 3,916 | 22 | % | |||||||||||||||||||||||||||||||||||
Wyoming Electric | 2,999 | (1 | )% | (6)% | 3,198 | — | % | |||||||||||||||||||||||||||||||||||
Combined (a) | 2,789 | (4 | )% | (11)% | 3,147 | 7 | % |
Three Months Ended March 31, | ||||||||||||||
Quantities Generated and Purchased (MWh) | 2021 | 2020 | ||||||||||||
Generated: | ||||||||||||||
Coal | 482,978 | 547,829 | ||||||||||||
Natural Gas and Oil | 132,105 | 167,744 | ||||||||||||
Wind | 62,295 | 73,550 | ||||||||||||
Total Generated | 677,378 | 789,123 | ||||||||||||
Purchased | 1,078,649 | 963,800 | ||||||||||||
Total Generated and Purchased | 1,756,027 | 1,752,923 |
Three Months Ended March 31, | ||||||||||||||
Quantities Generated and Purchased (MWh) | 2021 | 2020 | ||||||||||||
Generated: | ||||||||||||||
Colorado Electric | 90,256 | 94,051 | ||||||||||||
South Dakota Electric | 434,322 | 472,966 | ||||||||||||
Wyoming Electric | 152,800 | 222,106 | ||||||||||||
Total Generated | 677,378 | 789,123 | ||||||||||||
Purchased: | ||||||||||||||
Colorado Electric | 516,087 | 456,720 | ||||||||||||
South Dakota Electric | 223,457 | 212,258 | ||||||||||||
Wyoming Electric | 339,105 | 294,822 | ||||||||||||
Total Purchased | 1,078,649 | 963,800 | ||||||||||||
Total Generated and Purchased | 1,756,027 | 1,752,923 |
Three Months Ended March 31, | ||||
Contracted Power Plant Fleet Availability (a) | 2020 | 2019 | ||
Coal-fired plants | 90.8 | % | 96.2 | % |
Natural gas-fired plants and Other plants (b) | 83.5 | % | 90.7 | % |
Wind | 99.0 | % | 96.8 | % |
Total Availability | 87.1 | % | 92.9 | % |
Wind Capacity Factor | 45.6 | % | 42.6 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Heating Degree Days | Actual | Variance from Normal | Actual | Variance from Normal | |||||||||||||||||||
Colorado Electric | 2,731 | 3 | % | 2,456 | (7) | % | |||||||||||||||||
South Dakota Electric | 3,324 | 3 | % | 3,111 | (3) | % | |||||||||||||||||
Wyoming Electric | 3,261 | 8 | % | 2,999 | (1) | % | |||||||||||||||||
Combined (a) | 3,040 | 4 | % | 2,789 | (4) | % | |||||||||||||||||
Three Months Ended March 31, | ||||||||||||||
Contracted generating facilities availability by fuel type (a) | 2021 | 2020 | ||||||||||||
Coal (b) | 83.7 | % | 90.8 | % | ||||||||||
Natural Gas and diesel oil (b) (c) | 87.6 | % | 83.5 | % | ||||||||||
Wind | 93.5 | % | 99.0 | % | ||||||||||
Total availability | 87.2 | % | 87.1 | % | ||||||||||
Wind capacity factor | 43.1 | % | 45.6 | % |
Three Months Ended March 31, | |||||||||
2020 | 2019 | Variance | |||||||
(in thousands) | |||||||||
Revenue: | |||||||||
Natural gas - regulated | $ | 335,897 | $ | 383,875 | $ | (47,978 | ) | ||
Other - non-regulated services | 24,876 | 27,205 | (2,329 | ) | |||||
Total revenue | 360,773 | 411,080 | (50,307 | ) | |||||
Cost of sales: | |||||||||
Natural gas - regulated | 153,999 | 201,050 | (47,051 | ) | |||||
Other - non-regulated services | 1,363 | 6,229 | (4,866 | ) | |||||
Total cost of sales | 155,362 | 207,279 | (51,917 | ) | |||||
Gross margin (non-GAAP) | 205,411 | 203,801 | 1,610 | ||||||
Operations and maintenance | 77,293 | 77,938 | (645 | ) | |||||
Depreciation and amortization | 25,221 | 22,549 | 2,672 | ||||||
Total operating expenses | 102,514 | 100,487 | 2,027 | ||||||
Adjusted operating income | $ | 102,897 | $ | 103,314 | $ | (417 | ) |
Three Months Ended March 31, | ||||||||||||||||||||
2021 | 2020 | Variance | ||||||||||||||||||
Revenue: | ||||||||||||||||||||
Natural gas - regulated | $ | 378,077 | $ | 335,897 | $ | 42,180 | ||||||||||||||
Other - non-regulated services | 24,442 | 24,876 | (434) | |||||||||||||||||
Total revenue | 402,519 | 360,773 | 41,746 | |||||||||||||||||
Cost of sales: | ||||||||||||||||||||
Natural gas - regulated | 182,967 | 153,999 | 28,968 | |||||||||||||||||
Other - non-regulated services | 10,083 | 1,363 | 8,720 | |||||||||||||||||
Total cost of sales | 193,050 | 155,362 | 37,688 | |||||||||||||||||
Gross margin (non-GAAP) | 209,469 | 205,411 | 4,058 | |||||||||||||||||
Operations and maintenance | 82,200 | 77,293 | 4,907 | |||||||||||||||||
Depreciation and amortization | 25,175 | 25,221 | (46) | |||||||||||||||||
Total operating expenses | 107,375 | 102,514 | 4,861 | |||||||||||||||||
Adjusted operating income | $ | 102,094 | $ | 102,897 | $ | (803) |
(in millions) | |||||
New rates | $ | 9.2 | |||
Weather | 7.5 | ||||
Black Hills Energy Services Winter Storm Uri costs (a) | (8.2) | ||||
Non-utility Gas Supply Services | (1.2) | ||||
Mark-to-market on non-utility natural gas commodity contracts | (0.4) | ||||
Other | (2.8) | ||||
Total increase in Gross margin (non-GAAP) | $ | 4.1 |
(in millions) | |||
New rates | $ | 5.1 | |
Prior year amortization of excess deferred income taxes | 3.2 | ||
Customer growth - distribution | 1.5 | ||
Increased mark-to-market on non-utility natural gas commodity contracts | 0.9 | ||
Non-utility - Gas supply services | 0.8 | ||
Weather | (10.4 | ) | |
Decreased transportation and transmission | (0.7 | ) | |
Other | 1.2 | ||
Total increase in Gross margin (non-GAAP) | $ | 1.6 |
Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Quantities Sold & Transported (Dth) | |||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Residential | $ | 234,397 | $ | 207,231 | $ | 110,148 | $ | 103,121 | 30,568,738 | 28,230,795 | |||||||||||||||||||
Commercial | 91,089 | 80,236 | 35,484 | 33,519 | 13,812,321 | 12,834,803 | |||||||||||||||||||||||
Industrial | 4,902 | 5,200 | 1,789 | 2,043 | 898,289 | 1,061,052 | |||||||||||||||||||||||
Other | (472) | (1,242) | (472) | (1,242) | — | — | |||||||||||||||||||||||
Total Distribution | 329,916 | 291,425 | 146,949 | 137,441 | 45,279,348 | 42,126,650 | |||||||||||||||||||||||
Transportation and Transmission | 48,161 | 44,472 | 48,161 | 44,457 | 45,314,438 | 45,055,507 | |||||||||||||||||||||||
Total Regulated | 378,077 | 335,897 | 195,110 | 181,898 | 90,593,786 | 87,182,157 | |||||||||||||||||||||||
Non-regulated Services | 24,442 | 24,876 | 14,359 | 23,513 | |||||||||||||||||||||||||
Total Gas Revenue & Gross Margin (non-GAAP) | $ | 402,519 | $ | 360,773 | $ | 209,469 | $ | 205,411 |
Gas Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Gas Utilities Quantities Sold & Transported (Dth) | |||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||
Residential | $ | 207,231 | $ | 241,129 | $ | 103,121 | $ | 105,057 | 28,230,795 | 32,838,018 | |||||||||
Commercial | 80,236 | 96,139 | 33,519 | 35,158 | 12,834,803 | 14,990,848 | |||||||||||||
Industrial | 5,200 | 6,014 | 2,043 | 2,017 | 1,061,052 | 1,182,527 | |||||||||||||
Other | (1,242 | ) | (4,354 | ) | (1,242 | ) | (4,354 | ) | — | — | |||||||||
Total Distribution | 291,425 | 338,928 | 137,441 | 137,878 | 42,126,650 | 49,011,393 | |||||||||||||
Transportation and Transmission | 44,472 | 44,947 | 44,457 | 44,947 | 45,055,507 | 46,316,160 | |||||||||||||
Total Regulated | 335,897 | 383,875 | 181,898 | 182,825 | 87,182,157 | 95,327,553 | |||||||||||||
Non-regulated Services | 24,876 | 27,205 | 23,513 | 20,976 | |||||||||||||||
Total Gas Revenue & Gross Margin (non-GAAP) | $ | 360,773 | $ | 411,080 | $ | 205,411 | $ | 203,801 |
Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Gas Utilities Quantities Sold & Transported (Dth) | |||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Arkansas Gas | $ | 86,994 | $ | 74,845 | $ | 51,949 | $ | 48,855 | 13,306,734 | 10,962,948 | |||||||||||||||||||
Colorado Gas | 79,122 | 72,606 | 38,212 | 38,006 | 13,366,015 | 13,096,405 | |||||||||||||||||||||||
Iowa Gas | 56,754 | 54,824 | 22,631 | 21,328 | 14,313,973 | 14,280,273 | |||||||||||||||||||||||
Kansas Gas | 40,063 | 33,494 | 18,766 | 18,603 | 10,462,797 | 9,914,858 | |||||||||||||||||||||||
Nebraska Gas | 93,098 | 83,666 | 49,932 | 51,666 | 27,284,101 | 26,509,036 | |||||||||||||||||||||||
Wyoming Gas | 46,488 | 41,338 | 27,979 | 26,953 | 11,860,166 | 12,418,637 | |||||||||||||||||||||||
Total Gas Revenue & Gross Margin (non-GAAP) | $ | 402,519 | $ | 360,773 | $ | 209,469 | $ | 205,411 | 90,593,786 | 87,182,157 |
Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Gas Utilities Quantities Sold & Transported (Dth) | |||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||
Arkansas Gas | $ | 74,845 | $ | 79,391 | $ | 48,855 | $ | 44,282 | 10,962,948 | 12,424,196 | |||||||||
Colorado Gas | 72,606 | 76,471 | 38,006 | 37,600 | 13,096,405 | 13,176,925 | |||||||||||||
Iowa Gas | 54,824 | 65,641 | 21,328 | 23,050 | 14,280,273 | 15,663,687 | |||||||||||||
Kansas Gas | 33,494 | 41,217 | 18,603 | 18,119 | 9,914,858 | 10,443,270 | |||||||||||||
Nebraska Gas | 83,666 | 108,797 | 51,666 | 56,073 | 26,509,036 | 28,999,018 | |||||||||||||
Wyoming Gas | 41,338 | 39,563 | 26,953 | 24,677 | 12,418,637 | 14,620,457 | |||||||||||||
Total Gas Revenue & Gross Margin (non-GAAP) | $ | 360,773 | $ | 411,080 | $ | 205,411 | $ | 203,801 | 87,182,157 | 95,327,553 |
Three Months Ended March 31, | |||||||||
2020 | 2019 | ||||||||
Heating Degree Days: | Actual | Variance from Normal | Actual Variance to Prior Year | Actual | Variance from Normal | ||||
Arkansas Gas (a) | 1,659 | (21)% | (21)% | 2,101 | —% | ||||
Colorado Gas | 2,829 | (3)% | (7)% | 3,030 | 3% | ||||
Iowa Gas | 3,181 | (6)% | (17)% | 3,830 | 14% | ||||
Kansas Gas (a) | 2,304 | (7)% | (17)% | 2,779 | 13% | ||||
Nebraska Gas | 2,835 | (7)% | (19)% | 3,483 | 15% | ||||
Wyoming Gas | 3,217 | 1% | (8)% | 3,513 | 10% | ||||
Combined Gas (b) | 2,918 | (6)% | (15)% | 3,449 | 11% |
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||
Heating Degree Days: | Actual | Variance from Normal | Actual | Variance from Normal | |||||||||||||||||||||||||
Arkansas Gas (a) | 2,121 | 1% | 1,659 | (21)% | |||||||||||||||||||||||||
Colorado Gas | 2,965 | 1% | 2,829 | (3)% | |||||||||||||||||||||||||
Iowa Gas | 3,422 | 1% | 3,181 | (6)% | |||||||||||||||||||||||||
Kansas Gas (a) | 2,576 | 5% | 2,304 | (7)% | |||||||||||||||||||||||||
Nebraska Gas | 3,097 | 2% | 2,835 | (7)% | |||||||||||||||||||||||||
Wyoming Gas | 3,425 | 7% | 3,217 | 1% | |||||||||||||||||||||||||
Combined Gas (b) | 3,186 | 3% | 2,918 | (6)% |
Three Months Ended March 31, | |||||||||
2020 | 2019 | Variance | |||||||
(in thousands) | |||||||||
Revenue | $ | 25,966 | $ | 25,245 | $ | 721 | |||
Fuel expense | 2,285 | 2,626 | (341 | ) | |||||
Operations and maintenance | 6,997 | 6,062 | 935 | ||||||
Depreciation and amortization | 5,335 | 4,590 | 745 | ||||||
Total operating expense | 14,617 | 13,278 | 1,339 | ||||||
Adjusted operating income | $ | 11,349 | $ | 11,967 | $ | (618 | ) |
Three Months Ended March 31, | ||||||||||||||||||||
2021 | 2020 | Variance | ||||||||||||||||||
Revenue | $ | 29,163 | $ | 25,966 | $ | 3,197 | ||||||||||||||
Fuel expense | 2,671 | 2,285 | 386 | |||||||||||||||||
Operations and maintenance | 7,358 | 6,997 | 361 | |||||||||||||||||
Depreciation and amortization | 4,865 | 5,335 | (470) | |||||||||||||||||
Total operating expense | 14,894 | 14,617 | 277 | |||||||||||||||||
Adjusted operating income | $ | 14,269 | $ | 11,349 | $ | 2,920 |
Revenue (in thousands) | Quantities Sold (MWh) (a) | ||||||||||||||||
Three Months Ended March 31, | 2021 | 2020 | 2021 | 2020 | |||||||||||||
Black Hills Colorado IPP | $ | 14,254 | $ | 14,179 | 239,194 | 265,225 | |||||||||||
Black Hills Wyoming (b) | 13,433 | 10,158 | 164,957 | 156,352 | |||||||||||||
Black Hills Electric Generation | 1,476 | 1,629 | 96,294 | 97,279 | |||||||||||||
Total Power Generation Revenue and Quantities Sold | $ | 29,163 | $ | 25,966 | 500,445 | 518,856 |
Three Months Ended March 31, | ||||
2020 | 2019 | |||
Quantities Sold, Generated and Purchased (MWh) (a) | ||||
Sold | ||||
Black Hills Colorado IPP | 265,225 | 205,973 | ||
Black Hills Wyoming (b) | 156,352 | 164,049 | ||
Black Hills Electric Generation | 97,279 | 33,753 | ||
Total Sold | 518,856 | 403,775 | ||
Generated | ||||
Black Hills Colorado IPP | 265,225 | 205,973 | ||
Black Hills Wyoming (b) | 126,485 | 132,593 | ||
Black Hills Electric Generation | 97,279 | 33,753 | ||
Total Generated | 488,989 | 372,319 | ||
Purchased | ||||
Black Hills Wyoming (b) | 29,856 | 25,579 | ||
Total Purchased | 29,856 | 25,579 |
Three Months Ended March 31, | ||||
Contracted Power Plant Fleet Availability (a) | 2020 | 2019 | ||
Coal-fired plant (b) | 89.3 | % | 94.8 | % |
Natural gas-fired plants | 99.5 | % | 95.6 | % |
Wind | 99.3 | % | 90.4 | % |
Total Availability | 97.8 | % | 94.1 | % |
Wind Capacity Factor | 30.4 | % | 28.2 | % |
Three Months Ended March 31, | ||||||||||||||||||||
Quantities Generated and Purchased (MWh) (a) | Fuel Type | 2021 | 2020 | |||||||||||||||||
Generated | ||||||||||||||||||||
Black Hills Colorado IPP | Natural Gas | 239,194 | 265,225 | |||||||||||||||||
Black Hills Wyoming (b) | Coal | 136,104 | 126,485 | |||||||||||||||||
Black Hills Electric Generation | Wind | 96,294 | 97,279 | |||||||||||||||||
Total Generated | 471,592 | 488,989 | ||||||||||||||||||
Purchased | ||||||||||||||||||||
Black Hills Wyoming (b) | Various | 29,567 | 29,856 | |||||||||||||||||
Total Purchased | 29,567 | 29,856 |
Three Months Ended March 31, | |||||||||||||||||
Contracted generating facilities availability by fuel type (a) | 2021 | 2020 | |||||||||||||||
Coal (b) | 97.0 | % | 89.3 | % | |||||||||||||
Natural gas | 98.6 | % | 99.5 | % | |||||||||||||
Wind | 94.2 | % | 99.3 | % | |||||||||||||
Total availability | 96.7 | % | 97.8 | % | |||||||||||||
Wind capacity factor | 32.6 | % | 30.4 | % |
Three Months Ended March 31, | |||||||||
2020 | 2019 | Variance | |||||||
(in thousands) | |||||||||
Revenue | $ | 15,205 | $ | 16,429 | $ | (1,224 | ) | ||
Operations and maintenance | 9,826 | 9,913 | (87 | ) | |||||
Depreciation, depletion and amortization | 2,250 | 2,179 | 71 | ||||||
Total operating expenses | 12,076 | 12,092 | (16 | ) | |||||
Adjusted operating income | $ | 3,129 | $ | 4,337 | $ | (1,208 | ) |
Three Months Ended March 31, | ||||||||||||||||||||
2021 | 2020 | Variance | ||||||||||||||||||
Revenue | $ | 14,672 | $ | 15,205 | $ | (533) | ||||||||||||||
Operations and maintenance | 9,197 | 9,826 | (629) | |||||||||||||||||
Depreciation, depletion and amortization | 2,214 | 2,250 | (36) | |||||||||||||||||
Total operating expenses | 11,411 | 12,076 | (665) | |||||||||||||||||
Adjusted operating income | $ | 3,261 | $ | 3,129 | $ | 132 |
Three Months Ended March 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Tons of coal sold | 875 | 896 | |||||||||||||||
Cubic yards of overburden moved | 1,822 | 2,267 | |||||||||||||||
Revenue per ton | $ | 16.09 | $ | 16.08 |
Three Months Ended March 31, | ||||||
2020 | 2019 | |||||
Tons of coal sold | 896 | 997 | ||||
Cubic yards of overburden moved | 2,267 | 1,994 | ||||
Revenue per ton | $ | 16.08 | $ | 15.87 |
Three Months Ended March 31, | ||||||||||||||||||||
2021 | 2020 | Variance | ||||||||||||||||||
Adjusted operating income (loss) | $ | (3,122) | $ | 160 | $ | (3,282) |
Three Months Ended March 31, | |||||||||
2020 | 2019 | Variance | |||||||
(in thousands) | |||||||||
Adjusted operating income (loss) | $ | 160 | $ | (507 | ) | $ | 667 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | Variance | |||||||||
(in thousands) | |||||||||||
Interest expense, net | $ | (37,600) | $ | (35,453) | $ | (2,147) | |||||
Impairment of investment | — | (6,859) | $ | 6,859 | |||||||
Other income (expense), net | 266 | 2,353 | $ | (2,087) | |||||||
Income tax (expense) | (494) | (16,002) | $ | 15,508 |
Three Months Ended March 31, | |||||||||
2020 | 2019 | Variance | |||||||
(in thousands) | |||||||||
Interest expense, net | $ | (35,453 | ) | $ | (34,717 | ) | $ | (736 | ) |
Impairment of investment | (6,859 | ) | — | $ | (6,859 | ) | |||
Other income (expense), net | 2,353 | (789 | ) | $ | 3,142 | ||||
Income tax (expense) | (16,002 | ) | (17,263 | ) | $ | 1,261 |
Cash provided by (used in): | 2021 | 2020 | Variance | ||||||||
Operating activities | $ | (386,086) | $ | 191,969 | $ | (578,055) | |||||
Investing activities | $ | (146,224) | $ | (173,084) | $ | 26,860 | |||||
Financing activities | $ | 539,496 | $ | 25,621 | $ | 513,875 |
Cash provided by (used in): | 2020 | 2019 | Variance | ||||||
Operating activities | $ | 191,969 | $ | 175,893 | $ | 16,076 | |||
Investing activities | $ | (173,084 | ) | $ | (145,027 | ) | $ | (28,057 | ) |
Financing activities | $ | 25,621 | $ | (39,292 | ) | $ | 64,913 |
Current | Short-term borrowings at | Letters of Credit (a) at | Available Capacity at | ||||||||||||||
Credit Facility | Expiration | Capacity | March 31, 2021 | March 31, 2021 | March 31, 2021 | ||||||||||||
Revolving Credit Facility and CP Program | July 30, 2023 | $ | 750 | $ | 216 | $ | 17 | $ | 517 |
(dollars in millions) | |||||
Maximum amount outstanding (based on daily outstanding balances) | $ | 311 | |||
Average amount outstanding (based on daily outstanding balances) | $ | 199 | |||
Weighted average interest rates | 0.24 | % |
Rating Agency | Senior Unsecured Rating | Outlook | ||||||
S&P (a) | BBB+ | Stable | ||||||
Moody’s (b) | Baa2 | Stable | ||||||
Fitch (c) | BBB+ | Stable |
Rating Agency | Senior Secured Rating | ||||
S&P (a) | A | ||||
Moody’s (b) | A1 | ||||
Fitch (c) | A |
Actual | Forecasted | ||||||||||||||||||||||
Capital Expenditures by Segment | Three Months Ended March 31, 2021 (a) | 2021 (b) | 2022 | 2023 | 2024 | 2025 | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Electric Utilities | $ | 52 | $ | 240 | $ | 180 | $ | 143 | $ | 156 | $ | 154 | |||||||||||
Gas Utilities | 73 | 377 | 347 | 339 | 330 | 326 | |||||||||||||||||
Power Generation | 3 | 10 | 9 | 6 | 4 | 5 | |||||||||||||||||
Mining | 1 | 9 | 9 | 9 | 9 | 10 | |||||||||||||||||
Corporate and Other | 3 | 11 | 5 | 13 | 13 | 13 | |||||||||||||||||
Incremental Projects (c) | — | — | 50 | 100 | 100 | 100 | |||||||||||||||||
$ | 132 | $ | 647 | $ | 600 | $ | 610 | $ | 612 | $ | 608 |
Current | Revolver Borrowings at | CP Program Borrowings at | Letters of Credit at | Available Capacity at | ||||||||||||
Credit Facility | Expiration | Capacity | March 31, 2020 | March 31, 2020 | March 31, 2020 | March 31, 2020 | ||||||||||
Revolving Credit Facility and CP Program | July 30, 2023 | $ | 750 | $ | 165 | $ | 154 | $ | 17 | $ | 414 |
For the Three Months Ended March 31, 2020 | |||
Maximum amount outstanding - CP Program (based on daily outstanding balances) | $ | 366 | |
Maximum amount outstanding - Revolving Credit Facility (based on daily outstanding balances) | $ | 165 | |
Average amount outstanding - CP Program (based on daily outstanding balances) | $ | 288 | |
Average amount outstanding - Revolving Credit Facility (based on daily outstanding balances) | $ | 150 | |
Weighted average interest rates - CP Program | 1.84 | % | |
Weighted average interest rates - Revolving Credit Facility | 1.92 | % |
Actual | Planned | Planned | Planned | Planned | Planned | |||||||||||||
Capital Expenditures by Segment | Three Months Ended March 31, 2020 (a) | 2020 (b) | 2021 | 2022 | 2023 | 2024 | ||||||||||||
(in millions) | ||||||||||||||||||
Electric Utilities | $ | 49 | $ | 246 | $ | 203 | $ | 170 | $ | 137 | $ | 152 | ||||||
Gas Utilities | 113 | 391 | 309 | 285 | 316 | 293 | ||||||||||||
Power Generation | 5 | 7 | 9 | 11 | 6 | 6 | ||||||||||||
Mining | 1 | 8 | 12 | 9 | 9 | 9 | ||||||||||||
Corporate and Other | 5 | 17 | 22 | 11 | 12 | 10 | ||||||||||||
$ | 173 | $ | 669 | $ | 555 | $ | 486 | $ | 480 | $ | 470 |
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Period | Total Number of Shares Purchased (a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plans or Programs | ||||||||||
January 1, 2021 - January 31, 2021 | 116.0 | $ | 60.06 | — | — | |||||||||
February 1, 2021 - February 28, 2021 | 11,696.0 | 61.92 | — | — | ||||||||||
March 1, 2021 - March 31, 2021 | 1.4 | 59.86 | — | — | ||||||||||
Total | 11,813 | $ | 61.90 | — | — |
ITEM 4. MINE SAFETY DISCLOSURES |
3.1 | |||||
4.1.1 | |||||
4.1.2 | |||||
4.1.3 |
4.1.4 | |||||
4.1.5 | |||||
4.1.6 | |||||
4.1.7 | |||||
4.1.8 | |||||
4.2.1 | |||||
4.2.2 | |||||
4.2.3 | |||||
4.3.1 | |||||
4.3.2 |
101.INS* | |||||
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||
XBRL Taxonomy Extension Schema Document | |||||
XBRL Taxonomy Extension Calculation Linkbase Document | |||||
XBRL Taxonomy Extension Definition Linkbase Document | |||||
XBRL Taxonomy Extension Label Linkbase Document | |||||
XBRL Taxonomy Extension Presentation Linkbase Document | |||||
104* | |||||
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
/s/ Linden R. Evans | ||||||||
Linden R. Evans, President and | ||||||||
Chief Executive Officer | ||||||||
/s/ Richard W. Kinzley | ||||||||
Richard W. Kinzley, Senior Vice President and | ||||||||
Chief Financial Officer | ||||||||
Dated: | May 5, |