Document_Information_Document
Document Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'BLACK HILLS CORP /SD/ | ' | ' |
Entity Central Index Key | '0001130464 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 44,503,454 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Public Float | ' | ' | $2,135,998,459 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenue: | ' | ' | ' | |
Total revenue | $1,275,852 | $1,173,884 | $1,272,188 | |
Utilities - | ' | ' | ' | |
Fuel, purchased power and cost of natural gas sold | 492,147 | 407,066 | 574,989 | |
Operations and maintenance | 261,919 | 242,367 | 247,496 | |
Non-regulated energy operations and maintenance | 83,762 | 85,830 | 93,453 | |
Gain on sale of operating assets | 0 | -29,129 | [1] | 0 |
Depreciation, depletion and amortization | 141,217 | 154,632 | 135,591 | |
Impairment of long-lived assets | 0 | 26,868 | [2] | 0 |
Taxes - property, production and severance | 40,012 | 40,487 | 33,710 | |
Other operating expenses | 1,243 | 2,052 | 710 | |
Total operating expenses | 1,020,300 | 930,173 | 1,085,949 | |
Operating income | 255,552 | 243,711 | 186,239 | |
Interest charges - | ' | ' | ' | |
Interest expense incurred (including amortization of debt issuance costs, premiums and discounts and realized settlements on interest rate swaps) | -113,979 | -117,754 | -116,684 | |
Allowance for funds used during construction - borrowed | 1,130 | 3,462 | 14,041 | |
Capitalized interest | 1,061 | 682 | 11,260 | |
Unrealized gain (loss) on interest rate swaps, net | 30,169 | 1,882 | -42,010 | |
Interest income | 1,723 | 1,957 | 2,017 | |
Allowance for funds used during construction - equity | 607 | 540 | 932 | |
Other expense | -694 | -71 | -817 | |
Other income | 1,971 | 2,486 | 2,490 | |
Total other income (expense) | -78,012 | -106,816 | -128,771 | |
Income (loss) from continuing operations before earnings (loss) of unconsolidated subsidiaries and income taxes | 177,540 | 136,895 | 57,468 | |
Equity in earnings (loss) of unconsolidated subsidiaries | -86 | 10 | 1,121 | |
Income tax benefit (expense) | -61,608 | -48,400 | -18,224 | |
Income (loss) from continuing operations | 115,846 | 88,505 | 40,365 | |
Income (loss) from discontinued operations, net of tax | -884 | -6,977 | 9,365 | |
Net income (loss) available for common stock | 114,962 | 81,528 | 49,730 | |
Earnings (loss) per share, Basic - | ' | ' | ' | |
Income (loss) from continuing operations, per share | $2.62 | $2.02 | $1.01 | |
Income (loss) from discontinued operations, per share | ($0.02) | ($0.16) | $0.24 | |
Total income (loss) per share, Basic | $2.60 | $1.86 | $1.25 | |
Earnings (loss) per share, Diluted - | ' | ' | ' | |
Income (loss) from continuing operations, per share | $2.61 | $2.01 | $1.01 | |
Income (loss) from discontinued operations, per share | ($0.02) | ($0.16) | $0.23 | |
Total income (loss) per share, Diluted | $2.59 | $1.85 | $1.24 | |
Weighted average common shares outstanding: | ' | ' | ' | |
Basic | 44,163 | 43,820 | 39,864 | |
Diluted | 44,419 | 44,073 | 40,081 | |
Utilities Group [Member] | ' | ' | ' | |
Revenue: | ' | ' | ' | |
Total revenue | 1,191,133 | 1,064,813 | 1,155,519 | |
Non Regulated Energy Group [Member] | ' | ' | ' | |
Revenue: | ' | ' | ' | |
Total revenue | $84,719 | $109,071 | $116,669 | |
[1] | Oil and Gas includes gain on sale of the Williston Basin assets (see Note 21). | |||
[2] | Oil and Gas includes a ceiling test impairment (see Note 12). |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income (loss) available for common stock | $114,962 | $81,528 | $49,730 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Benefit plan liability adjustments - net gain (loss) (net of tax of $(3,813), $296 and $4,135, respectively) | 8,237 | -542 | -7,609 |
Benefit plan liability adjustments - prior service (costs) (net of tax of $185, $86 and $176, respectively) | -406 | -157 | -325 |
Reclassification adjustment of benefit plan liability - net gain (loss) (net of tax of $(971)) | 1,820 | 0 | 0 |
Reclassification adjustment of benefit plan liability - prior service cost (net of tax of $88) | -165 | 0 | 0 |
Fair value adjustment on derivatives designated as cash flow hedges (net of tax of $(2,445), $887 and $1,708, respectively) | 4,534 | -1,268 | -2,831 |
Reclassification adjustment of cash flow hedges settled and included in net income (loss) (net of tax of $(2,016), $534 and $(709), respectively) | 4,046 | -643 | 1,468 |
Other comprehensive income (loss), net of tax | 18,066 | -2,610 | -9,297 |
Comprehensive income (loss) | 133,028 | 78,918 | 40,433 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent, Parenthetical Disclosures [Abstract] | ' | ' | ' |
Benefit plan liability adjustments - net gain (loss), Tax | -3,813 | 296 | 4,135 |
Benefit plan liability adjustments - prior service (costs), Tax | 185 | 86 | 176 |
Reclassification adjustment of benefit plan liability - net gain (loss) tax | -971 | 0 | 0 |
Reclassification adjustment of benefit plan liability - prior service cost, tax | 88 | 0 | 0 |
Fair value adjustment on derivatives designated as cash flow hedges, Tax | -2,445 | 887 | 1,708 |
Reclassification adjustment of cash flow hedges settled and included in net income (loss), Tax | ($2,016) | $534 | ($709) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | |
Cash and cash equivalents | $7,841 | $15,462 | |
Restricted cash and equivalents | 2 | 7,916 | |
Accounts receivable, net | 177,573 | 163,698 | |
Materials, supplies and fuel | 88,478 | 77,643 | |
Derivative assets, current | 717 | 3,236 | |
Income tax receivable, net | 1,460 | 0 | |
Deferred income tax assets, net, current | 18,889 | 77,231 | |
Regulatory assets, current | 24,451 | 31,125 | |
Other current assets | 25,877 | 28,795 | |
Total current assets | 345,288 | 405,106 | |
Investments | 16,697 | 16,402 | |
Property, plant and equipment | 4,259,445 | 3,930,772 | |
Less accumulated depreciation and depletion | -1,269,148 | -1,188,023 | |
Total property, plant and equipment, net | 2,990,297 | 2,742,749 | |
Other assets: | ' | ' | |
Goodwill | 353,396 | 353,396 | |
Intangible assets, net | 3,397 | [1] | 3,620 |
Derivative assets, non-current | 0 | 510 | |
Regulatory assets, non-current | 138,197 | 188,268 | |
Other assets, non-current | 27,906 | 19,420 | |
Total other assets, non-current | 522,896 | 565,214 | |
TOTAL ASSETS | 3,875,178 | 3,729,471 | |
Current liabilities: | ' | ' | |
Accounts payable | 130,416 | 84,422 | |
Accrued liabilities | 151,277 | 154,389 | |
Derivative liabilities, current | 3,474 | 96,541 | |
Accrued income tax, net | 0 | 4,936 | |
Regulatory liabilities, current | 10,727 | 13,628 | |
Notes payable | 82,500 | 277,000 | |
Current maturities of long-term debt | 0 | 103,973 | |
Total current liabilities | 378,394 | 734,889 | |
Long-term debt, net of current maturities | 1,396,948 | 938,877 | |
Deferred credits and other liabilities: | ' | ' | |
Deferred income tax liabilities, net, non-current | 432,287 | 385,908 | |
Derivative liabilities, non-current | 5,614 | 16,941 | |
Regulatory liabilities, non-current | 109,429 | 127,656 | |
Benefit plan liabilities | 111,479 | 167,397 | |
Other deferred credits and other liabilities | 133,279 | 125,294 | |
Total deferred credits and other liabilities | 792,088 | 823,196 | |
Stockholders’ equity: | ' | ' | |
Common stock $1 par value; 100,000,000 shares authorized; issued: 44,550,239 and 44,278,189 shares, respectively | 44,550 | 44,278 | |
Additional paid-in capital | 742,344 | 733,095 | |
Retained earnings | 540,244 | 492,869 | |
Treasury stock at cost - 50,877 and 71,782 shares, respectively | -1,968 | -2,245 | |
Accumulated other comprehensive income (loss) | -17,422 | -35,488 | |
Total stockholders’ equity | 1,307,748 | 1,232,509 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $3,875,178 | $3,729,471 | |
[1] | Amortization expense for existing intangible assets is expected to be $0.2 million for each year of the next five years. |
Consolidated_Balance_Sheets_Ba
Consolidated Balance Sheets Balance Sheet Parantheticals (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Common Stock, Par or Stated Value Per Share | $1 | $1 |
Common Stock, Shares, Outstanding | 44,499,362 | 44,206,408 |
Treasury Stock, Shares | 50,877 | 71,782 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 44,550,239 | 44,278,189 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Operating activities: | ' | ' | ' | ||
Net income (loss) available for common stock | $114,962,000 | $81,528,000 | $49,730,000 | ||
(Income) loss from discontinued operations, net of tax | 884,000 | 6,977,000 | -9,365,000 | ||
Income (loss) from continuing operations | 115,846,000 | 88,505,000 | 40,365,000 | ||
Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities: | ' | ' | ' | ||
Depreciation, depletion and amortization | 141,217,000 | 154,632,000 | 135,591,000 | ||
Deferred financing cost amortization | 6,763,000 | 5,555,000 | 5,655,000 | ||
Impairment of long-lived assets | 0 | 26,868,000 | [1] | 0 | |
Gain on sale of operating assets | 0 | -29,129,000 | [2] | 0 | |
Stock compensation | 12,595,000 | 8,271,000 | 5,643,000 | ||
Unrealized gain (loss) on interest rate swaps, net | -30,169,000 | -1,882,000 | 42,010,000 | ||
Deferred income taxes | 63,784,000 | 39,716,000 | 33,600,000 | ||
Employee benefit plans | 22,194,000 | 20,973,000 | 14,586,000 | ||
Other adjustments, net | 9,826,000 | 4,929,000 | -5,799,000 | ||
Change in certain operating assets and liabilities: | ' | ' | ' | ||
Materials, supplies and fuel | -5,770,000 | 6,343,000 | -21,385,000 | ||
Accounts receivable, unbilled revenues and other current assets | -13,921,000 | 13,739,000 | 22,290,000 | ||
Accounts payable and other current liabilities | 15,336,000 | -10,713,000 | -31,091,000 | ||
Contributions to defined benefit pension plans | -12,500,000 | -25,350,000 | -11,050,000 | ||
Other operating activities, net | 312,000 | -6,670,000 | -13,721,000 | ||
Net cash provided by operating activities of continuing operations | 325,513,000 | 295,787,000 | 216,694,000 | ||
Net cash provided by (used in) operating activities of discontinued operations | -884,000 | 21,184,000 | 7,010,000 | ||
Net cash provided by operating activities | 324,629,000 | 316,971,000 | 223,704,000 | ||
Investing activities: | ' | ' | ' | ||
Property, plant and equipment additions | -354,749,000 | -349,129,000 | -440,698,000 | ||
Proceeds from sale of assets | 0 | 253,791,000 | 583,000 | ||
Other investing activities | 5,471,000 | -180,000 | -4,533,000 | ||
Net cash provided by (used in) investing activities of continuing operations | -349,278,000 | -95,518,000 | -444,648,000 | ||
Proceeds from sale of business operations | 0 | 107,511,000 | 0 | ||
Net cash provided by (used in) investing activities of discontinued operations | 0 | -824,000 | -2,359,000 | ||
Net cash provided by (used in) investing activities | -349,278,000 | 11,169,000 | -447,007,000 | ||
Financing activities: | ' | ' | ' | ||
Dividends paid on common stock | -67,587,000 | -65,262,000 | -59,202,000 | ||
Common stock issued | 4,354,000 | 4,726,000 | 123,041,000 | ||
Short-term borrowings - issuances | 337,650,000 | 203,753,000 | 1,017,300,000 | ||
Short-term borrowings - repayments | -532,150,000 | -271,753,000 | -821,300,000 | ||
Long-term debt - issuance | 800,000,000 | 0 | 0 | ||
Long-term debt - repayments | -445,906,000 | -240,077,000 | -8,382,000 | ||
De-designated interest rate swap settlement | -63,939,000 | 0 | 0 | ||
Other financing activities | -15,394,000 | -2,833,000 | -1,666,000 | ||
Net cash provided by (used in) financing activities of continuing operations | 17,028,000 | -371,446,000 | 249,791,000 | ||
Net cash provided by (used in) financing activities of discontinued operations | 0 | 0 | -158,000 | ||
Net cash provided by (used in) financing activities | 17,028,000 | -371,446,000 | 249,633,000 | ||
Net change in cash and cash equivalents | -7,621,000 | -43,306,000 | 26,330,000 | ||
Cash and cash equivalents: | ' | ' | ' | ||
Cash and cash equivalents beginning of year | 15,462,000 | 58,768,000 | [3] | 32,438,000 | [3] |
Cash and cash equivalents end of year | 7,841,000 | 15,462,000 | 58,768,000 | [3] | |
Discontinued Operation, Additional Disclosures [Abstract] | ' | ' | ' | ||
Cash and Cash Equivalents of Discontinued Operations | ' | ' | $37,000,000 | ||
[1] | Oil and Gas includes a ceiling test impairment (see Note 12). | ||||
[2] | Oil and Gas includes gain on sale of the Williston Basin assets (see Note 21). | ||||
[3] | Cash and cash equivalents include cash of discontinued operations of $37 million and $16 million at Dec. 31, 2011 and 2010 respectively. |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||
Stockholders' Equity Attributable to Parent Period Start at Dec. 31, 2010 | $1,100,270 | $39,280 | ($309) | $598,805 | $486,075 | ($23,581) |
Treasury Stock, Shares, Period Start at Dec. 31, 2010 | ' | ' | 10,962 | ' | ' | ' |
Shares, Issued Period Start at Dec. 31, 2010 | ' | 39,280,048 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income (loss) available for common stock | 49,730 | 0 | 0 | 0 | 49,730 | 0 |
Other comprehensive income (loss), net of tax | -9,297 | 0 | 0 | 0 | 0 | -9,297 |
Dividends on common stock, shares | ' | 0 | 0 | ' | ' | ' |
Dividends on common stock | -59,202 | 0 | 0 | 0 | -59,202 | 0 |
Share-based compensation, shares | ' | 161,424 | 21,804 | ' | ' | ' |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 5,076 | 161 | -661 | 5,576 | 0 | 0 |
Tax effect of share-based compensation | -28 | 0 | 0 | -28 | 0 | 0 |
Issuance of common stock, Shares | ' | 4,413,519 | ' | ' | ' | ' |
Issuance of common stock, Value | 119,630 | 4,414 | ' | 115,216 | ' | ' |
Dividend reinvestment and stock purchase plan, shares | ' | 102,511 | 0 | ' | ' | ' |
Dividend reinvestment an stock purchase plan | 3,202 | 103 | 0 | 3,099 | 0 | 0 |
Other stock transactions, shares | ' | 0 | 0 | ' | ' | ' |
Other stock transactions | -45 | 0 | 0 | -45 | 0 | 0 |
Dividends, Common Stock [Abstract] | ' | ' | ' | ' | ' | ' |
Dividends Paid Per Share | $1.46 | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Parent Period End at Dec. 31, 2011 | 1,209,336 | 43,958 | -970 | 722,623 | 476,603 | -32,878 |
Treasury Stock, Shares, Period End at Dec. 31, 2011 | ' | ' | 32,766 | ' | ' | ' |
Shares, Issued Period End at Dec. 31, 2011 | ' | 43,957,502 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income (loss) available for common stock | 81,528 | 0 | 0 | 0 | 81,528 | 0 |
Other comprehensive income (loss), net of tax | -2,610 | 0 | 0 | 0 | 0 | -2,610 |
Dividends on common stock, shares | ' | 0 | 0 | ' | ' | ' |
Dividends on common stock | -65,262 | 0 | 0 | 0 | -65,262 | 0 |
Share-based compensation, shares | ' | 219,946 | 39,016 | ' | ' | ' |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 6,040 | 220 | -1,275 | 7,095 | 0 | 0 |
Tax effect of share-based compensation | 117 | 0 | 0 | 117 | 0 | 0 |
Dividend reinvestment and stock purchase plan, shares | ' | 100,741 | 0 | ' | ' | ' |
Dividend reinvestment an stock purchase plan | 3,382 | 100 | 0 | 3,282 | 0 | 0 |
Other stock transactions, shares | ' | 0 | 0 | ' | ' | ' |
Other stock transactions | -22 | 0 | 0 | -22 | 0 | 0 |
Dividends, Common Stock [Abstract] | ' | ' | ' | ' | ' | ' |
Dividends Paid Per Share | $1.48 | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Parent Period End at Dec. 31, 2012 | 1,232,509 | 44,278 | -2,245 | 733,095 | 492,869 | -35,488 |
Treasury Stock, Shares, Period End at Dec. 31, 2012 | 71,782 | ' | 71,782 | ' | ' | ' |
Shares, Issued Period End at Dec. 31, 2012 | ' | 44,278,189 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income (loss) available for common stock | 114,962 | 0 | 0 | 0 | 114,962 | 0 |
Other comprehensive income (loss), net of tax | 18,066 | 0 | 0 | 0 | 0 | 18,066 |
Dividends on common stock, shares | ' | 0 | 0 | ' | ' | ' |
Dividends on common stock | -67,587 | 0 | 0 | 0 | -67,587 | 0 |
Share-based compensation, shares | ' | 190,172 | -20,905 | ' | ' | ' |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 5,867 | 190 | 277 | 5,400 | 0 | 0 |
Tax effect of share-based compensation | 410 | 0 | 0 | 410 | 0 | 0 |
Dividend reinvestment and stock purchase plan, shares | ' | 66,878 | 0 | ' | ' | ' |
Dividend reinvestment an stock purchase plan | 3,129 | 67 | 0 | 3,062 | 0 | 0 |
Other stock transactions, shares | ' | -15,000 | 0 | ' | ' | ' |
Other stock transactions | 392 | 15 | 0 | 377 | 0 | 0 |
Dividends, Common Stock [Abstract] | ' | ' | ' | ' | ' | ' |
Dividends Paid Per Share | $1.52 | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Parent Period End at Dec. 31, 2013 | $1,307,748 | $44,550 | ($1,968) | $742,344 | $540,244 | ($17,422) |
Treasury Stock, Shares, Period End at Dec. 31, 2013 | 50,877 | ' | 50,877 | ' | ' | ' |
Shares, Issued Period End at Dec. 31, 2013 | ' | 44,550,239 | ' | ' | ' | ' |
Business_Description_and_Signi
Business Description and Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||
Business Description and Significant Accounting Policies [Text Block] | ' | ||||||||||||
BUSINESS DESCRIPTION AND SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||
Business Description | |||||||||||||
Black Hills Corporation is a diversified energy company headquartered in Rapid City, South Dakota. We are a holding company that, through our subsidiaries, operates in two primary business groups: Utilities and Non-regulated Energy. | |||||||||||||
The Utilities Group includes our Electric Utilities and Gas Utilities segments. Electric Utilities include the operating results of the regulated electric utility operations of Black Hills Power and Colorado Electric, and the electric and natural gas utility operations of Cheyenne Light, which supply regulated electric utility services to areas in South Dakota, Wyoming, Colorado and Montana and natural gas utility services to Cheyenne, Wyo. and vicinity. Gas Utilities consist of the operating results of the regulated natural gas utility operations of Colorado Gas, Nebraska Gas, Iowa Gas, and Kansas Gas. | |||||||||||||
The Non-regulated Energy Group includes our Power Generation, Coal Mining and Oil and Gas segments. Power Generation, which is conducted through Black Hills Electric Generation and its subsidiaries, engages in independent power generation activities in Wyoming and Colorado. Coal Mining, which is conducted through WRDC, engages in coal mining activities located near Gillette, Wyo. Oil and Gas, which is conducted through BHEP and its subsidiaries, engages in crude oil and natural gas exploration and production activities in Colorado, Louisiana, Montana, Oklahoma, New Mexico, North Dakota, Wyoming, Texas and California. These businesses are aggregated for reporting purposes as Non-regulated Energy. | |||||||||||||
On Feb. 29, 2012, we sold Enserco, our Energy Marketing segment, which resulted in this segment being classified as discontinued operations. See Note 21 for additional information. | |||||||||||||
For further descriptions of our reportable business segments, see Note 4. | |||||||||||||
Use of Estimates and Basis of Presentation | |||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Changes in facts and circumstances or additional information may result in revised estimates and actual results could differ materially from those estimates. | |||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of Black Hills Corporation and its wholly-owned and majority-owned and controlled subsidiaries. Investment in non-controlled entities over which we have the ability to exercise significant influence over operating and financial policies are accounted for using the equity method of accounting. In applying the equity method of accounting, the investments are initially recognized at cost, and subsequently adjusted for our proportionate share of earnings and losses and distributions. Under this method, a proportionate share of pretax income is recorded as Equity earnings (loss) of unconsolidated subsidiaries. All inter-company balances and transactions have been eliminated in consolidation. For additional information on inter-company revenues, see Note 4. | |||||||||||||
Our Consolidated Statements of Income include operating activity of acquired companies beginning with their acquisition date. We use the proportionate consolidation method to account for our working interests in oil and gas properties and for our ownership interest in any jointly-owned electric utility generating facility, wind project or transmission tie and the BHEP gas processing plant. See Note 3 for additional information. | |||||||||||||
As a result of the sale of our Energy Marketing segment, amounts associated with this segment have been reclassified as discontinued operations on the accompanying Consolidated Financial Statements. See Note 21 for additional information. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. | |||||||||||||
Restricted Cash and Equivalents | |||||||||||||
The Black Hills Wyoming project financing required that we maintain cash accounts for various specified purposes. We did not readily have access to these accounts and could only withdraw funds upon meeting certain requirements. Therefore, we had classified these amounts as restricted cash. This project financing was repaid in 2013. | |||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | |||||||||||||
Accounts receivable for our Utilities Group primarily consists of sales to residential, commercial, industrial, municipal and other customers, all of which do not bear interest. These accounts receivable are stated at billed and unbilled amounts net of write-offs and allowance for doubtful accounts. Accounts receivable for our Non-regulated Energy Group consists of amounts due from sales of coal, crude oil and natural gas, electric energy and capacity. | |||||||||||||
We maintain an allowance for doubtful accounts which reflects our estimate of uncollectible trade receivables. We regularly review our trade receivable allowance by considering such factors as historical experience, credit worthiness, the age of the receivable balances and current economic conditions that may affect collectibility. | |||||||||||||
In specific cases where we are aware of a customer’s inability or reluctance to pay, we record an allowance for doubtful accounts against amounts due to reduce the net receivable balance to the amount we reasonably expect to collect. However, if circumstances change, our estimate of the recoverability of accounts receivable could be affected. Circumstances which could affect our estimates include, but are not limited to, customer credit issues, the level of commodity prices, customer deposits and general economic conditions. Accounts are written off once they are deemed to be uncollectible or the time allowed for dispute under the contract has expired. | |||||||||||||
We utilize master netting agreements which consist of an agreement between two parties who have multiple contracts with each other that provide for the net settlement of all contracts in the event of default on or termination of any one contract. When the right of offset exists, accounting standards permit the netting of receivables and payables under a legally enforceable master netting agreement between counterparties. Accounting standards also permit offsetting of fair value amounts recognized for the right to reclaim, or the obligation to return, cash collateral against fair value amounts recognized for derivative instruments executed with the same counterparty. | |||||||||||||
Following is a summary of accounts receivable as of Dec. 31 (in thousands): | |||||||||||||
2013 | Accounts Receivable, Trade | Unbilled Revenue | Less Allowance for Doubtful Accounts | Accounts Receivable, net | |||||||||
Electric Utilities | $ | 52,437 | $ | 23,823 | $ | (666 | ) | $ | 75,594 | ||||
Gas Utilities | 49,162 | 41,195 | (558 | ) | 89,799 | ||||||||
Power Generation | 1,722 | — | — | 1,722 | |||||||||
Coal Mining | 1,711 | — | — | 1,711 | |||||||||
Oil and Gas | 8,156 | — | (13 | ) | 8,143 | ||||||||
Corporate | 604 | — | — | 604 | |||||||||
Total | $ | 113,792 | $ | 65,018 | $ | (1,237 | ) | $ | 177,573 | ||||
2012 | Accounts Receivable, Trade | Unbilled Revenue | Less Allowance for Doubtful Accounts | Accounts Receivable, net | |||||||||
Electric Utilities | $ | 54,482 | $ | 23,843 | $ | (527 | ) | $ | 77,798 | ||||
Gas Utilities | 31,495 | 39,962 | (222 | ) | 71,235 | ||||||||
Power Generation | 16 | — | — | 16 | |||||||||
Coal Mining | 2,247 | — | — | 2,247 | |||||||||
Oil and Gas | 11,622 | — | (19 | ) | 11,603 | ||||||||
Corporate | 799 | — | — | 799 | |||||||||
Total | $ | 100,661 | $ | 63,805 | $ | (768 | ) | $ | 163,698 | ||||
Revenue Recognition | |||||||||||||
Revenue is recognized when there is persuasive evidence of an arrangement with a fixed or determinable price and delivery has occurred or services have been rendered. Sales tax collected from our customers is recorded on a net basis (excluded from Revenue). | |||||||||||||
Utility revenues are based on authorized rates approved by the state regulatory agencies and the FERC. Revenues related to the sale, transmission and distribution of energy, and delivery of service are generally recorded when service is rendered or energy is delivered to customers. To the extent that deliveries have occurred but a bill has not been issued, our utilities accrue an estimate of the revenue since the latest billing. This estimate is calculated based upon several factors including billings through the last billing cycle in a month, and prices in effect in our jurisdictions. Each month the estimated unbilled revenue amounts are trued-up and recorded in Accounts receivable, net on the accompanying Consolidated Balance Sheets. | |||||||||||||
For long-term non-regulated power sales agreements, revenue is recognized either in accordance with accounting standards for revenue recognition, or in accordance with accounting standards for leases, as appropriate. Under accounting standards for revenue recognition, revenue is generally recognized as the lesser of the amount billed or the average rate expected over the life of the agreement. | |||||||||||||
Natural gas and crude oil sales are recognized when the products are sold to a purchaser at a fixed or determinable price, delivery has occurred, title has transferred and collectibility of the revenue is reasonably assured. Our Oil and Gas segment records its share of revenues based on production volumes and contracted sales prices. The sales price for natural gas, crude oil, condensate and NGLs is adjusted for transportation costs and other related deductions when applicable. The transportation costs and other deductions are based on contractual or historical data and do not require significant judgment. | |||||||||||||
Materials, Supplies and Fuel | |||||||||||||
The following amounts by major classification are included in Materials, supplies and fuel on the accompanying Consolidated Balance Sheets as of (in thousands): | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||
Materials and supplies | $ | 50,196 | $ | 43,397 | |||||||||
Fuel - Electric Utilities | 6,213 | 8,589 | |||||||||||
Natural gas in storage held for distribution | 32,069 | 25,657 | |||||||||||
Total materials, supplies and fuel | $ | 88,478 | $ | 77,643 | |||||||||
Materials and supplies represent parts and supplies for all of our business segments. Fuel - Electric Utilities represents oil, gas, and coal on hand used to produce power. Natural gas in storage primarily represents gas purchased for use by our gas customers. All of our Materials, supplies and fuel are valued using weighted-average cost. The value of our natural gas in storage fluctuates with seasonal volume requirements of our business and the commodity price of natural gas. | |||||||||||||
Property, Plant and Equipment | |||||||||||||
Additions to property, plant and equipment are recorded at cost. Included in the cost of regulated construction projects is AFUDC, which represents the approximate composite cost of borrowed funds and a return on equity used to finance a regulated utility project. We also capitalize interest, when applicable, on undeveloped leasehold costs and certain non-regulated construction projects. In addition, asset retirement costs associated with tangible long-lived regulated utility assets are recognized as liabilities with an increase to the carrying amounts of the related long-lived regulated utility assets in the period incurred. The amounts capitalized are included in Property, plant and equipment on the accompanying Consolidated Balance Sheets. | |||||||||||||
The cost of regulated utility property, plant and equipment retired, or otherwise disposed of in the ordinary course of business, less salvage plus cost of removal, is charged to accumulated depreciation. Removal costs associated with non-legal obligations related to our regulated properties are reclassified from accumulated depreciation and reflected as regulatory liabilities. Retirement or disposal of all other assets, except for crude oil and natural gas properties as described below, result in gains or losses recognized as a component of operating income. Ordinary repairs and maintenance of property, except as allowed under rate regulations, are charged to operations as incurred. | |||||||||||||
Depreciation provisions for property, plant and equipment are generally computed on a straight-line basis based on the applicable estimated service life of the various class of property. Capitalized coal mining costs and coal leases are amortized on a unit-of-production method based on volumes produced and estimated reserves. For certain non-utility power plant components, a unit-of-production methodology based on plant hours run is used. | |||||||||||||
Oil and Gas Operations | |||||||||||||
We account for our oil and gas activities under the full cost method. Under the full cost method, costs related to acquisition, exploration and estimated future expenditures to be incurred in developing proved reserves as well as estimated reclamation and abandonment costs, net of estimated salvage values are capitalized. These costs are amortized using a unit-of-production method based on volumes produced and proved reserves. Any conveyances of properties, including gains or losses on abandonment of properties, are typically treated as adjustments to the cost of the properties with no gain or loss recognized. However, we recognized a gain on the sale of a majority of our Williston Basin assets in 2012. See Note 21 for further discussion. | |||||||||||||
Costs directly associated with unproved properties and major development projects, if any, are excluded from the costs to be amortized. These excluded costs are subsequently included within the costs to be amortized when it is determined whether or not proved reserves can be assigned to the properties. The properties excluded from the costs to be amortized are assessed for impairment at least annually and any amount of impairment is added to the costs to be amortized. These costs are generally expected to be included in costs to be amortized within the term of the underlying lease agreement which varies in length. | |||||||||||||
Under the full cost method, net capitalized costs are subject to a ceiling test which limits these costs to the present value of future net cash flows discounted at an SEC required rate, net of related tax effects, plus the lower of cost or fair value of unproved properties included in the net capitalized costs. Future net cash flows are estimated based on SEC-defined end-of-period commodity prices adjusted for contracted price changes and held constant for the life of the reserves. An average price is calculated using the price at the first day of each month for each of the preceding 12 months. If the net capitalized costs exceed the full cost “ceiling” at period end, a permanent non-cash write-down would be charged to earnings in that period. As a result of lower natural gas prices, we recorded a non-cash ceiling test impairment of oil and gas long-lived assets included in the Oil and Gas segment in 2012. No ceiling test write-down was recorded in 2013 or 2011. See Note 12 for additional information. | |||||||||||||
The SEC definition of “reliable technology” permits the use of any reliable technology to establish reserve volumes in addition to those established by production and flow test data. This definition allows, but does not require us, to calculate PUDs to be booked at more than one location away from a producing well. We elected to include PUDs of only one location away from a producing well in our volume reserve estimate. See information on our oil and gas drilling activities in Note 20. | |||||||||||||
Companies are permitted but not required to disclose probable and possible reserves. We have elected not to report on these additional reserve categories. | |||||||||||||
Goodwill and Intangible Assets | |||||||||||||
Goodwill and intangible assets with indefinite lives are not amortized but the carrying values are reviewed upon an indicator of impairment or at least annually. Intangible assets with a finite life continue to be amortized over their estimated useful lives. We perform this annual review of goodwill and indefinite lived intangible assets as of Nov. 30 each year (or more frequently if impairment indicators arise). | |||||||||||||
We performed our annual goodwill impairment tests as of Nov. 30, 2013. We estimated the fair value of the goodwill using discounted cash flow methodology, EBITDA multiple method, and an analysis of comparable transactions. This analysis required the input of several critical assumptions, including future growth rates, cash flow projections, operating cost escalation rates, rates of return, a risk-adjusted discount rate, timing and level of success in regulatory rate proceedings, the cost of debt and equity capital, and long-term earnings and merger multiples for comparable companies. | |||||||||||||
Goodwill at our Electric and Gas Utilities primarily arose from the acquisition of one regulated electric and four regulated gas utilities in the Aquila Transaction. This goodwill from the Aquila Transaction was allocated approximately $246 million, or 72 percent, to Colorado Electric and $94 million, or 28 percent, to the Gas Utilities. We believe that the goodwill amount reflects the value of the relatively stable, long-lived cash flows of the regulated gas utility business, considering the regulatory environment and market growth potential and the long-lived cash flow and rate base growth opportunities at our electric utility in Colorado. Goodwill balances were as follows (in thousands): | |||||||||||||
Electric Utilities | Gas Utilities | Power Generation | Total | ||||||||||
Ending balance at Dec. 31, 2011 | $ | 250,487 | $ | 94,144 | $ | 8,765 | $ | 353,396 | |||||
Additions (adjustments) | — | — | — | — | |||||||||
Ending balance at Dec. 31, 2012 | $ | 250,487 | $ | 94,144 | $ | 8,765 | $ | 353,396 | |||||
Additions (adjustments) | — | — | — | — | |||||||||
Ending balance at Dec. 31, 2013 | $ | 250,487 | $ | 94,144 | $ | 8,765 | $ | 353,396 | |||||
Our intangible assets represent easements, rights-of-way and trademarks and are amortized using a straight-line method based on estimated useful lives. The finite lived intangible assets are currently being amortized over 20 years. Changes to intangible assets for the years ended Dec. 31, were as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Intangible assets, net, beginning balance | $ | 3,620 | $ | 3,843 | $ | 4,069 | |||||||
Additions (adjustments) | — | — | — | ||||||||||
Amortization expense * | (223 | ) | (223 | ) | (226 | ) | |||||||
Intangible assets, net, ending balance | $ | 3,397 | $ | 3,620 | $ | 3,843 | |||||||
_________________ | |||||||||||||
* | Amortization expense for existing intangible assets is expected to be $0.2 million for each year of the next five years. | ||||||||||||
Asset Retirement Obligations | |||||||||||||
Accounting standards for asset retirement obligations associated with long-lived assets require that the present value of retirement costs for which we have a legal obligation be recorded as liabilities with an equivalent amount added to the asset cost and depreciated over an appropriate period. The associated ARO accretion expense for our non-regulated operations is included within Depreciation, depletion and amortization on the accompanying Consolidated Statements of Income. The accounting for the obligation for regulated operations has no income statement impact due to the deferral of the adjustments through the establishment of a regulatory asset. | |||||||||||||
We initially record liabilities for the present value of retirement costs for which we have a legal obligation, with an equivalent amount added to the asset cost. The asset is then depreciated or depleted over the appropriate useful life and the liability is accreted over time by applying an interest method of allocation. Any difference in the actual cost of the settlement of the liability and the recorded amount is recognized as a gain or loss in the results of operations at the time of settlement for our non-regulated operations, other than Oil and Gas. For the Oil and Gas segment, differences in the settlement of the liability and the recorded amount are generally reflected as adjustments to the capitalized cost of oil and gas properties and depleted pursuant to our use of the full cost method. Additional information is included in Note 7. | |||||||||||||
Fair Value Measurements | |||||||||||||
Derivative Financial Instruments | |||||||||||||
Assets and liabilities are classified and disclosed in one of the following fair value categories: | |||||||||||||
Level 1 — Unadjusted quoted prices available in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities. This level primarily consists of financial instruments such as exchange-traded securities or listed derivatives. | |||||||||||||
Level 2 — Pricing inputs include quoted prices for identical or similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | |||||||||||||
Level 3 — Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs reflect management’s best estimate of fair value using its own assumptions about the assumptions a market participant would use in pricing the asset or liability. | |||||||||||||
Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement within the fair value hierarchy levels. We record transfers, if necessary, between levels at the end of the reporting period for all of our financial instruments. | |||||||||||||
Transfers into Level 3, if any, occur when significant inputs used to value the derivative instruments become less observable such as a significant decrease in the frequency and volume in which the instrument is traded, negatively impacting the availability of observable pricing inputs. Transfers out of Level 3, if any, occur when the significant inputs become more observable such as the time between the valuation date and the delivery date of a transaction becomes shorter, positively impacting the availability of observable pricing inputs. | |||||||||||||
Valuation Methodologies for Derivatives | |||||||||||||
Oil and Gas Segment: | |||||||||||||
• | The commodity option contracts for the Oil and Gas segment are valued under the market approach and include calls and puts. Fair value was derived using quoted prices from third party brokers for similar instruments as to quantity and timing. The prices are then validated through third party sources and therefore support Level 2 disclosure. | ||||||||||||
• | The commodity basis swaps for the Oil and Gas segment are valued under the market approach using the instrument’s current forward price strip hedged for the same quantity and date and discounted based on the three-month LIBOR. We utilize observable inputs which support Level 2 disclosure. | ||||||||||||
Utilities Segment: | |||||||||||||
• | The commodity contracts for the Utilities, valued using the market approach, include exchange-traded futures, options and basis swaps (Level 2) and OTC basis swaps (Level 3) for natural gas contracts. For Level 2 assets and liabilities, fair value was derived using broker quotes validated by the Chicago Mercantile Exchange pricing for similar instruments. For Level 3 assets and liabilities, fair value was derived using average price quotes from the OTC contract broker and an independent third party market participant since these instruments are not traded on an exchange. | ||||||||||||
Corporate Segment: | |||||||||||||
• | The interest rate swaps are valued using the market valuation approach. We establish fair value by obtaining price quotes directly from the counterparty which are based on the floating three-month LIBOR curve for the term of the contract. The fair value obtained from the counterparty is then validated by utilizing a nationally recognized service that obtains observable inputs to compute fair value for the same instrument. In addition, the fair value for the interest rate swap derivatives includes a CVA component. The CVA considers the fair value of the interest rate swap and the probability of default based on the life of the contract. For the probability of a default component, we utilize observable inputs supporting Level 2 disclosure by using our credit default spread, if available, or a generic credit default spread curve that takes into account our credit ratings. | ||||||||||||
Additional information is included in Note 9. | |||||||||||||
Derivatives and Hedging Activities | |||||||||||||
The accounting standards for derivatives and hedging require that derivative instruments be recorded on the balance sheet as either an asset or liability measured at its fair value, and that changes in the derivative instrument’s fair value be recognized currently in earnings unless specific hedge accounting criteria are met and designated accordingly. Each Consolidated Balance Sheet reflects the offsetting of net derivative positions with fair value amounts for cash collateral with the same counterparty when a legal right of offset exists. | |||||||||||||
Accounting standards for derivatives and hedging require that the unrealized gains or losses on a derivative instrument designated and qualifying as a fair value hedging instrument as well as the offsetting unrealized loss or gain on the hedged item attributable to the hedged risk be recognized currently in earnings in the same accounting period. Conversely, the effective portion of the unrealized gain or loss on a derivative instrument designated and qualifying as a cash flow hedging instrument must be reported as a component of other comprehensive income and be reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. The remaining gain or loss on the derivative instrument, if any, is recognized currently in earnings. | |||||||||||||
We utilize master netting agreements which consist of an agreement between two parties who have multiple contracts with each other that provide for the net settlement of all contracts in the event of default on or termination of any one contract. When the right of offset exists, accounting standards permit the netting of receivables and payables under a legally enforceable master netting agreement between counterparties. Accounting standards also permit offsetting of fair value amounts recognized for the right to reclaim, or the obligation to return, cash collateral against fair value amounts recognized for derivative instruments executed with the same counterparty. | |||||||||||||
Deferred Financing Costs | |||||||||||||
Deferred financing costs are amortized using the effective interest method over the estimated useful life of the related debt. | |||||||||||||
Development Costs | |||||||||||||
According to accounting standards for business combinations, we expense, when incurred, development and acquisition costs associated with corporate development activities prior to acquiring or beginning construction of a project. Expensed development costs are included in Other operating expenses on the accompanying Consolidated Statements of Income. | |||||||||||||
Legal Costs | |||||||||||||
Litigation liabilities, including potential settlements, are recorded when it is both probable that a liability or settlement has been incurred, and the amount can be reasonably estimated. Legal costs related to ongoing litigation are expensed as incurred. | |||||||||||||
When a range of the probable loss exists and no amount within the range is a better estimate than any other amount, we record a loss contingency at the minimum amount in the range. If the loss contingency at issue is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. | |||||||||||||
Regulatory Accounting | |||||||||||||
Our Utilities Group follows accounting standards for regulated operations and reflects the effects of the numerous rate-making principles followed by the various state and federal agencies regulating the utilities. The accounting policies followed are generally subject to the Uniform System of Accounts of the FERC. These accounting policies differ in some respects from those used by our non-regulated businesses. If rate recovery becomes unlikely or uncertain due to competition or regulatory action, these accounting standards may no longer apply which would require these net assets to be charged to current income or OCI. Our regulatory assets represent amounts for which we will recover the cost, but generally are not allowed a return, except as described below. In the event we determine that our regulated net assets no longer meet the criteria for following accounting standards for regulated operations, the accounting impact to us could be an extraordinary non-cash charge to operations, which could be material. | |||||||||||||
We had the following regulatory assets and liabilities (in thousands): | |||||||||||||
Maximum | |||||||||||||
Amortization | As of | As of | |||||||||||
(in years) | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||
Regulatory assets | |||||||||||||
Deferred energy and fuel cost adjustments - current (a) | 1 | $ | 16,775 | $ | 16,005 | ||||||||
Deferred gas cost adjustments and gas price derivatives (a) | 7 | 12,366 | 20,741 | ||||||||||
AFUDC (b) | 45 | 12,315 | 12,416 | ||||||||||
Employee benefit plans (c) | 13 | 67,059 | 115,521 | ||||||||||
Environmental (a) | subject to approval | 1,800 | 1,792 | ||||||||||
Asset retirement obligations (a) | 44 | 3,266 | 3,247 | ||||||||||
Bond issue cost (a) | 24 | 3,419 | 3,561 | ||||||||||
Renewable energy standard adjustment (a) | 5 | 14,186 | 19,484 | ||||||||||
Flow through accounting (d) | 35 | 20,916 | 16,620 | ||||||||||
Other regulatory assets (a) | 15 | 10,546 | 10,006 | ||||||||||
$ | 162,648 | $ | 219,393 | ||||||||||
Regulatory liabilities | |||||||||||||
Deferred energy and gas costs (a) | 1 | $ | 11,708 | $ | 21,091 | ||||||||
Employee benefit plans (e) | 13 | 34,431 | 59,362 | ||||||||||
Cost of removal (a) | 44 | 64,970 | 53,526 | ||||||||||
Other regulatory liabilities (f) | 25 | 9,047 | 7,305 | ||||||||||
$ | 120,156 | $ | 141,284 | ||||||||||
__________ | |||||||||||||
(a) | Recovery of costs, but not allowed a rate of return. | ||||||||||||
(b) | In addition to recovery of costs, we are allowed a rate of return. | ||||||||||||
(c) | In addition to recovery of costs, we are allowed a return on approximately $25 million. | ||||||||||||
(d) | In addition to recovery of costs, we are allowed a return on approximately $5.4 million. | ||||||||||||
(e) | Approximately $13 million is included in our rate base calculations as a reduction to rate base. | ||||||||||||
(f) | Approximately $2.6 million is included in our rate base calculations as a reduction to rate base. | ||||||||||||
Regulatory assets represent items we expect to recover from customers through probable future rates. | |||||||||||||
Deferred Energy and Fuel Cost Adjustments - Deferred energy and fuel cost adjustments represent the cost of electricity delivered to our electric utility customers that is either higher or lower than the current rates and will be recovered or refunded in future rates. Deferred energy and fuel cost adjustments are recorded and recovered or amortized as approved by the appropriate state commission. | |||||||||||||
Deferred Gas Cost Adjustment and Gas Price Derivatives - Our regulated gas utilities have GCA provisions that allow them to pass the cost of gas on to their customers. In addition, as allowed or required by state utility commissions, we have entered into certain exchange-traded natural gas futures and options to reduce our customers’ underlying exposure to fluctuations in gas prices. The GCA is based on forecasts of the upcoming gas costs and recovery or refund of prior under-recovered or over-recovered costs. To the extent that gas costs are under-recovered or over-recovered, they are recorded as a regulatory asset or liability, respectively. Our Gas Utilities file periodic estimates of future gas costs based on market forecasts with state utility commissions. | |||||||||||||
AFUDC - The equity component of AFUDC is considered a permanent difference for tax purposes with the tax benefit being flowed through to customers as prescribed or allowed by regulators. If, based on a regulator’s action, it is probable the utility will recover the future increase in taxes payable represented by this flow-through treatment through a rate revenue increase, a regulatory asset is recognized. This regulatory asset is a temporary difference for which a deferred tax liability must be recognized. Accounting standards for income taxes specifically address AFUDC-equity, and require a gross-up of such amounts to reflect the revenue requirement associated with a rate-regulated environment. | |||||||||||||
Employee Benefit Plans - Employee benefit plans include the unrecognized prior service costs and net actuarial loss associated with our defined benefit pension plans and post-retirement benefit plans in regulatory assets rather than in accumulated other comprehensive income, including costs being amortized from the Aquila Transaction. | |||||||||||||
Environmental - Environmental is associated with manufactured gas plant sites. The amortization of this asset is first offset by recognition of insurance proceeds and settlements with other third parties. Any remaining recovery will be requested in future rate filings. Recovery has not yet been approved by the applicable commission or board and therefore, the recovery period is unknown. | |||||||||||||
Asset Retirement Obligations - Asset retirement obligations represent the estimated recoverable costs for legal obligations associated with the retirement of a tangible long-lived asset. See Note 7 for additional details. | |||||||||||||
Bond Issue Costs - Bond issue costs are recovered over the remaining life of the original issue or, if refinanced, over the life of the new issue. | |||||||||||||
Renewable Energy Standard Adjustment - The renewable energy standard adjustment is associated with incentives for our Colorado Electric customers to install renewable energy equipment at their location. These incentives are recovered over time with an additional rider charged on customers’ bills. | |||||||||||||
Flow-Through Accounting - Under flow-through accounting, the income tax effects of certain tax items are reflected in our cost of service for the customer in the year in which the tax benefits are realized and result in lower utility rates. This regulatory treatment was applied to the tax benefit generated by repair costs that were previously capitalized for tax purposes in a rate case settlement that was reached with respect to Black Hills Power in 2010. In this instance, the agreed upon rate increase was less than it would have been absent the flow-through treatment. A regulatory asset was established to reflect that future increases in income taxes payable will be recovered from customers as the temporary differences reverse. | |||||||||||||
Regulatory liabilities represent items we expect to refund to customers through probable future decreases in rates. | |||||||||||||
Deferred Energy and Gas Costs - Deferred energy costs and gas costs related to over-recovery of purchased power, transmission and natural gas costs. | |||||||||||||
Employee Benefit Plans - Employee benefit plans represent the cumulative excess of pension and retiree healthcare costs recovered in rates over pension expense recorded in accordance with accounting standards for compensation - retirement benefits. In addition, this regulatory liability includes the income tax effect of the adjustment required under accounting for compensation - defined benefit plans, to record the full pension and post-retirement benefit obligations. Such income tax effect has been grossed-up to account for the revenue requirement aspect of a rate regulated environment. | |||||||||||||
Cost of Removal - Cost of removal represents the estimated cumulative net provisions for future removal costs included in depreciation expense for which there is no legal obligation for removal. | |||||||||||||
Income Taxes | |||||||||||||
The Company and its subsidiaries file consolidated federal income tax returns. Each tax paying entity records income taxes as if it were a separate taxpayer and consolidating adjustments are allocated to the subsidiaries based on separate company computations of taxable income or loss. | |||||||||||||
We use the liability method in accounting for income taxes. Under the liability method, deferred income taxes are recognized at currently enacted income tax rates, to reflect the tax effect of temporary differences between the financial and tax basis of assets and liabilities as well as operating loss and tax credit carry forwards. Such temporary differences are the result of provisions in the income tax law that either require or permit certain items to be reported on the income tax return in a different period than they are reported in the financial statements. We classify deferred tax assets and liabilities into current and non-current amounts based on the nature of the related assets and liabilities. | |||||||||||||
It is our policy to apply the flow-through method of accounting for investment tax credits as allowed by our rate-regulated jurisdictions. Under the flow-through method, investment tax credits are reflected in net income as a reduction to income tax expense in the year they qualify. Another acceptable accounting method and an exception to this general policy currently in our regulated businesses is to apply the deferral method whereby the credit is amortized as a reduction of income tax expense over the useful lives of the related property. | |||||||||||||
We recognize interest income or interest expense and penalties related to income tax matters in Income tax (expense) benefit on the Consolidated Statements of Income. | |||||||||||||
We account for uncertainty in income taxes recognized in the financial statements in accordance with accounting standards for income taxes. The unrecognized tax benefit is classified in Other deferred credits and other liabilities on the accompanying Consolidated Balance Sheets. See Note 14 for additional information. | |||||||||||||
Earnings per Share of Common Stock | |||||||||||||
Basic earnings per share from continuing and discontinued operations is computed by dividing Income (loss) from continuing or discontinued operations by the weighted average number of common shares outstanding during each year. Diluted earnings per share is computed by including all dilutive common shares outstanding during each year. Diluted common shares are primarily due to outstanding stock options, restricted stock and performance shares under our equity compensation plans. | |||||||||||||
A reconciliation of share amounts used to compute earnings (loss) per share is as follows (in thousands): | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Income (loss) from continuing operations | $ | 115,846 | $ | 88,505 | $ | 40,365 | |||||||
Weighted average shares - basic | 44,163 | 43,820 | 39,864 | ||||||||||
Dilutive effect of: | |||||||||||||
Equity compensation | 256 | 250 | 214 | ||||||||||
Other | — | 3 | 3 | ||||||||||
Weighted average shares - diluted | 44,419 | 44,073 | 40,081 | ||||||||||
Income (loss) from continuing operations, per share - Diluted | $ | 2.61 | $ | 2.01 | $ | 1.01 | |||||||
The following outstanding securities were not included in the computation of diluted earnings per share as their effect would have been anti-dilutive (in thousands): | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Equity compensation | 22 | 163 | 141 | ||||||||||
Other | — | — | — | ||||||||||
Anti-dilutive shares excluded from computation of earnings (loss) per share | 22 | 163 | 141 | ||||||||||
Discontinued Operations | |||||||||||||
Assets of discontinued operations are recorded at the lower of their carrying amount or fair value less cost to sell. Additionally, in accordance with GAAP, indirect corporate costs previously allocated to a disposal group cannot be reclassified to discontinued operations. Assets of discontinued operations and Liabilities of discontinued operations on the accompanying Consolidated Balance Sheets included the assets and liabilities of Enserco Energy Inc. See Note 21 for additional information. | |||||||||||||
Recently Adopted Accounting Standards | |||||||||||||
Inclusion of the Fed Funds Effective Swap Rate as a Benchmark Interest Rate for Hedge Accounting Purposes, ASU 2013-10 | |||||||||||||
In July 2013, the FASB issued an amendment to accounting for derivatives and hedges to permit the Fed Funds Effective Swap Rate to be used as a U.S. benchmark interest rate for hedge accounting purposes effective for new or re-designated hedging relationships entered into on or after July 17, 2013. The amendment also removed the restriction on using different benchmark rates for similar hedges. The adoption had no impact on our consolidated financial position, results of operations or cash flows. | |||||||||||||
Balance Sheet: Disclosure about Offsetting Assets and Liabilities, ASU 2011-11, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, ASU 2013-01 | |||||||||||||
In December 2011, the FASB issued revised accounting guidance to amend ASC 210, Balance Sheet, related to the existing disclosure requirements for offsetting financial assets and liabilities to enhance current disclosures, as well as to improve comparability of balance sheets prepared under GAAP and IFRS. The revised disclosure guidance affects all companies that have financial instruments and derivative instruments that are either offset in the balance sheet (i.e., presented on a net basis) or subject to an enforceable master netting and/or similar arrangement. In addition, the revised guidance requires that certain enhanced quantitative and qualitative disclosures are made with respect to a company’s netting arrangements and/or rights of offset associated with its financial instruments and/or derivative instruments. The revised disclosure guidance was effective on a retrospective basis for interim and annual periods beginning Jan. 1, 2013. The adoption of this standard did not have an impact on our financial position, results of operations or cash flows. | |||||||||||||
Other Comprehensive Income: Presentation of Comprehensive Income, ASU 2011-05 and Deferral of the Effective Date for Amendments to the Presentation of Reclassification of Items Out of Accumulated Other Comprehensive Income in ASU 2011-05 and ASU 2011-12 | |||||||||||||
FASB issued an accounting standards update amending accounting standards for comprehensive income to improve the comparability, consistency and transparency of reporting. It amends existing guidance by allowing only two options for presenting the components of net income and other comprehensive income: (1) in a single continuous financial statement, statement of comprehensive income or (2) in two separate but consecutive financial statements, consisting of an income statement followed by a separate statement of other comprehensive income. Also, items that are reclassified from other comprehensive income to net income must be presented on the face of the financial statements. ASU 2011-05 requires retrospective application, and it was effective for fiscal years, and interim periods within those years, beginning after Dec. 15, 2011, with early adoption permitted. In Dec. 2011, FASB issued ASU 2011-12. ASU 2011-12 indefinitely deferred the provisions of ASU 2011-05 requiring the presentation of reclassification adjustments on the face of the financial statements for items reclassified from other comprehensive income to net income. Ultimately FASB chose not to reinstate the reclassification adjustment requirements in ASU 2011-05 but instead issued ASU 2013-02 in February 2013. The adoption of this standard did not have an impact on our financial position, results of operations or cash flows. | |||||||||||||
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, ASU 2013-02 | |||||||||||||
In February 2013, the FASB issued new disclosure requirements for items reclassified out of AOCI to expand the disclosure requirements in ASC 220, Comprehensive Income, for presentation of changes in AOCI. ASU 2013-02 requires disclosure (1) of changes in components of other comprehensive income, (2) for items reclassified out of AOCI and into net income in their entirety, the effect of the reclassification on each affected net income line item and (3) of cross references to other disclosures that provide additional detail for components of other comprehensive income that are not reclassified in their entirety to net income. Disclosures are required either on the face of the statements of income or as a separate disclosure in the notes to the financial statements. The new disclosure requirements are effective for interim and annual periods beginning after Dec. 15, 2012. The adoption of this standard did not have an impact on our financial position, results of operations or cash flows. | |||||||||||||
Dodd-Frank Wall Street Reform and Consumer Protection Act, SEC Final Rule No. 33-9286, 33-9338, 34-67717, and 34-67716 | |||||||||||||
In July 2010, the President of the United States signed into law comprehensive financial reform legislation under Dodd-Frank. Title VII of Dodd-Frank effectively regulates many derivative transactions in the United States that were previously unregulated. As a result of Dodd-Frank regulations promulgated by the CFTC, we may be required to post collateral to clearing entities for certain swap transactions we enter into. In addition, many of the transactions which were previously classified as swaps have been converted to exchange-traded futures contracts, which are subject to futures margin posting requirements. | |||||||||||||
In August 2012, under Dodd-Frank, the SEC adopted new requirements for companies that manufacture or contract to manufacture products that contain certain minerals and metals, known as conflict minerals. The final rule requires all issuers that file reports with the SEC and use conflict minerals to report supply chain and sourcing information on an annual basis. We completed due diligence efforts in 2013, and we do not believe that our products contain conflict minerals as defined by the rule. | |||||||||||||
Recently Issued Accounting Pronouncements and Legislation | |||||||||||||
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, ASU 2013-11 | |||||||||||||
In July 2013, the FASB issued an amendment to accounting for income taxes which provides guidance on financial statement presentation of an unrecognized tax benefit when an NOL carryforward, a similar tax loss, or a tax credit carryforward exists. The objective in issuing this amendment is to eliminate diversity in practice resulting from a lack of guidance on this topic in current GAAP. Under the amendment, an entity must present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for an NOL carryforward, a similar tax loss, or a tax credit carryforward except under certain conditions. The amendment is effective for fiscal years beginning after Dec. 15, 2013, and interim periods within those years and should be applied to all unrecognized tax benefits that exist as of the effective date. The adoption of this standard is not expected to have an impact on our financial position, results of operations or cash flows. | |||||||||||||
Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date, ASU 2013-04 | |||||||||||||
In March 2013, the FASB issued new disclosure requirements for recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements including disclosure of the nature and amount of the obligations. The new disclosure requirements are effective for interim and annual periods beginning after Dec. 15, 2013. The amendment requires enhanced disclosures in the notes to financial statements, but will not have any other impact on our consolidated financial statements. | |||||||||||||
Final Tangible Personal Property Regulations, IRS Treasury Decision 9636 | |||||||||||||
In September 2013, the U.S. Treasury issued final regulations addressing the tax consequences associated with amounts paid to acquire, produce, or improve tangible property. The regulations have the effect of a change in law and as a result the impact should be taken into account in the period of adoption. In general, such regulations apply to tax years beginning on or after Jan. 1, 2014, with early adoption permitted. We expect that implementation of most, if not all, of the provisions of the final regulations in 2014. Procedural guidance is expected from IRS in early 2014 to facilitate implementation. Analysis performed to date indicates no material impact to our consolidated financial statements. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||||||||||||
Property, plant and equipment at Dec. 31 consisted of the following (dollars in thousands): | |||||||||||||||||||
Utilities Group | 2013 | 2012 | Lives ( in years) | ||||||||||||||||
Electric Utilities | Property, Plant and Equipment | Weighted Average Useful Life (in years) | Property, Plant and Equipment | Weighted Average Useful Life (in years) | Minimum | Maximum | |||||||||||||
Electric plant: | |||||||||||||||||||
Production | $ | 951,138 | 45 | $ | 959,636 | 45 | 25 | 65 | |||||||||||
Electric transmission | 238,542 | 50 | 234,279 | 50 | 40 | 65 | |||||||||||||
Electric distribution | 666,589 | 44 | 631,654 | 44 | 15 | 65 | |||||||||||||
Plant acquisition adjustment (a) | 4,870 | 32 | 4,870 | 32 | 32 | 32 | |||||||||||||
General | 138,263 | 22 | 137,584 | 22 | 3 | 60 | |||||||||||||
Capital lease - plant in service (b) | 261,441 | 20 | 260,874 | 19 | 20 | 20 | |||||||||||||
Total electric plant in service | $ | 2,260,843 | $ | 2,228,897 | |||||||||||||||
Construction work in progress | 203,760 | 48,008 | |||||||||||||||||
Total electric plant | 2,464,603 | 2,276,905 | |||||||||||||||||
Less accumulated depreciation and amortization | 472,970 | 439,772 | |||||||||||||||||
Electric plant net of accumulated depreciation and amortization | $ | 1,991,633 | $ | 1,837,133 | |||||||||||||||
_____________ | |||||||||||||||||||
(a) The plant acquisition adjustment is included in rate base and is being recovered with 17 years remaining. | |||||||||||||||||||
(b) | Capital lease - plant in service represents the assets accounted for as a capital lease under the PPA between Colorado Electric and Black Hills Colorado IPP. The capital lease ends in conjunction with the expiration of the PPA on Dec. 31, 2031. | ||||||||||||||||||
2013 | 2012 | Lives (in years) | |||||||||||||||||
Gas Utilities | Property, Plant and Equipment | Weighted Average Useful Life (in years) | Property, Plant and Equipment | Weighted Average Useful Life (in years) | Minimum | Maximum | |||||||||||||
Gas plant: | |||||||||||||||||||
Production | $ | 13 | 37 | $ | 13 | 37 | 37 | 37 | |||||||||||
Gas transmission | 24,984 | 54 | 18,071 | 54 | 53 | 57 | |||||||||||||
Gas distribution | 507,318 | 46 | 474,998 | 46 | 41 | 56 | |||||||||||||
General | 85,841 | 19 | 68,856 | 19 | 16 | 22 | |||||||||||||
Total gas plant in service | 618,156 | 561,938 | |||||||||||||||||
Construction work in progress | 9,417 | 6,305 | |||||||||||||||||
Total gas plant | 627,573 | 568,243 | |||||||||||||||||
Less accumulated depreciation and amortization | 84,679 | 68,530 | |||||||||||||||||
Gas plant net of accumulated depreciation and amortization | $ | 542,894 | $ | 499,713 | |||||||||||||||
2013 | Lives ( in years) | ||||||||||||||||||
Non-regulated Energy | Property, Plant and Equipment | Construction Work in Progress | Total Property Plant and Equipment | Less Accumulated Depreciation, Depletion and Amortization | Net Property, Plant and Equipment | Weighted Average Useful Life | Minimum | Maximum | |||||||||||
Power Generation | $ | 143,026 | $ | 10,491 | $ | 153,517 | $ | 43,069 | $ | 110,448 | 36 | 2 | 40 | ||||||
Coal Mining | 149,067 | 1,156 | 150,223 | 86,306 | 63,917 | 14 | 2 | 59 | |||||||||||
Oil and Gas | 852,384 | — | 852,384 | 585,334 | 267,050 | 24 | 3 | 25 | |||||||||||
$ | 1,144,477 | $ | 11,647 | $ | 1,156,124 | $ | 714,709 | $ | 441,415 | ||||||||||
2012 | Lives ( in years) | ||||||||||||||||||
Non-regulated Energy | Property, Plant and Equipment | Construction Work in Progress | Total Property Plant and Equipment | Less Accumulated Depreciation, Depletion and Amortization | Net Property, Plant and Equipment | Weighted Average Useful Life | Minimum | Maximum | |||||||||||
Power Generation | $ | 139,396 | $ | 1,323 | $ | 140,719 | $ | 38,541 | $ | 102,178 | 35 | 2 | 40 | ||||||
Coal Mining | 148,045 | 7,023 | 155,068 | 80,210 | 74,858 | 14 | 2 | 59 | |||||||||||
Oil and Gas | 785,594 | — | 785,594 | 562,926 | 222,668 | 24 | 3 | 25 | |||||||||||
$ | 1,073,035 | $ | 8,346 | $ | 1,081,381 | $ | 681,677 | $ | 399,704 | ||||||||||
2013 | Lives ( in years) | ||||||||||||||||||
Property, Plant and Equipment | Construction Work in Progress | Total Property Plant and Equipment | Less Accumulated Depreciation, Depletion and Amortization (a) | Net Property, Plant and Equipment | Weighted Average Useful Life | Minimum | Maximum | ||||||||||||
Corporate | $ | 5,498 | $ | 5,647 | $ | 11,145 | $ | (3,210 | ) | $ | 14,355 | 6 | 2 | 30 | |||||
___________ | |||||||||||||||||||
(a) | Accumulated depreciation, depletion and amortization at Corporate reflects the elimination of the capital lease accumulated depreciation difference between Colorado Electric and Colorado IPP. | ||||||||||||||||||
2012 | Lives (in years) | ||||||||||||||||||
Property, Plant and Equipment | Construction Work in Progress | Total Property Plant and Equipment | Less Accumulated Depreciation, Depletion and Amortization (a) | Net Property, Plant and Equipment | Weighted Average Useful Life | Minimum | Maximum | ||||||||||||
Corporate | $ | 368 | $ | 3,875 | $ | 4,243 | $ | (1,956 | ) | $ | 6,199 | 6 | 2 | 30 | |||||
___________ | |||||||||||||||||||
(a) | Accumulated depreciation, depletion and amortization at Corporate reflects the elimination of the capital lease accumulated depreciation difference between Colorado Electric and Colorado IPP. |
Jointly_Owned_Facilities
Jointly Owned Facilities | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||
Jointly Owned Facilities [Text Block] | ' | |||||||||
JOINTLY OWNED FACILITIES | ||||||||||
Utility Plant | ||||||||||
Our consolidated financial statements include our share of several jointly-owned utility facilities as described below. Our share of the facilities expenses are reflected in the appropriate categories of operating expenses in the Consolidated Statements of Income. Each owner of the facility is responsible for financing its investment in the jointly-owned facilities. | ||||||||||
• | Black Hills Power owns a 20 percent interest in the Wyodak Plant, a coal-fired electric generating station located in Campbell County, Wyoming. PacifiCorp owns the remaining ownership percentage and operates the Wyodak Plant. Black Hills Power receives its proportionate share of the Wyodak Plant’s capacity and is committed to pay its proportionate share of its additions, replacements and operating and maintenance expenses. In addition to supplying Black Hills Power with coal for its share of the Wyodak Plant, our Coal Mining subsidiary, WRDC, supplies PacifiCorp’s share of the coal to the Wyodak Plant under a separate long-term agreement. This coal supply agreement is collateralized by a mortgage on and a security interest in some of WRDC’s coal reserves. | |||||||||
• | Black Hills Power also owns a 35 percent interest in, and is the operator of, the Converter Station Site and South Rapid City Interconnection (the transmission tie), an AC-DC-AC transmission tie. Basin Electric owns the remaining ownership percentage. The transmission tie provides an interconnection between the Western and Eastern transmission grids, which provides us with access to both the WECC region and the MAPP region. The total transfer capacity of the tie is 400 megawatts - 200 megawatts West to East and 200 megawatts from East to West. Black Hills Power is committed to pay its proportionate share of the additions and replacements to and operating and maintenance expenses of the transmission tie. | |||||||||
• | Black Hills Power owns 52 percent of the Wygen III coal-fired generation facility. MDU and the City of Gillette each owns an undivided ownership interest in Wygen III and are obligated to make payments for costs associated with administrative services and their proportionate share of the costs of operating the plant for the life of the facility. We retain responsibility for plant operations. Our Coal Mining subsidiary supplies coal to Wygen III for the life of the plant. | |||||||||
• | Colorado Electric owns 50 percent of the Busch Ranch Wind Project while AltaGas owns the remaining undivided ownership interest and is obligated to make payments for costs associated with their proportionate share of the costs of operating the wind project for the life of the facility. We retain responsibility for operations of the wind farm. | |||||||||
Non-Regulated Plants | ||||||||||
Our consolidated financial statements include our share of a jointly-owned non-regulated power generation facility as described below. Our share of direct expenses for the jointly-owned facility is included in the corresponding categories of operating expenses in the accompanying Consolidated Statements of Income. Each of the respective owners is responsible for providing its own financing. | ||||||||||
• | Black Hills Wyoming owns 76.5 percent of the Wygen I plant while MEAN owns the remaining ownership percentage. MEAN is obligated to make payments for its share of the costs associated with administrative services, plant operations and coal supply provided by our Coal Mining subsidiary during the life of the facility. We retain responsibility for plant operations. | |||||||||
At Dec. 31, 2013, our interests in jointly-owned generating facilities and transmission systems were (in thousands): | ||||||||||
Plant in Service | Construction Work in Progress | Accumulated Depreciation | ||||||||
Wyodak Plant | $ | 109,800 | $ | 192 | $ | 50,595 | ||||
Transmission Tie | $ | 19,648 | $ | — | $ | 4,741 | ||||
Wygen I | $ | 106,489 | $ | 1,412 | $ | 28,432 | ||||
Wygen III | $ | 131,468 | $ | 713 | $ | 10,593 | ||||
Busch Ranch Wind Project | $ | 18,590 | $ | — | $ | 841 | ||||
Business_Segments
Business Segments | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting Information, Additional Information [Abstract] | ' | ||||||||||||||||||||||||
Summary of Information Relating to Segments of our Business | ' | ||||||||||||||||||||||||
BUSINESS SEGMENTS INFORMATION | |||||||||||||||||||||||||
Our reportable segments are based on our method of internal reporting, which generally segregates the strategic business groups due to differences in products, services and regulation. All of our operations and assets are located within the United States. | |||||||||||||||||||||||||
On Feb. 29, 2012, we sold our Energy Marketing segment, Enserco, which resulted in this segment being reclassified as discontinued operations. For comparative purposes, all prior periods presented have been restated to reflect the reclassification of this segment as discontinued operations. Indirect corporate costs and inter-segment interest expense related to Enserco that have not been classified as discontinued operations have been reclassified to our Corporate segment. For further information see Note 21. | |||||||||||||||||||||||||
Segment information was as follows (in thousands): | |||||||||||||||||||||||||
Total Assets (net of inter-company eliminations) as of Dec. 31, | 2013 | 2012 | |||||||||||||||||||||||
Utilities: | |||||||||||||||||||||||||
Electric (a) | $ | 2,525,947 | $ | 2,387,458 | |||||||||||||||||||||
Gas | 805,617 | 765,165 | |||||||||||||||||||||||
Non-regulated Energy: | |||||||||||||||||||||||||
Power Generation (a) | 95,692 | 119,170 | |||||||||||||||||||||||
Coal Mining | 78,825 | 83,810 | |||||||||||||||||||||||
Oil and Gas | 288,366 | 258,460 | |||||||||||||||||||||||
Corporate | 80,731 | 115,408 | |||||||||||||||||||||||
Total assets | $ | 3,875,178 | $ | 3,729,471 | |||||||||||||||||||||
__________________ | |||||||||||||||||||||||||
(a) | The PPA under which Black Hills Colorado IPP provides generation to support Colorado Electric customers from the Pueblo Airport Generation station is accounted for as a capital lease. As such, assets owned by our Power Generation segment are recorded at Colorado Electric under accounting for a capital lease. | ||||||||||||||||||||||||
Capital Expenditures and Asset Acquisitions(a) for the years ended Dec. 31, | 2013 | 2012 | |||||||||||||||||||||||
Utilities: | |||||||||||||||||||||||||
Electric Utilities | $ | 222,262 | $ | 167,263 | |||||||||||||||||||||
Gas Utilities | 63,205 | 45,711 | |||||||||||||||||||||||
Non-regulated Energy: | |||||||||||||||||||||||||
Power Generation | 13,533 | 5,547 | |||||||||||||||||||||||
Coal Mining | 5,528 | 13,420 | |||||||||||||||||||||||
Oil and Gas | 64,687 | 107,839 | |||||||||||||||||||||||
Corporate | 10,319 | 7,376 | |||||||||||||||||||||||
Total capital expenditures and asset acquisitions of continuing operations | 379,534 | 347,156 | |||||||||||||||||||||||
Total capital expenditures of discontinued operations | — | 824 | |||||||||||||||||||||||
Total capital expenditures and asset acquisitions | $ | 379,534 | $ | 347,980 | |||||||||||||||||||||
_________________ | |||||||||||||||||||||||||
(a) | Includes accruals for property, plant and equipment. | ||||||||||||||||||||||||
Property, Plant and Equipment as of Dec. 31, | 2013 | 2012 | |||||||||||||||||||||||
Utilities: | |||||||||||||||||||||||||
Electric Utilities (a) | $ | 2,464,603 | $ | 2,276,905 | |||||||||||||||||||||
Gas Utilities | 627,573 | 568,243 | |||||||||||||||||||||||
Non-regulated Energy: | |||||||||||||||||||||||||
Power Generation (a) | 153,517 | 140,719 | |||||||||||||||||||||||
Coal Mining | 150,223 | 155,068 | |||||||||||||||||||||||
Oil and Gas | 852,384 | 785,594 | |||||||||||||||||||||||
Corporate | 11,145 | 4,243 | |||||||||||||||||||||||
Total property, plant and equipment | $ | 4,259,445 | $ | 3,930,772 | |||||||||||||||||||||
_______________ | |||||||||||||||||||||||||
(a) | The PPA under which Black Hills Colorado IPP provides generation to support Colorado Electric customers from the Pueblo Airport Generation station is accounted for as a capital lease. As such, assets owned by our Power Generation segment are recorded for at Colorado Electric under accounting for a capital lease. | ||||||||||||||||||||||||
Consolidating Income Statement | |||||||||||||||||||||||||
Year ended Dec. 31, 2013 | Electric Utilities | Gas Utilities | Power Generation | Coal Mining | Oil and Gas | Corporate | Inter-company Eliminations | Total | |||||||||||||||||
Revenue | $ | 651,445 | $ | 539,689 | $ | 4,648 | $ | 25,186 | $ | 54,884 | $ | — | $ | — | $ | 1,275,852 | |||||||||
Inter-company revenue | 13,863 | — | 78,389 | 31,442 | — | 220,620 | (344,314 | ) | — | ||||||||||||||||
Total revenue | 665,308 | 539,689 | 83,037 | 56,628 | 54,884 | 220,620 | (344,314 | ) | 1,275,852 | ||||||||||||||||
Fuel, purchased power and cost of natural gas sold | 294,048 | 310,463 | — | — | — | 125 | (112,489 | ) | 492,147 | ||||||||||||||||
Operations and maintenance | 159,961 | 126,073 | 30,186 | 39,519 | 40,365 | 202,809 | (211,977 | ) | 386,936 | ||||||||||||||||
Gain on sale of operating assets | — | — | — | — | — | — | — | — | |||||||||||||||||
Depreciation, depletion and amortization | 77,704 | 26,381 | 5,091 | 11,523 | 21,770 | 11,624 | (12,876 | ) | 141,217 | ||||||||||||||||
Operating income (loss) | 133,595 | 76,772 | 47,760 | 5,586 | (7,251 | ) | 6,062 | (6,972 | ) | 255,552 | |||||||||||||||
Interest expense (a) | (61,537 | ) | (25,234 | ) | (21,178 | ) | (641 | ) | (2,253 | ) | (85,195 | ) | 84,250 | (111,788 | ) | ||||||||||
Unrealized gain (loss) on interest rate swaps, net | — | — | — | — | — | 30,169 | — | 30,169 | |||||||||||||||||
Interest income | 5,277 | 976 | 785 | 10 | 1,639 | 69,760 | (76,724 | ) | 1,723 | ||||||||||||||||
Other income (expense), net | 633 | (60 | ) | 1 | 2,304 | 108 | 41,453 | (42,641 | ) | 1,798 | |||||||||||||||
Income tax benefit (expense) | (25,834 | ) | (19,747 | ) | (11,080 | ) | (932 | ) | 3,545 | (7,778 | ) | 218 | (61,608 | ) | |||||||||||
Income (loss) from continuing operations | $ | 52,134 | $ | 32,707 | $ | 16,288 | $ | 6,327 | $ | (4,212 | ) | $ | 54,471 | $ | (41,869 | ) | $ | 115,846 | |||||||
________________ | |||||||||||||||||||||||||
(a) | Power Generation includes costs associated with interest rate swaps settled and write-off of deferred financing costs upon repayment of Black Hills Wyoming Project Financing and Corporate includes a the write-off of deferred financing costs and a make-whole provision from early repayment of long-term debt (see Note 5). | ||||||||||||||||||||||||
Consolidating Income Statement | |||||||||||||||||||||||||
Year ended Dec. 31, 2012 | Electric Utilities | Gas Utilities | Power Generation | Coal Mining | Oil and Gas | Corporate | Inter-company Eliminations | Total | |||||||||||||||||
Revenue | $ | 610,732 | $ | 454,081 | $ | 4,189 | $ | 25,810 | $ | 79,072 | $ | — | $ | — | $ | 1,173,884 | |||||||||
Inter-company revenue | 16,234 | — | 75,200 | 31,968 | — | 196,453 | (319,855 | ) | — | ||||||||||||||||
Total revenue | 626,966 | 454,081 | 79,389 | 57,778 | 79,072 | 196,453 | (319,855 | ) | 1,173,884 | ||||||||||||||||
Fuel, purchased power and cost of natural gas sold | 273,474 | 245,349 | — | — | — | — | (111,757 | ) | 407,066 | ||||||||||||||||
Operations and maintenance | 146,527 | 117,390 | 29,991 | 42,553 | 43,267 | 179,059 | (188,051 | ) | 370,736 | ||||||||||||||||
Gain on sale of operating assets (a) | — | — | — | — | (29,129 | ) | — | — | (29,129 | ) | |||||||||||||||
Depreciation, depletion and amortization | 75,244 | 25,163 | 4,599 | 13,060 | 38,494 | 10,936 | (12,864 | ) | 154,632 | ||||||||||||||||
Impairment of long-lived assets(b) | — | — | — | — | 26,868 | — | — | 26,868 | |||||||||||||||||
Operating income (loss) | 131,721 | 66,179 | 44,799 | 2,165 | (428 | ) | 6,458 | (7,183 | ) | 243,711 | |||||||||||||||
Interest expense (c) | (59,194 | ) | (26,746 | ) | (15,452 | ) | (238 | ) | (4,539 | ) | (92,650 | ) | 85,209 | (113,610 | ) | ||||||||||
Unrealized gain (loss) on interest rate swaps, net | — | — | — | — | — | 1,882 | — | 1,882 | |||||||||||||||||
Interest income | 8,153 | 2,765 | 695 | 1,168 | 604 | 64,695 | (76,123 | ) | 1,957 | ||||||||||||||||
Other income (expense), net | 1,182 | 105 | 7 | 2,616 | 207 | 48,769 | (49,921 | ) | 2,965 | ||||||||||||||||
Income tax benefit (expense) | (30,264 | ) | (14,313 | ) | (8,721 | ) | (85 | ) | 1,927 | 3,187 | (131 | ) | (48,400 | ) | |||||||||||
Income (loss) from continuing operations | $ | 51,598 | $ | 27,990 | $ | 21,328 | $ | 5,626 | $ | (2,229 | ) | $ | 32,341 | $ | (48,149 | ) | $ | 88,505 | |||||||
________________ | |||||||||||||||||||||||||
(a) | Oil and Gas includes gain on sale of the Williston Basin assets (see Note 21). | ||||||||||||||||||||||||
(b) | Oil and Gas includes a ceiling test impairment (see Note 12). | ||||||||||||||||||||||||
(c) | Corporate includes a make-whole provision from early repayment of long-term debt (see Note 5). | ||||||||||||||||||||||||
Consolidating Income Statement | |||||||||||||||||||||||||
Year ended Dec. 31, 2011 | Electric Utilities | Gas Utilities | Power Generation | Coal Mining | Oil and Gas | Corporate | Inter-company Eliminations | Total | |||||||||||||||||
Revenue | $ | 600,935 | $ | 554,584 | $ | 4,059 | $ | 32,802 | $ | 79,808 | $ | — | $ | — | $ | 1,272,188 | |||||||||
Inter-company revenue | 13,396 | — | 27,613 | 34,090 | — | 192,250 | (267,349 | ) | — | ||||||||||||||||
Total revenue | 614,331 | 554,584 | 31,672 | 66,892 | 79,808 | 192,250 | (267,349 | ) | 1,272,188 | ||||||||||||||||
Fuel, purchased power and cost of natural gas sold | 310,352 | 331,961 | — | — | — | 97 | (67,421 | ) | 574,989 | ||||||||||||||||
Operations and maintenance | 142,815 | 121,980 | 16,538 | 56,617 | 41,380 | 170,947 | (174,908 | ) | 375,369 | ||||||||||||||||
Gain on sale of operating assets (a) | (768 | ) | — | — | — | — | 1 | 767 | — | ||||||||||||||||
Depreciation, depletion and amortization | 52,475 | 24,307 | 4,199 | 18,670 | 35,690 | 11,205 | (10,955 | ) | 135,591 | ||||||||||||||||
Operating income (loss) | 109,457 | 76,336 | 10,935 | (8,395 | ) | 2,738 | 10,000 | (14,832 | ) | 186,239 | |||||||||||||||
Interest expense | (53,770 | ) | (31,621 | ) | (8,903 | ) | (9 | ) | (5,896 | ) | (93,314 | ) | 102,130 | (91,383 | ) | ||||||||||
Unrealized gain (loss) on interest rate swaps, net | — | — | — | — | — | (42,010 | ) | — | (42,010 | ) | |||||||||||||||
Interest income | 14,794 | 5,645 | 1,529 | 3,897 | 2 | 64,299 | (88,149 | ) | 2,017 | ||||||||||||||||
Other income (expense), net | 481 | 217 | 1,094 | 2,192 | (216 | ) | 46,510 | (46,552 | ) | 3,726 | |||||||||||||||
Income tax benefit (expense) | (23,271 | ) | (16,408 | ) | (1,644 | ) | 1,891 | 1,651 | 19,289 | 268 | (18,224 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 47,691 | $ | 34,169 | $ | 3,011 | $ | (424 | ) | $ | (1,721 | ) | $ | 4,774 | $ | (47,135 | ) | $ | 40,365 | ||||||
_________________ | |||||||||||||||||||||||||
(a) | Electric Utilities includes gain on sale of assets to a related party which was eliminated in consolidation. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||||||||
Long-term Debt [Text Block] | ' | |||||||||||||
LONG-TERM DEBT | ||||||||||||||
Long-term debt outstanding was as follows (dollars in thousands) as of: | ||||||||||||||
Interest Rate at | ||||||||||||||
Due Date | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||
Corporate | ||||||||||||||
Senior unsecured notes due 2023 | Nov. 30, 2023 | 4.25% | $ | 525,000 | $ | — | ||||||||
Senior unsecured notes due 2014 (a) | May 15, 2014 | 9.00% | — | 250,000 | ||||||||||
Senior unsecured notes due 2020 | July 15, 2020 | 5.88% | 200,000 | 200,000 | ||||||||||
Corporate term loan due 2013 (a) | Sept. 30, 2013 | NA | — | 100,000 | ||||||||||
Corporate term loan due 2015 (b) | June 19, 2015 | 1.31% | 275,000 | — | ||||||||||
Total Corporate Debt | 1,000,000 | 550,000 | ||||||||||||
Electric Utilities | ||||||||||||||
First Mortgage Bonds due 2032 | Aug. 15, 2032 | 7.23% | 75,000 | 75,000 | ||||||||||
First Mortgage Bonds due 2039 | Nov. 1, 2039 | 6.13% | 180,000 | 180,000 | ||||||||||
Unamortized discount on First Mortgage Bonds due 2039 | (107 | ) | (111 | ) | ||||||||||
Pollution control revenue bonds due 2024 | Oct. 1, 2024 | 5.35% | 12,200 | 12,200 | ||||||||||
First Mortgage Bonds due 2037 | Nov. 20, 2037 | 6.67% | 110,000 | 110,000 | ||||||||||
Industrial development revenue bonds due 2021, variable rate (c) | Sept. 1, 2021 | 0.11% | 7,000 | 7,000 | ||||||||||
Industrial development revenue bonds due 2027, variable rate (c) | March 1, 2027 | 0.11% | 10,000 | 10,000 | ||||||||||
Series 94A Debt, variable rate (c) | June 1, 2024 | 0.75% | 2,855 | 2,855 | ||||||||||
Total Electric Utilities | 396,948 | 396,944 | ||||||||||||
Power Generation | ||||||||||||||
Black Hills Wyoming project financing, variable rate (a) | Dec. 9, 2016 | 3.59% | — | 95,906 | ||||||||||
Total long-term debt | 1,396,948 | 1,042,850 | ||||||||||||
Less current maturities | — | 103,973 | ||||||||||||
Long-term debt, net of current maturities | $ | 1,396,948 | $ | 938,877 | ||||||||||
_______________ | ||||||||||||||
(a) | This debt repaid. See Debt Transactions discussed below. | |||||||||||||
(b) | Variable interest rates, based on LIBOR plus a spread. | |||||||||||||
(c) Variable interest rate. | ||||||||||||||
Scheduled maturities of long-term debt, excluding amortization of premiums or discounts, for future years are (in thousands): | ||||||||||||||
2014 | $ | — | ||||||||||||
2015 | $ | 275,000 | ||||||||||||
2016 | $ | — | ||||||||||||
2017 | $ | — | ||||||||||||
2018 | $ | — | ||||||||||||
Thereafter | $ | 1,122,055 | ||||||||||||
Our debt securities contain certain restrictive financial covenants, all of which the Company and its subsidiaries were in compliance with at Dec. 31, 2013. | ||||||||||||||
Substantially all of the tangible utility property of Black Hills Power and Cheyenne Light is subject to the lien of indentures securing their first mortgage bonds. First mortgage bonds of Black Hills Power and Cheyenne Light may be issued in amounts limited by property, earnings and other provisions of the mortgage indentures. The first mortgage bonds issued by Black Hills Power and Cheyenne Light are either currently not callable or are subject to make-whole provisions which would eliminate any economic benefit for us to call the bonds. | ||||||||||||||
Debt Transactions | ||||||||||||||
On Nov. 19, 2013, we entered into a $525 million, 4.25 percent senior unsecured note expiring on Nov. 30, 2023. The proceeds from this new debt were used to: | ||||||||||||||
• | Redeem our $250 million senior unsecured 9.0 percent notes originally due on May 15, 2014. This repayment occurred on Dec. 19, 2013, for approximately $261 million which included a make-whole provision of approximately $8.5 million and accrued interest which are included in Interest expense on the accompanying Consolidated Statements of Income; | |||||||||||||
• | Repay our variable interest rate Black Hills Wyoming project financing with a remaining balance of approximately $87 million originally due on Dec. 9, 2016, as well as the interest rate swaps designated to this project financing of $8.5 million which is included in Interest expense on the accompanying Consolidated Statements of Income; | |||||||||||||
• | Settle the $250 million notional de-designated interest rate swaps for approximately $64 million; | |||||||||||||
• | Pay down approximately $55 million of the Revolving Credit Facility; | |||||||||||||
• | Remainder was used for general corporate purposes. | |||||||||||||
On June 21, 2013, we entered into a new long-term Corporate Term Loan for $275 million expiring on June 19, 2015. The proceeds from this new term loan was used to repay the $150 million term loan due on June 24, 2013, the $100 million corporate term loan due on Sept. 30, 2013, and approximately $25 million in short-term borrowing under our Revolving Credit Facility. The covenants of the new term loan are substantially the same as the Revolving Credit Facility. At Dec. 31, 2013, the cost of borrowing under this new term loan was 1.3125 percent (LIBOR plus a margin of 1.125 percent). | ||||||||||||||
On Oct. 31, 2012, we redeemed $225 million of senior unsecured 6.5 percent notes, which were originally scheduled to mature on May 15, 2013, for approximately $239 million. The payment included accrued interest and a make-whole provision of $7.1 million which are included in Interest expense on the accompanying Consolidated Statements of Income. | ||||||||||||||
Amortization Expense | ||||||||||||||
Our deferred financing costs and associated amortization expense included in Interest expense on the accompanying Consolidated Statements of Income were as follows (in thousands): | ||||||||||||||
Deferred Financing Costs Remaining in Other Assets, Non-current on Balance Sheets at | Amortization Expense for the years ended Dec. 31, | |||||||||||||
Dec. 31, 2013 | 2013 | 2012 | 2011 | |||||||||||
Senior unsecured notes due 2023 | $ | 6,846 | $ | 86 | $ | — | $ | — | ||||||
Senior unsecured notes due 2014 | $ | — | $ | 635 | $ | 462 | $ | 462 | ||||||
Senior unsecured notes due 2020 | $ | 1,093 | $ | 167 | $ | 167 | $ | 167 | ||||||
First mortgage bonds due 2032 | $ | 618 | $ | 33 | $ | 33 | $ | 33 | ||||||
First mortgage bonds due 2039 | $ | 1,961 | $ | 76 | $ | 76 | $ | 76 | ||||||
First mortgage bonds due 2037 | $ | 736 | $ | 31 | $ | 31 | $ | 31 | ||||||
Black Hills Wyoming project financing due 2016 (a) | $ | — | $ | 3,177 | $ | 1,037 | $ | 1,012 | ||||||
Other | $ | 664 | $ | 57 | $ | 57 | $ | 70 | ||||||
_____________ | ||||||||||||||
(a) This project financing was repaid in 2013 and the deferred financing costs were written-off. | ||||||||||||||
Dividend Restrictions | ||||||||||||||
Our credit facility and other debt obligations contain restrictions on the payment of cash dividends upon a default or event of default. As of Dec. 31, 2013, we were in compliance with these covenants. | ||||||||||||||
Due to our holding company structure, substantially all of our operating cash flows are provided by dividends paid or distributions made by our subsidiaries. The cash to pay dividends to our shareholders is derived from these cash flows. As a result, certain statutory limitations or regulatory or financing agreements could affect the levels of distributions allowed to be made by our subsidiaries. The following restrictions on distributions from our subsidiaries existed at Dec. 31, 2013: | ||||||||||||||
• | Our utilities are generally limited to the amount of dividends allowed to be paid to our utility holding company under the Federal Power Act and settlement agreements with state regulatory jurisdictions. As of Dec. 31, 2013, the restricted net assets at our Utilities Group were approximately $88 million. |
Notes_Payable
Notes Payable | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Notes Payable [Abstract] | ' | ||||||||||||
Notes Payable | ' | ||||||||||||
NOTES PAYABLE | |||||||||||||
Our Revolving Credit Facility and debt securities contain certain restrictive financial covenants. As of Dec. 31, 2013, we were in compliance with all of these covenants. | |||||||||||||
We had the following short-term debt outstanding at the Consolidated Balance Sheets date (in thousands): | |||||||||||||
Balance Outstanding at | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||
Revolving Credit Facility | $ | 82,500 | $ | 127,000 | |||||||||
Corporate Term Loan due June 2013 | — | 150,000 | |||||||||||
Total | $ | 82,500 | $ | 277,000 | |||||||||
Revolving Credit Facility | |||||||||||||
On Feb. 1, 2012, we entered into a new $500 million Revolving Credit Facility expiring Feb. 1, 2017. The facility contains an accordion feature allowing us, with the consent of the administrative agent, to increase the capacity of the facility to $750 million. The Revolving Credit Facility can be used for the issuance of letters of credit, to fund working capital needs and for other corporate purposes. Borrowings are available under a base rate option or a Eurodollar option. The cost of borrowings or letters of credit is determined based upon our credit ratings. At current credit ratings, the margins for base rate borrowings, Eurodollar borrowings and letters of credit were 0.375 percent, 1.375 percent and 1.375 percent, respectively, at Dec. 31, 2013. The facility contains a commitment fee that is charged on the unused amount of the Revolving Credit Facility. Based upon current credit ratings, the fee is 0.25 percent. As of Dec. 31, 2013 and 2012, we had outstanding letters of credit totaling approximately $22 million and approximately $36 million, respectively. | |||||||||||||
Deferred financing costs on the new facility of $2.8 million are being amortized over the estimated useful life of the Revolving Credit Facility and included in Interest expense on the accompanying Consolidated Statements of Income. Upon entering into the Revolving Credit Facility, $1.5 million of deferred financing costs relating to the previous credit facility were written off through Interest expense. The deferred financing costs on the new facility are being amortized as follows (in thousands): | |||||||||||||
Deferred Financing Costs Remaining on Balance Sheets as of | Amortization Expense for the years ended Dec. 31, | ||||||||||||
Dec. 31, 2013 | 2013 | 2012 | 2011 | ||||||||||
Revolving Credit Facility | $ | 1,316 | $ | 752 | $ | 2,187 | $ | 1,891 | |||||
Debt Covenants | |||||||||||||
Our Revolving Credit Facility and our new Term Loan require compliance with the following financial covenant at the end of each quarter: | |||||||||||||
At Dec. 31, 2013 | Covenant Requirement | ||||||||||||
Recourse leverage ratio | 55 | % | Less than | 65 | % |
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||||||||||||
Asset Retirement Obligation Disclosure [Text Block] | ' | ||||||||||||||||||
ASSET RETIREMENT OBLIGATIONS | |||||||||||||||||||
We have identified legal retirement obligations related to plugging and abandonment of natural gas and oil wells in the Oil and Gas segment, reclamation of coal mining sites at the Coal Mining segment and removal of fuel tanks, asbestos, transformers containing polychlorinated biphenyls, an evaporation pond and wind turbines at the regulated Electric Utilities segment and asbestos at our regulated utilities segments. We periodically review and update estimated costs related to these asset retirement obligations. The actual cost may vary from estimates because of regulatory requirements, changes in technology, and increased costs of labor, materials and equipment. | |||||||||||||||||||
The following tables present the details of ARO which are included on the accompanying Consolidated Balance Sheets in Other deferred credits and other liabilities (in thousands): | |||||||||||||||||||
Dec. 31, 2012 | Liabilities Incurred | Liabilities Settled | Accretion | Revisions to Prior Estimates (a) | Dec. 31, 2013 | ||||||||||||||
Electric Utilities | $ | 6,981 | $ | — | $ | — | $ | 168 | $ | (227 | ) | $ | 6,922 | ||||||
Gas Utilities | 259 | — | — | 15 | — | 274 | |||||||||||||
Coal Mining | 20,286 | 3 | (714 | ) | 1,052 | — | 20,627 | ||||||||||||
Oil and Gas | 23,022 | 143 | (1,903 | ) | 1,450 | 1,316 | 24,028 | ||||||||||||
Total | $ | 50,548 | $ | 146 | $ | (2,617 | ) | $ | 2,685 | $ | 1,089 | $ | 51,851 | ||||||
Dec. 31, 2011 | Liabilities Incurred | Liabilities Settled | Accretion | Revisions to Prior Estimates (a) | Dec. 31, 2012 | ||||||||||||||
Electric Utilities | $ | 3,064 | $ | 3,626 | $ | — | $ | 291 | $ | — | $ | 6,981 | |||||||
Gas Utilities | 270 | — | (22 | ) | 11 | — | 259 | ||||||||||||
Coal Mining | 17,158 | 1,627 | — | 921 | 580 | 20,286 | |||||||||||||
Oil and Gas | 22,422 | 158 | (1,059 | ) | 1,345 | 156 | 23,022 | ||||||||||||
Total | $ | 42,914 | $ | 5,411 | $ | (1,081 | ) | $ | 2,568 | $ | 736 | $ | 50,548 | ||||||
_____________________ | |||||||||||||||||||
(a) | The Revisions to Prior Estimates reflects the change in the estimated liability for final reclamation adjusted for inflation, discount rate and market risk premium. | ||||||||||||||||||
We also have legally required AROs related to certain assets within our electric and gas utility transmission and distribution systems. These retirement obligations are pursuant to an easement or franchise agreement and are only required if we discontinue our utility service under such easement or franchise agreement. Accordingly, it is not possible to estimate a time period when these obligations could be settled and therefore, a value for the cost of these obligations cannot be measured at this time. |
Risk_Management_Activities
Risk Management Activities | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Risk Management Activities | ' | ||||||||||||
RISK MANAGEMENT ACTIVITIES | |||||||||||||
Our activities in the regulated and non-regulated energy sectors expose us to a number of risks in the normal operations of our businesses. Depending on the activity, we are exposed to varying degrees of market risk and credit risk. To manage and mitigate these identified risks, we have adopted the Black Hills Corporation Risk Policies and Procedures. Valuation methodologies for our derivatives are detailed within Note 1. | |||||||||||||
Market Risk | |||||||||||||
Market risk is the potential loss that may occur as a result of an adverse change in market price or rate. We are exposed to the following market risks, including, but not limited to: | |||||||||||||
• | Commodity price risk associated with our natural long position with crude oil and natural gas reserves and production and fuel procurement for certain of our gas-fired generation assets; and | ||||||||||||
• | Interest rate risk associated with our variable rate debt and our other short-term and long-term debt instruments. | ||||||||||||
Credit Risk | |||||||||||||
Credit risk is the risk of financial loss resulting from non-performance of contractual obligations by a counterparty. | |||||||||||||
For production and generation activities, we attempt to mitigate our credit exposure by conducting business primarily with high credit quality entities, setting tenor and credit limits commensurate with counterparty financial strength, obtaining master netting agreements, and mitigating credit exposure with less creditworthy counterparties through parental guarantees, prepayments, letters of credit, and other security agreements. | |||||||||||||
We perform ongoing credit evaluations of our customers and adjust credit limits based upon payment history and the customer’s current creditworthiness, as determined by review of their current credit information. We maintain a provision for estimated credit losses based upon historical experience and any specific customer collection issue that is identified. | |||||||||||||
As of Dec. 31, 2013, our credit exposure included a $0.5 million exposure to a non-investment grade energy marketing company. The remainder of our credit exposure was concentrated primarily among retail utility customers, investment grade companies, cooperative utilities and federal agencies. Our derivative and hedging activities included in the accompanying Consolidated Balance Sheets, Consolidated Statements of Income and Consolidated Statements of Comprehensive Income (Loss) are detailed below and within Note 9. | |||||||||||||
Oil and Gas Exploration and Production | |||||||||||||
We produce natural gas and crude oil through our exploration and production activities. Our natural long positions, or unhedged open positions, result in commodity price risk and variability to our cash flows. | |||||||||||||
To mitigate commodity price risk and preserve cash flows, we primarily use over-the-counter swaps, exchange traded futures and related options to hedge portions of our crude oil and natural gas production. We elect hedge accounting on these instruments. These transactions were designated at inception as cash flow hedges, documented under accounting standards for derivatives and hedging, and initially met prospective effectiveness testing. Effectiveness of our hedging position is evaluated at least quarterly. | |||||||||||||
The derivatives were marked to fair value and were recorded as Derivative assets or Derivative liabilities on the accompanying Consolidated Balance Sheets. The effective portion of the gain or loss on these derivatives for which we have elected cash flow hedge accounting is reported in AOCI in the accompanying Consolidated Balance Sheets and the ineffective portion, if any, is reported in Revenue on the accompanying Consolidated Statements of Income (Loss). | |||||||||||||
The contract or notional amounts, terms of our commodity derivatives, and the derivative balances for our Oil and Gas segment reflected on the Consolidated Balance Sheets were as follows (dollars in thousands) as of: | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||
Crude oil futures, swaps and options | Natural gas futures, swaps and options | Crude oil futures, swaps and options | Natural gas futures, swaps and options | ||||||||||
Notional (a) | 412,500 | 7,082,500 | 528,000 | 8,215,500 | |||||||||
Maximum terms in years (b) | 0.25 | 0.08 | 1 | 0.75 | |||||||||
Derivative assets, current | $ | 55 | $ | — | $ | 1,405 | $ | 1,831 | |||||
Derivative assets, non-current | $ | — | $ | — | $ | 297 | $ | 170 | |||||
Derivative liabilities, current | $ | — | $ | — | $ | 847 | $ | 507 | |||||
Derivative liabilities, non-current | $ | — | $ | — | $ | — | $ | — | |||||
________________________ | |||||||||||||
(a) | Crude in Bbls, gas in MMBtu. | ||||||||||||
(b) | Refers to the term of the derivative instrument. Assets and liabilities are classified as current/non-current based on the timing of the hedged transaction and the corresponding settlement of the derivative instrument. | ||||||||||||
Based on Dec. 31, 2013 market prices, a $1.0 million loss would be reclassified from AOCI during 2014. Estimated and actual realized gains or losses will change during future periods as market prices fluctuate. | |||||||||||||
Utilities | |||||||||||||
The operations of our utilities, including power purchase arrangements where our utilities must provide the generation fuel (tolling agreements), expose our utility customers to volatility in natural gas prices; therefore, as allowed or required, by state utility commissions, we have entered into commission-approved hedging programs utilizing natural gas futures, options and basis swaps to reduce our customers’ underlying exposure to these fluctuations. These transactions are considered derivatives, and in accordance with accounting standards for derivatives and hedging, mark-to-market adjustments are recorded as Derivative assets or Derivative liabilities on the accompanying Consolidated Balance Sheets, net of balance sheet offsetting as permitted by GAAP. Unrealized and realized gains and losses, as well as option premiums and commissions on these transactions are recorded as Regulatory assets or Regulatory liabilities in the accompanying Consolidated Balance Sheets in accordance with the state utility commission guidelines. Accordingly, the hedging activity is recognized in the Consolidated Statements of Income (Loss) or the Consolidated Statements of Comprehensive Income (Loss) when the related costs are recovered through our rates. | |||||||||||||
The contract or notional amounts and terms of the natural gas derivative commodity instruments held by our Gas Utilities were as follows, as of: | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||
Notional (MMBtus) | Maximum Term (months) | Notional (MMBtus) | Maximum Term (months) | ||||||||||
Natural gas futures purchased | 17,930,000 | 84 | 15,350,000 | 83 | |||||||||
Natural gas options purchased | 3,890,000 | 8 | 2,430,000 | 2 | |||||||||
Natural gas basis swaps purchased | 14,785,000 | 60 | 12,020,000 | 72 | |||||||||
We had the following derivative balances related to the hedges in our Utilities reflected in our Consolidated Balance Sheets as of (in thousands): | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||
Derivative assets, current | $ | 662 | $ | — | |||||||||
Derivative assets, non-current | $ | — | $ | 43 | |||||||||
Derivative liabilities, current | $ | — | $ | — | |||||||||
Derivative liabilities, non-current | $ | — | $ | — | |||||||||
Net unrealized (gain) loss included in Regulatory assets or Regulatory liabilities | $ | 7,567 | $ | 9,596 | |||||||||
Financing Activities | |||||||||||||
We entered into floating-to-fixed interest rate swap agreements to reduce our exposure to interest rate fluctuations associated with our floating rate debt obligations. The contract or notional amounts, terms of our interest rate swaps and the interest rate swaps balances reflected on the Consolidated Balance Sheets were as follows (dollars in thousands) as of: | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||
Interest Rate Swaps (a) | Interest Rate Swaps (b) | De-designated Interest Rate Swaps (c) | |||||||||||
Notional | $ | 75,000 | $ | 150,000 | $ | 250,000 | |||||||
Weighted average fixed interest rate | 4.97 | % | 5.04 | % | 5.67 | % | |||||||
Maximum terms in years | 3 | 4 | 1 | ||||||||||
Derivative liabilities, current | $ | 3,474 | $ | 7,039 | $ | 88,148 | |||||||
Derivative liabilities, non-current | $ | 5,614 | $ | 16,941 | $ | — | |||||||
___________________ | |||||||||||||
(a) | These swaps are designated to borrowings on our Revolving Credit Facility. These swaps are priced using three-month LIBOR, matching the floating portion of the related swaps. | ||||||||||||
(b) | At Dec. 31, 2012, $75 million of these interest rate swaps were designated to borrowings on our Revolving Credit Facility and $75 million were designated to borrowings on our project financing debt at Black Hills Wyoming. These swaps are priced using three-month LIBOR, matching the floating portion of the related swaps. The portion of the swaps that were designated to Black Hills Wyoming were settled upon repayment of the Black Hills Wyoming project financing. See Note 5. | ||||||||||||
(c) | Maximum terms in years reflect the amended early termination dates. If the early termination dates were not extended, the swaps would have required cash settlement based on the swap value at the termination date. These swaps were settled during the fourth quarter of 2013. | ||||||||||||
Based on Dec. 31, 2013 market interest rates and balances related to our designated interest rate swaps, a loss of approximately $3.5 million would be realized, reported in pre-tax earnings and reclassified from AOCI during the next 12 months. Estimated and realized gains or losses will change during future periods as market interest rates change. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||
There have been no significant transfers between Level 1 and Level 2 derivative balances during 2013 or 2012. Amounts included in cash collateral and counterparty netting in the following tables represent the impact of legally enforceable master netting agreements that allow us to settle positive and negative positions, netting of asset and liability positions permitted in accordance with accounting standards for offsetting as well as cash collateral posted with the same counterparties. | |||||||||||||||||
A discussion of fair value of financial instruments is included in Note 10. The following tables set forth, by level within the fair value hierarchy, our gross assets and gross liabilities and related offsetting as permitted by GAAP that were accounted for at fair value on a recurring basis for derivative instruments (in thousands): | |||||||||||||||||
As of Dec. 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting | Total | |||||||||||||
Assets: | |||||||||||||||||
Commodity derivatives - Oil and Gas: | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | 130 | — | (75 | ) | 55 | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 815 | — | (815 | ) | — | |||||||||||
Commodity derivatives - Utilities | — | 3,030 | — | (2,368 | ) | 662 | |||||||||||
Total | $ | — | $ | 3,975 | $ | — | $ | (3,258 | ) | $ | 717 | ||||||
Liabilities: | |||||||||||||||||
Commodity derivatives - Oil and Gas: | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | 1,229 | — | (1,229 | ) | — | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 531 | — | (531 | ) | — | |||||||||||
Commodity derivatives - Utilities | — | 9,100 | — | (9,100 | ) | — | |||||||||||
Interest rate swaps | — | 9,088 | — | — | 9,088 | ||||||||||||
Total | $ | — | $ | 19,948 | $ | — | $ | (10,860 | ) | $ | 9,088 | ||||||
As of Dec. 31, 2012 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting | Total | |||||||||||||
Assets: | |||||||||||||||||
Commodity derivatives - Oil and Gas: | |||||||||||||||||
Options -- Oil | $ | — | $ | 378 | $ | — | $ | — | $ | 378 | |||||||
Basis Swaps -- Oil | — | 1,325 | — | — | 1,325 | ||||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 2,000 | — | — | 2,000 | ||||||||||||
Commodity derivatives - Utilities | — | — | 43 | — | 43 | ||||||||||||
Total | $ | — | $ | 3,703 | $ | 43 | $ | — | $ | 3,746 | |||||||
Liabilities: | |||||||||||||||||
Commodity derivatives - Oil and Gas: | |||||||||||||||||
Options -- Oil | $ | — | $ | 1,131 | $ | — | $ | (336 | ) | $ | 795 | ||||||
Basis Swaps -- Oil | — | 502 | — | (450 | ) | 52 | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 1,127 | — | (620 | ) | 507 | |||||||||||
Commodity derivatives - Utilities | — | 8,576 | — | (8,576 | ) | — | |||||||||||
Interest rate swaps | — | 118,088 | — | (5,960 | ) | 112,128 | |||||||||||
Total | $ | — | $ | 129,424 | $ | — | $ | (15,942 | ) | $ | 113,482 | ||||||
The following table presents the quantitative information about Level 3 fair value measurements (dollars in thousands): | |||||||||||||||||
Fair Value at | Valuation | Unobservable | Range (Weighted) | ||||||||||||||
Dec. 31, 2012 | Technique | Input | Average | ||||||||||||||
Assets: | |||||||||||||||||
Commodity derivatives - Utilities (a) | $ | 43 | Independent price quotes | Long-term natural gas prices - Basis Differential | $ | (0.13 | ) | ||||||||||
_____________ | |||||||||||||||||
(a) | The significant unobservable inputs used in the fair value measurement of the long-term OTC contracts are based on the average of price quotes from an independent third party market participant and the OTC contract broker. The unobservable inputs are long-term natural gas prices. Significant changes to these inputs along with the contract term would impact the derivative asset/liability and regulatory asset/liability, but will not impact the results of operations until the contract is settled under the original terms of the contract. The contracts will be classified as Level 2 once settlement is within 60 months of maturity and quoted market prices from a market exchange are available. | ||||||||||||||||
The following tables present the changes in Level 3 recurring fair value (in thousands): | |||||||||||||||||
As of Dec. 31, 2013 | As of Dec. 31, 2012 | ||||||||||||||||
Assets: | Commodity | Commodity | |||||||||||||||
Derivatives -- Utilities | Derivatives -- Utilities | ||||||||||||||||
Balances as of beginning of period | $ | 43 | $ | — | |||||||||||||
Total gain (loss) included in AOCI/ Regulatory Asset | — | (54 | ) | ||||||||||||||
Purchases | — | 192 | |||||||||||||||
Transfers out of Level 3(a) | (43 | ) | (95 | ) | |||||||||||||
Balances at end of period | $ | — | $ | 43 | |||||||||||||
Changes in unrealized gains (losses) relating to instruments still held as of period-end | $ | — | $ | (54 | ) | ||||||||||||
__________ | |||||||||||||||||
(a) | Transfers out of Level 3 would occur when the significant inputs become more observable such as the time between the valuation date and the delivery date of a transaction becomes shorter, positively impacting the availability of observable pricing inputs. | ||||||||||||||||
Fair Value Measures by Balance Sheet Classification | |||||||||||||||||
As required by accounting standards for derivatives and hedges, fair values within the following tables are presented on a gross basis reflecting the netting of asset and liability positions permitted in accordance with accounting standards for offsetting and under terms of our master netting agreements and the impact of legally enforceable master netting agreements that allow us to settle positive and negative positions. However, the amounts do not include net cash collateral on deposit in margin accounts at Dec. 31, 2013 and 2012, to collateralize certain financial instruments, which are included in Derivative assets and/or Derivative liabilities. Therefore, the balances are not indicative of either our actual credit exposure or net economic exposure. Additionally, the amounts below will not agree with the amounts presented on our Consolidated Balance Sheets, nor will they correspond to the fair value measurements presented in Note 8. | |||||||||||||||||
The following tables present the fair value and balance sheet classification of our derivative instruments as of Dec. 31, (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Balance Sheet Location | Fair Value of Asset Derivatives | Fair Value of Liability Derivatives | Fair Value of Asset Derivatives | Fair Value of Liability Derivatives | |||||||||||||
Derivatives designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets - current | $ | 248 | $ | — | $ | 2,874 | $ | — | ||||||||
Commodity derivatives | Derivative assets - non-current | 698 | — | 510 | — | ||||||||||||
Commodity derivatives | Derivative liabilities - current | — | 1,541 | — | 1,993 | ||||||||||||
Commodity derivatives | Derivative liabilities - non-current | — | 219 | — | 821 | ||||||||||||
Interest rate swaps | Derivative liabilities - current | — | 3,474 | — | 7,038 | ||||||||||||
Interest rate swaps | Derivative liabilities - non-current | — | 5,614 | — | 16,941 | ||||||||||||
Total derivatives designated as hedges | $ | 946 | $ | 10,848 | $ | 3,384 | $ | 26,793 | |||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets - current | $ | 662 | $ | — | $ | 362 | $ | — | ||||||||
Commodity derivatives | Derivative assets - non-current | — | — | — | — | ||||||||||||
Commodity derivatives | Derivative liabilities - current | — | — | 1,180 | 4,957 | ||||||||||||
Commodity derivatives | Derivative liabilities - non-current | — | 6,732 | 406 | 5,153 | ||||||||||||
Interest rate swaps | Derivative liabilities - current | — | — | — | 94,108 | ||||||||||||
Interest rate swaps | Derivative liabilities - non-current | — | — | — | — | ||||||||||||
Total derivatives not designated as hedges | $ | 662 | $ | 6,732 | $ | 1,948 | $ | 104,218 | |||||||||
Derivatives Offsetting | |||||||||||||||||
It is our policy to offset in our Consolidated Balance Sheets contracts which provide for legally enforceable netting for our accounts receivable and payable and derivative activities. | |||||||||||||||||
As required by accounting standards for derivatives and hedges, fair values within the following tables reconcile the gross amounts to the net amounts. Amounts included in Gross Amounts Offset on Consolidated Balance Sheets in the following tables include the netting of asset and liability positions permitted in accordance with accounting standards for offsetting as well as the impact of legally enforceable master netting agreements that allow us to settle positive and negative positions as well as cash collateral posted with the same counterparties. Additionally, the amounts reflect cash collateral on deposit in margin accounts at Dec. 31, 2013 and Dec. 31, 2012, to collateralize certain financial instruments, which are included in Derivative assets and/or Derivative liabilities. Therefore, the gross amounts are not indicative of either our actual credit exposure or net economic exposure. | |||||||||||||||||
Offsetting of derivative assets and derivative liabilities on our Consolidated Balance Sheets at Dec. 31, 2013 was as follows (in thousands): | |||||||||||||||||
Derivative Assets | Gross Amounts of Derivative Assets | Gross Amounts Offset on Consolidated Balance Sheets | Net Amount of Total Derivative Assets on Consolidated Balance Sheets | ||||||||||||||
Subject to master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | $ | 75 | $ | (75 | ) | $ | — | ||||||||||
Oil and Gas - Crude Options | — | — | — | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | 815 | (815 | ) | — | |||||||||||||
Utilities | 3,030 | (2,368 | ) | 662 | |||||||||||||
Total derivative assets subject to a master netting agreement or similar arrangement | 3,920 | (3,258 | ) | 662 | |||||||||||||
Not subject to a master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | 55 | — | 55 | ||||||||||||||
Oil and Gas - Crude Options | — | — | — | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | — | — | — | ||||||||||||||
Utilities | — | — | — | ||||||||||||||
Total derivative assets not subject to a master netting agreement or similar arrangement | 55 | — | 55 | ||||||||||||||
Total derivative assets | $ | 3,975 | $ | (3,258 | ) | $ | 717 | ||||||||||
Derivative Liabilities | Gross Amounts of Derivative Liabilities | Gross Amounts Offset on Consolidated Balance Sheets | Net Amount of Total Derivative Liabilities on Consolidated Balance Sheets | ||||||||||||||
Subject to a master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | $ | 1,229 | $ | (1,229 | ) | $ | — | ||||||||||
Oil and Gas - Crude Options | — | — | — | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | 531 | (531 | ) | — | |||||||||||||
Utilities | 9,100 | (9,100 | ) | — | |||||||||||||
Interest Rate Swaps | — | — | — | ||||||||||||||
Total derivative liabilities subject to a master netting agreement or similar arrangement | 10,860 | (10,860 | ) | — | |||||||||||||
Not subject to a master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | — | — | — | ||||||||||||||
Oil and Gas - Crude Options | — | — | — | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | — | — | — | ||||||||||||||
Utilities | — | — | — | ||||||||||||||
Interest Rate Swaps | 9,088 | — | 9,088 | ||||||||||||||
Total derivative liabilities not subject to a master netting agreement or similar arrangement | 9,088 | — | 9,088 | ||||||||||||||
Total derivative liabilities | $ | 19,948 | $ | (10,860 | ) | $ | 9,088 | ||||||||||
Offsetting of derivative assets and derivative liabilities on our Consolidated Balance Sheets as of Dec. 31, 2012 were as follows (in thousands): | |||||||||||||||||
Derivative Assets | Gross Amounts of Derivative Assets | Gross Amounts Offset on Consolidated Balance Sheets | Net Amount of Total Derivative Assets on Consolidated Balance Sheets | ||||||||||||||
Subject to master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | $ | 76 | $ | — | $ | 76 | |||||||||||
Oil and Gas - Crude Options | 93 | — | 93 | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | 172 | — | 172 | ||||||||||||||
Utilities | 1,629 | (1,586 | ) | 43 | |||||||||||||
Total derivative assets subject to a master netting agreement or similar arrangement | 1,970 | (1,586 | ) | 384 | |||||||||||||
Not subject to a master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | 1,249 | — | 1,249 | ||||||||||||||
Oil and Gas - Crude Options | 285 | — | 285 | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | 1,828 | — | 1,828 | ||||||||||||||
Utilities | — | — | — | ||||||||||||||
Total derivative assets not subject to a master netting agreement or similar arrangement | 3,362 | — | 3,362 | ||||||||||||||
Total derivative assets | $ | 5,332 | $ | (1,586 | ) | $ | 3,746 | ||||||||||
Derivative Liabilities | Gross Amounts of Derivative Liabilities | Gross Amounts Offset on Consolidated Balance Sheets | Net Amount of Total Derivative Liabilities on Consolidated Balance Sheets | ||||||||||||||
Subject to a master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | $ | 449 | $ | (449 | ) | $ | — | ||||||||||
Oil and Gas - Crude Options | 337 | (337 | ) | — | |||||||||||||
Oil and Gas - Natural Gas Basis Swaps | 620 | (620 | ) | — | |||||||||||||
Utilities | 8,576 | (8,576 | ) | — | |||||||||||||
Interest Rate Swaps | — | — | — | ||||||||||||||
Total derivative liabilities subject to a master netting agreement or similar arrangement | 9,982 | (9,982 | ) | — | |||||||||||||
Not subject to a master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | 52 | — | 52 | ||||||||||||||
Oil and Gas - Crude Options | 795 | — | 795 | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | 507 | — | 507 | ||||||||||||||
Utilities | — | — | — | ||||||||||||||
Interest Rate Swaps | 118,088 | (5,960 | ) | 112,128 | |||||||||||||
Total derivative liabilities not subject to a master netting agreement or similar arrangement | 119,442 | (5,960 | ) | 113,482 | |||||||||||||
Total derivative liabilities | $ | 129,424 | $ | (15,942 | ) | $ | 113,482 | ||||||||||
Derivative assets and derivative liabilities and collateral held by counterparty included in our Consolidated Balance Sheets as of Dec. 31, 2013 were (in thousands): | |||||||||||||||||
Gross Amounts Not Offset on Consolidated Balance Sheets | |||||||||||||||||
Contract Type | Net Amount of Total Derivative Assets | Cash Collateral Received | Net Amount with Counterparty | ||||||||||||||
Assets: | |||||||||||||||||
Oil and Gas | Counterparty A | $ | — | $ | — | $ | — | ||||||||||
Oil and Gas | Counterparty B | 55 | — | 55 | |||||||||||||
Utilities | Counterparty A | 662 | — | 662 | |||||||||||||
$ | 717 | $ | — | $ | 717 | ||||||||||||
Gross Amounts Not Offset on Consolidated Balance Sheets | |||||||||||||||||
Contract Type | Net Amount of Total Derivative Liabilities | Cash Collateral Paid | Net Amount with Counterparty | ||||||||||||||
Liabilities: | |||||||||||||||||
Oil and Gas | Counterparty A | $ | — | $ | (1,631 | ) | $ | (1,631 | ) | ||||||||
Oil and Gas | Counterparty B | — | — | — | |||||||||||||
Utilities | Counterparty A | — | (3,390 | ) | (3,390 | ) | |||||||||||
Interest Rate Swaps | Counterparty F | 9,088 | — | 9,088 | |||||||||||||
$ | 9,088 | $ | (5,021 | ) | $ | 4,067 | |||||||||||
Derivative assets and derivative liabilities and collateral held by counterparty included in our Consolidated Balance Sheets as of Dec. 31, 2012 were (in thousands): | |||||||||||||||||
Gross Amounts Not Offset on Consolidated Balance Sheets | |||||||||||||||||
Contract Type | Net Amount of Total Derivative Assets | Cash Collateral Received | Net Amount with Counterparty | ||||||||||||||
Assets: | |||||||||||||||||
Oil and Gas | Counterparty A | $ | 341 | $ | — | $ | 341 | ||||||||||
Oil and Gas | Counterparty B | 3,362 | — | 3,362 | |||||||||||||
Utilities | Counterparty A | 43 | — | 43 | |||||||||||||
$ | 3,746 | $ | — | $ | 3,746 | ||||||||||||
Gross Amounts Not Offset on Consolidated Balance Sheets | |||||||||||||||||
Contract Type | Net Amount of Total Derivative Liabilities | Cash Collateral Paid | Net Amount with Counterparty | ||||||||||||||
Liabilities: | |||||||||||||||||
Oil and Gas | Counterparty A | $ | — | $ | (1,787 | ) | $ | (1,787 | ) | ||||||||
Oil and Gas | Counterparty B | 1,354 | — | 1,354 | |||||||||||||
Utilities | Counterparty A | — | (4,354 | ) | (4,354 | ) | |||||||||||
Interest Rate Swap | Counterparty D | 4,588 | — | 4,588 | |||||||||||||
Interest Rate Swap | Counterparty E | 29,245 | — | 29,245 | |||||||||||||
Interest Rate Swap | Counterparty F | 12,721 | — | 12,721 | |||||||||||||
Interest Rate Swap | Counterparty G | 26,520 | — | 26,520 | |||||||||||||
Interest Rate Swap | Counterparty H | 16,809 | — | 16,809 | |||||||||||||
Interest Rate Swap | Counterparty I | 22,245 | — | 22,245 | |||||||||||||
$ | 113,482 | $ | (6,141 | ) | $ | 107,341 | |||||||||||
A description of our derivative activities is included in Note 8. The following tables present the impact that derivatives had on our Consolidated Statements of Income (Loss). | |||||||||||||||||
Cash Flow Hedges | |||||||||||||||||
The impact of cash flow hedges on our Consolidated Statements of Income (Loss) for years ended were as follows (in thousands): | |||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain/(Loss) Recognized in AOCI Derivative (Effective Portion) | Location of Gain/ (Loss) Reclassified from AOCI into Income (Effective Portion) | Amount of Gain/(Loss) Reclassified from AOCI into Income (Effective Portion) | Location of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||||||||||
Interest rate swaps | $ | 7,935 | Interest expense | $ | 6,989 | $ | — | ||||||||||
Commodity derivatives | (956 | ) | Revenue | (927 | ) | — | |||||||||||
Total | $ | 6,979 | $ | 6,062 | $ | — | |||||||||||
Dec. 31, 2012 | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain/(Loss) Recognized in AOCI Derivative (Effective Portion) | Location of Gain/ (Loss) Reclassified from AOCI into Income (Effective Portion) | Amount of Gain/(Loss) Reclassified from AOCI into Income (Effective Portion) | Location of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||||||||||
Interest rate swaps | $ | (4,794 | ) | Interest expense | $ | (7,607 | ) | $ | — | ||||||||
Commodity derivatives | 2,639 | Revenue | 8,784 | — | |||||||||||||
Total | $ | (2,155 | ) | $ | 1,177 | $ | — | ||||||||||
Dec. 31, 2011 | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain/(Loss) Recognized in AOCI Derivative (Effective Portion) | Location of Gain/ (Loss) Reclassified from AOCI into Income (Effective Portion) | Amount of Gain/(Loss) Reclassified from AOCI into Income (Effective Portion) | Location of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||||||||||
Interest rate swaps | $ | (12,280 | ) | Interest expense | $ | (7,664 | ) | $ | — | ||||||||
Commodity derivatives | 7,741 | Revenue | 5,487 | — | |||||||||||||
Total | $ | (4,539 | ) | $ | (2,177 | ) | $ | — | |||||||||
Derivatives Not Designated as Hedge Instruments | |||||||||||||||||
The impact of derivative instruments not designated as hedge instruments on our Consolidated Statements of Income (Loss) for the years ended Dec. 31 were as follows (in thousands): | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | |||||||||||||
Interest rate swaps - unrealized | Unrealized gain (loss) on interest rate swap, net | $ | 30,169 | $ | 1,882 | $ | (42,010 | ) | |||||||||
Interest rate swaps - realized | Interest expense | (12,902 | ) | (12,959 | ) | (13,373 | ) | ||||||||||
$ | 17,267 | $ | (11,077 | ) | $ | (55,383 | ) | ||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||
The estimated fair values of our financial instruments, excluding derivatives which are presented in Note 9, were as follows at Dec. 31 (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||
Cash and cash equivalents (a) | $ | 7,841 | $ | 7,841 | $ | 15,462 | $ | 15,462 | |||||
Restricted cash and equivalents (a) | $ | 2 | $ | 2 | $ | 7,916 | $ | 7,916 | |||||
Notes payable (a) | $ | 82,500 | $ | 82,500 | $ | 277,000 | $ | 277,000 | |||||
Long-term debt, including current maturities (b) | $ | 1,396,948 | $ | 1,491,422 | $ | 1,042,850 | $ | 1,231,559 | |||||
_______________ | |||||||||||||
(a) | Carrying value approximates fair value due to either short-term length of maturity or variable interest rates that approximate prevailing market rates and therefore is classified in Level 1 in the fair value hierarchy. | ||||||||||||
(b) | Long-term debt is valued based on observable inputs available either directly or indirectly for similar liabilities in active markets and therefore is classified in Level 2 in the fair value hierarchy. | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
Included in cash and cash equivalents is cash, overnight repurchase agreement accounts, money market funds and term deposits. As part of our cash management process, excess operating cash is invested in overnight repurchase agreements with our bank. Repurchase agreements are not deposits and are not insured by the U.S. Government, the FDIC or any other government agency and involve investment risk including possible loss of principal. We believe however, that the market risk arising from holding these financial instruments is minimal. | |||||||||||||
Restricted Cash and Equivalents | |||||||||||||
Restricted cash and cash equivalents represent restricted cash and uninsured term deposits. | |||||||||||||
Notes Payable | |||||||||||||
2013 Notes Payable represents our Revolving Credit Facility while 2012 also includes certain corporate term loans. | |||||||||||||
Long-Term Debt | |||||||||||||
For additional information on our long-term debt, see Note 5. |
Stock
Stock | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Common Stocks, Including Additional Paid in Capital, Net of Discount [Abstract] | ' | ||||||||||
Common Stock | ' | ||||||||||
STOCK | |||||||||||
Equity Compensation Plans | |||||||||||
Our 2005 Omnibus Incentive Plan allows for the granting of stock, restricted stock, restricted stock units, stock options and performance shares. We had 768,953 shares available to grant at Dec. 31, 2013. | |||||||||||
Compensation expense is determined using the grant date fair value estimated in accordance with the provisions of accounting standards for stock compensation and is recognized over the vesting periods of the individual awards. As of Dec. 31, 2013, total unrecognized compensation expense related to non-vested stock awards was approximately $9.9 million and is expected to be recognized over a weighted-average period of 1.7 years. Stock-based compensation expense included in Operations and maintenance on the accompanying Consolidated Statements of Income was as follows for the years ended Dec. 31 (in thousands): | |||||||||||
2013 | 2012 | 2011 | |||||||||
Stock-based compensation expense | $ | 12,595 | $ | 8,271 | $ | 5,643 | |||||
Stock Options | |||||||||||
We have granted options with an option exercise price equal to the fair market value of the stock on the day of the grant. The options granted vest proportionately over 3 years and expire 10 years after the grant date. | |||||||||||
A summary of the status of the stock options at Dec. 31, 2013 was as follows: | |||||||||||
Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||
(in thousands) | (in years) | (in thousands) | |||||||||
Balance at beginning of period | 121 | $ | 31.23 | ||||||||
Granted (a) | 10 | 40.39 | |||||||||
Forfeited/canceled | — | — | |||||||||
Expired | (4 | ) | 29.09 | ||||||||
Exercised | (66 | ) | 30.87 | ||||||||
Balance at end of period | 61 | $ | 33.25 | 7.3 | $ | 1,165 | |||||
Exercisable at end of period | 26 | $ | 31.69 | 6.5 | $ | 534 | |||||
___________________________ | |||||||||||
(a) | The grant date fair value of the 2013 awards was $7.65 based on a Black-Scholes option pricing model. Assumptions used to estimate the fair value were a 1.4 percent risk free interest rate, 29.3 percent expected price volatility, 3.8 percent expected dividend yield and a 7 year expected life. | ||||||||||
The table below provides details of our option plans at Dec. 31 (in thousands): | |||||||||||
2013 | 2012 | 2011 | |||||||||
Summary of Stock Options | |||||||||||
Unrecognized compensation expense | $ | 130 | $ | 218 | $ | 479 | |||||
Intrinsic value of options exercised (a) | $ | 789 | $ | 623 | $ | 94 | |||||
Net cash received from exercise of options | $ | 2,046 | $ | 2,839 | $ | 1,009 | |||||
Tax benefit realized from exercise of shares (b) | $ | 276 | $ | 218 | $ | 33 | |||||
_____________________ | |||||||||||
(a) | The intrinsic value represents the amount by which the market price of the stock on the date of exercise exceeded the exercise price of the option. | ||||||||||
(b) | The tax benefit realized from the exercise of shares granted was recorded as an increase in equity. | ||||||||||
As of Dec. 31, 2013, the unrecognized compensation expense related to non-vested stock options is expected to be recognized over a weighted-average period of 1.1 years. | |||||||||||
Restricted Stock | |||||||||||
The fair value of restricted stock awards equals the market price of our stock on the date of grant. | |||||||||||
The shares carry a restriction on the ability to sell the shares until the shares vest. The shares substantially vest over 3 years, contingent on continued employment. Compensation expense related to the awards is recognized over the vesting period. | |||||||||||
A summary of the status of the restricted stock at Dec. 31, 2013, was as follows: | |||||||||||
Restricted Stock | Weighted-Average Grant Date Fair Value | ||||||||||
(in thousands) | |||||||||||
Restricted Stock balance at beginning of period | 287 | $ | 32.23 | ||||||||
Granted | 120 | 40.56 | |||||||||
Vested | (138 | ) | 30.62 | ||||||||
Forfeited | (7 | ) | 35.5 | ||||||||
Restricted Stock at end of period | 262 | $ | 36.76 | ||||||||
The weighted-average grant-date fair value of restricted stock granted and the total fair value of shares vested during the years ended Dec. 31, was as follows: | |||||||||||
Weighted-Average Grant Date Fair Value | Total Fair Value of Shares Vested | ||||||||||
(in thousands) | |||||||||||
2013 | $ | 40.56 | $ | 5,842 | |||||||
2012 | $ | 34.99 | $ | 3,781 | |||||||
2011 | $ | 30.33 | $ | 3,211 | |||||||
As of Dec. 31, 2013, there was $5.8 million of unrecognized compensation expense related to non-vested restricted stock that is expected to be recognized over a weighted-average period of 1.8 years. | |||||||||||
Performance Share Plan | |||||||||||
Certain officers of the Company and its subsidiaries are participants in a performance share award plan, a market-based plan. Performance shares are awarded based on our total shareholder return over designated performance periods as measured against a selected peer group. In addition, certain stock price performance must be achieved for a payout to occur. The final value of the performance shares will vary according to the number of shares of common stock that are ultimately granted based upon the actual level of attainment of the performance criteria. | |||||||||||
The performance awards are paid 50 percent in cash and 50 percent in common stock. The cash portion accrued is classified as a liability and the stock portion is classified as equity. In the event of a change-in-control, performance awards are paid 100 percent in cash. If it is determined that a change-in-control is probable, the equity portion of $1.9 million at Dec. 31, 2013 would be reclassified as a liability. | |||||||||||
Outstanding performance periods at Dec. 31 were as follows (shares in thousands): | |||||||||||
Possible Payout Range of Target | |||||||||||
Grant Date | Performance Period | Target Grant of Shares | Minimum | Maximum | |||||||
Jan. 1, 2011 | Jan. 1, 2011 - Dec. 31, 2013 | 62 | 0% | 175% | |||||||
Jan. 1, 2012 | Jan. 1, 2012 - Dec. 31, 2014 | 64 | 0% | 200% | |||||||
Jan. 1, 2013 | Jan. 1, 2013 - Dec. 31, 2015 | 61 | 0% | 200% | |||||||
A summary of the status of the Performance Share Plan at Dec. 31 was as follows: | |||||||||||
Equity Portion | Liability Portion | ||||||||||
Weighted-Average Grant Date Fair Value | Weighted-Average Fair Value at | ||||||||||
Shares | Shares | Dec. 31, 2013 | |||||||||
(in thousands) | (in thousands) | ||||||||||
Performance Shares balance at beginning of period | 96 | $ | 27.49 | 96 | |||||||
Granted | 31 | 35.85 | 31 | ||||||||
Forfeited | (1 | ) | 33.85 | (1 | ) | ||||||
Vested | (33 | ) | 24.26 | (33 | ) | ||||||
Performance Shares balance at end of period | 93 | $ | 31.34 | 93 | $ | 95.79 | |||||
The grant date fair values for the performance shares granted in 2013, 2012 and 2011 were determined by Monte Carlo simulation using a blended volatility of 20 percent, 21 percent and 30 percent, respectively, comprised of 50 percent historical volatility and 50 percent implied volatility and the average risk-free interest rate of the three-year United States Treasury security rate in effect as of the grant date. | |||||||||||
The weighted-average grant-date fair value of performance share awards granted in the years ended was as follows: | |||||||||||
Weighted Average Grant Date Fair Value | |||||||||||
Dec. 31, 2013 | $ | 35.85 | |||||||||
Dec. 31, 2012 | $ | 32.26 | |||||||||
Dec. 31, 2011 | $ | 25.92 | |||||||||
Performance plan payouts have been as follows (dollars and shares in thousands): | |||||||||||
Performance Period | Year of Payment | Stock Issued | Cash Paid | Total Intrinsic Value | |||||||
Jan. 1, 2010 to Dec. 31, 2012 | 2013 | 63 | $ | 2,267 | $ | 4,533 | |||||
Jan. 1, 2009 to Dec. 31, 2011 | 2012 | — | $ | — | $ | — | |||||
Jan. 1, 2008 to Dec. 31, 2010 | 2011 | — | $ | — | $ | — | |||||
On Jan. 29, 2014, the Compensation Committee of our Board of Directors determined that the Company’s total shareholder return for the Jan. 1, 2011 through Dec. 31, 2013 performance period was at the 94th percentile of its peer group and confirmed a payout equal to 175 percent of target shares, valued at $6.0 million. The payout was fully accrued at Dec. 31, 2013. | |||||||||||
As of Dec. 31, 2013, there was $3.9 million of unrecognized compensation expense related to outstanding performance share plans that is expected to be recognized over a weighted-average period of 1.6 years. | |||||||||||
Shareholder Dividend Reinvestment and Stock Purchase Plan | |||||||||||
We have a DRIP under which shareholders may purchase additional shares of common stock through dividend reinvestment and/or optional cash payments at 100 percent of the recent average market price. We have the option of issuing new shares or purchasing the shares on the open market. We are currently issuing new shares. | |||||||||||
A summary of the Dividend Reinvestment and Stock Purchase Plan for the years ended and at Dec. 31 is as follows (shares in thousands): | |||||||||||
2013 | 2012 | ||||||||||
Shares Issued | 67 | 101 | |||||||||
Weighted Average Price | $ | 46.78 | $ | 33.58 | |||||||
Unissued Shares Available | 286 | 353 | |||||||||
Equity Issuance | |||||||||||
On Nov. 10, 2010, we entered into an Equity Forward Agreement with J.P. Morgan in connection with a public offering of 4,000,000 shares of Black Hills Corporation common stock. Subsequently, the underwriters exercised the over-allotment option to purchase 413,519 additional shares under the same terms as the original Forward Equity Agreement. On Nov. 1, 2011 we issued 4,413,519 shares of common stock in return for proceeds of approximately $120 million under an Equity Forward Agreement. | |||||||||||
Preferred Stock | |||||||||||
Our articles of incorporation authorize the issuance of 25 million shares of preferred stock of which we had no shares of preferred stock outstanding. |
Impairment_of_LongLived_Assets
Impairment of Long-Lived Assets | 12 Months Ended |
Dec. 31, 2013 | |
Asset Impairment Charges [Abstract] | ' |
Asset Impairment Charges [Text Block] | ' |
IMPAIRMENT OF LONG-LIVED ASSETS | |
Under the full cost method of accounting used by our Oil and Gas segment to account for exploration, development, and acquisition of crude oil and natural gas reserves, all costs attributable to these activities are capitalized. These capitalized costs, less accumulated amortization and related deferred income taxes, are subject to a ceiling test that limits the pooled costs to the aggregate of the discounted value of future net revenue attributable to proved natural gas and crude oil reserves using a discount rate defined by the SEC plus the lower of cost or market value of unevaluated properties. Any costs in excess of the ceiling are written off as a non-cash charge. | |
As a result of continued low commodity prices in the second quarter of 2012, we recorded a $27 million non-cash impairment of oil and gas assets included in the Oil and Gas segment. In determining the ceiling value of our assets, we utilized the average of the quoted prices from the first day of each month from the previous 12 months. For natural gas, the average NYMEX price was $3.15 per Mcf, adjusted to $2.66 per Mcf at the wellhead; for crude oil, the average NYMEX price was $95.67 per barrel, adjusted to $85.36 per barrel at the wellhead. |
Operating_Leases
Operating Leases | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Leases, Operating [Abstract] | ' | |||||||||
Leases of Lessee Disclosure [Text Block] | ' | |||||||||
OPERATING LEASES | ||||||||||
We have entered into lease agreements for vehicles, equipment and office facilities. Rental expense incurred under these operating leases, including month to month leases, for the years ended Dec. 31 was as follows (in thousands): | ||||||||||
2013 | 2012 | 2011 | ||||||||
Rent expense | $ | 7,169 | $ | 6,839 | $ | 6,125 | ||||
The following is a schedule of future minimum payments required under the operating lease agreements (in thousands): | ||||||||||
2014 | $ | 2,782 | ||||||||
2015 | $ | 2,583 | ||||||||
2016 | $ | 1,938 | ||||||||
2017 | $ | 1,747 | ||||||||
2018 | $ | 1,697 | ||||||||
Thereafter | $ | 5,452 | ||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||
Income Tax Disclosure [Text Block] | ' | |||||||||
INCOME TAXES | ||||||||||
Income tax expense (benefit) from continuing operations for the years ended Dec. 31 was (in thousands): | ||||||||||
2013 | 2012 | 2011 | ||||||||
Current: | ||||||||||
Current federal income tax expense (benefit) | $ | (2,003 | ) | $ | 4,972 | $ | (14,539 | ) | ||
Current state income tax expense (benefit) | (173 | ) | 3,712 | (837 | ) | |||||
(2,176 | ) | 8,684 | (15,376 | ) | ||||||
Deferred: | ||||||||||
Deferred federal income tax expense (benefit) | 56,963 | 39,876 | 30,876 | |||||||
Deferred state income tax expense (benefit) | 7,033 | 68 | 2,970 | |||||||
Tax credit amortization expense (benefit) | (212 | ) | (228 | ) | (246 | ) | ||||
63,784 | 39,716 | 33,600 | ||||||||
Total income tax expense (benefit) | $ | 61,608 | $ | 48,400 | $ | 18,224 | ||||
The temporary differences, which gave rise to the net deferred tax liability, for the years ended Dec. 31 were as follows (in thousands): | ||||||||||
2013 | 2012 | |||||||||
Deferred tax assets: | ||||||||||
Regulatory liabilities | $ | 33,172 | $ | 57,471 | ||||||
Employee benefits | 28,724 | 23,767 | ||||||||
Items of other comprehensive income (loss) | 9,733 | 20,038 | ||||||||
Derivative fair value adjustments | 1,594 | 35,947 | ||||||||
Federal net operating loss | 166,095 | 147,153 | ||||||||
Asset impairment | 55,124 | 55,971 | ||||||||
State tax credits | 14,948 | 15,546 | ||||||||
Other deferred tax assets | 32,803 | 36,502 | ||||||||
Less: Valuation allowance | (1,806 | ) | (6,192 | ) | ||||||
Total deferred tax assets | 340,387 | 386,203 | ||||||||
Deferred tax liabilities: | ||||||||||
Accelerated depreciation, amortization and other plant-related differences | (598,415 | ) | (571,262 | ) | ||||||
Regulatory assets | (24,581 | ) | (23,537 | ) | ||||||
Mining development and oil exploration | (69,799 | ) | (48,411 | ) | ||||||
Deferred costs | (15,593 | ) | (17,723 | ) | ||||||
State deferred tax liability | (30,293 | ) | (19,986 | ) | ||||||
Other deferred tax liabilities | (15,104 | ) | (13,961 | ) | ||||||
Total deferred tax liabilities | (753,785 | ) | (694,880 | ) | ||||||
Net deferred tax liability | $ | (413,398 | ) | $ | (308,677 | ) | ||||
The effective tax rate differs from the federal statutory rate for the years ended Dec. 31, as follows: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||
State income tax (net of federal tax effect) | 2.4 | 2 | 1.8 | |||||||
Amortization of excess deferred and investment tax credits | (0.1 | ) | (0.2 | ) | (0.5 | ) | ||||
Percentage depletion in excess of cost | (1.0 | ) | (1.3 | ) | (2.5 | ) | ||||
Equity AFUDC | — | — | (0.5 | ) | ||||||
Tax credits | (0.5 | ) | — | — | ||||||
Accounting for uncertain tax positions adjustment | 0.7 | 0.8 | 2.8 | |||||||
Flow-through adjustments (a) | (0.9 | ) | (1.3 | ) | (4.5 | ) | ||||
Other tax differences | (0.9 | ) | 0.4 | (0.5 | ) | |||||
34.7 | % | 35.4 | % | 31.1 | % | |||||
_________________________ | ||||||||||
(a) | The flow-through adjustments relate primarily to an accounting method change for tax purposes that allows us to take a current tax deduction for repair costs that continue to be capitalized for book purposes. We recorded a deferred income tax liability in recognition of the temporary difference created between book and tax treatment and flowed the tax benefit through to our customers in the form of lower rates as a result of a rate case settlement that occurred during 2010. A regulatory asset was established to reflect the recovery of future increases in taxes payable from customers as the temporary differences reverse. As a result of this regulatory treatment, we continue to record a tax benefit consistent with the flow-through method. Such tax benefit has remained somewhat constant, but its impact on the effective tax rate is predicated on the level of pre-tax net income as evidenced in 2011. | |||||||||
At Dec. 31, 2013, we had federal and state NOL carryforwards which will expire at various dates as follows (in thousands): | ||||||||||
Net Operating Loss Carryforward | Amounts | Expiration Dates | ||||||||
Federal | $ | 482,989 | 2019 | to | 2033 | |||||
State | $ | 423,570 | 2013 | to | 2033 | |||||
As of Dec. 31, 2013, we had a $0.5 million valuation allowance against the state NOL carryforwards. The re-evaluation of our ability to utilize such NOLs resulted in a decrease of the valuation allowance of approximately $1.7 million of which $0.7 million resulted in a decrease to tax expense. The valuation allowance adjustment was primarily attributable to NOLs whose carryforward period has expired resulting in an offset to the deferred tax asset. Ultimate usage of these NOLs depends upon our future tax filings. If the valuation allowance is adjusted due to higher or lower than anticipated utilization of the NOLs, the offsetting amount will affect tax expense. | ||||||||||
The following table reconciles the total amounts of unrecognized tax benefits, without interest, at the beginning and end of the period included in Other deferred credits and other liabilities on the accompanying Consolidated Balance Sheets (in thousands): | ||||||||||
Changes in Uncertain Tax Positions | ||||||||||
Beginning balance at Jan. 1, 2011 | $ | 50,135 | ||||||||
Additions for prior year tax positions | 2,725 | |||||||||
Reductions for prior year tax positions | (3,533 | ) | ||||||||
Ending balance at Dec. 31, 2011 | 49,327 | |||||||||
Additions for prior year tax positions | 111 | |||||||||
Reductions for prior year tax positions | (8,906 | ) | ||||||||
Additions for current year tax positions | 151 | |||||||||
Settlements | — | |||||||||
Ending balance at Dec. 31, 2012 | 40,683 | |||||||||
Additions for prior year tax positions | 1,526 | |||||||||
Reductions for prior year tax positions | (4,578 | ) | ||||||||
Additions for current year tax positions | — | |||||||||
Settlements | — | |||||||||
Ending balance at Dec. 31, 2013 | $ | 37,631 | ||||||||
The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is approximately $1.7 million. | ||||||||||
We recognized interest expense of $1.6 million, $1.4 million and $1.4 million for the years ended Dec. 31, 2013, 2012 and 2011, respectively. | ||||||||||
We had approximately $9.9 million pre-tax and $8.3 million pre-tax of accrued interest associated with income taxes at Dec. 31, 2013 and 2012, respectively. | ||||||||||
We file income tax returns with the IRS and various state jurisdictions. We are currently under examination by the IRS for the 2007 to 2009 tax years and recently received notification to audit the 2010 to 2012 tax years. We remain subject to examination by Canadian income tax authorities for tax years as early as 1999. | ||||||||||
We have deferred a substantial amount of tax payments through various tax planning strategies including the deferral of approximately $125 million in income taxes attributable to the like-kind exchange effectuated in connection with the IPP Transaction and Aquila Transaction that occurred in 2008. The IRS has challenged our position with respect to the like-kind exchange and it is reasonably possible that the total unrecognized tax benefits attributable to such transaction could change significantly due to a settlement with the IRS that is anticipated to occur on or before Dec. 31, 2014. However, based on the information currently available, it is difficult to determine any reasonable estimate of the financial statement impact including the impact on the effective tax rate. | ||||||||||
Excess foreign tax credits have been generated and are available to offset United States federal income taxes. At Dec. 31, 2013, we had foreign tax credit carryforwards of approximately $0.5 million, which expire between 2015 and 2017. | ||||||||||
As of Dec. 31, 2013, we had a $0.5 million valuation allowance against the foreign tax credit carryforwards. In addition, the carryforward balance reflects the expected utilization of approximately $1.8 million of foreign tax credits to be included as computational adjustments upon finalization of our current IRS examination covering tax years 2007 to 2009. Such foreign tax credits have been reflected as an offset to liabilities for unrecognized tax benefits in recognition of the estimated impact the resolution of material uncertain tax positions could have with respect to utilization. | ||||||||||
State tax credits have been generated and are available to offset future state income taxes. At Dec. 31, 2013, we had the following state tax credit carryforwards (in thousands): | ||||||||||
State Tax Credit Carryforwards | Expiration Years | |||||||||
Investment tax credit | $ | 14,793 | 2023 | to | 2025 | |||||
Research and development | $ | 155 | No expiration | |||||||
As of Dec. 31, 2013, we had a $0.8 million valuation allowance against the state tax credit carryforwards. The re-evaluation of our ability to utilize such credits resulted in a decrease of the valuation allowance of approximately $2.6 million of which approximately $1.1 million resulted in a decrease to tax expense. The remaining $1.5 million decrease is attributable to our regulated business and is being accounted for under the deferral method whereby the credits are amortized to tax expense over the estimated useful life of the underlying asset that generated the credit. The valuation allowance adjustment was primarily attributable to an increase in forecasted apportionment factors. Ultimate usage of these credits depends upon our future tax filings. If the valuation allowance is adjusted due to higher or lower than anticipated utilization of the state tax credit carryforwards, the offsetting amount will affect tax expense. |
Comprehensive_Income
Comprehensive Income | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||
Comprehensive Income (Loss) | ' | ||||||||||||
OTHER COMPREHENSIVE INCOME | |||||||||||||
The components of the reclassification adjustments for the period, net of tax, included in Other Comprehensive Income were as follows (in thousands): | |||||||||||||
Location on the Consolidated Statements of Income | Amount Reclassified from AOCI | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||
Gains and losses on cash flow hedges: | |||||||||||||
Interest rate swaps | Interest expense | $ | 6,989 | $ | 7,607 | ||||||||
Commodity contracts | Revenue | (927 | ) | (8,784 | ) | ||||||||
6,062 | (1,177 | ) | |||||||||||
Income tax | Income tax benefit (expense) | (2,016 | ) | 534 | |||||||||
Total reclassification adjustments related to cash flow hedges, net of tax | $ | 4,046 | $ | (643 | ) | ||||||||
Amortization of defined benefit plans: | |||||||||||||
Prior service cost | Utilities - Operations and maintenance | $ | (125 | ) | $ | — | |||||||
Non-regulated energy operations and maintenance | (128 | ) | — | ||||||||||
Actuarial gain (loss) | Utilities - Operations and maintenance | 1,693 | — | ||||||||||
Non-regulated energy operations and maintenance | 1,098 | — | |||||||||||
2,538 | — | ||||||||||||
Income tax | Income tax benefit (expense) | (883 | ) | — | |||||||||
Total reclassification adjustments related to defined benefit plans, net of tax | $ | 1,655 | $ | — | |||||||||
Balances by classification included within Accumulated other comprehensive income (loss) on the accompanying Consolidated Balance Sheets were as follows (in thousands): | |||||||||||||
Derivatives Designated as Cash Flow Hedges | |||||||||||||
Interest Rate Swaps | Commodity Derivatives | Employee Benefit Plans | Total | ||||||||||
As of Dec. 31, 2012 | $ | (16,313 | ) | $ | 600 | $ | (19,775 | ) | $ | (35,488 | ) | ||
Other comprehensive income (loss) | 9,688 | (1,108 | ) | 9,486 | 18,066 | ||||||||
As of Dec. 31, 2013 | $ | (6,625 | ) | $ | (508 | ) | $ | (10,289 | ) | $ | (17,422 | ) | |
Derivatives Designated as Cash Flow Hedges | |||||||||||||
Interest Rate Swaps | Commodity Derivatives | Employee Benefit Plans | Total | ||||||||||
As of Dec. 31, 2011 | $ | (18,140 | ) | $ | 4,338 | $ | (19,076 | ) | $ | (32,878 | ) | ||
Other comprehensive income (loss) | 1,827 | (3,738 | ) | (699 | ) | (2,610 | ) | ||||||
As of Dec. 31, 2012 | $ | (16,313 | ) | $ | 600 | $ | (19,775 | ) | $ | (35,488 | ) | ||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||||||
Supplemental Disclosure of Cash Flow Information | ' | |||||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||||||||||
Years ended Dec. 31, | 2013 | 2012 | 2011 | |||||||||
(in thousands) | ||||||||||||
Non-cash investing activities and financing from continuing operations - | ||||||||||||
Property, plant and equipment acquired with accrued liabilities | $ | 59,811 | $ | 35,556 | $ | 37,529 | ||||||
Increase (decrease) in capitalized assets associated with asset retirement obligations | $ | 1,235 | $ | 5,743 | $ | (1,525 | ) | |||||
Cash (paid) refunded during the period for continuing operations- | ||||||||||||
Interest (net of amount capitalized) | $ | (108,361 | ) | $ | (116,593 | ) | $ | (103,110 | ) | |||
Income taxes, net | $ | (4,573 | ) | $ | (3,027 | ) | $ | 9,854 | ||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | ||||||||||||||||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||||||||||||||
We sponsor a 401(k) retirement savings plan (the 401(k) Plan). Participants in the 401(k) Plan may elect to invest a portion of their eligible compensation to the 401(k) Plan up to the maximum amounts established by the IRS. The 401(k) Plan provides employees the opportunity to invest up to 50 percent of their eligible compensation on a pre-tax or after-tax basis. The 401(k) Plan provides a Company Matching Contribution for all eligible participants and for certain eligible participants a Company Retirement Contribution based on the participant’s age and years of service. Vesting of all Company contributions ranges from immediate vesting to graduated vesting at 20 percent per year with 100 percent vesting when the participant has 5 years of service with the Company. | ||||||||||||||||||||||||||||||
Funded Status of Benefit Plans | ||||||||||||||||||||||||||||||
The funded status of postretirement benefit plans is required to be recognized in the statement of financial position. The funded status for pension plans is measured as the difference between the projected benefit obligation and the fair value of plan assets. The funded status for all other benefit plans is measured as the difference between the accumulated benefit obligation and the fair value of plan assets. A liability is recorded for an amount by which the benefit obligation exceeds the fair value of plan assets or an asset is recorded for any amount by which the fair value of plan assets exceeds the benefit obligation. Except for our regulated utilities, the unrecognized net periodic benefit cost is recorded within Accumulated other comprehensive income (loss), net of tax. For our regulated utilities, these costs are recoverable in our rates, and accordingly, the unrecognized net periodic benefit cost was alternatively recorded as a regulatory asset or regulatory liability, net of tax (see Note 1). The measurement date for all plans is Dec. 31. As of Dec. 31, 2013, the unfunded status of our Defined Benefit Pension Plans was $41 million; the unfunded status of our Supplemental Non-qualified Defined Benefit Plans was $33 million; and the unfunded status of our Non-pension Defined Benefit Postretirement Healthcare Plans was $41 million. | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans (Pension Plans) | ||||||||||||||||||||||||||||||
We have two defined benefit pension plans. Our BHC Pension Plan covers certain eligible employees of Black Hills Service Company, Black Hills Power, WRDC, BHEP and Cheyenne Light. The Black Hills Utility Holdings, Inc. Pension Plan covers certain eligible employees of Black Hills Energy. The benefits for the Pension Plans are based on year of service and calculations of average earnings during a specific time period prior to retirement. As of Jan. 1, 2010, both Pension Plans were frozen to new employees and certain employees who did not meet age and service based criteria at the time the Pension Plans were frozen. | ||||||||||||||||||||||||||||||
Pension Plan assets are held in a Master Trust. Each Plan holds an undivided interest in the Master Trust. Our Board of Directors has approved the Plans’ investment policy. The objective of the investment policy is to manage assets in such a way that will allow the eventual settlement of our obligations to the Pension Plans’ beneficiaries. To meet this objective, our pension assets are managed by an outside adviser using a portfolio strategy that will provide liquidity to meet the Plans’ benefit payment obligations. The Pension Plans’ assets consist primarily of equity, fixed income and hedged investments. The expected long-term rate of return for investments was 7.25 percent and 7.25 percent for the 2013 and 2012 plan years, respectively. Our Pension Plan funding policy is in accordance with the federal government’s funding requirements. | ||||||||||||||||||||||||||||||
In 2011, the Cheyenne Light Pension Plan was amended to freeze the benefits of certain bargaining unit employees. This amendment was effective as of Jan. 1, 2012. Additionally, effective Oct. 1, 2012, the Cheyenne Light Pension Plan was merged into the BHC Pension Plan. The Pension Plan benefits are based on years of service and compensation levels. | ||||||||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||
The percentages of total plan asset fair value by investment category for our Pension Plans at Dec. 31 were as follows: | ||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Equity | 26 | % | 47 | % | ||||||||||||||||||||||||||
Real estate | 4 | 8 | ||||||||||||||||||||||||||||
Fixed income | 58 | 44 | ||||||||||||||||||||||||||||
Cash | 1 | 1 | ||||||||||||||||||||||||||||
Hedge funds | 11 | — | ||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||||||||
Supplemental Non-qualified Defined Benefit Plans | ||||||||||||||||||||||||||||||
We have various supplemental retirement plans for key executives of the Company. The plans are non-qualified defined benefit and defined contribution plans (Supplemental Plans). The Supplemental Plans are subject to various vesting schedules and are not funded by the Company. | ||||||||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||
We do not fund our Supplemental Plans. We fund on a cash basis as benefits are paid. | ||||||||||||||||||||||||||||||
Non-pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||||
We sponsor three retiree healthcare plans (Healthcare Plans) for employees who meet certain age and service requirements at retirement. Healthcare Plan benefits are subject to premiums, deductibles, co-payment provisions and other limitations. A portion of the Healthcare Plans is pre-funded via VEBAs. Effective Jan. 1, 2014, health care coverage for Medicare-eligible retirees will be provided through an individual market health care exchange for BHC and Black Hills Utility Holdings retirees. | ||||||||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||
We fund the Healthcare Plans on a cash basis as benefits are paid. The Black Hills Energy Plan provides for partial pre-funding via VEBAs. Assets related to this pre-funding are held in trust and are for the benefit of the union and non-union employees of Black Hills Energy located in the states of Kansas and Iowa. We do not pre-fund the Postretirement Healthcare Plans for those employees outside Kansas and Iowa. | ||||||||||||||||||||||||||||||
Plan Contributions | ||||||||||||||||||||||||||||||
Contributions to the Pension Plans are cash contributions made directly to the Pension Plan Trust accounts. Healthcare and Supplemental Plan contributions are made in the form of benefit payments. Contributions for the years ended Dec. 31 were as follows (in thousands): | ||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Defined Contribution Plan | ||||||||||||||||||||||||||||||
Company Retirement Contribution | $ | 2,775 | $ | 2,639 | ||||||||||||||||||||||||||
Matching contributions - Defined Contribution Plans | $ | 8,524 | $ | 8,981 | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Defined Benefit Plans | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | $ | 12,500 | $ | 25,350 | ||||||||||||||||||||||||||
Non-Pension Defined Benefit Postretirement Healthcare Plans | $ | 5,123 | $ | 5,191 | ||||||||||||||||||||||||||
Supplemental Non-Qualified Defined Benefit Plans | $ | 1,345 | $ | 1,270 | ||||||||||||||||||||||||||
We do not anticipate making contributions to our Pension Plans in 2014. | ||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||
As required by accounting standards for Compensation - Retirement Benefits, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect their placement within the fair value hierarchy levels. | ||||||||||||||||||||||||||||||
The following tables set forth, by level within the fair value hierarchy, the assets that were accounted for at fair value on a recurring basis (in thousands): | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Dec. 31, 2013 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
AXA Equitable General Fixed Income | $ | — | $ | 1,056 | $ | — | $ | 1,056 | ||||||||||||||||||||||
Common Collective Trust - Cash and Cash Equivalents | — | 1,253 | — | 1,253 | ||||||||||||||||||||||||||
Common Collective Trust - Equity | — | 73,726 | — | 73,726 | ||||||||||||||||||||||||||
Common Collective Trust - Fixed Income | — | 162,747 | — | 162,747 | ||||||||||||||||||||||||||
Common Collective Trust - Real Estate | — | 3,392 | 8,541 | 11,933 | ||||||||||||||||||||||||||
Hedge Funds | — | — | 29,647 | 29,647 | ||||||||||||||||||||||||||
Total investments measured at fair value | $ | — | $ | 242,174 | $ | 38,188 | $ | 280,362 | ||||||||||||||||||||||
Defined Benefit Pension Plans | Dec. 31, 2012 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
Money Market Fund | $ | 1,486 | $ | — | $ | — | $ | 1,486 | ||||||||||||||||||||||
Common Collective Trust - Cash and Cash Equivalents | — | 1,118 | — | 1,118 | ||||||||||||||||||||||||||
Common Collective Trust - Equity | — | 126,105 | — | 126,105 | ||||||||||||||||||||||||||
Common Collective Trust - Fixed Income | — | 114,440 | — | 114,440 | ||||||||||||||||||||||||||
Common Collective Trust - Real Estate | — | 13,361 | 7,770 | 21,131 | ||||||||||||||||||||||||||
Structured Products | — | 4,536 | — | 4,536 | ||||||||||||||||||||||||||
Total investments measured at fair value | $ | 1,486 | $ | 259,560 | $ | 7,770 | $ | 268,816 | ||||||||||||||||||||||
Non-pension Defined Benefit Postretirement Healthcare Plans | Dec. 31, 2013 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
Registered Investment Company Trust - Money Market Mutual Fund | $ | — | $ | 4,546 | $ | — | $ | 4,546 | ||||||||||||||||||||||
Total investments measured at fair value | $ | — | $ | 4,546 | $ | — | $ | 4,546 | ||||||||||||||||||||||
Non-pension Defined Benefit Postretirement Healthcare Plans | Dec. 31, 2012 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
Registered Investment Company Trust - Money Market Mutual Fund | $ | — | $ | 4,351 | $ | — | $ | 4,351 | ||||||||||||||||||||||
Total investments measured at fair value | $ | — | $ | 4,351 | $ | — | $ | 4,351 | ||||||||||||||||||||||
The following table sets forth a summary of changes in the fair value of the Defined Benefit Pension Plans’ Level 3 assets for the period ended Dec. 31 (in thousands): | ||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 7,770 | $ | 7,043 | ||||||||||||||||||||||||||
Purchase | 29,000 | — | ||||||||||||||||||||||||||||
Unrealized gain (loss) | 1,508 | 727 | ||||||||||||||||||||||||||||
Realized gain (loss) | (77 | ) | — | |||||||||||||||||||||||||||
Settlements | (13 | ) | — | |||||||||||||||||||||||||||
Balance, end of period | $ | 38,188 | $ | 7,770 | ||||||||||||||||||||||||||
The following table presents the quantitative information about Level 3 fair value measurements (dollars in thousands): | ||||||||||||||||||||||||||||||
Fair Value at | Valuation | Level 3 | Range (Weighted) | |||||||||||||||||||||||||||
Dec. 31, 2013 | Technique | Input | Average | |||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||
Common Collective Trust - Real Estate (a) | $ | 8,541 | Market Approach | Redemption Restriction | N/A | |||||||||||||||||||||||||
Hedge Funds (b) | $ | 29,647 | Market Approach | Redemption Restriction | N/A | |||||||||||||||||||||||||
_____________ | ||||||||||||||||||||||||||||||
(a) | The underlying net asset value in the Common Collective Trust - Real Estate fund is determined by appraisal of the properties held in the Trust. As part of the Trustee's valuation process, properties are externally appraised generally on an annual basis. The appraisals are conducted by reputable independent appraisal firms and signed by appraisers that are members of the Appraisal Institute, with the professional designation of Member, Appraisal Institute. All external appraisals are performed in accordance with the Uniform Standards of Professional Appraisal Practices. We receive monthly statements from the Trustee along with the annual schedule of investments and rely on these reports for pricing the units of the fund. The fund does contain a participant withdrawal policy. | |||||||||||||||||||||||||||||
(b) | The fair value of Level 3 is determined based on pricing provided or reviewed by third-party administrator to our investment managers. While the input amounts used by the pricing vendor in determining fair value are not provided, and therefore, unavailable for our review, the asset results are reviewed and monitored to ensure the fair values are reasonable and in line with market experience in similar asset classes. Additionally, the audited financial statements of the funds will be reviewed at the time they are issued. | |||||||||||||||||||||||||||||
Additional information about assets of the Pension Plans, including methods and assumptions used to estimate the fair value of these assets, is as follows: | ||||||||||||||||||||||||||||||
AXA Equitable General Fixed Income Fund: This fund is a diversified portfolio, primarily composed of fixed income instruments. Assets are invested in long-term holdings, such as commercial, agricultural and residential mortgages, publicly traded and privately place bonds and real estate as well as short-term bonds. Fair values of mortgage loans are measured by discounting future contractual cash flows to be received on the mortgage loans using interest rates at which loans with similar characteristics. The discount rate is derived from taking the appropriate U.S. Treasury rate with a like term. The fair value of public fixed maturity securities are generally based on prices obtained from independent valuation service provides with reasonableness prices compared with directly observable market trades. The fair value of privately placed securities are determined using a discounted cash flow model. These models use observable inputs with a discount rate based upon the average of spread surveys collected from private market intermediaries and industry sector of the issuer. | ||||||||||||||||||||||||||||||
Common Collective Trust Funds: These funds are valued based upon the redemption price of units held by the Plan, which is based on the current fair value of the common collective trust funds’ underlying assets. Unit values are determined by the financial institution sponsoring such funds by dividing the fund’s net assets at fair value by its units outstanding at the valuation dates. The Plan’s investments in common collective trust funds, with the exception of shares of the common collective trust-real estate are categorized as Level 2. | ||||||||||||||||||||||||||||||
Common Collective Trust-Real Estate Fund: This fund is valued based on various factors of the underlying real estate properties, including market rent, market rent growth, occupancy levels, etc. As part of the trustee’s valuation process, properties are externally appraised generally on an annual basis. The appraisals are conducted by reputable independent appraisal firms and signed by appraisers that are members of the Appraisal Institute, with professional designation of Member, Appraisal Institute. All external appraisals are performed in accordance with the Uniform Standards of Professional Appraisal Practices. We receive monthly statements from the trustee, along with the annual schedule of investments, and rely on these reports for pricing the units of the fund. Certain of the funds’ assets contain participant withdrawal policy and, therefore, are categorized as Level 3. The funds without participant withdrawal limitations are categorized as Level 2. | ||||||||||||||||||||||||||||||
Hedge Funds: Hedge funds represent investments in other investment funds that seek a return utilizing a number of diverse investment strategies. The strategies, when combined aim to reduce volatility and risk while attempting to deliver positive returns under all market conditions. Amounts are reported on a one-month lag. The fair value of hedge funds is determined using net asset value per share based on the fair value of the hedge fund’s underlying investments. Generally, shares may be redeemed at the end of each quarter, after a lockup period of one-year, with a 65 day notice and is limited to a percentage of total net asset value of the fund. The net asset values are based on the fair value of each fund’s underlying investments. There are no unfunded commitments related to these hedge funds. | ||||||||||||||||||||||||||||||
Structured Products: Investments are created through the process of financial engineering, (that is, by combining underlying securities like equity, bonds, or indices with derivatives). The value of derivative securities, such as options, forwards and swaps is determined by (respectively, derives from) the prices of the underlying securities. | ||||||||||||||||||||||||||||||
Registered Investment Companies: Investments are valued at the closing price reported on the active market on which the individual securities are traded. | ||||||||||||||||||||||||||||||
Other Plan Information | ||||||||||||||||||||||||||||||
The following tables provide a reconciliation of the employee benefit plan obligations, fair value of assets and amounts recognized in the statement of financial position, components of the net periodic expense and elements of accumulated other comprehensive income (in thousands): | ||||||||||||||||||||||||||||||
Benefit Obligations | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Nonqualified Defined Benefit Retirement Plans | Non-pension Defined Benefit Postretirement Plans | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 363,235 | $ | 325,944 | $ | 34,393 | $ | 30,223 | $ | 46,681 | $ | 50,141 | ||||||||||||||||||
Service cost | 6,433 | 5,720 | 1,392 | 889 | 1,674 | 1,610 | ||||||||||||||||||||||||
Interest cost | 15,300 | 14,747 | 1,328 | 1,410 | 1,669 | 2,093 | ||||||||||||||||||||||||
Actuarial (gain) loss | (38,252 | ) | 28,639 | (2,808 | ) | 3,140 | (3,379 | ) | (4,430 | ) | ||||||||||||||||||||
Amendments (a) | — | — | — | — | 1,585 | — | ||||||||||||||||||||||||
Benefits paid | (25,316 | ) | (11,815 | ) | (1,345 | ) | (1,269 | ) | (5,123 | ) | (5,190 | ) | ||||||||||||||||||
Plan curtailment liability reduction | — | — | — | — | — | — | ||||||||||||||||||||||||
Medicare Part D accrued | — | — | — | — | 470 | 289 | ||||||||||||||||||||||||
Plan participants’ contributions | — | — | — | — | 2,201 | 2,168 | ||||||||||||||||||||||||
Projected benefit obligation at end of year | $ | 321,400 | $ | 363,235 | $ | 32,960 | $ | 34,393 | $ | 45,778 | $ | 46,681 | ||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||
(a) | Reflects Board of Directors approval of an increase to Company’s contribution to RMSA accounts. | |||||||||||||||||||||||||||||
A reconciliation of the fair value of Plan assets was as follows (in thousands): | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Nonqualified Defined Benefit Retirement Plans | Non-pension Defined Benefit Postretirement Plans (a) | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Beginning market value of plan assets | $ | 268,816 | $ | 221,722 | $ | — | $ | — | $ | 4,351 | $ | 4,319 | ||||||||||||||||||
Investment income (loss) | 24,362 | 33,559 | — | — | 8 | (3 | ) | |||||||||||||||||||||||
Employer contributions | 12,500 | 25,350 | — | — | 1,923 | 2,172 | ||||||||||||||||||||||||
Retiree contributions | — | — | — | — | 1,533 | 1,458 | ||||||||||||||||||||||||
Benefits paid | (25,316 | ) | (b) | (11,815 | ) | — | — | (3,269 | ) | (3,595 | ) | |||||||||||||||||||
Plan administrative expenses | — | — | — | — | — | — | ||||||||||||||||||||||||
Ending market value of plan assets | $ | 280,362 | $ | 268,816 | $ | — | $ | — | $ | 4,546 | $ | 4,351 | ||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||
(a) | Assets of VEBA | |||||||||||||||||||||||||||||
(b) | 2013 Benefits paid includes a one-time $13 million payment made to terminated vested employees who elected a lump-sum offering. | |||||||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets at Dec. 31 consist of (in thousands): | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Regulatory assets | $ | 48,419 | $ | 94,199 | $ | — | $ | — | $ | 5,535 | $ | 6,438 | ||||||||||||||||||
Current liabilities | $ | — | $ | — | $ | 1,491 | $ | 1,286 | $ | 2,802 | $ | 2,573 | ||||||||||||||||||
Non-current liabilities | $ | 41,034 | $ | 94,410 | $ | 32,033 | $ | 33,180 | $ | 38,412 | $ | 39,807 | ||||||||||||||||||
Regulatory liabilities | $ | — | $ | — | $ | — | $ | — | $ | 3,141 | $ | 2,174 | ||||||||||||||||||
Accumulated Benefit Obligation | ||||||||||||||||||||||||||||||
(in thousands) | Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Accumulated benefit obligation - Black Hills Corporation | $ | 110,847 | $ | 124,143 | $ | 27,380 | $ | 28,056 | $ | 12,101 | $ | 12,309 | ||||||||||||||||||
Accumulated benefit obligation - Black Hills Energy | 182,295 | 202,897 | 513 | 453 | 25,467 | 25,868 | ||||||||||||||||||||||||
Accumulated benefit obligation - Cheyenne Light | — | — | — | — | 8,210 | 8,504 | ||||||||||||||||||||||||
Total Accumulated Benefit Obligation | $ | 293,142 | $ | 327,040 | $ | 27,893 | $ | 28,509 | $ | 45,778 | $ | 46,681 | ||||||||||||||||||
Components of Net Periodic Expense | ||||||||||||||||||||||||||||||
(in thousands) | Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Service cost | $ | 6,433 | $ | 5,720 | $ | 5,421 | $ | 1,392 | $ | 889 | $ | 1,028 | $ | 1,674 | $ | 1,610 | $ | 1,498 | ||||||||||||
Interest cost | 15,300 | 14,747 | 14,929 | 1,328 | 1,410 | 1,298 | 1,669 | 2,093 | 2,168 | |||||||||||||||||||||
Expected return on assets | (18,615 | ) | (16,334 | ) | (16,955 | ) | — | — | — | (79 | ) | (78 | ) | (164 | ) | |||||||||||||||
Amortization of prior service cost | 63 | 89 | 99 | 2 | 3 | 3 | (500 | ) | (500 | ) | (479 | ) | ||||||||||||||||||
Recognized net actuarial loss (gain) | 12,250 | 9,630 | 4,540 | 793 | 807 | 510 | 482 | 887 | 677 | |||||||||||||||||||||
Curtailment expense | — | — | 13 | — | — | — | — | — | — | |||||||||||||||||||||
Net periodic expense | $ | 15,431 | $ | 13,852 | $ | 8,047 | $ | 3,515 | $ | 3,109 | $ | 2,839 | $ | 3,246 | $ | 4,012 | $ | 3,700 | ||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||||||||||||||||||
In accordance with accounting standards for defined benefit plans, amounts included in Accumulated other comprehensive income (loss), after-tax, that have not yet been recognized as components of net periodic benefit cost at Dec. 31 were as follows (in thousands): | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Net (gain) loss | $ | 4,842 | $ | 12,090 | $ | 4,939 | $ | 7,283 | $ | 1,648 | $ | 2,097 | ||||||||||||||||||
Prior service cost (gain) | 64 | 78 | 9 | 11 | (1,213 | ) | (1,784 | ) | ||||||||||||||||||||||
Total accumulated other comprehensive (income) loss | $ | 4,906 | $ | 12,168 | $ | 4,948 | $ | 7,294 | $ | 435 | $ | 313 | ||||||||||||||||||
The amounts in Accumulated other comprehensive income (loss), Regulatory assets or Regulatory liabilities, after-tax, expected to be recognized as a component of net periodic benefit cost during calendar year 2014 are as follows (in thousands): | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||
Net loss | $ | 3,124 | $ | 323 | $ | 99 | ||||||||||||||||||||||||
Prior service cost (credit) | 41 | 1 | (218 | ) | ||||||||||||||||||||||||||
Total net periodic benefit cost expected to be recognized during calendar year 2014 | $ | 3,165 | $ | 324 | $ | (119 | ) | |||||||||||||||||||||||
Assumptions | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations: | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||
Discount rate | 5.05 | % | 4.3 | % | 4.65 | % | 4.21 | % | 3.44 | % | 4.3 | % | 4.62 | % | 3.85 | % | 4.42 | % | ||||||||||||
Rate of increase in compensation levels | 3.78 | % | 3.84 | % | 3.77 | % | 5 | % | 5 | % | 5 | % | N/A | N/A | N/A | |||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for plan year: | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||
Discount rate: | ||||||||||||||||||||||||||||||
Black Hills Corporation | 4.35 | % | 4.68 | % | 5.5 | % | 3.88 | % | 4.7 | % | 5 | % | 3.65 | % | 4.35 | % | 5 | % | ||||||||||||
Black Hills Energy | 4.25 | % | 4.6 | % | 5.4 | % | 3 | % | 3.9 | % | 4.4 | % | 3.5 | % | 4.35 | % | 4.6 | % | ||||||||||||
Cheyenne Light | N/A | N/A | 5.55 | % | N/A | N/A | N/A | 4.4 | % | 4.65 | % | 5.5 | % | |||||||||||||||||
Expected long-term rate of return on assets (a) | 7.25 | % | 7.25 | % | 7.75 | % | N/A | N/A | N/A | 2 | % | 2 | % | 4 | % | |||||||||||||||
Rate of increase in compensation levels | 3.78 | % | 3.75 | % | 3.79 | % | 5 | % | 5 | % | 5 | % | NA | NA | NA | |||||||||||||||
_____________________________ | ||||||||||||||||||||||||||||||
(a) | The expected rate of return on plan assets is 6.75 percent for the calculation of the 2014 net periodic pension cost. | |||||||||||||||||||||||||||||
The healthcare benefit obligation was determined at Dec. 31 as follows: | ||||||||||||||||||||||||||||||
Black Hills Corporation | Black Hills Energy | Cheyenne Light | ||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||
Healthcare trend rate pre-65 | ||||||||||||||||||||||||||||||
Trend for next year | 7.5 | % | 7.5 | % | 7.5 | % | ||||||||||||||||||||||||
Ultimate trend rate | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||||||||||||||
Year Ultimate Trend Reached | 2027 | 2027 | 2027 | |||||||||||||||||||||||||||
Healthcare trend rate post-65 | ||||||||||||||||||||||||||||||
Trend for next year | 6.25 | % | 6.25 | % | 6.25 | % | ||||||||||||||||||||||||
Ultimate trend rate | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||||||||||||||
Year Ultimate Trend Reached | 2026 | 2026 | 2026 | |||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||
Healthcare trend rate pre-65 | ||||||||||||||||||||||||||||||
Trend for next year | 7.75 | % | 7.75 | % | 7.75 | % | ||||||||||||||||||||||||
Ultimate trend rate | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||||||||||||||
Year Ultimate Trend Reached | 2027 | 2027 | 2027 | |||||||||||||||||||||||||||
Healthcare trend rate post-65 | ||||||||||||||||||||||||||||||
Trend for next year | 6.5 | % | 6.5 | % | 6.5 | % | ||||||||||||||||||||||||
Ultimate trend rate | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||||||||||||||
Year Ultimate Trend Reached | 2026 | 2026 | 2026 | |||||||||||||||||||||||||||
We do not pre-fund our non-qualified pension plans or two of the three postretirement benefit plans. The table below shows the expected impacts of an increase or decrease to our healthcare trend rate for our Retiree Healthcare Plans (in thousands): | ||||||||||||||||||||||||||||||
Change in Assumed Trend Rate | Impact on Dec. 31, 2013 Accumulated Postretirement | Impact on 2013 Service | ||||||||||||||||||||||||||||
Benefit Obligation | and Interest Cost | |||||||||||||||||||||||||||||
Increase 1% | $ | 1,914 | $ | 136 | ||||||||||||||||||||||||||
Decrease 1% | $ | (1,644 | ) | $ | (116 | ) | ||||||||||||||||||||||||
The following benefit payments, which reflect future service, are expected to be paid (in thousands): | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plan | Non-Pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||
2014 | $ | 13,721 | $ | 1,491 | $ | 3,340 | ||||||||||||||||||||||||
2015 | $ | 14,572 | $ | 1,490 | $ | 3,397 | ||||||||||||||||||||||||
2016 | $ | 15,608 | $ | 1,542 | $ | 3,477 | ||||||||||||||||||||||||
2017 | $ | 16,562 | $ | 1,588 | $ | 3,495 | ||||||||||||||||||||||||
2018 | $ | 17,627 | $ | 1,622 | $ | 3,572 | ||||||||||||||||||||||||
2019-2023 | $ | 105,252 | $ | 8,146 | $ | 17,520 | ||||||||||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | |||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||
Power Purchase and Transmission Services Agreements | ||||||||||
Through our subsidiaries, we have the following significant long-term power purchase contracts with non-affiliated third-parties: | ||||||||||
• | Black Hills Power’s PPA with PacifiCorp, expiring Dec. 31, 2023, for the purchase of 50 megawatts of electric capacity and energy from PacifiCorp’s system. The price paid for the capacity and energy is based on the operating costs of one of PacifiCorp’s coal-fired electric generating plants. | |||||||||
• | Black Hills Power has a firm point-to-point transmission service agreement with PacifiCorp that expires Dec. 31, 2023. The agreement provides 50 megawatts of capacity and energy to be transmitted annually by PacifiCorp. | |||||||||
• | Cheyenne Light’s PPA with Duke Energy’s Happy Jack wind site, expiring Sept. 3, 2028, provides up to 30 megawatts of wind energy from Happy Jack to Cheyenne Light. Under a separate inter-company agreement, Cheyenne Light sells 50 percent of the facility output to Black Hills Power. | |||||||||
• | Cheyenne Light’s PPA with Duke Energy’s Silver Sage wind site, expiring Sept. 30, 2029, provides up to 30 megawatts of wind energy. Under a separate inter-company agreement, Cheyenne Light has agreed to sell 20 megawatts of energy from Silver Sage to Black Hills Power. | |||||||||
• | Colorado Electric’s PPA with Cargill expiring Dec. 31, 2014, whereby Colorado Electric purchases 50 megawatts of economy energy. | |||||||||
• | Colorado Electric’s REPA with AltaGas expiring Oct. 16, 2037, provides up to 14.5 megawatts of wind energy from the Busch Ranch Wind Project in which Colorado Electric owns a 50 percent undivided ownership interest. | |||||||||
• | Cheyenne Light renewed and received FERC approval for an agreement with Basin Electric whereby Cheyenne Light will receive 40 megawatts of capacity and energy from Basin Electric through Sept. 30, 2014. | |||||||||
Costs under these power purchase contracts for the years ended Dec. 31 were as follows (in thousands): | ||||||||||
2013 | 2012 | 2011 | ||||||||
PPA with PacifiCorp | $ | 13,026 | $ | 13,224 | $ | 12,515 | ||||
PPA with PSCo (a) | $ | — | $ | — | $ | 97,988 | ||||
Transmission services agreement with PacifiCorp | $ | 1,384 | $ | 1,215 | $ | 1,215 | ||||
PPA with Happy Jack | $ | 3,772 | $ | 1,988 | $ | 1,955 | ||||
PPA with Silver Sage | $ | 4,809 | $ | 3,269 | $ | 3,281 | ||||
Busch Ranch Wind Project | $ | 1,856 | $ | 502 | $ | — | ||||
_______________________ | ||||||||||
(a) | This PPA with PSCo expired on Dec. 31, 2011 and was replaced with the facilities constructed by Colorado Electric and Black Hills Colorado IPP at our Pueblo Airport Generation site. The facilities constructed by Black Hills Colorado IPP were to support an inter-company PPA with Colorado Electric. This inter-company PPA is being accounted for as a capital lease. | |||||||||
Other Gas Supply Agreements | ||||||||||
Our Utilities also purchase natural gas, including transportation capacity to meet customers’ needs, under short-term and long-term purchase contracts. These contracts extend to 2017. | ||||||||||
Natural Gas Delivery Commitment | ||||||||||
In 2012, we entered into a ten-year gas gathering contract for natural gas production from our properties in the Piceance Basin in Colorado, under which we pay a gathering fee per Mcf. The contract requires us to deliver a minimum of 20,000 Mcf per day. The gatherer is in the process of building the necessary infrastructure to handle the committed volumes. The agreement becomes effective when the infrastructure is placed in commercial service, which we estimate to be first quarter of 2014. We believe that our reserves dedicated to the gathering system, and the projected volumes are adequate to satisfy our delivery commitments under this agreement. | ||||||||||
Future Minimum Payments | ||||||||||
The following is a schedule of future minimum payments required under the power purchase, transmission services, coal and gas supply agreements, and natural gas delivery commitments (in thousands): | ||||||||||
2014 | $ | 203,131 | ||||||||
2015 | $ | 148,874 | ||||||||
2016 | $ | 136,503 | ||||||||
2017 | $ | 125,492 | ||||||||
2018 | $ | 110,930 | ||||||||
Thereafter | $ | 148,362 | ||||||||
Purchase Sale Agreement | ||||||||||
On May 6, 2013, Black Hills Wyoming entered into an agreement to sell its 40 megawatt CTII natural gas-fired generating unit to the City of Gillette, Wyo. for approximately $22 million, upon expiration of the PPA with Cheyenne Light in August 2014. As part of the sale, Black Hills Wyoming will provide services to the City of Gillette through an economy energy PPA. The sale is subject to FERC approval and certain other requirements included in the contract. | ||||||||||
Construction Obligations | ||||||||||
Construction of Cheyenne Prairie, a 132 megawatt natural gas-fired electric generating facility jointly owned by Cheyenne Light and Black Hills Power is expected to cost approximately $222 million. Construction is expected to be completed by Sept. 30, 2014. As of Dec. 31, 2013, committed contracts for equipment purchases and for construction were 100 percent and 75 percent complete, respectively. | ||||||||||
Future Purchase Agreement - Related Party | ||||||||||
Cheyenne Light’s PPA for 60 megawatts of capacity and energy from Black Hills Wyoming’s Wygen I generating facility expiring on Dec. 31, 2022, includes an option for Cheyenne Light to purchase Black Hills Wyoming’s ownership in the Wygen I facility. The purchase price related to the option is $2.6 million per megawatt which is the equivalent per megawatt of the pre-construction estimated cost of the Wygen III plant, which was completed in April 2010. This option purchase price is adjusted for capital additions and reduced by an amount equal to annual depreciation based on a 35-year life starting Jan. 1, 2009. | ||||||||||
Power Sales Agreements | ||||||||||
Through our subsidiaries, we have the following significant long-term power sales contracts with non-affiliated third-parties: | ||||||||||
• | During periods of reduced production at Wygen III in which MDU owns a portion of the capacity, or during periods when Wygen III is off-line, MDU will be provided with 25 megawatts from our other generation facilities or from system purchases with reimbursement of costs by MDU. | |||||||||
• | During periods of reduced production at Wygen III in which the City of Gillette owns a portion of the capacity, or during periods when Wygen III is off-line, we will provide the City of Gillette with its first 23 megawatts from our other generating facilities or from system purchases with reimbursement of costs by the City of Gillette. Under this agreement, Black Hills Power will also provide the City of Gillette their operating component of spinning reserves. | |||||||||
• | Cheyenne Light renewed and received FERC approval for an agreement with Basin Electric whereby Cheyenne Light will provide 40 megawatts of capacity and energy to Basin Electric through Sept. 30, 2014. | |||||||||
• | Black Hills Power has a PPA with MEAN expiring April 1, 2015. Under this contract, MEAN purchases 5 megawatts of unit-contingent capacity from Neil Simpson II and 5 megawatts of unit-contingent capacity from Wygen III. | |||||||||
• | Black Hills Power has a PPA with MEAN expiring May 31, 2023. This contract is unit-contingent on up to 10 megawatts from Neil Simpson II and up to 10 megawatts from Wygen III based on the availability of these plants. The capacity purchase requirements decrease over the term of the agreement. | |||||||||
Related Party Lease | ||||||||||
Colorado Electric’s PPA with Black Hills Colorado IPP expiring on Dec. 31, 2031, provides 200 megawatts of power to Colorado Electric from Black Hills Colorado IPP’s combined-cycle turbines. This PPA is accounted for as a capital lease whereby Colorado Electric, as lessee, has included the combined-cycle turbines as property, plant and equipment along with the related lease obligation and Black Hills Colorado IPP, as lessor, has recorded a lease receivable. Segment revenue and expenses associated with the PPA have been impacted by the lease accounting. The effect of the lease accounting is eliminated in corporate consolidations. | ||||||||||
Environmental Matters | ||||||||||
We are subject to costs resulting from a number of federal, state and local laws and regulations which affect future planning and existing operations. They can result in increased capital expenditures, operating and other costs as a result of compliance, remediation and monitoring obligations. Due to the environmental issues discussed below, we may be required to modify, curtail, replace or cease operating certain facilities or operations to comply with statutes, regulations and other requirements of regulatory bodies. | ||||||||||
Air | ||||||||||
Our generation facilities are subject to federal, state and local laws and regulations relating to the protection of air quality. These laws and regulations cover, among other pollutants, carbon monoxide, SO2, NOx, mercury particulate matter and GHG. Power generating facilities burning fossil fuels emit each of the foregoing pollutants and, therefore, are subject to substantial regulation and enforcement oversight by various governmental agencies. | ||||||||||
Title IV of the Clean Air Act applies to several of our generation facilities, including the Neil Simpson II, Neil Simpson CT II, Lange CT, Wygen I, Wygen II, Wygen III, Wyodak and Pueblo Airport Generating Station plants. Title IV of the Clean Air Act created an SO2 allowance trading program as part of the federal acid rain program. Without purchasing additional allowances, we currently hold sufficient allowances to satisfy Title IV at all such plants through 2043. | ||||||||||
The EPA issued the Industrial and Commercial Boiler Regulations for Area Sources of Hazardous Air Pollutants, with updates which impose emission limits, fuel requirements and monitoring requirements. The rule has a compliance deadline of March 21, 2014. In anticipation of this rule we suspended operations at the Osage plant in October 2010 and as a result of this rule, we suspended operations at the Ben French facility on Aug. 31, 2012. We plan to retire Ben French, Osage and Neil Simpson I on or before March 21, 2014. In conjunction with the Colorado Clean Air Clean Jobs Act, the CPUC issued an order approving the closure of the W.N. Clark facility no later than Dec. 31, 2013. This facility suspended operations Dec. 31, 2012 and was retired on Dec. 31, 2013. While the net book value of these plants is estimated to be immaterial at the time of retirement, we would reasonably not expect a disallowance of the remaining value. | ||||||||||
Solid Waste Disposal | ||||||||||
Various materials used at our facilities are subject to disposal regulations. Our Osage plant, at which operations have been suspended, has an on-site ash impoundment that is near capacity. An application to close the impoundment was approved on April 13, 2012. Site closure work was completed in 2013 and post closure monitoring activities will continue for 30 years. | ||||||||||
In September 2013, Osage also received a permit to close the small industrial rubble landfill. Site work was completed and post closure monitoring will continue for 30 years. | ||||||||||
Our W.N. Clark plant, which has been retired, previously delivered coal ash to a permitted, privately-owned landfill. While we do not believe that any substances from our solid waste disposal activities will pollute underground water, we can provide no assurance that pollution will not occur over time. In this event, we could incur material costs to mitigate any resulting damages. | ||||||||||
Reclamation Liability | ||||||||||
For our Pueblo Airport Generation site, we posted a bond of $3.9 million with the State of Colorado to cover the costs of remediation for a waste water containment pond permitted to provide wastewater storage and processing for this zero discharge facility. The reclamation liability is recorded at the present value of the estimated future cost to reclaim the land. | ||||||||||
Under its land lease for Busch Ranch, Colorado Electric is required to reclaim all land where it has placed wind turbines. The reclamation liability is recorded at the present value of the estimated future cost to reclaim the land. | ||||||||||
Under its mining permit, WRDC is required to reclaim all land where it has mined coal reserves. The reclamation liability is recorded at the present value of the estimated future cost to reclaim the land. | ||||||||||
See Note 7 for additional information. | ||||||||||
Manufactured Gas Processing | ||||||||||
As a result of the Aquila Transaction, we acquired whole and partial liabilities for several former manufactured gas processing sites in Nebraska and Iowa which were previously used to convert coal to natural gas. The acquisition provided for an insurance recovery, now valued at $1.3 million recorded in Other assets, non-current on our Consolidated Balance Sheets, which will be used to help offset remediation costs. The remediation cost estimate could change materially due to results of further investigations, actions of environmental agencies or the financial viability of other responsible parties. | ||||||||||
In March 2011, Nebraska Gas executed an Allocation, Indemnification and Access Agreement with the successor to the former operator of the Nebraska MGPs. Under this agreement, Nebraska Gas agreed to remediate the Blair and Plattsmouth sites in Nebraska. Subsequent to this transaction, Nebraska Gas enrolled Blair and Plattsmouth in Nebraska's Voluntary Cleanup Program. Site remediation was completed in September 2012, however there is a potential for additional minimal remediation work at Plattsmouth where monitoring is required until 2015. Both Nebraska sites will be required to monitor groundwater quality for a minimum two year period. | ||||||||||
As of Dec. 31, 2013, our estimated liabilities for all of the MGP sites currently range from approximately $2.9 million to $6.3 million for which we had $2.9 million accrued for remediation of sites as of Dec. 31, 2013 included in Other deferred credits and other liabilities on our Consolidated Balance Sheets. | ||||||||||
Prior to Black Hills Corporation's ownership, Aquila received rate orders that enabled recovery of environmental cleanup costs in certain jurisdictions. We anticipate recovery of these current and future costs would be allowed. Additionally, we may pursue recovery or agreements with other potentially responsible parties when and where permitted. | ||||||||||
Legal Proceedings | ||||||||||
In the normal course of business, we are subject to various lawsuits, actions, proceedings, claims and other matters asserted under laws and regulations. We believe the amounts provided in the consolidated financial statements are adequate in light of the probable and estimable contingencies. However, there can be no assurance that the actual amounts required to satisfy alleged liabilities from various legal proceedings, claims and other matters discussed, and to comply with applicable laws and regulations, will not exceed the amounts reflected in the consolidated financial statements. | ||||||||||
In the normal course of business, we enter into agreements that include indemnification in favor of third parties, such as information technology agreements, purchase and sale agreements and lease contracts. We have also agreed to indemnify our directors, officers and employees in accordance with our articles of incorporation, as amended. Certain agreements do not contain any limits on our liability and therefore, it is not possible to estimate our potential liability under these indemnifications. In certain cases, we have recourse against third parties with respect to these indemnities. Further, we maintain insurance policies that may provide coverage against certain claims under these indemnities. | ||||||||||
Oil Creek Fire | ||||||||||
On June 29, 2012, a forest and grassland fire occurred in the western Black Hills of Wyoming. A fire investigator concluded that the fire was caused by the failure of a transmission structure owned, operated and maintained by Black Hills Power. On April 16, 2013, thirty-five private parties filed suit in the United States District Court for the District of Wyoming, asserting claims for damages against Black Hills Power based upon allegations of negligence, negligence per se, common law nuisance, and trespass. Although not currently included in the lawsuit, Black Hills Power also received written damage claims from an additional landowner and from the State of Wyoming. Altogether the claims seek recovery for fire suppression, reclamation and rehabilitation costs, damage to fencing and other personal property, alleged injury to timber, grass or hay, livestock and related operations, and diminished value of real estate, for a current total amount of $15 million. In addition to claims for these compensatory damages, the lawsuit seeks recovery of punitive damages. Our investigation of the cause and origin of the fire is ongoing. We have denied and will vigorously defend all claims arising out of the fire, pending the completion of our investigation. Given the uncertainty of litigation, however, a loss related to the fire, the litigation and related claims, is reasonably possible. We cannot reasonably estimate the amount of a potential loss because our investigation is ongoing, and because damage claims are currently incomplete or undocumented. Further claims may be presented by these and other parties. We cannot predict the outcome of our investigation, the viability of alleged claims or the outcome of the litigation. Based upon information currently available, however, management does not expect the claims, if determined adversely to us, to have a material adverse effect upon our financial condition, results of operations or cash flows. | ||||||||||
Sale of Enserco Energy Inc. | ||||||||||
After the sale of Enserco, our Energy Marketing segment, on Feb. 29, 2012, and pursuant to the provisions of the Stock Purchase Agreement, the buyer requested certain purchase price adjustments, which we disputed. The buyer filed a petition in the Colorado District Court for the City and County of Denver, Colo., seeking an order compelling binding arbitration on all of the disputed claims. Following a hearing in July 2013, the court entered an order remanding all but one of the disputed claims to binding arbitration. Arbitration was completed terminating the purchase price dispute in January 2014. See additional disclosures included in Note 21 of these Notes to Consolidated Financial Statements. |
Guarantees
Guarantees | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Guarantees [Abstract] | ' | ||||
Guarantees [Text Block] | ' | ||||
GUARANTEES | |||||
We have entered into various agreements providing financial or performance assurance to third parties on behalf of certain of our subsidiaries. The agreements include guarantees of debt obligations, contractual performance obligations and indemnification for reclamation and surety bonds. | |||||
We had the following guarantees in place as of (in thousands): | |||||
Maximum Exposure at | |||||
Nature of Guarantee | Dec. 31, 2013 | Expiration | |||
Guarantees of payment obligations arising from commodity-related physical and financial transactions of Black Hills Utility Holdings (1) | $ | 70,000 | Ongoing | ||
Indemnification for subsidiary reclamation/surety bonds (2) | 64,449 | Ongoing | |||
$ | 134,449 | ||||
_______________________ | |||||
-1 | We have guaranteed some of the obligations of Black Hills Utility Holdings for payment obligations arising from commodity-related physical and financial transactions with BP Energy Company and/or BP Canada Energy Marketing Corp, Northern Natural Gas Company and PSCo. These commodity transactions secure natural gas supply for our regulated gas utilities. The guarantee is a continuing guarantee that may be terminated upon 30 days written notice to the counterparty. | ||||
-2 | We have guarantees in place for reclamation and surety bonds for our subsidiaries. The guarantees were entered into in the normal course of business. To the extent liabilities are incurred as a result of activities covered by the surety bonds, such liabilities are included in our Consolidated Balance Sheets. |
Oil_and_Gas_Reserves_Unaudited
Oil and Gas Reserves (Unaudited) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | ' | ||||||||||||||||||
Oil and Gas Exploration and Production Industries Disclosures [Text Block] | ' | ||||||||||||||||||
OIL AND GAS RESERVES (Unaudited) | |||||||||||||||||||
BHEP has operating and non-operating interests in 1,224 gross developed oil and gas wells in 10 states and holds leases on approximately 235,517 net acres. | |||||||||||||||||||
Costs Incurred | |||||||||||||||||||
Following is a summary of costs incurred in oil and gas property acquisition, exploration and development during the years ended Dec. 31 (in thousands): | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Acquisition of properties: | |||||||||||||||||||
Proved | $ | 234 | $ | 2,437 | $ | 673 | |||||||||||||
Unproved | 6,022 | 33,052 | 8,317 | ||||||||||||||||
Exploration costs | 12,817 | 115 | 44,384 | ||||||||||||||||
Development costs | 48,641 | 73,877 | 38,638 | ||||||||||||||||
Asset retirement obligations incurred | 143 | 158 | 43 | ||||||||||||||||
Total costs incurred | $ | 67,857 | $ | 109,639 | $ | 92,055 | |||||||||||||
Reserves | |||||||||||||||||||
The following table summarizes BHEP’s quantities of proved developed and undeveloped oil and natural gas reserves, estimated using SEC-defined product prices, as of Dec. 31, 2013, 2012 and 2011, and a reconciliation of the changes between these dates. These estimates are based on reserve reports by CG&A. Such reserve estimates are inherently imprecise and may be subject to revisions as a result of numerous factors including, but not limited to, additional development activity, evolving production history and continual reassessment of the viability of production under varying economic conditions. | |||||||||||||||||||
Minor differences in amounts may result in the following tables relating to oil and gas reserves due to rounding. | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Oil | Gas | Oil | Gas | Oil | Gas | ||||||||||||||
(in Mbbls of oil and MMcf of gas) | |||||||||||||||||||
Proved developed and undeveloped reserves: | |||||||||||||||||||
Balance at beginning of year | 4,116 | 55,985 | 6,223 | 95,904 | 5,940 | 95,456 | |||||||||||||
Production (a) | (336 | ) | (6,984 | ) | (560 | ) | (8,686 | ) | (452 | ) | (8,526 | ) | |||||||
Additions - acquisitions (sales) (b) | (30 | ) | (46 | ) | (2,025 | ) | (3,070 | ) | (84 | ) | — | ||||||||
Additions - extensions and discoveries | 379 | 10,456 | 449 | 2,898 | 927 | 29,664 | |||||||||||||
Revisions to previous estimates | (208 | ) | 3,779 | 29 | (31,061 | ) | (108 | ) | (20,690 | ) | |||||||||
Balance at end of year | 3,921 | 63,190 | 4,116 | 55,985 | 6,223 | 95,904 | |||||||||||||
Proved developed reserves at end of year included above | 3,689 | 60,224 | 3,929 | 55,708 | 4,830 | 71,867 | |||||||||||||
Proved undeveloped reserves at the end of year included in above | 232 | 2,966 | 187 | 279 | 1,393 | 24,037 | |||||||||||||
NYMEX prices | $ | 96.94 | $ | 3.67 | $ | 94.71 | $ | 2.76 | $ | 96.19 | $ | 4.12 | |||||||
Well-head reserve prices | $ | 89.79 | $ | 3.45 | $ | 85.31 | $ | 2.24 | $ | 88.49 | $ | 3.59 | |||||||
________________________ | |||||||||||||||||||
(a) | Production for reserve calculations does not include volumes for natural gas liquids (NGLs). | ||||||||||||||||||
(b) | Reflects the sale of the majority of the Williston Basin assets during 2012. | ||||||||||||||||||
Reserve additions totaled 12.7 Bcfe, replacing 90 percent of production. Additions mainly resulted from drilling in the Piceance, Williston and Powder River Basins. Drilling in Piceance Basin (Mancos Shale) accounted for 10.2 Bcfe, Williston Basin (Bakken Shale) accounted for 2.1 Bcfe, and recompletions in the Powder River Basin (0.2 Bcfe) and in the Anadarko Basin of Oklahoma (0.2 Bcfe). Capital spending in 2013 was primarily for evaluation drilling in the Piceance Basin (Mancos Shale) and further development of our holdings in the Williston Bakken Basins. Additionally, exploratory investments were made to develop future oil opportunities. Future capital spending rates are anticipated to be dependent on product prices and success in other future drilling. | |||||||||||||||||||
In 2013, we had positive revisions (2.5 Bcfe) to previous reserve estimates. Most of the positive revisions were due to higher oil and natural gas prices received at the wellhead (5.0 Bcfe). Additionally, better well performance resulted in 0.4 Bcfe positive revision to year-end 2012 proved reserves. Increased operating costs in the San Juan Basin and reduced expectations of performance in one Williston Basin gross PUD location resulted in a slight negative revision of 2.1 Bcfe | |||||||||||||||||||
SEC regulations require that proved undeveloped locations meet the test of being developed within five years of being categorized as proved. In 2013, we had no PUD locations that were required to be dropped because of the five year rule. | |||||||||||||||||||
Companies are required to include a narrative disclosure of the total quantity of PUD locations at year end, any material changes in PUD locations during the year, and investment and progress made in converting the PUD locations during the year. | |||||||||||||||||||
• | In 2012, we had 11 gross PUD locations for 1.4 Bcfe; all were in the Williston Basin. In 2013, five of those PUD locations were drilled and we invested $3.6 million and developed 0.6 Bcfe. | ||||||||||||||||||
• | Six gross PUD locations remain undrilled as of Dec. 31, 2013. The remaining 2012 PUD locations require approximately $2.1 million of future investment when drilled will develop approximately 0.5 Bcfe reserves in the Williston Basin. | ||||||||||||||||||
• | In 2013, we added 15 gross PUD locations for future Williston Basin Bakken drilling, one well in the San Juan Basin and one Piceance Mancos Shale well PUD location. | ||||||||||||||||||
• | Analysis of offset well performance resulted in dropping one gross PUD location in the Williston Basin. | ||||||||||||||||||
• | The number of locations, proved undeveloped reserve and future development costs in our year-end proved undeveloped reserves as of Dec. 31, 2013 were: | ||||||||||||||||||
Proved Reserves (in Bcfe) | Gross PUD Locations | Future Development Costs (in millions) | |||||||||||||||||
Existing: | |||||||||||||||||||
Williston Basin | 0.5 | 6 | $ | 2.1 | |||||||||||||||
Added: | |||||||||||||||||||
Williston Basin | 1.2 | 15 | 6.5 | ||||||||||||||||
Piceance Basin | 2.1 | 1 | 6.4 | ||||||||||||||||
San Juan Basin | 0.6 | 1 | 0.9 | ||||||||||||||||
2013 Add Total | 3.9 | 17 | 13.8 | ||||||||||||||||
Total Proved Undeveloped | 4.4 | 23 | $ | 15.9 | |||||||||||||||
• | None of our PUD locations have been reflected in our reserves for five or more years. Consistent with the SEC guidance, these PUD locations will be monitored and reported each year until they are drilled or revised. | ||||||||||||||||||
Capitalized Costs | |||||||||||||||||||
Following is information concerning capitalized costs for the years ended Dec. 31 (in thousands): | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Unproved oil and gas properties | $ | 62,553 | $ | 59,526 | $ | 28,656 | |||||||||||||
Proved oil and gas properties | 725,345 | 662,444 | 674,494 | ||||||||||||||||
Gross capitalized costs | 787,898 | 721,970 | 703,150 | ||||||||||||||||
Accumulated depreciation, depletion and amortization and valuation allowances (a) | (555,263 | ) | (534,777 | ) | (361,173 | ) | |||||||||||||
Net capitalized costs | $ | 232,635 | $ | 187,193 | $ | 341,977 | |||||||||||||
__________________ | |||||||||||||||||||
(a) | Reflects the sale of the majority of the Williston Basin assets during 2012 recorded under the full-cost method of accounting. | ||||||||||||||||||
Results of Operations | |||||||||||||||||||
Following is a summary of results of operations for producing activities for the years ended Dec. 31 (in thousands): | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Revenue | $ | 54,884 | $ | 79,072 | $ | 79,808 | |||||||||||||
Production costs | 20,140 | 23,483 | 23,820 | ||||||||||||||||
Gain on sale of assets | — | (29,129 | ) | — | |||||||||||||||
Depreciation, depletion and amortization and valuation provisions | 20,611 | 37,323 | 34,415 | ||||||||||||||||
Impairment of long-lived assets | — | 26,868 | — | ||||||||||||||||
Total costs | 40,751 | 58,545 | 58,235 | ||||||||||||||||
Results of operations from producing activities before tax | 14,133 | 20,527 | 21,573 | ||||||||||||||||
Income tax benefit (expense) | (4,876 | ) | (7,082 | ) | (7,442 | ) | |||||||||||||
Results of operations from producing activities (excluding general and administrative costs and interest costs) | $ | 9,257 | $ | 13,445 | $ | 14,131 | |||||||||||||
Unproved properties not subject to amortization at Dec. 31, 2013, 2012 and 2011 consisted mainly of exploration cost on various existing work-in-progress projects as well as leasehold acquired through significant natural gas and oil property acquisitions and through direct purchases of leasehold. We capitalized approximately $1.1 million, $0.7 million and $0.9 million of interest during 2013, 2012 and 2011, respectively, on significant investments in unproved properties that were not yet included in the amortization base of the full-cost pool. We will continue to evaluate our unevaluated properties; however, the timing of the ultimate evaluation and disposition of the properties has not been determined. We expect the exploration cost listed below to be added to the cost pool in the next year. | |||||||||||||||||||
The table below sets forth the cost of unproved properties excluded from the amortization base as of Dec. 31, 2013 and notes the year in which the associated costs were incurred (in thousands): | |||||||||||||||||||
2013 | 2012 | 2011 | Prior | Total | |||||||||||||||
Leasehold acquisition cost | $ | 2,279 | $ | 35,689 | $ | 2,219 | $ | 17,444 | $ | 57,631 | |||||||||
Exploration cost | 10,930 | — | — | — | 10,930 | ||||||||||||||
Capitalized interest | 748 | 360 | 637 | 3,177 | 4,922 | ||||||||||||||
Total | $ | 13,957 | $ | 36,049 | $ | 2,856 | $ | 20,621 | $ | 73,483 | |||||||||
Standardized Measure of Discounted Future Net Cash Flows | |||||||||||||||||||
Following is a summary of the standardized measure of discounted future net cash flows and changes relating to proved oil and gas reserves for the years ended Dec. 31 (in thousands): | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Future cash inflows | $ | 602,501 | $ | 502,769 | $ | 931,637 | |||||||||||||
Future production costs | (213,578 | ) | (186,695 | ) | (280,910 | ) | |||||||||||||
Future development costs, including plugging and abandonment | (40,557 | ) | (8,462 | ) | (92,233 | ) | |||||||||||||
Future income tax expense | (81,566 | ) | (69,877 | ) | (157,922 | ) | |||||||||||||
Future net cash flows | 266,800 | 237,735 | 400,572 | ||||||||||||||||
10 percent annual discount for estimated timing of cash flows | (107,375 | ) | (101,632 | ) | (197,215 | ) | |||||||||||||
Standardized measure of discounted future net cash flows | $ | 159,425 | $ | 136,103 | $ | 203,357 | |||||||||||||
The following are the principal sources of change in the standardized measure of discounted future net cash flows during the years ended Dec. 31 (in thousands): | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Standardized measure - beginning of year | $ | 136,103 | $ | 203,357 | $ | 168,108 | |||||||||||||
Sales and transfers of oil and gas produced, net of production costs | (35,932 | ) | (48,905 | ) | (52,914 | ) | |||||||||||||
Net changes in prices and production costs | 15,126 | (42,639 | ) | 57,087 | |||||||||||||||
Extensions, discoveries and improved recovery, less related costs | 29,574 | 19,870 | 31,179 | ||||||||||||||||
Changes in future development costs | (12,216 | ) | 43,854 | 43,809 | |||||||||||||||
Development costs incurred during the period | 3,554 | 21,931 | 18,940 | ||||||||||||||||
Revisions of previous quantity estimates | 12,851 | (86,277 | ) | (58,211 | ) | ||||||||||||||
Accretion of discount | 15,126 | 25,509 | 19,655 | ||||||||||||||||
Net change in income taxes | (3,892 | ) | 36,578 | (23,283 | ) | ||||||||||||||
Purchases of reserves | — | — | — | ||||||||||||||||
Sales of reserves (a) | (869 | ) | (37,175 | ) | (1,013 | ) | |||||||||||||
Standardized measure - end of year | $ | 159,425 | $ | 136,103 | $ | 203,357 | |||||||||||||
________ | |||||||||||||||||||
(a) | Reflects sale of Williston Basin assets in 2012. | ||||||||||||||||||
Changes in the standardized measure from “revisions of previous quantity estimates” are driven by reserve revisions, modifications of production profiles and timing of future development. For all years presented, we had minimal net reserve revisions to prior estimates due to performance. Production forecast modifications are generally made at the well level each year through the reserve review process. These production profile modifications are based on incorporation of the most recent production information and applicable technical studies. Timing of future development investments are reviewed each year and are often modified in response to current market conditions for items such as permitting, and service availability. |
Sale_of_Operating_Assets_and_D
Sale of Operating Assets and Discontinued Operations | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | |||||||||
SALE OF OPERATING ASSETS AND DISCONTINUED OPERATIONS | ||||||||||
Sale of Operating Assets | ||||||||||
Partial Sale of Electric Utilities Assets | ||||||||||
On Sept. 18, 2012, Colorado Electric completed the sale of an undivided 50 percent ownership interest in the Busch Ranch Wind project for $25 million. Colorado Electric retains the remaining undivided interest and is the operator of this jointly owned facility. Commercial operation of the newly constructed wind farm commenced on Oct. 16, 2012. Colorado Electric will purchase our partner’s interest in the energy produced by the wind farm through a REPA. See Note 18 for further information. | ||||||||||
Partial Sale of Oil and Gas Assets | ||||||||||
On Sept. 27, 2012, our Oil and Gas segment sold a majority of its Bakken and Three Forks shale assets in the Williston Basin in North Dakota. An effective date of July 1, 2012, was used to determine the sales price. | ||||||||||
Our Oil and Gas segment follows the full-cost method of accounting for oil and gas activities. Typically, this methodology does not allow for gain or loss on sale and proceeds from sale are credited against the full cost pool. Gain or loss recognition is allowed when such adjustments would significantly alter the relationship between capitalized costs and proved reserves of oil and gas attributable to a cost center. The Williston Basin asset sale significantly altered the relationship and accordingly we recorded a gain of $29 million with the remainder of the proceeds recorded as a reduction in the full cost pool. As a result of the reduction in the full cost pool from the sale of these assets, the depreciation, depletion, and amortization rate declined during 2013. | ||||||||||
Net cash proceeds, subsequent to the true-up of all post-closing adjustments, were as follows (in thousands): | ||||||||||
Cash proceeds received on date of sale | $ | 243,314 | ||||||||
Less: | ||||||||||
Post close adjustments | 2,793 | |||||||||
Transaction adviser fees | (1,400 | ) | ||||||||
Estimated payment for contractual obligation related to “back-in” fee * | (16,847 | ) | ||||||||
Net cash proceeds | $ | 227,860 | ||||||||
_____________ | ||||||||||
* | Required payment, triggered by the sale of the property, arising from a contractual obligation contained in the original participation agreement with the property operator. | |||||||||
Discontinued Operations | ||||||||||
Results of operations for discontinued operations have been classified as Income from discontinued operations, net of income taxes in the accompanying Consolidated Statements of Income. Assets and liabilities of the discontinued operations have been classified and reflected on the accompanying Consolidated Balance Sheets as “Assets of discontinued operations” and “Liabilities of discontinued operations.” For comparative purposes, all prior periods presented have been restated to reflect the reclassification on a consistent basis. | ||||||||||
Energy Marketing Segment | ||||||||||
On Feb. 29, 2012, we sold the outstanding stock of our Energy Marketing segment, Enserco Energy Inc. The transaction was completed through a stock purchase agreement and certain other ancillary agreements. Net cash proceeds at date of sale were approximately $165 million, subject to final post-closing adjustments. Those proceeds represented $108 million received from the buyer and $58 million cash retained from Enserco before closing. | ||||||||||
The buyer asserted certain purchase price adjustments, some that we accepted, and several that we disputed. The disputed claims were substantially resolved in our favor through a binding arbitration decision dated Jan. 17, 2014. We expensed $1.4 million in 2012, relative to purchase price adjustments we accepted through a partial settlement agreement with the buyer, and an additional $1.1 million in 2013 relative to the claims assigned to arbitration. Loss from discontinued operations was $0.9 million and $7.0 million for the twelve months ended Dec. 31, 2013 and 2012, respectively. Results for 2013 include the settlement of unresolved purchase price adjustments. | ||||||||||
Operating results of the Energy Marketing segment included in Income (loss) from discontinued operations, net of tax on the accompanying Consolidated Statements of Income were as follows (in thousands): | ||||||||||
For the Years Ended Dec. 31, | 2013 | 2012 | 2011 | |||||||
Revenue | $ | — | $ | (604 | ) | $ | 41,101 | |||
Pre-tax income (loss) from discontinued operations | — | (6,061 | ) | 14,838 | ||||||
Pre-tax gain (loss) on sale | (1,391 | ) | (4,184 | ) | — | |||||
Income tax (expense) benefit | 507 | 3,268 | (5,473 | ) | ||||||
Income (loss) from discontinued operations, net of tax (a) | $ | (884 | ) | $ | (6,977 | ) | $ | 9,365 | ||
________ | ||||||||||
(a) | 2012 includes transaction related costs, net of tax, of $2.5 million for the year ended Dec. 31, 2012. | |||||||||
Total indirect corporate costs and inter-segment interest expenses previously allocated to Enserco were not reclassified to discontinued operations in accordance with GAAP and instead have been reclassified to our Corporate segment. |
Quarterly_Historical_Data_Unau
Quarterly Historical Data (Unaudited) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||
QUARTERLY HISTORICAL DATA (Unaudited) | |||||||||||||
The Company operates on a calendar year basis. The following tables set forth select unaudited historical operating results and market data for each quarter of 2013 and 2012. | |||||||||||||
First Quarter | Second Quarter | Third | Fourth Quarter | ||||||||||
Quarter | |||||||||||||
(in thousands, except per share amounts, dividends and common stock prices) | |||||||||||||
2013 | |||||||||||||
Revenue | $ | 380,671 | $ | 279,826 | $ | 259,907 | $ | 355,448 | |||||
Operating income | $ | 79,846 | $ | 49,037 | $ | 55,566 | $ | 71,103 | |||||
Income (loss) from continuing operations (a) (b) | $ | 43,197 | $ | 30,518 | $ | 23,124 | $ | 19,007 | |||||
Income (loss) from discontinued operations | $ | — | $ | — | $ | — | $ | (884 | ) | ||||
Net income (loss) available for common stock (a) (b) | $ | 43,197 | $ | 30,518 | $ | 23,124 | $ | 18,123 | |||||
Income (loss) per share for continuing operations - Basic | $ | 0.98 | $ | 0.69 | $ | 0.52 | $ | 0.43 | |||||
Income (loss) per share for discontinued operations - Basic | — | — | — | (0.02 | ) | ||||||||
Income (loss) per share - Basic | $ | 0.98 | $ | 0.69 | $ | 0.52 | $ | 0.41 | |||||
Income (loss) per share for continuing operations - Diluted | $ | 0.97 | $ | 0.69 | $ | 0.52 | $ | 0.43 | |||||
Income (loss) per share for discontinued operations - Diluted | — | — | — | (0.02 | ) | ||||||||
Income (loss) per share - Diluted | $ | 0.97 | $ | 0.69 | $ | 0.52 | $ | 0.41 | |||||
Dividends paid per share | $ | 0.38 | $ | 0.38 | $ | 0.38 | $ | 0.38 | |||||
Common stock prices - High | $ | 44.32 | $ | 50.53 | $ | 55.09 | $ | 54.83 | |||||
Common stock prices - Low | $ | 36.89 | $ | 43.19 | $ | 46.62 | $ | 47 | |||||
__________________________ | |||||||||||||
(a) | Includes unrealized mark-to-market gain (loss) for interest rate swaps of $4.8 million, $12 million, $2.0 million, and $0.5 million after-tax in the first, second, third and fourth quarters, respectively. | ||||||||||||
(b) | Fourth quarter 2013 includes $7.6 million after-tax for a make-whole premium and write-off of deferred financing costs relating to the early redemption of our $250 million notes and interest expense on new debt, and a $6.6 million after-tax expense relating to the settlement of interest rate swaps in conjunction with the prepayment of Black Hills Wyoming’s project financing and write-off of deferred financing costs. | ||||||||||||
First Quarter | Second Quarter | Third | Fourth | ||||||||||
Quarter | Quarter | ||||||||||||
(in thousands, except per share amounts, dividends and common stock prices) | |||||||||||||
2012 | |||||||||||||
Revenue | $ | 365,851 | $ | 242,363 | $ | 246,808 | $ | 318,862 | |||||
Operating income (a) | $ | 70,048 | $ | 20,591 | $ | 77,810 | $ | 75,262 | |||||
Income (loss) from continuing operations (b) (c) (d) | $ | 35,271 | $ | (12,323 | ) | $ | 34,623 | $ | 30,934 | ||||
Income (loss) from discontinued operations | $ | (5,484 | ) | $ | (1,160 | ) | $ | (166 | ) | $ | (167 | ) | |
Net income (loss) available for common stock (b) (c) (d) | $ | 29,787 | $ | (13,483 | ) | $ | 34,457 | $ | 30,767 | ||||
Income (loss) per share for continuing operations - Basic | $ | 0.81 | $ | (0.28 | ) | $ | 0.79 | $ | 0.7 | ||||
Income (loss) per share for discontinued operations - Basic | (0.13 | ) | (0.03 | ) | — | — | |||||||
Income (loss) per share - Basic | $ | 0.68 | $ | (0.31 | ) | $ | 0.79 | $ | 0.7 | ||||
Income (loss) per share for continuing operations - Diluted | $ | 0.8 | $ | (0.28 | ) | $ | 0.78 | $ | 0.7 | ||||
Income (loss) per share for discontinued operations - Diluted | (0.12 | ) | (0.03 | ) | — | — | |||||||
Income (loss) per share - Diluted | $ | 0.68 | $ | (0.31 | ) | $ | 0.78 | $ | 0.7 | ||||
Dividends paid per share | $ | 0.37 | $ | 0.37 | $ | 0.37 | $ | 0.37 | |||||
Common stock prices - High | $ | 35.82 | $ | 34.31 | $ | 36.28 | $ | 37 | |||||
Common stock prices - Low | $ | 32.18 | $ | 31.32 | $ | 30.29 | $ | 33.51 | |||||
__________________________ | |||||||||||||
(a) | Second quarter includes a pre-tax ceiling test impairment loss of $27 million and the third and fourth quarters include a pre-tax gain on sale of the Williston Basin assets of $27 million and $1.8 million, respectively. | ||||||||||||
(b) | Includes unrealized mark-to-market gain (loss) for interest rate swaps of $7.8 million, $(10) million, $0.4 million, and $3.1 million after-tax in the first, second, third and fourth quarters, respectively. | ||||||||||||
(c) | Second quarter includes an after-tax ceiling test impairment loss of $17 million and the third and fourth quarters include an after-tax gain on sale of the Williston Basin assets of $18 million and $1.2 million, respectively. | ||||||||||||
(d) | Fourth quarter includes a $4.6 million after-tax make-whole provision for the early redemption of our $225 million notes. |
Schedule_I_Disclosures_for_Par
Schedule I Disclosures for Parent Company Only | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Condensed Statement of Income [Member] | ' | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' | |||||||||||||
BLACK HILLS CORPORATION (PARENT COMPANY) | ||||||||||||||
CONDENSED STATEMENTS OF INCOME | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(in thousands) | ||||||||||||||
Revenue | $ | — | $ | — | $ | — | ||||||||
Operating expenses | 1,339 | 831 | 772 | |||||||||||
Operating income (loss) | (1,339 | ) | (831 | ) | (772 | ) | ||||||||
Other income (expense): | ||||||||||||||
Equity income (loss) in earnings of subsidiaries | 100,690 | 93,479 | 87,150 | |||||||||||
Interest expense | (7,827 | ) | (19,665 | ) | (15,229 | ) | ||||||||
Unrealized gain (loss) on interest rate swaps, net | 30,169 | 1,882 | (42,010 | ) | ||||||||||
Interest income | 30 | 32 | 3 | |||||||||||
Other income (expense), net | (3 | ) | 49 | (42 | ) | |||||||||
Total other income (expense) | 123,059 | 75,777 | 29,872 | |||||||||||
Income (loss) before income taxes | 121,720 | 74,946 | 29,100 | |||||||||||
Income tax benefit (expense) | (6,758 | ) | 6,582 | 20,630 | ||||||||||
Net income (loss) available for common stock | $ | 114,962 | $ | 81,528 | $ | 49,730 | ||||||||
The accompanying notes to condensed financial statements are an integral part of these condensed financial statements. | ||||||||||||||
Condensed Statement of Comprehensive Income [Member] | ' | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' | |||||||||||||
BLACK HILLS CORPORATION (PARENT COMPANY) | ||||||||||||||
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||
Years ended (in thousands) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Net income (loss) available for common stock | $ | 114,962 | $ | 81,528 | $ | 49,730 | ||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||
Benefit plan liability adjustments - net gain (loss) (net of tax of $(3,813), $296 and $4,135, respectively) | 8,237 | (542 | ) | (7,609 | ) | |||||||||
Benefit plan liability adjustments - prior service (costs) (net of tax of $185, $86 and $176, respectively) | (406 | ) | (157 | ) | (325 | ) | ||||||||
Reclassification adjustment of benefit plan liability - net gain (loss) (net of tax of $(971), $0 and $0) | 1,820 | — | — | |||||||||||
Reclassification adjustment of benefit plan liability - prior service cost (net of tax of $88, $0 and $0) | (165 | ) | — | — | ||||||||||
Fair value adjustment on derivatives designated as cash flow hedges (net of tax of $(2,445), $887 and $1,708, respectively) | 4,534 | (1,268 | ) | (2,831 | ) | |||||||||
Reclassification adjustment of cash flow hedges settled and included in net income (loss) (net of tax of $(2,016), $534 and $(709), respectively) | 4,046 | (643 | ) | 1,468 | ||||||||||
Other comprehensive income (loss), net of tax, including earnings (loss) of consolidated subsidiaries | 18,066 | (2,610 | ) | (9,297 | ) | |||||||||
Comprehensive income (loss) | $ | 133,028 | $ | 78,918 | $ | 40,433 | ||||||||
The accompanying notes to condensed financial statements are an integral part of these condensed financial statements. | ||||||||||||||
Condensed Balance Sheet [Member] | ' | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' | |||||||||||||
BLACK HILLS CORPORATION (PARENT COMPANY) | ||||||||||||||
CONDENSED BALANCE SHEETS | ||||||||||||||
At Dec. 31, | 2013 | 2012 | ||||||||||||
(in thousands) | ||||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 1,664 | $ | 1,266 | ||||||||||
Accounts receivable — affiliates, current | 1,000 | 2,194 | ||||||||||||
Notes receivable — affiliates, current | 393,586 | 637,586 | ||||||||||||
Income tax receivable, net | 14,530 | 5,843 | ||||||||||||
Deferred income tax assets, net, current | — | 29,779 | ||||||||||||
Other current assets | 4,705 | 4,887 | ||||||||||||
Total current assets | 415,485 | 681,555 | ||||||||||||
Property and Equipment | 6,259 | 1,135 | ||||||||||||
Investments in subsidiaries | 1,237,876 | 1,194,501 | ||||||||||||
Notes receivable — affiliate, non-current | 685,000 | 250,000 | ||||||||||||
Deferred income tax assets, net, non-current | 67,958 | 41,494 | ||||||||||||
Other assets, non-current | 9,256 | 4,014 | ||||||||||||
Total other assets, non-current | 762,214 | 295,508 | ||||||||||||
TOTAL ASSETS | $ | 2,421,834 | $ | 2,172,699 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable - affiliate, current | $ | 372 | $ | 565 | ||||||||||
Derivative liabilities, current | 3,474 | 91,617 | ||||||||||||
Deferred income taxes | 12,775 | — | ||||||||||||
Notes payable | 82,500 | 277,000 | ||||||||||||
Notes payable — affiliate, current | — | 1,032 | ||||||||||||
Current maturities of long-term debt | — | 100,000 | ||||||||||||
Other current liabilities | 9,351 | 9,943 | ||||||||||||
Total current liabilities | 108,472 | 480,157 | ||||||||||||
Derivative liabilities, non-current | 5,614 | 9,252 | ||||||||||||
Long-term debt, net of current maturities | 1,000,000 | 450,000 | ||||||||||||
Note payable — affiliate, non-current | — | 781 | ||||||||||||
Total long-term debt | 1,000,000 | 450,781 | ||||||||||||
Total stockholders’ equity | 1,307,748 | 1,232,509 | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 2,421,834 | $ | 2,172,699 | ||||||||||
The accompanying notes to condensed financial statements are an integral part of these condensed financial statements. | ||||||||||||||
Condensed Statement of Cash Flows [Member] | ' | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' | |||||||||||||
BLACK HILLS CORPORATION (PARENT COMPANY) | ||||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||||||
Years ended Dec. 31, | 2013 | 2012 | 2011 | |||||||||||
(in thousands) | ||||||||||||||
Operating activities: | ||||||||||||||
Net income (loss) available for common stock | $ | 114,962 | $ | 81,528 | $ | 49,730 | ||||||||
Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities — | ||||||||||||||
Equity in earnings of subsidiaries | (100,690 | ) | (93,479 | ) | (87,150 | ) | ||||||||
Dividend from subsidiaries | — | — | 14,500 | |||||||||||
Stock compensation | 12,595 | 8,271 | 5,643 | |||||||||||
Unrealized gain (loss) on interest rate swaps, net | (30,169 | ) | (1,882 | ) | 42,010 | |||||||||
Deferred income taxes | 10,504 | (8,116 | ) | 2,599 | ||||||||||
Other adjustments, net | 3,099 | 3,909 | 4,376 | |||||||||||
Change in certain operating assets and liabilities: | ||||||||||||||
Accounts receivable and other current assets | (3,184 | ) | 6,541 | (5,141 | ) | |||||||||
Accounts payable and other current liabilities | (7,881 | ) | (6,764 | ) | 3,550 | |||||||||
Other operating activities | 20,386 | (7,816 | ) | 2,841 | ||||||||||
Net cash provided by (used in) operating activities | 19,622 | (17,808 | ) | 32,958 | ||||||||||
Investing activities: | ||||||||||||||
Property, plant and equipment additions | (5,124 | ) | — | (1,135 | ) | |||||||||
Decrease (increase) in advances to affiliates | (133,685 | ) | 96,073 | (258,117 | ) | |||||||||
Other investing activities | — | 450 | — | |||||||||||
Net cash provided by (used in) investing activities | (138,809 | ) | 96,523 | (259,252 | ) | |||||||||
Financing activities: | ||||||||||||||
Dividends paid on common stock | (67,587 | ) | (65,262 | ) | (59,202 | ) | ||||||||
Common stock issued | 4,356 | 4,726 | 123,041 | |||||||||||
Short-term borrowings -- repayments | (532,150 | ) | (271,753 | ) | (821,300 | ) | ||||||||
Short-term borrowings -- issuances | 337,650 | 203,753 | 1,017,300 | |||||||||||
Increase (decrease) in notes payable to affiliates | (1,813 | ) | 275,806 | (25,302 | ) | |||||||||
Long-term debt — issuance | 800,000 | — | — | |||||||||||
Long-term debt — repayment | (350,000 | ) | (225,000 | ) | — | |||||||||
De-designated interest swap settlement | (63,939 | ) | — | — | ||||||||||
Other financing activities | (6,932 | ) | (2,833 | ) | (5,348 | ) | ||||||||
Net cash provided by (used in) financing activities | 119,585 | (80,563 | ) | 229,189 | ||||||||||
Net change in cash and cash equivalents | 398 | (1,848 | ) | 2,895 | ||||||||||
Cash and cash equivalents beginning of year | 1,266 | 3,114 | 219 | |||||||||||
Cash and cash equivalents end of year | $ | 1,664 | $ | 1,266 | $ | 3,114 | ||||||||
Supplemental Cash Flow Information | ||||||||||||||
Years ended | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
(in thousands) | ||||||||||||||
Non-cash investing and financing activities- | ||||||||||||||
Non-cash adjustment to notes receivable from affiliates | $ | 57,315 | $ | 40,039 | $ | — | ||||||||
Non-cash adjustment to notes payable to affiliates | $ | — | $ | (277,560 | ) | $ | — | |||||||
Non-cash dividend, net of non-cash contributions, from affiliates | $ | (57,315 | ) | $ | 237,521 | $ | — | |||||||
Cash (paid) refunded during the period for- | ||||||||||||||
Interest | $ | (6,638 | ) | $ | (18,550 | ) | $ | (14,667 | ) | |||||
Income taxes | $ | (4,510 | ) | $ | 3,911 | $ | 23,830 | |||||||
The accompanying notes to condensed financial statements are an integral part of these condensed financial statements. | ||||||||||||||
Condensed Footnotes Of Parent [Member] | ' | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' | |||||||||||||
NOTES TO BLACK HILLS CORPORATION (PARENT COMPANY) CONDENSED FINANCIAL STATEMENTS | ||||||||||||||
(1) BASIS OF PRESENTATION | ||||||||||||||
Pursuant to rules and regulations of the SEC, the unconsolidated condensed financial statements of Black Hills Corporation do not reflect all of the information and notes normally included with financial statements prepared in accordance with GAAP. Therefore, these condensed financial statements should be read in conjunction with the consolidated financial statements and related notes included in this Annual Report on Form 10-K. | ||||||||||||||
Dividends paid and distributed to Black Hills Corporation (the Parent) from its subsidiaries were as follows (in thousands): | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Cash dividends paid to Parent by subsidiaries | $ | — | $ | — | $ | 14,500 | ||||||||
Non-Cash dividends, net of non-cash contributions, distributed to Parent by subsidiaries | $ | (57,315 | ) | $ | 237,521 | $ | — | |||||||
(2) NOTES RECEIVABLE AND NOTES PAYABLE | ||||||||||||||
Black Hills Corporation has notes receivable and notes payable with affiliates under Utility Money Pool Agreements and Non-Utility Money Pool Agreements. Borrowings under these agreements bear interest at the weighted average daily cost of external funds as defined under the agreements. | ||||||||||||||
Additionally, as of Dec. 31, 2013, Black Hills Corporation has a Revolving Credit Facility and a corporate term loan with various banks. Our credit facility and debt securities contain certain restrictive financial covenants. At Dec. 31, 2013, we were in compliance with all of these covenants. See Note 6 to Notes to Consolidated Financial Statements on this Annual Report on Form 10-K. | ||||||||||||||
(3) LONG-TERM DEBT | ||||||||||||||
Long-term debt outstanding at Dec. 31 was as follows (in thousands): | ||||||||||||||
Interest Rate at | ||||||||||||||
Due Date | Dec. 31, 2013 | 2013 | 2012 | |||||||||||
Senior unsecured notes due 2023 (a) | Nov. 30, 2023 | 4.25% | $ | 525,000 | $ | — | ||||||||
Senior unsecured notes due 2014 (b) | May 15, 2014 | 9.00% | — | 250,000 | ||||||||||
Senior unsecured notes due 2020 (c) | July 15, 2020 | 5.88% | 200,000 | 200,000 | ||||||||||
Long-term term loan (d) (f) | Sept. 30, 2013 | NA | — | 100,000 | ||||||||||
Corporate term loan due 2015 (e) (f) | June 19, 2015 | 1.31% | 275,000 | — | ||||||||||
Total long-term debt | 1,000,000 | 550,000 | ||||||||||||
Less current maturities | — | 100,000 | ||||||||||||
Net long-term debt | $ | 1,000,000 | $ | 450,000 | ||||||||||
_______________ | ||||||||||||||
(a) | $410 million of this senior unsecured note has been recorded at Black Hills Utility Holdings and is recorded as Notes receivable - affiliate, non-current on the Parent’s Condensed Balance Sheets. | |||||||||||||
(b) | For 2012, this senior unsecured note was recorded by Black Hills Utility Holdings and was recorded as Notes receivable - affiliate, non-current on the Parent’s Condensed Balance Sheets. This note was redeemed on Dec. 19, 2013 with proceeds from the issuance of the Senior unsecured notes due 2023. | |||||||||||||
(c) | This senior unsecured note has been recorded by Colorado Electric and is recorded as Notes receivable - affiliate, non-current on the Parent’s Condensed Balance Sheets for 2012 and 2013. | |||||||||||||
(d) | This term loan was repaid on June 21, 2013, and replaced with the Long-term term loan due June 19, 2015. In 2012, this term loan was recorded by Black Hills Utility Holdings and is recorded as Notes receivable - affiliate, non-current on the Parent’s Condensed Balance Sheets for 2013. | |||||||||||||
(e) | This debt has been recorded at our Power Generation segment and is recorded as Notes receivable - affiliate, non-current on the Parent’s Condensed Balance Sheets at 2013. | |||||||||||||
(f) Variable interest rate. | ||||||||||||||
Certain debt instruments of the Company contain restrictions and covenants, all of which we were in compliance with at Dec. 31, 2013. | ||||||||||||||
Scheduled maturities of long-term debt, excluding amortization of premiums or discounts, for future years are (in thousands): | ||||||||||||||
2014 | $ | — | ||||||||||||
2015 | $ | 275,000 | ||||||||||||
2016 | $ | — | ||||||||||||
2017 | $ | — | ||||||||||||
2018 | $ | — | ||||||||||||
Thereafter | $ | 725,000 | ||||||||||||
(4) GUARANTEES | ||||||||||||||
We have entered into various agreements providing financial or performance assurance to third parties on behalf of certain of our subsidiaries. The agreements include guarantees of debt obligations, contractual performance obligations and indemnification for reclamation and surety bonds. See Note 19 of the Notes to Consolidated Financial Statements in this Annual Report on Form 10-K for further information. | ||||||||||||||
(5) RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS | ||||||||||||||
We engage in activities to manage risks associated with changes in interest rates. We have entered into floating-to-fixed interest rate swap agreements to reduce our exposure to interest rate fluctuations associated with our floating rate debt obligations. See Note 8 and 9 of Notes to Consolidated Financial Statements on this Annual Report on Form 10-K for further information. | ||||||||||||||
On Dec. 31 our interest rate swaps and related balances were as follows (dollars in thousands): | ||||||||||||||
2013 | 2012 | |||||||||||||
Interest Rate Swaps | Interest Rate Swaps | De-designated Interest Rate Swaps (a) (b) | ||||||||||||
Notional | $ | 75,000 | $ | 75,000 | $ | 250,000 | ||||||||
Weighted average fixed interest rate | 4.97 | % | 4.97 | % | 5.67 | % | ||||||||
Maximum terms in years | 3 | 4 | 1 | |||||||||||
Current derivative liabilities | $ | 3,474 | $ | 3,469 | $ | 88,148 | ||||||||
Non-current derivative liabilities | $ | 5,614 | $ | 9,252 | $ | — | ||||||||
Pre-tax accumulated other comprehensive (loss) | (9,088 | ) | $ | (12,721 | ) | $ | — | |||||||
Cash collateral receivable (payable) included in derivatives | $ | — | $ | — | $ | 5,960 | ||||||||
________________________ | ||||||||||||||
(a) | Maximum terms in years reflect the amended early termination dates. These swaps were settled in 2013. | |||||||||||||
(b) | Included on the Condensed Statements of Income of the Parent is the non-cash mark-to-market gains recorded on these De-designated interest rate swaps of $30 million and $1.9 million for the twelve months ended Dec. 31, 2013 and 2012, respectively. | |||||||||||||
Based on Dec. 31, 2013 market interest rates and balances, a loss of approximately $3.5 million would be realized and reported in pre-tax earnings during the next 12 months. Estimated and realized losses will change during the future periods as market interest rates fluctuate. | ||||||||||||||
(6) FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||||
The estimated fair values of our financial instruments at Dec. 31 were as follows (in thousands): | ||||||||||||||
2013 | 2012 | |||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||
Cash and cash equivalents (a) | $ | 1,664 | $ | 1,664 | $ | 1,266 | $ | 1,266 | ||||||
Notes payable (a) | $ | 82,500 | $ | 82,500 | $ | 277,000 | $ | 277,000 | ||||||
Long-term debt (b) | $ | 1,000,000 | $ | 1,028,384 | $ | 550,000 | $ | 615,239 | ||||||
______________ | ||||||||||||||
(a) | Carrying value approximates fair value due to either short-term length of maturity or variable interest rates that approximate prevailing market rates and therefore is classified in Level 1 in the fair value hierarchy. | |||||||||||||
(b) | Long-term debt is valued based on observable inputs available either directly or indirectly for similar liabilities in active markets and therefore is classified in Level 2 in the fair value hierarchy. | |||||||||||||
Cash and Cash Equivalents | ||||||||||||||
Included in cash and cash equivalents is cash, overnight repurchase agreement accounts, money market funds and term deposits. As part of our cash management process, excess operating cash is invested in overnight repurchase agreements with our bank. Repurchase agreements are not deposits and are not insured by the U.S. Government, the FDIC or any other government agency and involve investment risk including possible loss of principal. We believe however, that the market risk arising from holding these financial instruments is minimal. | ||||||||||||||
Notes Payable | ||||||||||||||
2013 Notes Payable represents our Revolving Credit Facility while 2012 also includes certain corporate term loans. | ||||||||||||||
Long-Term Debt | ||||||||||||||
For additional information see Note 3 of these Black Hills Corporation (the Parent) Condensed Financial Statements. | ||||||||||||||
(7) STOCK | ||||||||||||||
Forward Equity Issuance | ||||||||||||||
In November 2011, we settled the equity forward agreement. For additional information see Note 11 of the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K. | ||||||||||||||
(8) COMMITMENTS AND CONTINGENCIES | ||||||||||||||
In the normal course of business, we are subject to various lawsuits, actions, proceedings, claims and other matters asserted under laws and regulations. We believe the amounts provided in the condensed financial statements are adequate in light of the probable and estimable contingencies. However, there can be no assurance that the actual amounts required to satisfy alleged liabilities from various legal proceedings, claims and other matters discussed, and to comply with applicable laws and regulations, will not exceed the amounts reflected in the condensed financial statements. | ||||||||||||||
In the normal course of business, we enter into agreements that include indemnification in favor of third parties, such as information technology agreements, purchase and sale agreements and lease contracts. We have also agreed to indemnify our directors, officers and employees in accordance with our articles of incorporation, as amended. Certain agreements do not contain any limits on our liability and therefore, it is not possible to estimate our potential liability under these indemnifications. In certain cases, we have recourse against third parties with respect to these indemnities. Further, we maintain insurance policies that may provide coverage against certain claims under these indemnities. |
Schedule_II_Consolidated_Valua
Schedule II Consolidated Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ||||||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||||||||||||||||
SCHEDULE II | |||||||||||||||||||||||||
BLACK HILLS CORPORATION | |||||||||||||||||||||||||
CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||||||
YEARS ENDED DEC. 31, 2013, 2012, AND 2011 | |||||||||||||||||||||||||
Description | Balance at Beginning of Year | Adjustments | Additions Charged to Costs and Expenses | Recoveries and Other Additions | Write-offs and Other Deductions | Balance at End of Year | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Allowance for doubtful accounts: | |||||||||||||||||||||||||
2013 | $ | 768 | $ | — | $ | 2,780 | $ | 4,999 | $ | (7,310 | ) | $ | 1,237 | ||||||||||||
2012 | $ | 1,661 | $ | — | $ | 1,913 | $ | 3,822 | $ | (6,628 | ) | $ | 768 | ||||||||||||
2011 | $ | 2,295 | $ | — | $ | 3,042 | $ | 5,369 | $ | (9,045 | ) | $ | 1,661 | ||||||||||||
Business_Description_and_Signi1
Business Description and Significant Accounting Policies Business Description (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Segment Reporting, Policy [Policy Text Block] | ' |
Business Description | |
Black Hills Corporation is a diversified energy company headquartered in Rapid City, South Dakota. We are a holding company that, through our subsidiaries, operates in two primary business groups: Utilities and Non-regulated Energy. | |
The Utilities Group includes our Electric Utilities and Gas Utilities segments. Electric Utilities include the operating results of the regulated electric utility operations of Black Hills Power and Colorado Electric, and the electric and natural gas utility operations of Cheyenne Light, which supply regulated electric utility services to areas in South Dakota, Wyoming, Colorado and Montana and natural gas utility services to Cheyenne, Wyo. and vicinity. Gas Utilities consist of the operating results of the regulated natural gas utility operations of Colorado Gas, Nebraska Gas, Iowa Gas, and Kansas Gas. | |
The Non-regulated Energy Group includes our Power Generation, Coal Mining and Oil and Gas segments. Power Generation, which is conducted through Black Hills Electric Generation and its subsidiaries, engages in independent power generation activities in Wyoming and Colorado. Coal Mining, which is conducted through WRDC, engages in coal mining activities located near Gillette, Wyo. Oil and Gas, which is conducted through BHEP and its subsidiaries, engages in crude oil and natural gas exploration and production activities in Colorado, Louisiana, Montana, Oklahoma, New Mexico, North Dakota, Wyoming, Texas and California. These businesses are aggregated for reporting purposes as Non-regulated Energy. | |
On Feb. 29, 2012, we sold Enserco, our Energy Marketing segment, which resulted in this segment being classified as discontinued operations. See Note 21 for additional information. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates and Basis of Presentation | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Changes in facts and circumstances or additional information may result in revised estimates and actual results could differ materially from those estimates. | |
Consolidation, Policy [Policy Text Block] | ' |
Principles of Consolidation | |
The consolidated financial statements include the accounts of Black Hills Corporation and its wholly-owned and majority-owned and controlled subsidiaries. Investment in non-controlled entities over which we have the ability to exercise significant influence over operating and financial policies are accounted for using the equity method of accounting. In applying the equity method of accounting, the investments are initially recognized at cost, and subsequently adjusted for our proportionate share of earnings and losses and distributions. Under this method, a proportionate share of pretax income is recorded as Equity earnings (loss) of unconsolidated subsidiaries. All inter-company balances and transactions have been eliminated in consolidation. For additional information on inter-company revenues, see Note 4. | |
Our Consolidated Statements of Income include operating activity of acquired companies beginning with their acquisition date. We use the proportionate consolidation method to account for our working interests in oil and gas properties and for our ownership interest in any jointly-owned electric utility generating facility, wind project or transmission tie and the BHEP gas processing plant. See Note 3 for additional information. | |
As a result of the sale of our Energy Marketing segment, amounts associated with this segment have been reclassified as discontinued operations on the accompanying Consolidated Financial Statements. See Note 21 for additional information. | |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Cash and Cash Equivalents | |
We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. | |
Restricted Cash and Equivalents | |
The Black Hills Wyoming project financing required that we maintain cash accounts for various specified purposes. We did not readily have access to these accounts and could only withdraw funds upon meeting certain requirements. Therefore, we had classified these amounts as restricted cash. This project financing was repaid in 2013. | |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' |
Accounts Receivable and Allowance for Doubtful Accounts | |
Accounts receivable for our Utilities Group primarily consists of sales to residential, commercial, industrial, municipal and other customers, all of which do not bear interest. These accounts receivable are stated at billed and unbilled amounts net of write-offs and allowance for doubtful accounts. Accounts receivable for our Non-regulated Energy Group consists of amounts due from sales of coal, crude oil and natural gas, electric energy and capacity. | |
We maintain an allowance for doubtful accounts which reflects our estimate of uncollectible trade receivables. We regularly review our trade receivable allowance by considering such factors as historical experience, credit worthiness, the age of the receivable balances and current economic conditions that may affect collectibility. | |
In specific cases where we are aware of a customer’s inability or reluctance to pay, we record an allowance for doubtful accounts against amounts due to reduce the net receivable balance to the amount we reasonably expect to collect. However, if circumstances change, our estimate of the recoverability of accounts receivable could be affected. Circumstances which could affect our estimates include, but are not limited to, customer credit issues, the level of commodity prices, customer deposits and general economic conditions. Accounts are written off once they are deemed to be uncollectible or the time allowed for dispute under the contract has expired. | |
We utilize master netting agreements which consist of an agreement between two parties who have multiple contracts with each other that provide for the net settlement of all contracts in the event of default on or termination of any one contract. When the right of offset exists, accounting standards permit the netting of receivables and payables under a legally enforceable master netting agreement between counterparties. Accounting standards also permit offsetting of fair value amounts recognized for the right to reclaim, or the obligation to return, cash collateral against fair value amounts recognized for derivative instruments executed with the same counterparty. | |
Revenue Recognition, Policy [Policy Text Block] | ' |
Revenue Recognition | |
Revenue is recognized when there is persuasive evidence of an arrangement with a fixed or determinable price and delivery has occurred or services have been rendered. Sales tax collected from our customers is recorded on a net basis (excluded from Revenue). | |
Utility revenues are based on authorized rates approved by the state regulatory agencies and the FERC. Revenues related to the sale, transmission and distribution of energy, and delivery of service are generally recorded when service is rendered or energy is delivered to customers. To the extent that deliveries have occurred but a bill has not been issued, our utilities accrue an estimate of the revenue since the latest billing. This estimate is calculated based upon several factors including billings through the last billing cycle in a month, and prices in effect in our jurisdictions. Each month the estimated unbilled revenue amounts are trued-up and recorded in Accounts receivable, net on the accompanying Consolidated Balance Sheets. | |
For long-term non-regulated power sales agreements, revenue is recognized either in accordance with accounting standards for revenue recognition, or in accordance with accounting standards for leases, as appropriate. Under accounting standards for revenue recognition, revenue is generally recognized as the lesser of the amount billed or the average rate expected over the life of the agreement. | |
Natural gas and crude oil sales are recognized when the products are sold to a purchaser at a fixed or determinable price, delivery has occurred, title has transferred and collectibility of the revenue is reasonably assured. Our Oil and Gas segment records its share of revenues based on production volumes and contracted sales prices. The sales price for natural gas, crude oil, condensate and NGLs is adjusted for transportation costs and other related deductions when applicable. The transportation costs and other deductions are based on contractual or historical data and do not require significant judgment. | |
Inventory, Policy [Policy Text Block] | ' |
Materials and supplies represent parts and supplies for all of our business segments. Fuel - Electric Utilities represents oil, gas, and coal on hand used to produce power. Natural gas in storage primarily represents gas purchased for use by our gas customers. All of our Materials, supplies and fuel are valued using weighted-average cost. The value of our natural gas in storage fluctuates with seasonal volume requirements of our business and the commodity price of natural gas. | |
Property, Plant and Equipment, Policy [Policy Text Block] | ' |
Property, Plant and Equipment | |
Additions to property, plant and equipment are recorded at cost. Included in the cost of regulated construction projects is AFUDC, which represents the approximate composite cost of borrowed funds and a return on equity used to finance a regulated utility project. We also capitalize interest, when applicable, on undeveloped leasehold costs and certain non-regulated construction projects. In addition, asset retirement costs associated with tangible long-lived regulated utility assets are recognized as liabilities with an increase to the carrying amounts of the related long-lived regulated utility assets in the period incurred. The amounts capitalized are included in Property, plant and equipment on the accompanying Consolidated Balance Sheets. | |
The cost of regulated utility property, plant and equipment retired, or otherwise disposed of in the ordinary course of business, less salvage plus cost of removal, is charged to accumulated depreciation. Removal costs associated with non-legal obligations related to our regulated properties are reclassified from accumulated depreciation and reflected as regulatory liabilities. Retirement or disposal of all other assets, except for crude oil and natural gas properties as described below, result in gains or losses recognized as a component of operating income. Ordinary repairs and maintenance of property, except as allowed under rate regulations, are charged to operations as incurred. | |
Depreciation provisions for property, plant and equipment are generally computed on a straight-line basis based on the applicable estimated service life of the various class of property. Capitalized coal mining costs and coal leases are amortized on a unit-of-production method based on volumes produced and estimated reserves. For certain non-utility power plant components, a unit-of-production methodology based on plant hours run is used. | |
Industry Specific Policies, Oil and Gas [Policy Text Block] | ' |
Oil and Gas Operations | |
We account for our oil and gas activities under the full cost method. Under the full cost method, costs related to acquisition, exploration and estimated future expenditures to be incurred in developing proved reserves as well as estimated reclamation and abandonment costs, net of estimated salvage values are capitalized. These costs are amortized using a unit-of-production method based on volumes produced and proved reserves. Any conveyances of properties, including gains or losses on abandonment of properties, are typically treated as adjustments to the cost of the properties with no gain or loss recognized. However, we recognized a gain on the sale of a majority of our Williston Basin assets in 2012. See Note 21 for further discussion. | |
Costs directly associated with unproved properties and major development projects, if any, are excluded from the costs to be amortized. These excluded costs are subsequently included within the costs to be amortized when it is determined whether or not proved reserves can be assigned to the properties. The properties excluded from the costs to be amortized are assessed for impairment at least annually and any amount of impairment is added to the costs to be amortized. These costs are generally expected to be included in costs to be amortized within the term of the underlying lease agreement which varies in length. | |
Under the full cost method, net capitalized costs are subject to a ceiling test which limits these costs to the present value of future net cash flows discounted at an SEC required rate, net of related tax effects, plus the lower of cost or fair value of unproved properties included in the net capitalized costs. Future net cash flows are estimated based on SEC-defined end-of-period commodity prices adjusted for contracted price changes and held constant for the life of the reserves. An average price is calculated using the price at the first day of each month for each of the preceding 12 months. If the net capitalized costs exceed the full cost “ceiling” at period end, a permanent non-cash write-down would be charged to earnings in that period. As a result of lower natural gas prices, we recorded a non-cash ceiling test impairment of oil and gas long-lived assets included in the Oil and Gas segment in 2012. No ceiling test write-down was recorded in 2013 or 2011. See Note 12 for additional information. | |
The SEC definition of “reliable technology” permits the use of any reliable technology to establish reserve volumes in addition to those established by production and flow test data. This definition allows, but does not require us, to calculate PUDs to be booked at more than one location away from a producing well. We elected to include PUDs of only one location away from a producing well in our volume reserve estimate. See information on our oil and gas drilling activities in Note 20. | |
Companies are permitted but not required to disclose probable and possible reserves. We have elected not to report on these additional reserve categories. | |
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' |
Goodwill and Intangible Assets | |
Goodwill and intangible assets with indefinite lives are not amortized but the carrying values are reviewed upon an indicator of impairment or at least annually. Intangible assets with a finite life continue to be amortized over their estimated useful lives. We perform this annual review of goodwill and indefinite lived intangible assets as of Nov. 30 each year (or more frequently if impairment indicators arise). | |
We performed our annual goodwill impairment tests as of Nov. 30, 2013. We estimated the fair value of the goodwill using discounted cash flow methodology, EBITDA multiple method, and an analysis of comparable transactions. This analysis required the input of several critical assumptions, including future growth rates, cash flow projections, operating cost escalation rates, rates of return, a risk-adjusted discount rate, timing and level of success in regulatory rate proceedings, the cost of debt and equity capital, and long-term earnings and merger multiples for comparable companies. | |
Asset Retirement Obligations, Policy [Policy Text Block] | ' |
Asset Retirement Obligations | |
Accounting standards for asset retirement obligations associated with long-lived assets require that the present value of retirement costs for which we have a legal obligation be recorded as liabilities with an equivalent amount added to the asset cost and depreciated over an appropriate period. The associated ARO accretion expense for our non-regulated operations is included within Depreciation, depletion and amortization on the accompanying Consolidated Statements of Income. The accounting for the obligation for regulated operations has no income statement impact due to the deferral of the adjustments through the establishment of a regulatory asset. | |
We initially record liabilities for the present value of retirement costs for which we have a legal obligation, with an equivalent amount added to the asset cost. The asset is then depreciated or depleted over the appropriate useful life and the liability is accreted over time by applying an interest method of allocation. Any difference in the actual cost of the settlement of the liability and the recorded amount is recognized as a gain or loss in the results of operations at the time of settlement for our non-regulated operations, other than Oil and Gas. For the Oil and Gas segment, differences in the settlement of the liability and the recorded amount are generally reflected as adjustments to the capitalized cost of oil and gas properties and depleted pursuant to our use of the full cost method. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' |
Fair Value Measurements | |
Derivative Financial Instruments | |
Assets and liabilities are classified and disclosed in one of the following fair value categories: | |
Level 1 — Unadjusted quoted prices available in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities. This level primarily consists of financial instruments such as exchange-traded securities or listed derivatives. | |
Level 2 — Pricing inputs include quoted prices for identical or similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | |
Level 3 — Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs reflect management’s best estimate of fair value using its own assumptions about the assumptions a market participant would use in pricing the asset or liability. | |
Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement within the fair value hierarchy levels. We record transfers, if necessary, between levels at the end of the reporting period for all of our financial instruments. | |
Transfers into Level 3, if any, occur when significant inputs used to value the derivative instruments become less observable such as a significant decrease in the frequency and volume in which the instrument is traded, negatively impacting the availability of observable pricing inputs. Transfers out of Level 3, if any, occur when the significant inputs become more observable such as the time between the valuation date and the delivery date of a transaction becomes shorter, positively impacting the availability of observable pricing inputs. | |
Derivatives, Policy [Policy Text Block] | ' |
Derivatives and Hedging Activities | |
The accounting standards for derivatives and hedging require that derivative instruments be recorded on the balance sheet as either an asset or liability measured at its fair value, and that changes in the derivative instrument’s fair value be recognized currently in earnings unless specific hedge accounting criteria are met and designated accordingly. Each Consolidated Balance Sheet reflects the offsetting of net derivative positions with fair value amounts for cash collateral with the same counterparty when a legal right of offset exists. | |
Accounting standards for derivatives and hedging require that the unrealized gains or losses on a derivative instrument designated and qualifying as a fair value hedging instrument as well as the offsetting unrealized loss or gain on the hedged item attributable to the hedged risk be recognized currently in earnings in the same accounting period. Conversely, the effective portion of the unrealized gain or loss on a derivative instrument designated and qualifying as a cash flow hedging instrument must be reported as a component of other comprehensive income and be reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. The remaining gain or loss on the derivative instrument, if any, is recognized currently in earnings. | |
Derivatives, Offsetting Fair Value Amounts, Policy [Policy Text Block] | ' |
We utilize master netting agreements which consist of an agreement between two parties who have multiple contracts with each other that provide for the net settlement of all contracts in the event of default on or termination of any one contract. When the right of offset exists, accounting standards permit the netting of receivables and payables under a legally enforceable master netting agreement between counterparties. Accounting standards also permit offsetting of fair value amounts recognized for the right to reclaim, or the obligation to return, cash collateral against fair value amounts recognized for derivative instruments executed with the same counterparty. | |
Deferred Financing Costs, Policy [Policy Text Block] | ' |
Deferred Financing Costs | |
Deferred financing costs are amortized using the effective interest method over the estimated useful life of the related debt. | |
Property, Plant and Equipment, Preproduction Design and Development Costs [Policy Text Block] | ' |
Development Costs | |
According to accounting standards for business combinations, we expense, when incurred, development and acquisition costs associated with corporate development activities prior to acquiring or beginning construction of a project. Expensed development costs are included in Other operating expenses on the accompanying Consolidated Statements of Income. | |
Legal Costs, Policy [Policy Text Block] | ' |
Legal Costs | |
Litigation liabilities, including potential settlements, are recorded when it is both probable that a liability or settlement has been incurred, and the amount can be reasonably estimated. Legal costs related to ongoing litigation are expensed as incurred. | |
When a range of the probable loss exists and no amount within the range is a better estimate than any other amount, we record a loss contingency at the minimum amount in the range. If the loss contingency at issue is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. | |
Public Utilities, Policy [Policy Text Block] | ' |
Regulatory Accounting | |
Our Utilities Group follows accounting standards for regulated operations and reflects the effects of the numerous rate-making principles followed by the various state and federal agencies regulating the utilities. The accounting policies followed are generally subject to the Uniform System of Accounts of the FERC. These accounting policies differ in some respects from those used by our non-regulated businesses. If rate recovery becomes unlikely or uncertain due to competition or regulatory action, these accounting standards may no longer apply which would require these net assets to be charged to current income or OCI. Our regulatory assets represent amounts for which we will recover the cost, but generally are not allowed a return, except as described below. In the event we determine that our regulated net assets no longer meet the criteria for following accounting standards for regulated operations, the accounting impact to us could be an extraordinary non-cash charge to operations, which could be material. | |
Income Tax, Policy [Policy Text Block] | ' |
Income Taxes | |
The Company and its subsidiaries file consolidated federal income tax returns. Each tax paying entity records income taxes as if it were a separate taxpayer and consolidating adjustments are allocated to the subsidiaries based on separate company computations of taxable income or loss. | |
We use the liability method in accounting for income taxes. Under the liability method, deferred income taxes are recognized at currently enacted income tax rates, to reflect the tax effect of temporary differences between the financial and tax basis of assets and liabilities as well as operating loss and tax credit carry forwards. Such temporary differences are the result of provisions in the income tax law that either require or permit certain items to be reported on the income tax return in a different period than they are reported in the financial statements. We classify deferred tax assets and liabilities into current and non-current amounts based on the nature of the related assets and liabilities. | |
It is our policy to apply the flow-through method of accounting for investment tax credits as allowed by our rate-regulated jurisdictions. Under the flow-through method, investment tax credits are reflected in net income as a reduction to income tax expense in the year they qualify. Another acceptable accounting method and an exception to this general policy currently in our regulated businesses is to apply the deferral method whereby the credit is amortized as a reduction of income tax expense over the useful lives of the related property. | |
We recognize interest income or interest expense and penalties related to income tax matters in Income tax (expense) benefit on the Consolidated Statements of Income. | |
We account for uncertainty in income taxes recognized in the financial statements in accordance with accounting standards for income taxes. The unrecognized tax benefit is classified in Other deferred credits and other liabilities on the accompanying Consolidated Balance Sheets. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Earnings per Share of Common Stock | |
Basic earnings per share from continuing and discontinued operations is computed by dividing Income (loss) from continuing or discontinued operations by the weighted average number of common shares outstanding during each year. Diluted earnings per share is computed by including all dilutive common shares outstanding during each year. Diluted common shares are primarily due to outstanding stock options, restricted stock and performance shares under our equity compensation plans. | |
Discontinued Operations, Policy [Policy Text Block] | ' |
Discontinued Operations | |
Assets of discontinued operations are recorded at the lower of their carrying amount or fair value less cost to sell. Additionally, in accordance with GAAP, indirect corporate costs previously allocated to a disposal group cannot be reclassified to discontinued operations. Assets of discontinued operations and Liabilities of discontinued operations on the accompanying Consolidated Balance Sheets included the assets and liabilities of Enserco Energy Inc. See Note 21 for additional information. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recently Adopted Accounting Standards | |
Inclusion of the Fed Funds Effective Swap Rate as a Benchmark Interest Rate for Hedge Accounting Purposes, ASU 2013-10 | |
In July 2013, the FASB issued an amendment to accounting for derivatives and hedges to permit the Fed Funds Effective Swap Rate to be used as a U.S. benchmark interest rate for hedge accounting purposes effective for new or re-designated hedging relationships entered into on or after July 17, 2013. The amendment also removed the restriction on using different benchmark rates for similar hedges. The adoption had no impact on our consolidated financial position, results of operations or cash flows. | |
Balance Sheet: Disclosure about Offsetting Assets and Liabilities, ASU 2011-11, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, ASU 2013-01 | |
In December 2011, the FASB issued revised accounting guidance to amend ASC 210, Balance Sheet, related to the existing disclosure requirements for offsetting financial assets and liabilities to enhance current disclosures, as well as to improve comparability of balance sheets prepared under GAAP and IFRS. The revised disclosure guidance affects all companies that have financial instruments and derivative instruments that are either offset in the balance sheet (i.e., presented on a net basis) or subject to an enforceable master netting and/or similar arrangement. In addition, the revised guidance requires that certain enhanced quantitative and qualitative disclosures are made with respect to a company’s netting arrangements and/or rights of offset associated with its financial instruments and/or derivative instruments. The revised disclosure guidance was effective on a retrospective basis for interim and annual periods beginning Jan. 1, 2013. The adoption of this standard did not have an impact on our financial position, results of operations or cash flows. | |
Other Comprehensive Income: Presentation of Comprehensive Income, ASU 2011-05 and Deferral of the Effective Date for Amendments to the Presentation of Reclassification of Items Out of Accumulated Other Comprehensive Income in ASU 2011-05 and ASU 2011-12 | |
FASB issued an accounting standards update amending accounting standards for comprehensive income to improve the comparability, consistency and transparency of reporting. It amends existing guidance by allowing only two options for presenting the components of net income and other comprehensive income: (1) in a single continuous financial statement, statement of comprehensive income or (2) in two separate but consecutive financial statements, consisting of an income statement followed by a separate statement of other comprehensive income. Also, items that are reclassified from other comprehensive income to net income must be presented on the face of the financial statements. ASU 2011-05 requires retrospective application, and it was effective for fiscal years, and interim periods within those years, beginning after Dec. 15, 2011, with early adoption permitted. In Dec. 2011, FASB issued ASU 2011-12. ASU 2011-12 indefinitely deferred the provisions of ASU 2011-05 requiring the presentation of reclassification adjustments on the face of the financial statements for items reclassified from other comprehensive income to net income. Ultimately FASB chose not to reinstate the reclassification adjustment requirements in ASU 2011-05 but instead issued ASU 2013-02 in February 2013. The adoption of this standard did not have an impact on our financial position, results of operations or cash flows. | |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, ASU 2013-02 | |
In February 2013, the FASB issued new disclosure requirements for items reclassified out of AOCI to expand the disclosure requirements in ASC 220, Comprehensive Income, for presentation of changes in AOCI. ASU 2013-02 requires disclosure (1) of changes in components of other comprehensive income, (2) for items reclassified out of AOCI and into net income in their entirety, the effect of the reclassification on each affected net income line item and (3) of cross references to other disclosures that provide additional detail for components of other comprehensive income that are not reclassified in their entirety to net income. Disclosures are required either on the face of the statements of income or as a separate disclosure in the notes to the financial statements. The new disclosure requirements are effective for interim and annual periods beginning after Dec. 15, 2012. The adoption of this standard did not have an impact on our financial position, results of operations or cash flows. | |
Dodd-Frank Wall Street Reform and Consumer Protection Act, SEC Final Rule No. 33-9286, 33-9338, 34-67717, and 34-67716 | |
In July 2010, the President of the United States signed into law comprehensive financial reform legislation under Dodd-Frank. Title VII of Dodd-Frank effectively regulates many derivative transactions in the United States that were previously unregulated. As a result of Dodd-Frank regulations promulgated by the CFTC, we may be required to post collateral to clearing entities for certain swap transactions we enter into. In addition, many of the transactions which were previously classified as swaps have been converted to exchange-traded futures contracts, which are subject to futures margin posting requirements. | |
In August 2012, under Dodd-Frank, the SEC adopted new requirements for companies that manufacture or contract to manufacture products that contain certain minerals and metals, known as conflict minerals. The final rule requires all issuers that file reports with the SEC and use conflict minerals to report supply chain and sourcing information on an annual basis. We completed due diligence efforts in 2013, and we do not believe that our products contain conflict minerals as defined by the rule. | |
Recently Issued Accounting Pronouncements and Legislation | |
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, ASU 2013-11 | |
In July 2013, the FASB issued an amendment to accounting for income taxes which provides guidance on financial statement presentation of an unrecognized tax benefit when an NOL carryforward, a similar tax loss, or a tax credit carryforward exists. The objective in issuing this amendment is to eliminate diversity in practice resulting from a lack of guidance on this topic in current GAAP. Under the amendment, an entity must present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for an NOL carryforward, a similar tax loss, or a tax credit carryforward except under certain conditions. The amendment is effective for fiscal years beginning after Dec. 15, 2013, and interim periods within those years and should be applied to all unrecognized tax benefits that exist as of the effective date. The adoption of this standard is not expected to have an impact on our financial position, results of operations or cash flows. | |
Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date, ASU 2013-04 | |
In March 2013, the FASB issued new disclosure requirements for recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements including disclosure of the nature and amount of the obligations. The new disclosure requirements are effective for interim and annual periods beginning after Dec. 15, 2013. The amendment requires enhanced disclosures in the notes to financial statements, but will not have any other impact on our consolidated financial statements. | |
Final Tangible Personal Property Regulations, IRS Treasury Decision 9636 | |
In September 2013, the U.S. Treasury issued final regulations addressing the tax consequences associated with amounts paid to acquire, produce, or improve tangible property. The regulations have the effect of a change in law and as a result the impact should be taken into account in the period of adoption. In general, such regulations apply to tax years beginning on or after Jan. 1, 2014, with early adoption permitted. We expect that implementation of most, if not all, of the provisions of the final regulations in 2014. Procedural guidance is expected from IRS in early 2014 to facilitate implementation. Analysis performed to date indicates no material impact to our consolidated financial statements. |
Business_Description_and_Signi2
Business Description and Significant Accounting Policies Business Description (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | ' | ||||||||||||
Following is a summary of accounts receivable as of Dec. 31 (in thousands): | |||||||||||||
2013 | Accounts Receivable, Trade | Unbilled Revenue | Less Allowance for Doubtful Accounts | Accounts Receivable, net | |||||||||
Electric Utilities | $ | 52,437 | $ | 23,823 | $ | (666 | ) | $ | 75,594 | ||||
Gas Utilities | 49,162 | 41,195 | (558 | ) | 89,799 | ||||||||
Power Generation | 1,722 | — | — | 1,722 | |||||||||
Coal Mining | 1,711 | — | — | 1,711 | |||||||||
Oil and Gas | 8,156 | — | (13 | ) | 8,143 | ||||||||
Corporate | 604 | — | — | 604 | |||||||||
Total | $ | 113,792 | $ | 65,018 | $ | (1,237 | ) | $ | 177,573 | ||||
2012 | Accounts Receivable, Trade | Unbilled Revenue | Less Allowance for Doubtful Accounts | Accounts Receivable, net | |||||||||
Electric Utilities | $ | 54,482 | $ | 23,843 | $ | (527 | ) | $ | 77,798 | ||||
Gas Utilities | 31,495 | 39,962 | (222 | ) | 71,235 | ||||||||
Power Generation | 16 | — | — | 16 | |||||||||
Coal Mining | 2,247 | — | — | 2,247 | |||||||||
Oil and Gas | 11,622 | — | (19 | ) | 11,603 | ||||||||
Corporate | 799 | — | — | 799 | |||||||||
Total | $ | 100,661 | $ | 63,805 | $ | (768 | ) | $ | 163,698 | ||||
Materials, Supplies and Fuel | ' | ||||||||||||
The following amounts by major classification are included in Materials, supplies and fuel on the accompanying Consolidated Balance Sheets as of (in thousands): | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||
Materials and supplies | $ | 50,196 | $ | 43,397 | |||||||||
Fuel - Electric Utilities | 6,213 | 8,589 | |||||||||||
Natural gas in storage held for distribution | 32,069 | 25,657 | |||||||||||
Total materials, supplies and fuel | $ | 88,478 | $ | 77,643 | |||||||||
Goodwill | ' | ||||||||||||
Goodwill balances were as follows (in thousands): | |||||||||||||
Electric Utilities | Gas Utilities | Power Generation | Total | ||||||||||
Ending balance at Dec. 31, 2011 | $ | 250,487 | $ | 94,144 | $ | 8,765 | $ | 353,396 | |||||
Additions (adjustments) | — | — | — | — | |||||||||
Ending balance at Dec. 31, 2012 | $ | 250,487 | $ | 94,144 | $ | 8,765 | $ | 353,396 | |||||
Additions (adjustments) | — | — | — | — | |||||||||
Ending balance at Dec. 31, 2013 | $ | 250,487 | $ | 94,144 | $ | 8,765 | $ | 353,396 | |||||
Intangible Assets | ' | ||||||||||||
Changes to intangible assets for the years ended Dec. 31, were as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Intangible assets, net, beginning balance | $ | 3,620 | $ | 3,843 | $ | 4,069 | |||||||
Additions (adjustments) | — | — | — | ||||||||||
Amortization expense * | (223 | ) | (223 | ) | (226 | ) | |||||||
Intangible assets, net, ending balance | $ | 3,397 | $ | 3,620 | $ | 3,843 | |||||||
_________________ | |||||||||||||
* | Amortization expense for existing intangible assets is expected to be $0.2 million for each year of the next five years. | ||||||||||||
Regulatory Assets and Liabilities | ' | ||||||||||||
We had the following regulatory assets and liabilities (in thousands): | |||||||||||||
Maximum | |||||||||||||
Amortization | As of | As of | |||||||||||
(in years) | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||
Regulatory assets | |||||||||||||
Deferred energy and fuel cost adjustments - current (a) | 1 | $ | 16,775 | $ | 16,005 | ||||||||
Deferred gas cost adjustments and gas price derivatives (a) | 7 | 12,366 | 20,741 | ||||||||||
AFUDC (b) | 45 | 12,315 | 12,416 | ||||||||||
Employee benefit plans (c) | 13 | 67,059 | 115,521 | ||||||||||
Environmental (a) | subject to approval | 1,800 | 1,792 | ||||||||||
Asset retirement obligations (a) | 44 | 3,266 | 3,247 | ||||||||||
Bond issue cost (a) | 24 | 3,419 | 3,561 | ||||||||||
Renewable energy standard adjustment (a) | 5 | 14,186 | 19,484 | ||||||||||
Flow through accounting (d) | 35 | 20,916 | 16,620 | ||||||||||
Other regulatory assets (a) | 15 | 10,546 | 10,006 | ||||||||||
$ | 162,648 | $ | 219,393 | ||||||||||
Regulatory liabilities | |||||||||||||
Deferred energy and gas costs (a) | 1 | $ | 11,708 | $ | 21,091 | ||||||||
Employee benefit plans (e) | 13 | 34,431 | 59,362 | ||||||||||
Cost of removal (a) | 44 | 64,970 | 53,526 | ||||||||||
Other regulatory liabilities (f) | 25 | 9,047 | 7,305 | ||||||||||
$ | 120,156 | $ | 141,284 | ||||||||||
__________ | |||||||||||||
(a) | Recovery of costs, but not allowed a rate of return. | ||||||||||||
(b) | In addition to recovery of costs, we are allowed a rate of return. | ||||||||||||
(c) | In addition to recovery of costs, we are allowed a return on approximately $25 million. | ||||||||||||
(d) | In addition to recovery of costs, we are allowed a return on approximately $5.4 million. | ||||||||||||
(e) | Approximately $13 million is included in our rate base calculations as a reduction to rate base. | ||||||||||||
(f) | Approximately $2.6 million is included in our rate base calculations as a reduction to rate base. | ||||||||||||
Earnings Per Share Reconciliation | ' | ||||||||||||
A reconciliation of share amounts used to compute earnings (loss) per share is as follows (in thousands): | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Income (loss) from continuing operations | $ | 115,846 | $ | 88,505 | $ | 40,365 | |||||||
Weighted average shares - basic | 44,163 | 43,820 | 39,864 | ||||||||||
Dilutive effect of: | |||||||||||||
Equity compensation | 256 | 250 | 214 | ||||||||||
Other | — | 3 | 3 | ||||||||||
Weighted average shares - diluted | 44,419 | 44,073 | 40,081 | ||||||||||
Income (loss) from continuing operations, per share - Diluted | $ | 2.61 | $ | 2.01 | $ | 1.01 | |||||||
Antidilutive Securities | ' | ||||||||||||
The following outstanding securities were not included in the computation of diluted earnings per share as their effect would have been anti-dilutive (in thousands): | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Equity compensation | 22 | 163 | 141 | ||||||||||
Other | — | — | — | ||||||||||
Anti-dilutive shares excluded from computation of earnings (loss) per share | 22 | 163 | 141 | ||||||||||
Property_Plant_and_Equipment_P
Property, Plant and Equipment Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||||||||||||
Property, plant and equipment at Dec. 31 consisted of the following (dollars in thousands): | |||||||||||||||||||
Utilities Group | 2013 | 2012 | Lives ( in years) | ||||||||||||||||
Electric Utilities | Property, Plant and Equipment | Weighted Average Useful Life (in years) | Property, Plant and Equipment | Weighted Average Useful Life (in years) | Minimum | Maximum | |||||||||||||
Electric plant: | |||||||||||||||||||
Production | $ | 951,138 | 45 | $ | 959,636 | 45 | 25 | 65 | |||||||||||
Electric transmission | 238,542 | 50 | 234,279 | 50 | 40 | 65 | |||||||||||||
Electric distribution | 666,589 | 44 | 631,654 | 44 | 15 | 65 | |||||||||||||
Plant acquisition adjustment (a) | 4,870 | 32 | 4,870 | 32 | 32 | 32 | |||||||||||||
General | 138,263 | 22 | 137,584 | 22 | 3 | 60 | |||||||||||||
Capital lease - plant in service (b) | 261,441 | 20 | 260,874 | 19 | 20 | 20 | |||||||||||||
Total electric plant in service | $ | 2,260,843 | $ | 2,228,897 | |||||||||||||||
Construction work in progress | 203,760 | 48,008 | |||||||||||||||||
Total electric plant | 2,464,603 | 2,276,905 | |||||||||||||||||
Less accumulated depreciation and amortization | 472,970 | 439,772 | |||||||||||||||||
Electric plant net of accumulated depreciation and amortization | $ | 1,991,633 | $ | 1,837,133 | |||||||||||||||
_____________ | |||||||||||||||||||
(a) The plant acquisition adjustment is included in rate base and is being recovered with 17 years remaining. | |||||||||||||||||||
(b) | Capital lease - plant in service represents the assets accounted for as a capital lease under the PPA between Colorado Electric and Black Hills Colorado IPP. The capital lease ends in conjunction with the expiration of the PPA on Dec. 31, 2031. | ||||||||||||||||||
2013 | 2012 | Lives (in years) | |||||||||||||||||
Gas Utilities | Property, Plant and Equipment | Weighted Average Useful Life (in years) | Property, Plant and Equipment | Weighted Average Useful Life (in years) | Minimum | Maximum | |||||||||||||
Gas plant: | |||||||||||||||||||
Production | $ | 13 | 37 | $ | 13 | 37 | 37 | 37 | |||||||||||
Gas transmission | 24,984 | 54 | 18,071 | 54 | 53 | 57 | |||||||||||||
Gas distribution | 507,318 | 46 | 474,998 | 46 | 41 | 56 | |||||||||||||
General | 85,841 | 19 | 68,856 | 19 | 16 | 22 | |||||||||||||
Total gas plant in service | 618,156 | 561,938 | |||||||||||||||||
Construction work in progress | 9,417 | 6,305 | |||||||||||||||||
Total gas plant | 627,573 | 568,243 | |||||||||||||||||
Less accumulated depreciation and amortization | 84,679 | 68,530 | |||||||||||||||||
Gas plant net of accumulated depreciation and amortization | $ | 542,894 | $ | 499,713 | |||||||||||||||
2013 | Lives ( in years) | ||||||||||||||||||
Non-regulated Energy | Property, Plant and Equipment | Construction Work in Progress | Total Property Plant and Equipment | Less Accumulated Depreciation, Depletion and Amortization | Net Property, Plant and Equipment | Weighted Average Useful Life | Minimum | Maximum | |||||||||||
Power Generation | $ | 143,026 | $ | 10,491 | $ | 153,517 | $ | 43,069 | $ | 110,448 | 36 | 2 | 40 | ||||||
Coal Mining | 149,067 | 1,156 | 150,223 | 86,306 | 63,917 | 14 | 2 | 59 | |||||||||||
Oil and Gas | 852,384 | — | 852,384 | 585,334 | 267,050 | 24 | 3 | 25 | |||||||||||
$ | 1,144,477 | $ | 11,647 | $ | 1,156,124 | $ | 714,709 | $ | 441,415 | ||||||||||
2012 | Lives ( in years) | ||||||||||||||||||
Non-regulated Energy | Property, Plant and Equipment | Construction Work in Progress | Total Property Plant and Equipment | Less Accumulated Depreciation, Depletion and Amortization | Net Property, Plant and Equipment | Weighted Average Useful Life | Minimum | Maximum | |||||||||||
Power Generation | $ | 139,396 | $ | 1,323 | $ | 140,719 | $ | 38,541 | $ | 102,178 | 35 | 2 | 40 | ||||||
Coal Mining | 148,045 | 7,023 | 155,068 | 80,210 | 74,858 | 14 | 2 | 59 | |||||||||||
Oil and Gas | 785,594 | — | 785,594 | 562,926 | 222,668 | 24 | 3 | 25 | |||||||||||
$ | 1,073,035 | $ | 8,346 | $ | 1,081,381 | $ | 681,677 | $ | 399,704 | ||||||||||
2013 | Lives ( in years) | ||||||||||||||||||
Property, Plant and Equipment | Construction Work in Progress | Total Property Plant and Equipment | Less Accumulated Depreciation, Depletion and Amortization (a) | Net Property, Plant and Equipment | Weighted Average Useful Life | Minimum | Maximum | ||||||||||||
Corporate | $ | 5,498 | $ | 5,647 | $ | 11,145 | $ | (3,210 | ) | $ | 14,355 | 6 | 2 | 30 | |||||
___________ | |||||||||||||||||||
(a) | Accumulated depreciation, depletion and amortization at Corporate reflects the elimination of the capital lease accumulated depreciation difference between Colorado Electric and Colorado IPP. | ||||||||||||||||||
2012 | Lives (in years) | ||||||||||||||||||
Property, Plant and Equipment | Construction Work in Progress | Total Property Plant and Equipment | Less Accumulated Depreciation, Depletion and Amortization (a) | Net Property, Plant and Equipment | Weighted Average Useful Life | Minimum | Maximum | ||||||||||||
Corporate | $ | 368 | $ | 3,875 | $ | 4,243 | $ | (1,956 | ) | $ | 6,199 | 6 | 2 | 30 | |||||
___________ | |||||||||||||||||||
(a) | Accumulated depreciation, depletion and amortization at Corporate reflects the elimination of the capital lease accumulated depreciation difference between Colorado Electric and Colorado IPP. |
Jointly_Owned_Facilities_Joint
Jointly Owned Facilities Jointly Owned Facilities (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||
Schedule of Jointly Owned Utility Plants [Table Text Block] | ' | |||||||||
At Dec. 31, 2013, our interests in jointly-owned generating facilities and transmission systems were (in thousands): | ||||||||||
Plant in Service | Construction Work in Progress | Accumulated Depreciation | ||||||||
Wyodak Plant | $ | 109,800 | $ | 192 | $ | 50,595 | ||||
Transmission Tie | $ | 19,648 | $ | — | $ | 4,741 | ||||
Wygen I | $ | 106,489 | $ | 1,412 | $ | 28,432 | ||||
Wygen III | $ | 131,468 | $ | 713 | $ | 10,593 | ||||
Busch Ranch Wind Project | $ | 18,590 | $ | — | $ | 841 | ||||
Business_Segments_Business_Seg
Business Segments Business Segments Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting Information, Additional Information [Abstract] | ' | ||||||||||||||||||||||||
Segment information included in Condensed Consolidated Balance Sheets | ' | ||||||||||||||||||||||||
Segment information was as follows (in thousands): | |||||||||||||||||||||||||
Total Assets (net of inter-company eliminations) as of Dec. 31, | 2013 | 2012 | |||||||||||||||||||||||
Utilities: | |||||||||||||||||||||||||
Electric (a) | $ | 2,525,947 | $ | 2,387,458 | |||||||||||||||||||||
Gas | 805,617 | 765,165 | |||||||||||||||||||||||
Non-regulated Energy: | |||||||||||||||||||||||||
Power Generation (a) | 95,692 | 119,170 | |||||||||||||||||||||||
Coal Mining | 78,825 | 83,810 | |||||||||||||||||||||||
Oil and Gas | 288,366 | 258,460 | |||||||||||||||||||||||
Corporate | 80,731 | 115,408 | |||||||||||||||||||||||
Total assets | $ | 3,875,178 | $ | 3,729,471 | |||||||||||||||||||||
__________________ | |||||||||||||||||||||||||
(a) | The PPA under which Black Hills Colorado IPP provides generation to support Colorado Electric customers from the Pueblo Airport Generation station is accounted for as a capital lease. As such, assets owned by our Power Generation segment are recorded at Colorado Electric under accounting for a capital lease. | ||||||||||||||||||||||||
Capital Expenditures and Asset Acquisitions(a) for the years ended Dec. 31, | 2013 | 2012 | |||||||||||||||||||||||
Utilities: | |||||||||||||||||||||||||
Electric Utilities | $ | 222,262 | $ | 167,263 | |||||||||||||||||||||
Gas Utilities | 63,205 | 45,711 | |||||||||||||||||||||||
Non-regulated Energy: | |||||||||||||||||||||||||
Power Generation | 13,533 | 5,547 | |||||||||||||||||||||||
Coal Mining | 5,528 | 13,420 | |||||||||||||||||||||||
Oil and Gas | 64,687 | 107,839 | |||||||||||||||||||||||
Corporate | 10,319 | 7,376 | |||||||||||||||||||||||
Total capital expenditures and asset acquisitions of continuing operations | 379,534 | 347,156 | |||||||||||||||||||||||
Total capital expenditures of discontinued operations | — | 824 | |||||||||||||||||||||||
Total capital expenditures and asset acquisitions | $ | 379,534 | $ | 347,980 | |||||||||||||||||||||
_________________ | |||||||||||||||||||||||||
(a) | Includes accruals for property, plant and equipment. | ||||||||||||||||||||||||
Property, Plant and Equipment as of Dec. 31, | 2013 | 2012 | |||||||||||||||||||||||
Utilities: | |||||||||||||||||||||||||
Electric Utilities (a) | $ | 2,464,603 | $ | 2,276,905 | |||||||||||||||||||||
Gas Utilities | 627,573 | 568,243 | |||||||||||||||||||||||
Non-regulated Energy: | |||||||||||||||||||||||||
Power Generation (a) | 153,517 | 140,719 | |||||||||||||||||||||||
Coal Mining | 150,223 | 155,068 | |||||||||||||||||||||||
Oil and Gas | 852,384 | 785,594 | |||||||||||||||||||||||
Corporate | 11,145 | 4,243 | |||||||||||||||||||||||
Total property, plant and equipment | $ | 4,259,445 | $ | 3,930,772 | |||||||||||||||||||||
_______________ | |||||||||||||||||||||||||
(a) | The PPA under which Black Hills Colorado IPP provides generation to support Colorado Electric customers from the Pueblo Airport Generation station is accounted for as a capital lease. As such, assets owned by our Power Generation segment are recorded for at Colorado Electric under accounting for a capital lease. | ||||||||||||||||||||||||
Segment information included in Condensed Consolidated Statements of Income | ' | ||||||||||||||||||||||||
Consolidating Income Statement | |||||||||||||||||||||||||
Year ended Dec. 31, 2013 | Electric Utilities | Gas Utilities | Power Generation | Coal Mining | Oil and Gas | Corporate | Inter-company Eliminations | Total | |||||||||||||||||
Revenue | $ | 651,445 | $ | 539,689 | $ | 4,648 | $ | 25,186 | $ | 54,884 | $ | — | $ | — | $ | 1,275,852 | |||||||||
Inter-company revenue | 13,863 | — | 78,389 | 31,442 | — | 220,620 | (344,314 | ) | — | ||||||||||||||||
Total revenue | 665,308 | 539,689 | 83,037 | 56,628 | 54,884 | 220,620 | (344,314 | ) | 1,275,852 | ||||||||||||||||
Fuel, purchased power and cost of natural gas sold | 294,048 | 310,463 | — | — | — | 125 | (112,489 | ) | 492,147 | ||||||||||||||||
Operations and maintenance | 159,961 | 126,073 | 30,186 | 39,519 | 40,365 | 202,809 | (211,977 | ) | 386,936 | ||||||||||||||||
Gain on sale of operating assets | — | — | — | — | — | — | — | — | |||||||||||||||||
Depreciation, depletion and amortization | 77,704 | 26,381 | 5,091 | 11,523 | 21,770 | 11,624 | (12,876 | ) | 141,217 | ||||||||||||||||
Operating income (loss) | 133,595 | 76,772 | 47,760 | 5,586 | (7,251 | ) | 6,062 | (6,972 | ) | 255,552 | |||||||||||||||
Interest expense (a) | (61,537 | ) | (25,234 | ) | (21,178 | ) | (641 | ) | (2,253 | ) | (85,195 | ) | 84,250 | (111,788 | ) | ||||||||||
Unrealized gain (loss) on interest rate swaps, net | — | — | — | — | — | 30,169 | — | 30,169 | |||||||||||||||||
Interest income | 5,277 | 976 | 785 | 10 | 1,639 | 69,760 | (76,724 | ) | 1,723 | ||||||||||||||||
Other income (expense), net | 633 | (60 | ) | 1 | 2,304 | 108 | 41,453 | (42,641 | ) | 1,798 | |||||||||||||||
Income tax benefit (expense) | (25,834 | ) | (19,747 | ) | (11,080 | ) | (932 | ) | 3,545 | (7,778 | ) | 218 | (61,608 | ) | |||||||||||
Income (loss) from continuing operations | $ | 52,134 | $ | 32,707 | $ | 16,288 | $ | 6,327 | $ | (4,212 | ) | $ | 54,471 | $ | (41,869 | ) | $ | 115,846 | |||||||
________________ | |||||||||||||||||||||||||
(a) | Power Generation includes costs associated with interest rate swaps settled and write-off of deferred financing costs upon repayment of Black Hills Wyoming Project Financing and Corporate includes a the write-off of deferred financing costs and a make-whole provision from early repayment of long-term debt (see Note 5). | ||||||||||||||||||||||||
Consolidating Income Statement | |||||||||||||||||||||||||
Year ended Dec. 31, 2012 | Electric Utilities | Gas Utilities | Power Generation | Coal Mining | Oil and Gas | Corporate | Inter-company Eliminations | Total | |||||||||||||||||
Revenue | $ | 610,732 | $ | 454,081 | $ | 4,189 | $ | 25,810 | $ | 79,072 | $ | — | $ | — | $ | 1,173,884 | |||||||||
Inter-company revenue | 16,234 | — | 75,200 | 31,968 | — | 196,453 | (319,855 | ) | — | ||||||||||||||||
Total revenue | 626,966 | 454,081 | 79,389 | 57,778 | 79,072 | 196,453 | (319,855 | ) | 1,173,884 | ||||||||||||||||
Fuel, purchased power and cost of natural gas sold | 273,474 | 245,349 | — | — | — | — | (111,757 | ) | 407,066 | ||||||||||||||||
Operations and maintenance | 146,527 | 117,390 | 29,991 | 42,553 | 43,267 | 179,059 | (188,051 | ) | 370,736 | ||||||||||||||||
Gain on sale of operating assets (a) | — | — | — | — | (29,129 | ) | — | — | (29,129 | ) | |||||||||||||||
Depreciation, depletion and amortization | 75,244 | 25,163 | 4,599 | 13,060 | 38,494 | 10,936 | (12,864 | ) | 154,632 | ||||||||||||||||
Impairment of long-lived assets(b) | — | — | — | — | 26,868 | — | — | 26,868 | |||||||||||||||||
Operating income (loss) | 131,721 | 66,179 | 44,799 | 2,165 | (428 | ) | 6,458 | (7,183 | ) | 243,711 | |||||||||||||||
Interest expense (c) | (59,194 | ) | (26,746 | ) | (15,452 | ) | (238 | ) | (4,539 | ) | (92,650 | ) | 85,209 | (113,610 | ) | ||||||||||
Unrealized gain (loss) on interest rate swaps, net | — | — | — | — | — | 1,882 | — | 1,882 | |||||||||||||||||
Interest income | 8,153 | 2,765 | 695 | 1,168 | 604 | 64,695 | (76,123 | ) | 1,957 | ||||||||||||||||
Other income (expense), net | 1,182 | 105 | 7 | 2,616 | 207 | 48,769 | (49,921 | ) | 2,965 | ||||||||||||||||
Income tax benefit (expense) | (30,264 | ) | (14,313 | ) | (8,721 | ) | (85 | ) | 1,927 | 3,187 | (131 | ) | (48,400 | ) | |||||||||||
Income (loss) from continuing operations | $ | 51,598 | $ | 27,990 | $ | 21,328 | $ | 5,626 | $ | (2,229 | ) | $ | 32,341 | $ | (48,149 | ) | $ | 88,505 | |||||||
________________ | |||||||||||||||||||||||||
(a) | Oil and Gas includes gain on sale of the Williston Basin assets (see Note 21). | ||||||||||||||||||||||||
(b) | Oil and Gas includes a ceiling test impairment (see Note 12). | ||||||||||||||||||||||||
(c) | Corporate includes a make-whole provision from early repayment of long-term debt (see Note 5). | ||||||||||||||||||||||||
Consolidating Income Statement | |||||||||||||||||||||||||
Year ended Dec. 31, 2011 | Electric Utilities | Gas Utilities | Power Generation | Coal Mining | Oil and Gas | Corporate | Inter-company Eliminations | Total | |||||||||||||||||
Revenue | $ | 600,935 | $ | 554,584 | $ | 4,059 | $ | 32,802 | $ | 79,808 | $ | — | $ | — | $ | 1,272,188 | |||||||||
Inter-company revenue | 13,396 | — | 27,613 | 34,090 | — | 192,250 | (267,349 | ) | — | ||||||||||||||||
Total revenue | 614,331 | 554,584 | 31,672 | 66,892 | 79,808 | 192,250 | (267,349 | ) | 1,272,188 | ||||||||||||||||
Fuel, purchased power and cost of natural gas sold | 310,352 | 331,961 | — | — | — | 97 | (67,421 | ) | 574,989 | ||||||||||||||||
Operations and maintenance | 142,815 | 121,980 | 16,538 | 56,617 | 41,380 | 170,947 | (174,908 | ) | 375,369 | ||||||||||||||||
Gain on sale of operating assets (a) | (768 | ) | — | — | — | — | 1 | 767 | — | ||||||||||||||||
Depreciation, depletion and amortization | 52,475 | 24,307 | 4,199 | 18,670 | 35,690 | 11,205 | (10,955 | ) | 135,591 | ||||||||||||||||
Operating income (loss) | 109,457 | 76,336 | 10,935 | (8,395 | ) | 2,738 | 10,000 | (14,832 | ) | 186,239 | |||||||||||||||
Interest expense | (53,770 | ) | (31,621 | ) | (8,903 | ) | (9 | ) | (5,896 | ) | (93,314 | ) | 102,130 | (91,383 | ) | ||||||||||
Unrealized gain (loss) on interest rate swaps, net | — | — | — | — | — | (42,010 | ) | — | (42,010 | ) | |||||||||||||||
Interest income | 14,794 | 5,645 | 1,529 | 3,897 | 2 | 64,299 | (88,149 | ) | 2,017 | ||||||||||||||||
Other income (expense), net | 481 | 217 | 1,094 | 2,192 | (216 | ) | 46,510 | (46,552 | ) | 3,726 | |||||||||||||||
Income tax benefit (expense) | (23,271 | ) | (16,408 | ) | (1,644 | ) | 1,891 | 1,651 | 19,289 | 268 | (18,224 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 47,691 | $ | 34,169 | $ | 3,011 | $ | (424 | ) | $ | (1,721 | ) | $ | 4,774 | $ | (47,135 | ) | $ | 40,365 | ||||||
_________________ | |||||||||||||||||||||||||
(a) | Electric Utilities includes gain on sale of assets to a related party which was eliminated in consolidation. |
LongTerm_Debt_LongTerm_Debt_Ta
Long-Term Debt Long-Term Debt (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||||||||
Long-term debt outstanding was as follows (dollars in thousands) as of: | ||||||||||||||
Interest Rate at | ||||||||||||||
Due Date | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||
Corporate | ||||||||||||||
Senior unsecured notes due 2023 | Nov. 30, 2023 | 4.25% | $ | 525,000 | $ | — | ||||||||
Senior unsecured notes due 2014 (a) | May 15, 2014 | 9.00% | — | 250,000 | ||||||||||
Senior unsecured notes due 2020 | July 15, 2020 | 5.88% | 200,000 | 200,000 | ||||||||||
Corporate term loan due 2013 (a) | Sept. 30, 2013 | NA | — | 100,000 | ||||||||||
Corporate term loan due 2015 (b) | June 19, 2015 | 1.31% | 275,000 | — | ||||||||||
Total Corporate Debt | 1,000,000 | 550,000 | ||||||||||||
Electric Utilities | ||||||||||||||
First Mortgage Bonds due 2032 | Aug. 15, 2032 | 7.23% | 75,000 | 75,000 | ||||||||||
First Mortgage Bonds due 2039 | Nov. 1, 2039 | 6.13% | 180,000 | 180,000 | ||||||||||
Unamortized discount on First Mortgage Bonds due 2039 | (107 | ) | (111 | ) | ||||||||||
Pollution control revenue bonds due 2024 | Oct. 1, 2024 | 5.35% | 12,200 | 12,200 | ||||||||||
First Mortgage Bonds due 2037 | Nov. 20, 2037 | 6.67% | 110,000 | 110,000 | ||||||||||
Industrial development revenue bonds due 2021, variable rate (c) | Sept. 1, 2021 | 0.11% | 7,000 | 7,000 | ||||||||||
Industrial development revenue bonds due 2027, variable rate (c) | March 1, 2027 | 0.11% | 10,000 | 10,000 | ||||||||||
Series 94A Debt, variable rate (c) | June 1, 2024 | 0.75% | 2,855 | 2,855 | ||||||||||
Total Electric Utilities | 396,948 | 396,944 | ||||||||||||
Power Generation | ||||||||||||||
Black Hills Wyoming project financing, variable rate (a) | Dec. 9, 2016 | 3.59% | — | 95,906 | ||||||||||
Total long-term debt | 1,396,948 | 1,042,850 | ||||||||||||
Less current maturities | — | 103,973 | ||||||||||||
Long-term debt, net of current maturities | $ | 1,396,948 | $ | 938,877 | ||||||||||
_______________ | ||||||||||||||
(a) | This debt repaid. See Debt Transactions discussed below. | |||||||||||||
(b) | Variable interest rates, based on LIBOR plus a spread. | |||||||||||||
(c) Variable interest rate. | ||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||||||||||
Scheduled maturities of long-term debt, excluding amortization of premiums or discounts, for future years are (in thousands): | ||||||||||||||
2014 | $ | — | ||||||||||||
2015 | $ | 275,000 | ||||||||||||
2016 | $ | — | ||||||||||||
2017 | $ | — | ||||||||||||
2018 | $ | — | ||||||||||||
Thereafter | $ | 1,122,055 | ||||||||||||
Deferred Financing Costs [Table Text Block] | ' | |||||||||||||
Our deferred financing costs and associated amortization expense included in Interest expense on the accompanying Consolidated Statements of Income were as follows (in thousands): | ||||||||||||||
Deferred Financing Costs Remaining in Other Assets, Non-current on Balance Sheets at | Amortization Expense for the years ended Dec. 31, | |||||||||||||
Dec. 31, 2013 | 2013 | 2012 | 2011 | |||||||||||
Senior unsecured notes due 2023 | $ | 6,846 | $ | 86 | $ | — | $ | — | ||||||
Senior unsecured notes due 2014 | $ | — | $ | 635 | $ | 462 | $ | 462 | ||||||
Senior unsecured notes due 2020 | $ | 1,093 | $ | 167 | $ | 167 | $ | 167 | ||||||
First mortgage bonds due 2032 | $ | 618 | $ | 33 | $ | 33 | $ | 33 | ||||||
First mortgage bonds due 2039 | $ | 1,961 | $ | 76 | $ | 76 | $ | 76 | ||||||
First mortgage bonds due 2037 | $ | 736 | $ | 31 | $ | 31 | $ | 31 | ||||||
Black Hills Wyoming project financing due 2016 (a) | $ | — | $ | 3,177 | $ | 1,037 | $ | 1,012 | ||||||
Other | $ | 664 | $ | 57 | $ | 57 | $ | 70 | ||||||
Notes_Payable_Notes_Payable_Ta
Notes Payable Notes Payable (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Line of Credit Facility | ' | |||||||||||||
Schedule of Short-term Debt | ' | |||||||||||||
We had the following short-term debt outstanding at the Consolidated Balance Sheets date (in thousands): | ||||||||||||||
Balance Outstanding at | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||
Revolving Credit Facility | $ | 82,500 | $ | 127,000 | ||||||||||
Corporate Term Loan due June 2013 | — | 150,000 | ||||||||||||
Total | $ | 82,500 | $ | 277,000 | ||||||||||
Deferred Financing Costs [Table Text Block] | ' | |||||||||||||
Our deferred financing costs and associated amortization expense included in Interest expense on the accompanying Consolidated Statements of Income were as follows (in thousands): | ||||||||||||||
Deferred Financing Costs Remaining in Other Assets, Non-current on Balance Sheets at | Amortization Expense for the years ended Dec. 31, | |||||||||||||
Dec. 31, 2013 | 2013 | 2012 | 2011 | |||||||||||
Senior unsecured notes due 2023 | $ | 6,846 | $ | 86 | $ | — | $ | — | ||||||
Senior unsecured notes due 2014 | $ | — | $ | 635 | $ | 462 | $ | 462 | ||||||
Senior unsecured notes due 2020 | $ | 1,093 | $ | 167 | $ | 167 | $ | 167 | ||||||
First mortgage bonds due 2032 | $ | 618 | $ | 33 | $ | 33 | $ | 33 | ||||||
First mortgage bonds due 2039 | $ | 1,961 | $ | 76 | $ | 76 | $ | 76 | ||||||
First mortgage bonds due 2037 | $ | 736 | $ | 31 | $ | 31 | $ | 31 | ||||||
Black Hills Wyoming project financing due 2016 (a) | $ | — | $ | 3,177 | $ | 1,037 | $ | 1,012 | ||||||
Other | $ | 664 | $ | 57 | $ | 57 | $ | 70 | ||||||
Schedule of Credit Facility Covenants | ' | |||||||||||||
Our Revolving Credit Facility and our new Term Loan require compliance with the following financial covenant at the end of each quarter: | ||||||||||||||
At Dec. 31, 2013 | Covenant Requirement | |||||||||||||
Recourse leverage ratio | 55 | % | Less than | 65 | % | |||||||||
Revolving Credit Facility [Member] | ' | |||||||||||||
Line of Credit Facility | ' | |||||||||||||
Deferred Financing Costs [Table Text Block] | ' | |||||||||||||
The deferred financing costs on the new facility are being amortized as follows (in thousands): | ||||||||||||||
Deferred Financing Costs Remaining on Balance Sheets as of | Amortization Expense for the years ended Dec. 31, | |||||||||||||
Dec. 31, 2013 | 2013 | 2012 | 2011 | |||||||||||
Revolving Credit Facility | $ | 1,316 | $ | 752 | $ | 2,187 | $ | 1,891 | ||||||
Asset_Retirement_Obligations_A
Asset Retirement Obligations Asset Retirement Obligations (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||||||||||||
Schedule of Change in Asset Retirement Obligation [Table Text Block] | ' | ||||||||||||||||||
The following tables present the details of ARO which are included on the accompanying Consolidated Balance Sheets in Other deferred credits and other liabilities (in thousands): | |||||||||||||||||||
Dec. 31, 2012 | Liabilities Incurred | Liabilities Settled | Accretion | Revisions to Prior Estimates (a) | Dec. 31, 2013 | ||||||||||||||
Electric Utilities | $ | 6,981 | $ | — | $ | — | $ | 168 | $ | (227 | ) | $ | 6,922 | ||||||
Gas Utilities | 259 | — | — | 15 | — | 274 | |||||||||||||
Coal Mining | 20,286 | 3 | (714 | ) | 1,052 | — | 20,627 | ||||||||||||
Oil and Gas | 23,022 | 143 | (1,903 | ) | 1,450 | 1,316 | 24,028 | ||||||||||||
Total | $ | 50,548 | $ | 146 | $ | (2,617 | ) | $ | 2,685 | $ | 1,089 | $ | 51,851 | ||||||
Dec. 31, 2011 | Liabilities Incurred | Liabilities Settled | Accretion | Revisions to Prior Estimates (a) | Dec. 31, 2012 | ||||||||||||||
Electric Utilities | $ | 3,064 | $ | 3,626 | $ | — | $ | 291 | $ | — | $ | 6,981 | |||||||
Gas Utilities | 270 | — | (22 | ) | 11 | — | 259 | ||||||||||||
Coal Mining | 17,158 | 1,627 | — | 921 | 580 | 20,286 | |||||||||||||
Oil and Gas | 22,422 | 158 | (1,059 | ) | 1,345 | 156 | 23,022 | ||||||||||||
Total | $ | 42,914 | $ | 5,411 | $ | (1,081 | ) | $ | 2,568 | $ | 736 | $ | 50,548 | ||||||
_____________________ | |||||||||||||||||||
(a) | The Revisions to Prior Estimates reflects the change in the estimated liability for final reclamation adjusted for inflation, discount rate and market risk premium. |
Risk_Management_Activities_Ris
Risk Management Activities Risk Management Activities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative [Line Items] | ' | ||||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | ||||||||||||
The contract or notional amounts, terms of our interest rate swaps and the interest rate swaps balances reflected on the Consolidated Balance Sheets were as follows (dollars in thousands) as of: | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||
Interest Rate Swaps (a) | Interest Rate Swaps (b) | De-designated Interest Rate Swaps (c) | |||||||||||
Notional | $ | 75,000 | $ | 150,000 | $ | 250,000 | |||||||
Weighted average fixed interest rate | 4.97 | % | 5.04 | % | 5.67 | % | |||||||
Maximum terms in years | 3 | 4 | 1 | ||||||||||
Derivative liabilities, current | $ | 3,474 | $ | 7,039 | $ | 88,148 | |||||||
Derivative liabilities, non-current | $ | 5,614 | $ | 16,941 | $ | — | |||||||
___________________ | |||||||||||||
(a) | These swaps are designated to borrowings on our Revolving Credit Facility. These swaps are priced using three-month LIBOR, matching the floating portion of the related swaps. | ||||||||||||
(b) | At Dec. 31, 2012, $75 million of these interest rate swaps were designated to borrowings on our Revolving Credit Facility and $75 million were designated to borrowings on our project financing debt at Black Hills Wyoming. These swaps are priced using three-month LIBOR, matching the floating portion of the related swaps. The portion of the swaps that were designated to Black Hills Wyoming were settled upon repayment of the Black Hills Wyoming project financing. See Note 5. | ||||||||||||
(c) | Maximum terms in years reflect the amended early termination dates. If the early termination dates were not extended, the swaps would have required cash settlement based on the swap value at the termination date. These swaps were settled during the fourth quarter of 2013. | ||||||||||||
Oil and Gas [Member] | ' | ||||||||||||
Derivative [Line Items] | ' | ||||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | ||||||||||||
The contract or notional amounts, terms of our commodity derivatives, and the derivative balances for our Oil and Gas segment reflected on the Consolidated Balance Sheets were as follows (dollars in thousands) as of: | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||
Crude oil futures, swaps and options | Natural gas futures, swaps and options | Crude oil futures, swaps and options | Natural gas futures, swaps and options | ||||||||||
Notional (a) | 412,500 | 7,082,500 | 528,000 | 8,215,500 | |||||||||
Maximum terms in years (b) | 0.25 | 0.08 | 1 | 0.75 | |||||||||
Derivative assets, current | $ | 55 | $ | — | $ | 1,405 | $ | 1,831 | |||||
Derivative assets, non-current | $ | — | $ | — | $ | 297 | $ | 170 | |||||
Derivative liabilities, current | $ | — | $ | — | $ | 847 | $ | 507 | |||||
Derivative liabilities, non-current | $ | — | $ | — | $ | — | $ | — | |||||
________________________ | |||||||||||||
(a) | Crude in Bbls, gas in MMBtu. | ||||||||||||
(b) | Refers to the term of the derivative instrument. Assets and liabilities are classified as current/non-current based on the timing of the hedged transaction and the corresponding settlement of the derivative instrument. | ||||||||||||
Utilities Group [Member] | ' | ||||||||||||
Derivative [Line Items] | ' | ||||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | ||||||||||||
We had the following derivative balances related to the hedges in our Utilities reflected in our Consolidated Balance Sheets as of (in thousands): | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||
Derivative assets, current | $ | 662 | $ | — | |||||||||
Derivative assets, non-current | $ | — | $ | 43 | |||||||||
Derivative liabilities, current | $ | — | $ | — | |||||||||
Derivative liabilities, non-current | $ | — | $ | — | |||||||||
Net unrealized (gain) loss included in Regulatory assets or Regulatory liabilities | $ | 7,567 | $ | 9,596 | |||||||||
Contract or notional amounts and terms of marketing activities and derivative commodity instruments | ' | ||||||||||||
The contract or notional amounts and terms of the natural gas derivative commodity instruments held by our Gas Utilities were as follows, as of: | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||
Notional (MMBtus) | Maximum Term (months) | Notional (MMBtus) | Maximum Term (months) | ||||||||||
Natural gas futures purchased | 17,930,000 | 84 | 15,350,000 | 83 | |||||||||
Natural gas options purchased | 3,890,000 | 8 | 2,430,000 | 2 | |||||||||
Natural gas basis swaps purchased | 14,785,000 | 60 | 12,020,000 | 72 | |||||||||
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments, Gain (Loss) | ' | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
A discussion of fair value of financial instruments is included in Note 10. The following tables set forth, by level within the fair value hierarchy, our gross assets and gross liabilities and related offsetting as permitted by GAAP that were accounted for at fair value on a recurring basis for derivative instruments (in thousands): | |||||||||||||||||
As of Dec. 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting | Total | |||||||||||||
Assets: | |||||||||||||||||
Commodity derivatives - Oil and Gas: | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | 130 | — | (75 | ) | 55 | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 815 | — | (815 | ) | — | |||||||||||
Commodity derivatives - Utilities | — | 3,030 | — | (2,368 | ) | 662 | |||||||||||
Total | $ | — | $ | 3,975 | $ | — | $ | (3,258 | ) | $ | 717 | ||||||
Liabilities: | |||||||||||||||||
Commodity derivatives - Oil and Gas: | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | 1,229 | — | (1,229 | ) | — | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 531 | — | (531 | ) | — | |||||||||||
Commodity derivatives - Utilities | — | 9,100 | — | (9,100 | ) | — | |||||||||||
Interest rate swaps | — | 9,088 | — | — | 9,088 | ||||||||||||
Total | $ | — | $ | 19,948 | $ | — | $ | (10,860 | ) | $ | 9,088 | ||||||
As of Dec. 31, 2012 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting | Total | |||||||||||||
Assets: | |||||||||||||||||
Commodity derivatives - Oil and Gas: | |||||||||||||||||
Options -- Oil | $ | — | $ | 378 | $ | — | $ | — | $ | 378 | |||||||
Basis Swaps -- Oil | — | 1,325 | — | — | 1,325 | ||||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 2,000 | — | — | 2,000 | ||||||||||||
Commodity derivatives - Utilities | — | — | 43 | — | 43 | ||||||||||||
Total | $ | — | $ | 3,703 | $ | 43 | $ | — | $ | 3,746 | |||||||
Liabilities: | |||||||||||||||||
Commodity derivatives - Oil and Gas: | |||||||||||||||||
Options -- Oil | $ | — | $ | 1,131 | $ | — | $ | (336 | ) | $ | 795 | ||||||
Basis Swaps -- Oil | — | 502 | — | (450 | ) | 52 | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 1,127 | — | (620 | ) | 507 | |||||||||||
Commodity derivatives - Utilities | — | 8,576 | — | (8,576 | ) | — | |||||||||||
Interest rate swaps | — | 118,088 | — | (5,960 | ) | 112,128 | |||||||||||
Total | $ | — | $ | 129,424 | $ | — | $ | (15,942 | ) | $ | 113,482 | ||||||
The following table presents the quantitative information about Level 3 fair value measurements (dollars in thousands): | |||||||||||||||||
Fair Value at | Valuation | Unobservable | Range (Weighted) | ||||||||||||||
Dec. 31, 2012 | Technique | Input | Average | ||||||||||||||
Assets: | |||||||||||||||||
Commodity derivatives - Utilities (a) | $ | 43 | Independent price quotes | Long-term natural gas prices - Basis Differential | $ | (0.13 | ) | ||||||||||
_____________ | |||||||||||||||||
(a) | The significant unobservable inputs used in the fair value measurement of the long-term OTC contracts are based on the average of price quotes from an independent third party market participant and the OTC contract broker. The unobservable inputs are long-term natural gas prices. Significant changes to these inputs along with the contract term would impact the derivative asset/liability and regulatory asset/liability, but will not impact the results of operations until the contract is settled under the original terms of the contract. The contracts will be classified as Level 2 once settlement is within 60 months of maturity and quoted market prices from a market exchange are available. | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||||||||||
The following tables present the changes in Level 3 recurring fair value (in thousands): | |||||||||||||||||
As of Dec. 31, 2013 | As of Dec. 31, 2012 | ||||||||||||||||
Assets: | Commodity | Commodity | |||||||||||||||
Derivatives -- Utilities | Derivatives -- Utilities | ||||||||||||||||
Balances as of beginning of period | $ | 43 | $ | — | |||||||||||||
Total gain (loss) included in AOCI/ Regulatory Asset | — | (54 | ) | ||||||||||||||
Purchases | — | 192 | |||||||||||||||
Transfers out of Level 3(a) | (43 | ) | (95 | ) | |||||||||||||
Balances at end of period | $ | — | $ | 43 | |||||||||||||
Changes in unrealized gains (losses) relating to instruments still held as of period-end | $ | — | $ | (54 | ) | ||||||||||||
__________ | |||||||||||||||||
(a) | Transfers out of Level 3 would occur when the significant inputs become more observable such as the time between the valuation date and the delivery date of a transaction becomes shorter, positively impacting the availability of observable pricing inputs. | ||||||||||||||||
The following table sets forth a summary of changes in the fair value of the Defined Benefit Pension Plans’ Level 3 assets for the period ended Dec. 31 (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Balance, beginning of period | $ | 7,770 | $ | 7,043 | |||||||||||||
Purchase | 29,000 | — | |||||||||||||||
Unrealized gain (loss) | 1,508 | 727 | |||||||||||||||
Realized gain (loss) | (77 | ) | — | ||||||||||||||
Settlements | (13 | ) | — | ||||||||||||||
Balance, end of period | $ | 38,188 | $ | 7,770 | |||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||||||||
The following tables present the fair value and balance sheet classification of our derivative instruments as of Dec. 31, (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Balance Sheet Location | Fair Value of Asset Derivatives | Fair Value of Liability Derivatives | Fair Value of Asset Derivatives | Fair Value of Liability Derivatives | |||||||||||||
Derivatives designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets - current | $ | 248 | $ | — | $ | 2,874 | $ | — | ||||||||
Commodity derivatives | Derivative assets - non-current | 698 | — | 510 | — | ||||||||||||
Commodity derivatives | Derivative liabilities - current | — | 1,541 | — | 1,993 | ||||||||||||
Commodity derivatives | Derivative liabilities - non-current | — | 219 | — | 821 | ||||||||||||
Interest rate swaps | Derivative liabilities - current | — | 3,474 | — | 7,038 | ||||||||||||
Interest rate swaps | Derivative liabilities - non-current | — | 5,614 | — | 16,941 | ||||||||||||
Total derivatives designated as hedges | $ | 946 | $ | 10,848 | $ | 3,384 | $ | 26,793 | |||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets - current | $ | 662 | $ | — | $ | 362 | $ | — | ||||||||
Commodity derivatives | Derivative assets - non-current | — | — | — | — | ||||||||||||
Commodity derivatives | Derivative liabilities - current | — | — | 1,180 | 4,957 | ||||||||||||
Commodity derivatives | Derivative liabilities - non-current | — | 6,732 | 406 | 5,153 | ||||||||||||
Interest rate swaps | Derivative liabilities - current | — | — | — | 94,108 | ||||||||||||
Interest rate swaps | Derivative liabilities - non-current | — | — | — | — | ||||||||||||
Total derivatives not designated as hedges | $ | 662 | $ | 6,732 | $ | 1,948 | $ | 104,218 | |||||||||
Schedule of Derivative Offsetting on Balance Sheet [Table Text Block] | ' | ||||||||||||||||
Offsetting of derivative assets and derivative liabilities on our Consolidated Balance Sheets at Dec. 31, 2013 was as follows (in thousands): | |||||||||||||||||
Derivative Assets | Gross Amounts of Derivative Assets | Gross Amounts Offset on Consolidated Balance Sheets | Net Amount of Total Derivative Assets on Consolidated Balance Sheets | ||||||||||||||
Subject to master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | $ | 75 | $ | (75 | ) | $ | — | ||||||||||
Oil and Gas - Crude Options | — | — | — | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | 815 | (815 | ) | — | |||||||||||||
Utilities | 3,030 | (2,368 | ) | 662 | |||||||||||||
Total derivative assets subject to a master netting agreement or similar arrangement | 3,920 | (3,258 | ) | 662 | |||||||||||||
Not subject to a master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | 55 | — | 55 | ||||||||||||||
Oil and Gas - Crude Options | — | — | — | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | — | — | — | ||||||||||||||
Utilities | — | — | — | ||||||||||||||
Total derivative assets not subject to a master netting agreement or similar arrangement | 55 | — | 55 | ||||||||||||||
Total derivative assets | $ | 3,975 | $ | (3,258 | ) | $ | 717 | ||||||||||
Derivative Liabilities | Gross Amounts of Derivative Liabilities | Gross Amounts Offset on Consolidated Balance Sheets | Net Amount of Total Derivative Liabilities on Consolidated Balance Sheets | ||||||||||||||
Subject to a master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | $ | 1,229 | $ | (1,229 | ) | $ | — | ||||||||||
Oil and Gas - Crude Options | — | — | — | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | 531 | (531 | ) | — | |||||||||||||
Utilities | 9,100 | (9,100 | ) | — | |||||||||||||
Interest Rate Swaps | — | — | — | ||||||||||||||
Total derivative liabilities subject to a master netting agreement or similar arrangement | 10,860 | (10,860 | ) | — | |||||||||||||
Not subject to a master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | — | — | — | ||||||||||||||
Oil and Gas - Crude Options | — | — | — | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | — | — | — | ||||||||||||||
Utilities | — | — | — | ||||||||||||||
Interest Rate Swaps | 9,088 | — | 9,088 | ||||||||||||||
Total derivative liabilities not subject to a master netting agreement or similar arrangement | 9,088 | — | 9,088 | ||||||||||||||
Total derivative liabilities | $ | 19,948 | $ | (10,860 | ) | $ | 9,088 | ||||||||||
Offsetting of derivative assets and derivative liabilities on our Consolidated Balance Sheets as of Dec. 31, 2012 were as follows (in thousands): | |||||||||||||||||
Derivative Assets | Gross Amounts of Derivative Assets | Gross Amounts Offset on Consolidated Balance Sheets | Net Amount of Total Derivative Assets on Consolidated Balance Sheets | ||||||||||||||
Subject to master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | $ | 76 | $ | — | $ | 76 | |||||||||||
Oil and Gas - Crude Options | 93 | — | 93 | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | 172 | — | 172 | ||||||||||||||
Utilities | 1,629 | (1,586 | ) | 43 | |||||||||||||
Total derivative assets subject to a master netting agreement or similar arrangement | 1,970 | (1,586 | ) | 384 | |||||||||||||
Not subject to a master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | 1,249 | — | 1,249 | ||||||||||||||
Oil and Gas - Crude Options | 285 | — | 285 | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | 1,828 | — | 1,828 | ||||||||||||||
Utilities | — | — | — | ||||||||||||||
Total derivative assets not subject to a master netting agreement or similar arrangement | 3,362 | — | 3,362 | ||||||||||||||
Total derivative assets | $ | 5,332 | $ | (1,586 | ) | $ | 3,746 | ||||||||||
Derivative Liabilities | Gross Amounts of Derivative Liabilities | Gross Amounts Offset on Consolidated Balance Sheets | Net Amount of Total Derivative Liabilities on Consolidated Balance Sheets | ||||||||||||||
Subject to a master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | $ | 449 | $ | (449 | ) | $ | — | ||||||||||
Oil and Gas - Crude Options | 337 | (337 | ) | — | |||||||||||||
Oil and Gas - Natural Gas Basis Swaps | 620 | (620 | ) | — | |||||||||||||
Utilities | 8,576 | (8,576 | ) | — | |||||||||||||
Interest Rate Swaps | — | — | — | ||||||||||||||
Total derivative liabilities subject to a master netting agreement or similar arrangement | 9,982 | (9,982 | ) | — | |||||||||||||
Not subject to a master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | 52 | — | 52 | ||||||||||||||
Oil and Gas - Crude Options | 795 | — | 795 | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | 507 | — | 507 | ||||||||||||||
Utilities | — | — | — | ||||||||||||||
Interest Rate Swaps | 118,088 | (5,960 | ) | 112,128 | |||||||||||||
Total derivative liabilities not subject to a master netting agreement or similar arrangement | 119,442 | (5,960 | ) | 113,482 | |||||||||||||
Total derivative liabilities | $ | 129,424 | $ | (15,942 | ) | $ | 113,482 | ||||||||||
Derivative assets and derivative liabilities and collateral held by counterparty included in our Consolidated Balance Sheets as of Dec. 31, 2013 were (in thousands): | |||||||||||||||||
Gross Amounts Not Offset on Consolidated Balance Sheets | |||||||||||||||||
Contract Type | Net Amount of Total Derivative Assets | Cash Collateral Received | Net Amount with Counterparty | ||||||||||||||
Assets: | |||||||||||||||||
Oil and Gas | Counterparty A | $ | — | $ | — | $ | — | ||||||||||
Oil and Gas | Counterparty B | 55 | — | 55 | |||||||||||||
Utilities | Counterparty A | 662 | — | 662 | |||||||||||||
$ | 717 | $ | — | $ | 717 | ||||||||||||
Gross Amounts Not Offset on Consolidated Balance Sheets | |||||||||||||||||
Contract Type | Net Amount of Total Derivative Liabilities | Cash Collateral Paid | Net Amount with Counterparty | ||||||||||||||
Liabilities: | |||||||||||||||||
Oil and Gas | Counterparty A | $ | — | $ | (1,631 | ) | $ | (1,631 | ) | ||||||||
Oil and Gas | Counterparty B | — | — | — | |||||||||||||
Utilities | Counterparty A | — | (3,390 | ) | (3,390 | ) | |||||||||||
Interest Rate Swaps | Counterparty F | 9,088 | — | 9,088 | |||||||||||||
$ | 9,088 | $ | (5,021 | ) | $ | 4,067 | |||||||||||
Derivative assets and derivative liabilities and collateral held by counterparty included in our Consolidated Balance Sheets as of Dec. 31, 2012 were (in thousands): | |||||||||||||||||
Gross Amounts Not Offset on Consolidated Balance Sheets | |||||||||||||||||
Contract Type | Net Amount of Total Derivative Assets | Cash Collateral Received | Net Amount with Counterparty | ||||||||||||||
Assets: | |||||||||||||||||
Oil and Gas | Counterparty A | $ | 341 | $ | — | $ | 341 | ||||||||||
Oil and Gas | Counterparty B | 3,362 | — | 3,362 | |||||||||||||
Utilities | Counterparty A | 43 | — | 43 | |||||||||||||
$ | 3,746 | $ | — | $ | 3,746 | ||||||||||||
Gross Amounts Not Offset on Consolidated Balance Sheets | |||||||||||||||||
Contract Type | Net Amount of Total Derivative Liabilities | Cash Collateral Paid | Net Amount with Counterparty | ||||||||||||||
Liabilities: | |||||||||||||||||
Oil and Gas | Counterparty A | $ | — | $ | (1,787 | ) | $ | (1,787 | ) | ||||||||
Oil and Gas | Counterparty B | 1,354 | — | 1,354 | |||||||||||||
Utilities | Counterparty A | — | (4,354 | ) | (4,354 | ) | |||||||||||
Interest Rate Swap | Counterparty D | 4,588 | — | 4,588 | |||||||||||||
Interest Rate Swap | Counterparty E | 29,245 | — | 29,245 | |||||||||||||
Interest Rate Swap | Counterparty F | 12,721 | — | 12,721 | |||||||||||||
Interest Rate Swap | Counterparty G | 26,520 | — | 26,520 | |||||||||||||
Interest Rate Swap | Counterparty H | 16,809 | — | 16,809 | |||||||||||||
Interest Rate Swap | Counterparty I | 22,245 | — | 22,245 | |||||||||||||
$ | 113,482 | $ | (6,141 | ) | $ | 107,341 | |||||||||||
Designated as Hedging Instrument [Member] | ' | ||||||||||||||||
Derivative Instruments, Gain (Loss) | ' | ||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) [Table Text Block] | ' | ||||||||||||||||
The impact of cash flow hedges on our Consolidated Statements of Income (Loss) for years ended were as follows (in thousands): | |||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain/(Loss) Recognized in AOCI Derivative (Effective Portion) | Location of Gain/ (Loss) Reclassified from AOCI into Income (Effective Portion) | Amount of Gain/(Loss) Reclassified from AOCI into Income (Effective Portion) | Location of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||||||||||
Interest rate swaps | $ | 7,935 | Interest expense | $ | 6,989 | $ | — | ||||||||||
Commodity derivatives | (956 | ) | Revenue | (927 | ) | — | |||||||||||
Total | $ | 6,979 | $ | 6,062 | $ | — | |||||||||||
Dec. 31, 2012 | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain/(Loss) Recognized in AOCI Derivative (Effective Portion) | Location of Gain/ (Loss) Reclassified from AOCI into Income (Effective Portion) | Amount of Gain/(Loss) Reclassified from AOCI into Income (Effective Portion) | Location of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||||||||||
Interest rate swaps | $ | (4,794 | ) | Interest expense | $ | (7,607 | ) | $ | — | ||||||||
Commodity derivatives | 2,639 | Revenue | 8,784 | — | |||||||||||||
Total | $ | (2,155 | ) | $ | 1,177 | $ | — | ||||||||||
Dec. 31, 2011 | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain/(Loss) Recognized in AOCI Derivative (Effective Portion) | Location of Gain/ (Loss) Reclassified from AOCI into Income (Effective Portion) | Amount of Gain/(Loss) Reclassified from AOCI into Income (Effective Portion) | Location of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||||||||||
Interest rate swaps | $ | (12,280 | ) | Interest expense | $ | (7,664 | ) | $ | — | ||||||||
Commodity derivatives | 7,741 | Revenue | 5,487 | — | |||||||||||||
Total | $ | (4,539 | ) | $ | (2,177 | ) | $ | — | |||||||||
Not Designated as Hedging Instrument [Member] | ' | ||||||||||||||||
Derivative Instruments, Gain (Loss) | ' | ||||||||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | ||||||||||||||||
The impact of derivative instruments not designated as hedge instruments on our Consolidated Statements of Income (Loss) for the years ended Dec. 31 were as follows (in thousands): | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | |||||||||||||
Interest rate swaps - unrealized | Unrealized gain (loss) on interest rate swap, net | $ | 30,169 | $ | 1,882 | $ | (42,010 | ) | |||||||||
Interest rate swaps - realized | Interest expense | (12,902 | ) | (12,959 | ) | (13,373 | ) | ||||||||||
$ | 17,267 | $ | (11,077 | ) | $ | (55,383 | ) | ||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair value of financial instruments | ' | ||||||||||||
The estimated fair values of our financial instruments, excluding derivatives which are presented in Note 9, were as follows at Dec. 31 (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||
Cash and cash equivalents (a) | $ | 7,841 | $ | 7,841 | $ | 15,462 | $ | 15,462 | |||||
Restricted cash and equivalents (a) | $ | 2 | $ | 2 | $ | 7,916 | $ | 7,916 | |||||
Notes payable (a) | $ | 82,500 | $ | 82,500 | $ | 277,000 | $ | 277,000 | |||||
Long-term debt, including current maturities (b) | $ | 1,396,948 | $ | 1,491,422 | $ | 1,042,850 | $ | 1,231,559 | |||||
_______________ | |||||||||||||
(a) | Carrying value approximates fair value due to either short-term length of maturity or variable interest rates that approximate prevailing market rates and therefore is classified in Level 1 in the fair value hierarchy. | ||||||||||||
(b) | Long-term debt is valued based on observable inputs available either directly or indirectly for similar liabilities in active markets and therefore is classified in Level 2 in the fair value hierarchy. |
Stock_Stock_Tables
Stock Stock (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||
Stock-based compensation expense included in Operations and maintenance on the accompanying Consolidated Statements of Income was as follows for the years ended Dec. 31 (in thousands): | |||||||||||
2013 | 2012 | 2011 | |||||||||
Stock-based compensation expense | $ | 12,595 | $ | 8,271 | $ | 5,643 | |||||
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity [Table Text Block] | ' | ||||||||||
A summary of the Dividend Reinvestment and Stock Purchase Plan for the years ended and at Dec. 31 is as follows (shares in thousands): | |||||||||||
2013 | 2012 | ||||||||||
Shares Issued | 67 | 101 | |||||||||
Weighted Average Price | $ | 46.78 | $ | 33.58 | |||||||
Unissued Shares Available | 286 | 353 | |||||||||
Employee Stock Option [Member] | ' | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||
A summary of the status of the stock options at Dec. 31, 2013 was as follows: | |||||||||||
Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||
(in thousands) | (in years) | (in thousands) | |||||||||
Balance at beginning of period | 121 | $ | 31.23 | ||||||||
Granted (a) | 10 | 40.39 | |||||||||
Forfeited/canceled | — | — | |||||||||
Expired | (4 | ) | 29.09 | ||||||||
Exercised | (66 | ) | 30.87 | ||||||||
Balance at end of period | 61 | $ | 33.25 | 7.3 | $ | 1,165 | |||||
Exercisable at end of period | 26 | $ | 31.69 | 6.5 | $ | 534 | |||||
___________________________ | |||||||||||
(a) | The grant date fair value of the 2013 awards was $7.65 based on a Black-Scholes option pricing model. Assumptions used to estimate the fair value were a 1.4 percent risk free interest rate, 29.3 percent expected price volatility, 3.8 percent expected dividend yield and a 7 year expected life. | ||||||||||
The table below provides details of our option plans at Dec. 31 (in thousands): | |||||||||||
2013 | 2012 | 2011 | |||||||||
Summary of Stock Options | |||||||||||
Unrecognized compensation expense | $ | 130 | $ | 218 | $ | 479 | |||||
Intrinsic value of options exercised (a) | $ | 789 | $ | 623 | $ | 94 | |||||
Net cash received from exercise of options | $ | 2,046 | $ | 2,839 | $ | 1,009 | |||||
Tax benefit realized from exercise of shares (b) | $ | 276 | $ | 218 | $ | 33 | |||||
_____________________ | |||||||||||
(a) | The intrinsic value represents the amount by which the market price of the stock on the date of exercise exceeded the exercise price of the option. | ||||||||||
(b) | The tax benefit realized from the exercise of shares granted was recorded as an increase in equity. | ||||||||||
Restricted Stock [Member] | ' | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||
A summary of the status of the restricted stock at Dec. 31, 2013, was as follows: | |||||||||||
Restricted Stock | Weighted-Average Grant Date Fair Value | ||||||||||
(in thousands) | |||||||||||
Restricted Stock balance at beginning of period | 287 | $ | 32.23 | ||||||||
Granted | 120 | 40.56 | |||||||||
Vested | (138 | ) | 30.62 | ||||||||
Forfeited | (7 | ) | 35.5 | ||||||||
Restricted Stock at end of period | 262 | $ | 36.76 | ||||||||
The weighted-average grant-date fair value of restricted stock granted and the total fair value of shares vested during the years ended Dec. 31, was as follows: | |||||||||||
Weighted-Average Grant Date Fair Value | Total Fair Value of Shares Vested | ||||||||||
(in thousands) | |||||||||||
2013 | $ | 40.56 | $ | 5,842 | |||||||
2012 | $ | 34.99 | $ | 3,781 | |||||||
2011 | $ | 30.33 | $ | 3,211 | |||||||
Performance Shares [Member] | ' | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | ' | ||||||||||
Outstanding performance periods at Dec. 31 were as follows (shares in thousands): | |||||||||||
Possible Payout Range of Target | |||||||||||
Grant Date | Performance Period | Target Grant of Shares | Minimum | Maximum | |||||||
Jan. 1, 2011 | Jan. 1, 2011 - Dec. 31, 2013 | 62 | 0% | 175% | |||||||
Jan. 1, 2012 | Jan. 1, 2012 - Dec. 31, 2014 | 64 | 0% | 200% | |||||||
Jan. 1, 2013 | Jan. 1, 2013 - Dec. 31, 2015 | 61 | 0% | 200% | |||||||
A summary of the status of the Performance Share Plan at Dec. 31 was as follows: | |||||||||||
Equity Portion | Liability Portion | ||||||||||
Weighted-Average Grant Date Fair Value | Weighted-Average Fair Value at | ||||||||||
Shares | Shares | Dec. 31, 2013 | |||||||||
(in thousands) | (in thousands) | ||||||||||
Performance Shares balance at beginning of period | 96 | $ | 27.49 | 96 | |||||||
Granted | 31 | 35.85 | 31 | ||||||||
Forfeited | (1 | ) | 33.85 | (1 | ) | ||||||
Vested | (33 | ) | 24.26 | (33 | ) | ||||||
Performance Shares balance at end of period | 93 | $ | 31.34 | 93 | $ | 95.79 | |||||
The grant date fair values for the performance shares granted in 2013, 2012 and 2011 were determined by Monte Carlo simulation using a blended volatility of 20 percent, 21 percent and 30 percent, respectively, comprised of 50 percent historical volatility and 50 percent implied volatility and the average risk-free interest rate of the three-year United States Treasury security rate in effect as of the grant date. | |||||||||||
The weighted-average grant-date fair value of performance share awards granted in the years ended was as follows: | |||||||||||
Weighted Average Grant Date Fair Value | |||||||||||
Dec. 31, 2013 | $ | 35.85 | |||||||||
Dec. 31, 2012 | $ | 32.26 | |||||||||
Dec. 31, 2011 | $ | 25.92 | |||||||||
Performance plan payouts have been as follows (dollars and shares in thousands): | |||||||||||
Performance Period | Year of Payment | Stock Issued | Cash Paid | Total Intrinsic Value | |||||||
Jan. 1, 2010 to Dec. 31, 2012 | 2013 | 63 | $ | 2,267 | $ | 4,533 | |||||
Jan. 1, 2009 to Dec. 31, 2011 | 2012 | — | $ | — | $ | — | |||||
Jan. 1, 2008 to Dec. 31, 2010 | 2011 | — | $ | — | $ | — | |||||
Operating_Leases_Operating_Lea
Operating Leases Operating Leases (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Leases, Operating [Abstract] | ' | |||||||||
Operating Leases of Lessor Disclosure [Text Block] | ' | |||||||||
We have entered into lease agreements for vehicles, equipment and office facilities. Rental expense incurred under these operating leases, including month to month leases, for the years ended Dec. 31 was as follows (in thousands): | ||||||||||
2013 | 2012 | 2011 | ||||||||
Rent expense | $ | 7,169 | $ | 6,839 | $ | 6,125 | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | |||||||||
The following is a schedule of future minimum payments required under the operating lease agreements (in thousands): | ||||||||||
2014 | $ | 2,782 | ||||||||
2015 | $ | 2,583 | ||||||||
2016 | $ | 1,938 | ||||||||
2017 | $ | 1,747 | ||||||||
2018 | $ | 1,697 | ||||||||
Thereafter | $ | 5,452 | ||||||||
Income_Taxes_Income_Taxes_Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Operating Loss Carryforwards [Line Items] | ' | |||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||||
Income tax expense (benefit) from continuing operations for the years ended Dec. 31 was (in thousands): | ||||||||||
2013 | 2012 | 2011 | ||||||||
Current: | ||||||||||
Current federal income tax expense (benefit) | $ | (2,003 | ) | $ | 4,972 | $ | (14,539 | ) | ||
Current state income tax expense (benefit) | (173 | ) | 3,712 | (837 | ) | |||||
(2,176 | ) | 8,684 | (15,376 | ) | ||||||
Deferred: | ||||||||||
Deferred federal income tax expense (benefit) | 56,963 | 39,876 | 30,876 | |||||||
Deferred state income tax expense (benefit) | 7,033 | 68 | 2,970 | |||||||
Tax credit amortization expense (benefit) | (212 | ) | (228 | ) | (246 | ) | ||||
63,784 | 39,716 | 33,600 | ||||||||
Total income tax expense (benefit) | $ | 61,608 | $ | 48,400 | $ | 18,224 | ||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||||
The temporary differences, which gave rise to the net deferred tax liability, for the years ended Dec. 31 were as follows (in thousands): | ||||||||||
2013 | 2012 | |||||||||
Deferred tax assets: | ||||||||||
Regulatory liabilities | $ | 33,172 | $ | 57,471 | ||||||
Employee benefits | 28,724 | 23,767 | ||||||||
Items of other comprehensive income (loss) | 9,733 | 20,038 | ||||||||
Derivative fair value adjustments | 1,594 | 35,947 | ||||||||
Federal net operating loss | 166,095 | 147,153 | ||||||||
Asset impairment | 55,124 | 55,971 | ||||||||
State tax credits | 14,948 | 15,546 | ||||||||
Other deferred tax assets | 32,803 | 36,502 | ||||||||
Less: Valuation allowance | (1,806 | ) | (6,192 | ) | ||||||
Total deferred tax assets | 340,387 | 386,203 | ||||||||
Deferred tax liabilities: | ||||||||||
Accelerated depreciation, amortization and other plant-related differences | (598,415 | ) | (571,262 | ) | ||||||
Regulatory assets | (24,581 | ) | (23,537 | ) | ||||||
Mining development and oil exploration | (69,799 | ) | (48,411 | ) | ||||||
Deferred costs | (15,593 | ) | (17,723 | ) | ||||||
State deferred tax liability | (30,293 | ) | (19,986 | ) | ||||||
Other deferred tax liabilities | (15,104 | ) | (13,961 | ) | ||||||
Total deferred tax liabilities | (753,785 | ) | (694,880 | ) | ||||||
Net deferred tax liability | $ | (413,398 | ) | $ | (308,677 | ) | ||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||||
The effective tax rate differs from the federal statutory rate for the years ended Dec. 31, as follows: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||
State income tax (net of federal tax effect) | 2.4 | 2 | 1.8 | |||||||
Amortization of excess deferred and investment tax credits | (0.1 | ) | (0.2 | ) | (0.5 | ) | ||||
Percentage depletion in excess of cost | (1.0 | ) | (1.3 | ) | (2.5 | ) | ||||
Equity AFUDC | — | — | (0.5 | ) | ||||||
Tax credits | (0.5 | ) | — | — | ||||||
Accounting for uncertain tax positions adjustment | 0.7 | 0.8 | 2.8 | |||||||
Flow-through adjustments (a) | (0.9 | ) | (1.3 | ) | (4.5 | ) | ||||
Other tax differences | (0.9 | ) | 0.4 | (0.5 | ) | |||||
34.7 | % | 35.4 | % | 31.1 | % | |||||
_________________________ | ||||||||||
(a) | The flow-through adjustments relate primarily to an accounting method change for tax purposes that allows us to take a current tax deduction for repair costs that continue to be capitalized for book purposes. We recorded a deferred income tax liability in recognition of the temporary difference created between book and tax treatment and flowed the tax benefit through to our customers in the form of lower rates as a result of a rate case settlement that occurred during 2010. A regulatory asset was established to reflect the recovery of future increases in taxes payable from customers as the temporary differences reverse. As a result of this regulatory treatment, we continue to record a tax benefit consistent with the flow-through method. Such tax benefit has remained somewhat constant, but its impact on the effective tax rate is predicated on the level of pre-tax net income as evidenced in 2011. | |||||||||
Summary of Operating Loss Carryforwards [Table Text Block] | ' | |||||||||
At Dec. 31, 2013, we had federal and state NOL carryforwards which will expire at various dates as follows (in thousands): | ||||||||||
Net Operating Loss Carryforward | Amounts | Expiration Dates | ||||||||
Federal | $ | 482,989 | 2019 | to | 2033 | |||||
State | $ | 423,570 | 2013 | to | 2033 | |||||
Summary of Income Tax Contingencies [Table Text Block] | ' | |||||||||
The following table reconciles the total amounts of unrecognized tax benefits, without interest, at the beginning and end of the period included in Other deferred credits and other liabilities on the accompanying Consolidated Balance Sheets (in thousands): | ||||||||||
Changes in Uncertain Tax Positions | ||||||||||
Beginning balance at Jan. 1, 2011 | $ | 50,135 | ||||||||
Additions for prior year tax positions | 2,725 | |||||||||
Reductions for prior year tax positions | (3,533 | ) | ||||||||
Ending balance at Dec. 31, 2011 | 49,327 | |||||||||
Additions for prior year tax positions | 111 | |||||||||
Reductions for prior year tax positions | (8,906 | ) | ||||||||
Additions for current year tax positions | 151 | |||||||||
Settlements | — | |||||||||
Ending balance at Dec. 31, 2012 | 40,683 | |||||||||
Additions for prior year tax positions | 1,526 | |||||||||
Reductions for prior year tax positions | (4,578 | ) | ||||||||
Additions for current year tax positions | — | |||||||||
Settlements | — | |||||||||
Ending balance at Dec. 31, 2013 | $ | 37,631 | ||||||||
State and Local Jurisdiction [Member] | ' | |||||||||
Operating Loss Carryforwards [Line Items] | ' | |||||||||
Summary of State Tax Carryforwards [Table Text Block] | ' | |||||||||
State tax credits have been generated and are available to offset future state income taxes. At Dec. 31, 2013, we had the following state tax credit carryforwards (in thousands): | ||||||||||
State Tax Credit Carryforwards | Expiration Years | |||||||||
Investment tax credit | $ | 14,793 | 2023 | to | 2025 | |||||
Research and development | $ | 155 | No expiration | |||||||
Comprehensive_Income_Comprehen
Comprehensive Income Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||
The components of the reclassification adjustments for the period, net of tax, included in Other Comprehensive Income were as follows (in thousands): | |||||||||||||
Location on the Consolidated Statements of Income | Amount Reclassified from AOCI | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||
Gains and losses on cash flow hedges: | |||||||||||||
Interest rate swaps | Interest expense | $ | 6,989 | $ | 7,607 | ||||||||
Commodity contracts | Revenue | (927 | ) | (8,784 | ) | ||||||||
6,062 | (1,177 | ) | |||||||||||
Income tax | Income tax benefit (expense) | (2,016 | ) | 534 | |||||||||
Total reclassification adjustments related to cash flow hedges, net of tax | $ | 4,046 | $ | (643 | ) | ||||||||
Amortization of defined benefit plans: | |||||||||||||
Prior service cost | Utilities - Operations and maintenance | $ | (125 | ) | $ | — | |||||||
Non-regulated energy operations and maintenance | (128 | ) | — | ||||||||||
Actuarial gain (loss) | Utilities - Operations and maintenance | 1,693 | — | ||||||||||
Non-regulated energy operations and maintenance | 1,098 | — | |||||||||||
2,538 | — | ||||||||||||
Income tax | Income tax benefit (expense) | (883 | ) | — | |||||||||
Total reclassification adjustments related to defined benefit plans, net of tax | $ | 1,655 | $ | — | |||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||
Balances by classification included within Accumulated other comprehensive income (loss) on the accompanying Consolidated Balance Sheets were as follows (in thousands): | |||||||||||||
Derivatives Designated as Cash Flow Hedges | |||||||||||||
Interest Rate Swaps | Commodity Derivatives | Employee Benefit Plans | Total | ||||||||||
As of Dec. 31, 2012 | $ | (16,313 | ) | $ | 600 | $ | (19,775 | ) | $ | (35,488 | ) | ||
Other comprehensive income (loss) | 9,688 | (1,108 | ) | 9,486 | 18,066 | ||||||||
As of Dec. 31, 2013 | $ | (6,625 | ) | $ | (508 | ) | $ | (10,289 | ) | $ | (17,422 | ) | |
Derivatives Designated as Cash Flow Hedges | |||||||||||||
Interest Rate Swaps | Commodity Derivatives | Employee Benefit Plans | Total | ||||||||||
As of Dec. 31, 2011 | $ | (18,140 | ) | $ | 4,338 | $ | (19,076 | ) | $ | (32,878 | ) | ||
Other comprehensive income (loss) | 1,827 | (3,738 | ) | (699 | ) | (2,610 | ) | ||||||
As of Dec. 31, 2012 | $ | (16,313 | ) | $ | 600 | $ | (19,775 | ) | $ | (35,488 | ) | ||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information Supplemental Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||||||
Supplemental Disclosure of Cash Flow Information | ' | |||||||||||
Years ended Dec. 31, | 2013 | 2012 | 2011 | |||||||||
(in thousands) | ||||||||||||
Non-cash investing activities and financing from continuing operations - | ||||||||||||
Property, plant and equipment acquired with accrued liabilities | $ | 59,811 | $ | 35,556 | $ | 37,529 | ||||||
Increase (decrease) in capitalized assets associated with asset retirement obligations | $ | 1,235 | $ | 5,743 | $ | (1,525 | ) | |||||
Cash (paid) refunded during the period for continuing operations- | ||||||||||||
Interest (net of amount capitalized) | $ | (108,361 | ) | $ | (116,593 | ) | $ | (103,110 | ) | |||
Income taxes, net | $ | (4,573 | ) | $ | (3,027 | ) | $ | 9,854 | ||||
Employee_Benefit_Plans_Employe
Employee Benefit Plans Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | |||||||||||||||||||||||||||||
The percentages of total plan asset fair value by investment category for our Pension Plans at Dec. 31 were as follows: | ||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Equity | 26 | % | 47 | % | ||||||||||||||||||||||||||
Real estate | 4 | 8 | ||||||||||||||||||||||||||||
Fixed income | 58 | 44 | ||||||||||||||||||||||||||||
Cash | 1 | 1 | ||||||||||||||||||||||||||||
Hedge funds | 11 | — | ||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||||||||
Schedule of Defined Contribution Plans Contributions [Table Text Block] | ' | |||||||||||||||||||||||||||||
Contributions for the years ended Dec. 31 were as follows (in thousands): | ||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Defined Contribution Plan | ||||||||||||||||||||||||||||||
Company Retirement Contribution | $ | 2,775 | $ | 2,639 | ||||||||||||||||||||||||||
Matching contributions - Defined Contribution Plans | $ | 8,524 | $ | 8,981 | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Defined Benefit Plans | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | $ | 12,500 | $ | 25,350 | ||||||||||||||||||||||||||
Non-Pension Defined Benefit Postretirement Healthcare Plans | $ | 5,123 | $ | 5,191 | ||||||||||||||||||||||||||
Supplemental Non-Qualified Defined Benefit Plans | $ | 1,345 | $ | 1,270 | ||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||||||||||||||||||
The following tables present the changes in Level 3 recurring fair value (in thousands): | ||||||||||||||||||||||||||||||
As of Dec. 31, 2013 | As of Dec. 31, 2012 | |||||||||||||||||||||||||||||
Assets: | Commodity | Commodity | ||||||||||||||||||||||||||||
Derivatives -- Utilities | Derivatives -- Utilities | |||||||||||||||||||||||||||||
Balances as of beginning of period | $ | 43 | $ | — | ||||||||||||||||||||||||||
Total gain (loss) included in AOCI/ Regulatory Asset | — | (54 | ) | |||||||||||||||||||||||||||
Purchases | — | 192 | ||||||||||||||||||||||||||||
Transfers out of Level 3(a) | (43 | ) | (95 | ) | ||||||||||||||||||||||||||
Balances at end of period | $ | — | $ | 43 | ||||||||||||||||||||||||||
Changes in unrealized gains (losses) relating to instruments still held as of period-end | $ | — | $ | (54 | ) | |||||||||||||||||||||||||
__________ | ||||||||||||||||||||||||||||||
(a) | Transfers out of Level 3 would occur when the significant inputs become more observable such as the time between the valuation date and the delivery date of a transaction becomes shorter, positively impacting the availability of observable pricing inputs. | |||||||||||||||||||||||||||||
The following table sets forth a summary of changes in the fair value of the Defined Benefit Pension Plans’ Level 3 assets for the period ended Dec. 31 (in thousands): | ||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 7,770 | $ | 7,043 | ||||||||||||||||||||||||||
Purchase | 29,000 | — | ||||||||||||||||||||||||||||
Unrealized gain (loss) | 1,508 | 727 | ||||||||||||||||||||||||||||
Realized gain (loss) | (77 | ) | — | |||||||||||||||||||||||||||
Settlements | (13 | ) | — | |||||||||||||||||||||||||||
Balance, end of period | $ | 38,188 | $ | 7,770 | ||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||||||||||||||||
The following table presents the quantitative information about Level 3 fair value measurements (dollars in thousands): | ||||||||||||||||||||||||||||||
Fair Value at | Valuation | Level 3 | Range (Weighted) | |||||||||||||||||||||||||||
Dec. 31, 2013 | Technique | Input | Average | |||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||
Common Collective Trust - Real Estate (a) | $ | 8,541 | Market Approach | Redemption Restriction | N/A | |||||||||||||||||||||||||
Hedge Funds (b) | $ | 29,647 | Market Approach | Redemption Restriction | N/A | |||||||||||||||||||||||||
_____________ | ||||||||||||||||||||||||||||||
(a) | The underlying net asset value in the Common Collective Trust - Real Estate fund is determined by appraisal of the properties held in the Trust. As part of the Trustee's valuation process, properties are externally appraised generally on an annual basis. The appraisals are conducted by reputable independent appraisal firms and signed by appraisers that are members of the Appraisal Institute, with the professional designation of Member, Appraisal Institute. All external appraisals are performed in accordance with the Uniform Standards of Professional Appraisal Practices. We receive monthly statements from the Trustee along with the annual schedule of investments and rely on these reports for pricing the units of the fund. The fund does contain a participant withdrawal policy. | |||||||||||||||||||||||||||||
(b) | The fair value of Level 3 is determined based on pricing provided or reviewed by third-party administrator to our investment managers. While the input amounts used by the pricing vendor in determining fair value are not provided, and therefore, unavailable for our review, the asset results are reviewed and monitored to ensure the fair values are reasonable and in line with market experience in similar asset classes. Additionally, the audited financial statements of the funds will be reviewed at the time they are issued. | |||||||||||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | ' | |||||||||||||||||||||||||||||
The following tables provide a reconciliation of the employee benefit plan obligations, fair value of assets and amounts recognized in the statement of financial position, components of the net periodic expense and elements of accumulated other comprehensive income (in thousands): | ||||||||||||||||||||||||||||||
Benefit Obligations | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Nonqualified Defined Benefit Retirement Plans | Non-pension Defined Benefit Postretirement Plans | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 363,235 | $ | 325,944 | $ | 34,393 | $ | 30,223 | $ | 46,681 | $ | 50,141 | ||||||||||||||||||
Service cost | 6,433 | 5,720 | 1,392 | 889 | 1,674 | 1,610 | ||||||||||||||||||||||||
Interest cost | 15,300 | 14,747 | 1,328 | 1,410 | 1,669 | 2,093 | ||||||||||||||||||||||||
Actuarial (gain) loss | (38,252 | ) | 28,639 | (2,808 | ) | 3,140 | (3,379 | ) | (4,430 | ) | ||||||||||||||||||||
Amendments (a) | — | — | — | — | 1,585 | — | ||||||||||||||||||||||||
Benefits paid | (25,316 | ) | (11,815 | ) | (1,345 | ) | (1,269 | ) | (5,123 | ) | (5,190 | ) | ||||||||||||||||||
Plan curtailment liability reduction | — | — | — | — | — | — | ||||||||||||||||||||||||
Medicare Part D accrued | — | — | — | — | 470 | 289 | ||||||||||||||||||||||||
Plan participants’ contributions | — | — | — | — | 2,201 | 2,168 | ||||||||||||||||||||||||
Projected benefit obligation at end of year | $ | 321,400 | $ | 363,235 | $ | 32,960 | $ | 34,393 | $ | 45,778 | $ | 46,681 | ||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||
(a) | Reflects Board of Directors approval of an increase to Company’s contribution to RMSA accounts. | |||||||||||||||||||||||||||||
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | ' | |||||||||||||||||||||||||||||
A reconciliation of the fair value of Plan assets was as follows (in thousands): | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Nonqualified Defined Benefit Retirement Plans | Non-pension Defined Benefit Postretirement Plans (a) | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Beginning market value of plan assets | $ | 268,816 | $ | 221,722 | $ | — | $ | — | $ | 4,351 | $ | 4,319 | ||||||||||||||||||
Investment income (loss) | 24,362 | 33,559 | — | — | 8 | (3 | ) | |||||||||||||||||||||||
Employer contributions | 12,500 | 25,350 | — | — | 1,923 | 2,172 | ||||||||||||||||||||||||
Retiree contributions | — | — | — | — | 1,533 | 1,458 | ||||||||||||||||||||||||
Benefits paid | (25,316 | ) | (b) | (11,815 | ) | — | — | (3,269 | ) | (3,595 | ) | |||||||||||||||||||
Plan administrative expenses | — | — | — | — | — | — | ||||||||||||||||||||||||
Ending market value of plan assets | $ | 280,362 | $ | 268,816 | $ | — | $ | — | $ | 4,546 | $ | 4,351 | ||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||
(a) | Assets of VEBA | |||||||||||||||||||||||||||||
(b) | 2013 Benefits paid includes a one-time $13 million payment made to terminated vested employees who elected a lump-sum offering. | |||||||||||||||||||||||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | ' | |||||||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets at Dec. 31 consist of (in thousands): | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Regulatory assets | $ | 48,419 | $ | 94,199 | $ | — | $ | — | $ | 5,535 | $ | 6,438 | ||||||||||||||||||
Current liabilities | $ | — | $ | — | $ | 1,491 | $ | 1,286 | $ | 2,802 | $ | 2,573 | ||||||||||||||||||
Non-current liabilities | $ | 41,034 | $ | 94,410 | $ | 32,033 | $ | 33,180 | $ | 38,412 | $ | 39,807 | ||||||||||||||||||
Regulatory liabilities | $ | — | $ | — | $ | — | $ | — | $ | 3,141 | $ | 2,174 | ||||||||||||||||||
Schedule of Accumulated and Projected Benefit Obligations [Table Text Block] | ' | |||||||||||||||||||||||||||||
Accumulated Benefit Obligation | ||||||||||||||||||||||||||||||
(in thousands) | Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Accumulated benefit obligation - Black Hills Corporation | $ | 110,847 | $ | 124,143 | $ | 27,380 | $ | 28,056 | $ | 12,101 | $ | 12,309 | ||||||||||||||||||
Accumulated benefit obligation - Black Hills Energy | 182,295 | 202,897 | 513 | 453 | 25,467 | 25,868 | ||||||||||||||||||||||||
Accumulated benefit obligation - Cheyenne Light | — | — | — | — | 8,210 | 8,504 | ||||||||||||||||||||||||
Total Accumulated Benefit Obligation | $ | 293,142 | $ | 327,040 | $ | 27,893 | $ | 28,509 | $ | 45,778 | $ | 46,681 | ||||||||||||||||||
Components of net periodic benefit cost | ' | |||||||||||||||||||||||||||||
Components of Net Periodic Expense | ||||||||||||||||||||||||||||||
(in thousands) | Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Service cost | $ | 6,433 | $ | 5,720 | $ | 5,421 | $ | 1,392 | $ | 889 | $ | 1,028 | $ | 1,674 | $ | 1,610 | $ | 1,498 | ||||||||||||
Interest cost | 15,300 | 14,747 | 14,929 | 1,328 | 1,410 | 1,298 | 1,669 | 2,093 | 2,168 | |||||||||||||||||||||
Expected return on assets | (18,615 | ) | (16,334 | ) | (16,955 | ) | — | — | — | (79 | ) | (78 | ) | (164 | ) | |||||||||||||||
Amortization of prior service cost | 63 | 89 | 99 | 2 | 3 | 3 | (500 | ) | (500 | ) | (479 | ) | ||||||||||||||||||
Recognized net actuarial loss (gain) | 12,250 | 9,630 | 4,540 | 793 | 807 | 510 | 482 | 887 | 677 | |||||||||||||||||||||
Curtailment expense | — | — | 13 | — | — | — | — | — | — | |||||||||||||||||||||
Net periodic expense | $ | 15,431 | $ | 13,852 | $ | 8,047 | $ | 3,515 | $ | 3,109 | $ | 2,839 | $ | 3,246 | $ | 4,012 | $ | 3,700 | ||||||||||||
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] | ' | |||||||||||||||||||||||||||||
In accordance with accounting standards for defined benefit plans, amounts included in Accumulated other comprehensive income (loss), after-tax, that have not yet been recognized as components of net periodic benefit cost at Dec. 31 were as follows (in thousands): | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Net (gain) loss | $ | 4,842 | $ | 12,090 | $ | 4,939 | $ | 7,283 | $ | 1,648 | $ | 2,097 | ||||||||||||||||||
Prior service cost (gain) | 64 | 78 | 9 | 11 | (1,213 | ) | (1,784 | ) | ||||||||||||||||||||||
Total accumulated other comprehensive (income) loss | $ | 4,906 | $ | 12,168 | $ | 4,948 | $ | 7,294 | $ | 435 | $ | 313 | ||||||||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | ' | |||||||||||||||||||||||||||||
The amounts in Accumulated other comprehensive income (loss), Regulatory assets or Regulatory liabilities, after-tax, expected to be recognized as a component of net periodic benefit cost during calendar year 2014 are as follows (in thousands): | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||
Net loss | $ | 3,124 | $ | 323 | $ | 99 | ||||||||||||||||||||||||
Prior service cost (credit) | 41 | 1 | (218 | ) | ||||||||||||||||||||||||||
Total net periodic benefit cost expected to be recognized during calendar year 2014 | $ | 3,165 | $ | 324 | $ | (119 | ) | |||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | ' | |||||||||||||||||||||||||||||
Assumptions | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations: | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||
Discount rate | 5.05 | % | 4.3 | % | 4.65 | % | 4.21 | % | 3.44 | % | 4.3 | % | 4.62 | % | 3.85 | % | 4.42 | % | ||||||||||||
Rate of increase in compensation levels | 3.78 | % | 3.84 | % | 3.77 | % | 5 | % | 5 | % | 5 | % | N/A | N/A | N/A | |||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for plan year: | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||
Discount rate: | ||||||||||||||||||||||||||||||
Black Hills Corporation | 4.35 | % | 4.68 | % | 5.5 | % | 3.88 | % | 4.7 | % | 5 | % | 3.65 | % | 4.35 | % | 5 | % | ||||||||||||
Black Hills Energy | 4.25 | % | 4.6 | % | 5.4 | % | 3 | % | 3.9 | % | 4.4 | % | 3.5 | % | 4.35 | % | 4.6 | % | ||||||||||||
Cheyenne Light | N/A | N/A | 5.55 | % | N/A | N/A | N/A | 4.4 | % | 4.65 | % | 5.5 | % | |||||||||||||||||
Expected long-term rate of return on assets (a) | 7.25 | % | 7.25 | % | 7.75 | % | N/A | N/A | N/A | 2 | % | 2 | % | 4 | % | |||||||||||||||
Rate of increase in compensation levels | 3.78 | % | 3.75 | % | 3.79 | % | 5 | % | 5 | % | 5 | % | NA | NA | NA | |||||||||||||||
_____________________________ | ||||||||||||||||||||||||||||||
(a) | The expected rate of return on plan assets is 6.75 percent for the calculation of the 2014 net periodic pension cost. | |||||||||||||||||||||||||||||
Schedule of Health Care Cost Trend Rates [Table Text Block] | ' | |||||||||||||||||||||||||||||
The healthcare benefit obligation was determined at Dec. 31 as follows: | ||||||||||||||||||||||||||||||
Black Hills Corporation | Black Hills Energy | Cheyenne Light | ||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||
Healthcare trend rate pre-65 | ||||||||||||||||||||||||||||||
Trend for next year | 7.5 | % | 7.5 | % | 7.5 | % | ||||||||||||||||||||||||
Ultimate trend rate | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||||||||||||||
Year Ultimate Trend Reached | 2027 | 2027 | 2027 | |||||||||||||||||||||||||||
Healthcare trend rate post-65 | ||||||||||||||||||||||||||||||
Trend for next year | 6.25 | % | 6.25 | % | 6.25 | % | ||||||||||||||||||||||||
Ultimate trend rate | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||||||||||||||
Year Ultimate Trend Reached | 2026 | 2026 | 2026 | |||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||
Healthcare trend rate pre-65 | ||||||||||||||||||||||||||||||
Trend for next year | 7.75 | % | 7.75 | % | 7.75 | % | ||||||||||||||||||||||||
Ultimate trend rate | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||||||||||||||
Year Ultimate Trend Reached | 2027 | 2027 | 2027 | |||||||||||||||||||||||||||
Healthcare trend rate post-65 | ||||||||||||||||||||||||||||||
Trend for next year | 6.5 | % | 6.5 | % | 6.5 | % | ||||||||||||||||||||||||
Ultimate trend rate | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||||||||||||||
Year Ultimate Trend Reached | 2026 | 2026 | 2026 | |||||||||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | ' | |||||||||||||||||||||||||||||
The table below shows the expected impacts of an increase or decrease to our healthcare trend rate for our Retiree Healthcare Plans (in thousands): | ||||||||||||||||||||||||||||||
Change in Assumed Trend Rate | Impact on Dec. 31, 2013 Accumulated Postretirement | Impact on 2013 Service | ||||||||||||||||||||||||||||
Benefit Obligation | and Interest Cost | |||||||||||||||||||||||||||||
Increase 1% | $ | 1,914 | $ | 136 | ||||||||||||||||||||||||||
Decrease 1% | $ | (1,644 | ) | $ | (116 | ) | ||||||||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | |||||||||||||||||||||||||||||
The following benefit payments, which reflect future service, are expected to be paid (in thousands): | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plan | Non-Pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||
2014 | $ | 13,721 | $ | 1,491 | $ | 3,340 | ||||||||||||||||||||||||
2015 | $ | 14,572 | $ | 1,490 | $ | 3,397 | ||||||||||||||||||||||||
2016 | $ | 15,608 | $ | 1,542 | $ | 3,477 | ||||||||||||||||||||||||
2017 | $ | 16,562 | $ | 1,588 | $ | 3,495 | ||||||||||||||||||||||||
2018 | $ | 17,627 | $ | 1,622 | $ | 3,572 | ||||||||||||||||||||||||
2019-2023 | $ | 105,252 | $ | 8,146 | $ | 17,520 | ||||||||||||||||||||||||
Pension Plans, Defined Benefit [Member] | ' | |||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | |||||||||||||||||||||||||||||
The following tables set forth, by level within the fair value hierarchy, the assets that were accounted for at fair value on a recurring basis (in thousands): | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Dec. 31, 2013 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
AXA Equitable General Fixed Income | $ | — | $ | 1,056 | $ | — | $ | 1,056 | ||||||||||||||||||||||
Common Collective Trust - Cash and Cash Equivalents | — | 1,253 | — | 1,253 | ||||||||||||||||||||||||||
Common Collective Trust - Equity | — | 73,726 | — | 73,726 | ||||||||||||||||||||||||||
Common Collective Trust - Fixed Income | — | 162,747 | — | 162,747 | ||||||||||||||||||||||||||
Common Collective Trust - Real Estate | — | 3,392 | 8,541 | 11,933 | ||||||||||||||||||||||||||
Hedge Funds | — | — | 29,647 | 29,647 | ||||||||||||||||||||||||||
Total investments measured at fair value | $ | — | $ | 242,174 | $ | 38,188 | $ | 280,362 | ||||||||||||||||||||||
Defined Benefit Pension Plans | Dec. 31, 2012 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
Money Market Fund | $ | 1,486 | $ | — | $ | — | $ | 1,486 | ||||||||||||||||||||||
Common Collective Trust - Cash and Cash Equivalents | — | 1,118 | — | 1,118 | ||||||||||||||||||||||||||
Common Collective Trust - Equity | — | 126,105 | — | 126,105 | ||||||||||||||||||||||||||
Common Collective Trust - Fixed Income | — | 114,440 | — | 114,440 | ||||||||||||||||||||||||||
Common Collective Trust - Real Estate | — | 13,361 | 7,770 | 21,131 | ||||||||||||||||||||||||||
Structured Products | — | 4,536 | — | 4,536 | ||||||||||||||||||||||||||
Total investments measured at fair value | $ | 1,486 | $ | 259,560 | $ | 7,770 | $ | 268,816 | ||||||||||||||||||||||
Defined Benefit Postretirement Health Coverage [Member] | ' | |||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | |||||||||||||||||||||||||||||
Non-pension Defined Benefit Postretirement Healthcare Plans | Dec. 31, 2013 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
Registered Investment Company Trust - Money Market Mutual Fund | $ | — | $ | 4,546 | $ | — | $ | 4,546 | ||||||||||||||||||||||
Total investments measured at fair value | $ | — | $ | 4,546 | $ | — | $ | 4,546 | ||||||||||||||||||||||
Non-pension Defined Benefit Postretirement Healthcare Plans | Dec. 31, 2012 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
Registered Investment Company Trust - Money Market Mutual Fund | $ | — | $ | 4,351 | $ | — | $ | 4,351 | ||||||||||||||||||||||
Total investments measured at fair value | $ | — | $ | 4,351 | $ | — | $ | 4,351 | ||||||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||
Long-term Purchase Commitment [Table Text Block] | ' | |||||||||
Costs under these power purchase contracts for the years ended Dec. 31 were as follows (in thousands): | ||||||||||
2013 | 2012 | 2011 | ||||||||
PPA with PacifiCorp | $ | 13,026 | $ | 13,224 | $ | 12,515 | ||||
PPA with PSCo (a) | $ | — | $ | — | $ | 97,988 | ||||
Transmission services agreement with PacifiCorp | $ | 1,384 | $ | 1,215 | $ | 1,215 | ||||
PPA with Happy Jack | $ | 3,772 | $ | 1,988 | $ | 1,955 | ||||
PPA with Silver Sage | $ | 4,809 | $ | 3,269 | $ | 3,281 | ||||
Busch Ranch Wind Project | $ | 1,856 | $ | 502 | $ | — | ||||
_______________________ | ||||||||||
(a) | This PPA with PSCo expired on Dec. 31, 2011 and was replaced with the facilities constructed by Colorado Electric and Black Hills Colorado IPP at our Pueblo Airport Generation site. The facilities constructed by Black Hills Colorado IPP were to support an inter-company PPA with Colorado Electric. This inter-company PPA is being accounted for as a capital lease. | |||||||||
Unrecorded Unconditional Purchase Obligations Disclosure [Table Text Block] | ' | |||||||||
The following is a schedule of future minimum payments required under the power purchase, transmission services, coal and gas supply agreements, and natural gas delivery commitments (in thousands): | ||||||||||
2014 | $ | 203,131 | ||||||||
2015 | $ | 148,874 | ||||||||
2016 | $ | 136,503 | ||||||||
2017 | $ | 125,492 | ||||||||
2018 | $ | 110,930 | ||||||||
Thereafter | $ | 148,362 | ||||||||
Guarantees_Guarantees_Tables
Guarantees Guarantees (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Guarantees [Abstract] | ' | ||||
Schedule of Guarantor Obligations [Table Text Block] | ' | ||||
We had the following guarantees in place as of (in thousands): | |||||
Maximum Exposure at | |||||
Nature of Guarantee | Dec. 31, 2013 | Expiration | |||
Guarantees of payment obligations arising from commodity-related physical and financial transactions of Black Hills Utility Holdings (1) | $ | 70,000 | Ongoing | ||
Indemnification for subsidiary reclamation/surety bonds (2) | 64,449 | Ongoing | |||
$ | 134,449 | ||||
_______________________ | |||||
-1 | We have guaranteed some of the obligations of Black Hills Utility Holdings for payment obligations arising from commodity-related physical and financial transactions with BP Energy Company and/or BP Canada Energy Marketing Corp, Northern Natural Gas Company and PSCo. These commodity transactions secure natural gas supply for our regulated gas utilities. The guarantee is a continuing guarantee that may be terminated upon 30 days written notice to the counterparty. | ||||
-2 | We have guarantees in place for reclamation and surety bonds for our subsidiaries. The guarantees were entered into in the normal course of business. To the extent liabilities are incurred as a result of activities covered by the surety bonds, such liabilities are included in our Consolidated Balance Sheets. |
Oil_and_Gas_Reserves_Unaudited1
Oil and Gas Reserves (Unaudited) Oil and Gas Exploration and Production Industries Disclosure (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | ' | ||||||||||||||||||
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure [Table Text Block] | ' | ||||||||||||||||||
Following is a summary of costs incurred in oil and gas property acquisition, exploration and development during the years ended Dec. 31 (in thousands): | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Acquisition of properties: | |||||||||||||||||||
Proved | $ | 234 | $ | 2,437 | $ | 673 | |||||||||||||
Unproved | 6,022 | 33,052 | 8,317 | ||||||||||||||||
Exploration costs | 12,817 | 115 | 44,384 | ||||||||||||||||
Development costs | 48,641 | 73,877 | 38,638 | ||||||||||||||||
Asset retirement obligations incurred | 143 | 158 | 43 | ||||||||||||||||
Total costs incurred | $ | 67,857 | $ | 109,639 | $ | 92,055 | |||||||||||||
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities [Table Text Block] | ' | ||||||||||||||||||
The following table summarizes BHEP’s quantities of proved developed and undeveloped oil and natural gas reserves, estimated using SEC-defined product prices, as of Dec. 31, 2013, 2012 and 2011, and a reconciliation of the changes between these dates. These estimates are based on reserve reports by CG&A. Such reserve estimates are inherently imprecise and may be subject to revisions as a result of numerous factors including, but not limited to, additional development activity, evolving production history and continual reassessment of the viability of production under varying economic conditions. | |||||||||||||||||||
Minor differences in amounts may result in the following tables relating to oil and gas reserves due to rounding. | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Oil | Gas | Oil | Gas | Oil | Gas | ||||||||||||||
(in Mbbls of oil and MMcf of gas) | |||||||||||||||||||
Proved developed and undeveloped reserves: | |||||||||||||||||||
Balance at beginning of year | 4,116 | 55,985 | 6,223 | 95,904 | 5,940 | 95,456 | |||||||||||||
Production (a) | (336 | ) | (6,984 | ) | (560 | ) | (8,686 | ) | (452 | ) | (8,526 | ) | |||||||
Additions - acquisitions (sales) (b) | (30 | ) | (46 | ) | (2,025 | ) | (3,070 | ) | (84 | ) | — | ||||||||
Additions - extensions and discoveries | 379 | 10,456 | 449 | 2,898 | 927 | 29,664 | |||||||||||||
Revisions to previous estimates | (208 | ) | 3,779 | 29 | (31,061 | ) | (108 | ) | (20,690 | ) | |||||||||
Balance at end of year | 3,921 | 63,190 | 4,116 | 55,985 | 6,223 | 95,904 | |||||||||||||
Proved developed reserves at end of year included above | 3,689 | 60,224 | 3,929 | 55,708 | 4,830 | 71,867 | |||||||||||||
Proved undeveloped reserves at the end of year included in above | 232 | 2,966 | 187 | 279 | 1,393 | 24,037 | |||||||||||||
NYMEX prices | $ | 96.94 | $ | 3.67 | $ | 94.71 | $ | 2.76 | $ | 96.19 | $ | 4.12 | |||||||
Well-head reserve prices | $ | 89.79 | $ | 3.45 | $ | 85.31 | $ | 2.24 | $ | 88.49 | $ | 3.59 | |||||||
________________________ | |||||||||||||||||||
(a) | Production for reserve calculations does not include volumes for natural gas liquids (NGLs). | ||||||||||||||||||
(b) | Reflects the sale of the majority of the Williston Basin assets during 2012. | ||||||||||||||||||
Schedule of Oil and Gas In Process Activities [Table Text Block] | ' | ||||||||||||||||||
The number of locations, proved undeveloped reserve and future development costs in our year-end proved undeveloped reserves as of Dec. 31, 2013 were: | |||||||||||||||||||
Proved Reserves (in Bcfe) | Gross PUD Locations | Future Development Costs (in millions) | |||||||||||||||||
Existing: | |||||||||||||||||||
Williston Basin | 0.5 | 6 | $ | 2.1 | |||||||||||||||
Added: | |||||||||||||||||||
Williston Basin | 1.2 | 15 | 6.5 | ||||||||||||||||
Piceance Basin | 2.1 | 1 | 6.4 | ||||||||||||||||
San Juan Basin | 0.6 | 1 | 0.9 | ||||||||||||||||
2013 Add Total | 3.9 | 17 | 13.8 | ||||||||||||||||
Total Proved Undeveloped | 4.4 | 23 | $ | 15.9 | |||||||||||||||
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure [Table Text Block] | ' | ||||||||||||||||||
Following is information concerning capitalized costs for the years ended Dec. 31 (in thousands): | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Unproved oil and gas properties | $ | 62,553 | $ | 59,526 | $ | 28,656 | |||||||||||||
Proved oil and gas properties | 725,345 | 662,444 | 674,494 | ||||||||||||||||
Gross capitalized costs | 787,898 | 721,970 | 703,150 | ||||||||||||||||
Accumulated depreciation, depletion and amortization and valuation allowances (a) | (555,263 | ) | (534,777 | ) | (361,173 | ) | |||||||||||||
Net capitalized costs | $ | 232,635 | $ | 187,193 | $ | 341,977 | |||||||||||||
__________________ | |||||||||||||||||||
(a) | Reflects the sale of the majority of the Williston Basin assets during 2012 recorded under the full-cost method of accounting. | ||||||||||||||||||
Results of Operations for Oil and Gas Producing Activities Disclosure [Table Text Block] | ' | ||||||||||||||||||
Following is a summary of results of operations for producing activities for the years ended Dec. 31 (in thousands): | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Revenue | $ | 54,884 | $ | 79,072 | $ | 79,808 | |||||||||||||
Production costs | 20,140 | 23,483 | 23,820 | ||||||||||||||||
Gain on sale of assets | — | (29,129 | ) | — | |||||||||||||||
Depreciation, depletion and amortization and valuation provisions | 20,611 | 37,323 | 34,415 | ||||||||||||||||
Impairment of long-lived assets | — | 26,868 | — | ||||||||||||||||
Total costs | 40,751 | 58,545 | 58,235 | ||||||||||||||||
Results of operations from producing activities before tax | 14,133 | 20,527 | 21,573 | ||||||||||||||||
Income tax benefit (expense) | (4,876 | ) | (7,082 | ) | (7,442 | ) | |||||||||||||
Results of operations from producing activities (excluding general and administrative costs and interest costs) | $ | 9,257 | $ | 13,445 | $ | 14,131 | |||||||||||||
Schedule of Capitalized Costs of Unproved Properties Excluded from Amortization [Table Text Block] | ' | ||||||||||||||||||
The table below sets forth the cost of unproved properties excluded from the amortization base as of Dec. 31, 2013 and notes the year in which the associated costs were incurred (in thousands): | |||||||||||||||||||
2013 | 2012 | 2011 | Prior | Total | |||||||||||||||
Leasehold acquisition cost | $ | 2,279 | $ | 35,689 | $ | 2,219 | $ | 17,444 | $ | 57,631 | |||||||||
Exploration cost | 10,930 | — | — | — | 10,930 | ||||||||||||||
Capitalized interest | 748 | 360 | 637 | 3,177 | 4,922 | ||||||||||||||
Total | $ | 13,957 | $ | 36,049 | $ | 2,856 | $ | 20,621 | $ | 73,483 | |||||||||
Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure [Table Text Block] | ' | ||||||||||||||||||
Following is a summary of the standardized measure of discounted future net cash flows and changes relating to proved oil and gas reserves for the years ended Dec. 31 (in thousands): | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Future cash inflows | $ | 602,501 | $ | 502,769 | $ | 931,637 | |||||||||||||
Future production costs | (213,578 | ) | (186,695 | ) | (280,910 | ) | |||||||||||||
Future development costs, including plugging and abandonment | (40,557 | ) | (8,462 | ) | (92,233 | ) | |||||||||||||
Future income tax expense | (81,566 | ) | (69,877 | ) | (157,922 | ) | |||||||||||||
Future net cash flows | 266,800 | 237,735 | 400,572 | ||||||||||||||||
10 percent annual discount for estimated timing of cash flows | (107,375 | ) | (101,632 | ) | (197,215 | ) | |||||||||||||
Standardized measure of discounted future net cash flows | $ | 159,425 | $ | 136,103 | $ | 203,357 | |||||||||||||
Changes In Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserve Disclosures [Table Text Block] | ' | ||||||||||||||||||
The following are the principal sources of change in the standardized measure of discounted future net cash flows during the years ended Dec. 31 (in thousands): | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Standardized measure - beginning of year | $ | 136,103 | $ | 203,357 | $ | 168,108 | |||||||||||||
Sales and transfers of oil and gas produced, net of production costs | (35,932 | ) | (48,905 | ) | (52,914 | ) | |||||||||||||
Net changes in prices and production costs | 15,126 | (42,639 | ) | 57,087 | |||||||||||||||
Extensions, discoveries and improved recovery, less related costs | 29,574 | 19,870 | 31,179 | ||||||||||||||||
Changes in future development costs | (12,216 | ) | 43,854 | 43,809 | |||||||||||||||
Development costs incurred during the period | 3,554 | 21,931 | 18,940 | ||||||||||||||||
Revisions of previous quantity estimates | 12,851 | (86,277 | ) | (58,211 | ) | ||||||||||||||
Accretion of discount | 15,126 | 25,509 | 19,655 | ||||||||||||||||
Net change in income taxes | (3,892 | ) | 36,578 | (23,283 | ) | ||||||||||||||
Purchases of reserves | — | — | — | ||||||||||||||||
Sales of reserves (a) | (869 | ) | (37,175 | ) | (1,013 | ) | |||||||||||||
Standardized measure - end of year | $ | 159,425 | $ | 136,103 | $ | 203,357 | |||||||||||||
________ | |||||||||||||||||||
(a) | Reflects sale of Williston Basin assets in 2012. |
Sale_of_Operating_Assets_and_D1
Sale of Operating Assets and Discontinued Operations Sale of Operating Assets and Discontinued Operations (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Williston Basin Assets [Member] | ' | |||||||||
Cash proceeds from sale of operating assets [Table Text Block] | ' | |||||||||
Net cash proceeds, subsequent to the true-up of all post-closing adjustments, were as follows (in thousands): | ||||||||||
Cash proceeds received on date of sale | $ | 243,314 | ||||||||
Less: | ||||||||||
Post close adjustments | 2,793 | |||||||||
Transaction adviser fees | (1,400 | ) | ||||||||
Estimated payment for contractual obligation related to “back-in” fee * | (16,847 | ) | ||||||||
Net cash proceeds | $ | 227,860 | ||||||||
_____________ | ||||||||||
* | Required payment, triggered by the sale of the property, arising from a contractual obligation contained in the original participation agreement with the property operator. | |||||||||
Energy Marketing [Member] | ' | |||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||||
Operating results of the Energy Marketing segment included in Income (loss) from discontinued operations, net of tax on the accompanying Consolidated Statements of Income were as follows (in thousands): | ||||||||||
For the Years Ended Dec. 31, | 2013 | 2012 | 2011 | |||||||
Revenue | $ | — | $ | (604 | ) | $ | 41,101 | |||
Pre-tax income (loss) from discontinued operations | — | (6,061 | ) | 14,838 | ||||||
Pre-tax gain (loss) on sale | (1,391 | ) | (4,184 | ) | — | |||||
Income tax (expense) benefit | 507 | 3,268 | (5,473 | ) | ||||||
Income (loss) from discontinued operations, net of tax (a) | $ | (884 | ) | $ | (6,977 | ) | $ | 9,365 | ||
________ | ||||||||||
(a) | 2012 includes transaction related costs, net of tax, of $2.5 million for the year ended Dec. 31, 2012. |
Quarterly_Historical_Data_Unau1
Quarterly Historical Data (Unaudited) Quarterly Historical Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||
The Company operates on a calendar year basis. The following tables set forth select unaudited historical operating results and market data for each quarter of 2013 and 2012. | |||||||||||||
First Quarter | Second Quarter | Third | Fourth Quarter | ||||||||||
Quarter | |||||||||||||
(in thousands, except per share amounts, dividends and common stock prices) | |||||||||||||
2013 | |||||||||||||
Revenue | $ | 380,671 | $ | 279,826 | $ | 259,907 | $ | 355,448 | |||||
Operating income | $ | 79,846 | $ | 49,037 | $ | 55,566 | $ | 71,103 | |||||
Income (loss) from continuing operations (a) (b) | $ | 43,197 | $ | 30,518 | $ | 23,124 | $ | 19,007 | |||||
Income (loss) from discontinued operations | $ | — | $ | — | $ | — | $ | (884 | ) | ||||
Net income (loss) available for common stock (a) (b) | $ | 43,197 | $ | 30,518 | $ | 23,124 | $ | 18,123 | |||||
Income (loss) per share for continuing operations - Basic | $ | 0.98 | $ | 0.69 | $ | 0.52 | $ | 0.43 | |||||
Income (loss) per share for discontinued operations - Basic | — | — | — | (0.02 | ) | ||||||||
Income (loss) per share - Basic | $ | 0.98 | $ | 0.69 | $ | 0.52 | $ | 0.41 | |||||
Income (loss) per share for continuing operations - Diluted | $ | 0.97 | $ | 0.69 | $ | 0.52 | $ | 0.43 | |||||
Income (loss) per share for discontinued operations - Diluted | — | — | — | (0.02 | ) | ||||||||
Income (loss) per share - Diluted | $ | 0.97 | $ | 0.69 | $ | 0.52 | $ | 0.41 | |||||
Dividends paid per share | $ | 0.38 | $ | 0.38 | $ | 0.38 | $ | 0.38 | |||||
Common stock prices - High | $ | 44.32 | $ | 50.53 | $ | 55.09 | $ | 54.83 | |||||
Common stock prices - Low | $ | 36.89 | $ | 43.19 | $ | 46.62 | $ | 47 | |||||
__________________________ | |||||||||||||
(a) | Includes unrealized mark-to-market gain (loss) for interest rate swaps of $4.8 million, $12 million, $2.0 million, and $0.5 million after-tax in the first, second, third and fourth quarters, respectively. | ||||||||||||
(b) | Fourth quarter 2013 includes $7.6 million after-tax for a make-whole premium and write-off of deferred financing costs relating to the early redemption of our $250 million notes and interest expense on new debt, and a $6.6 million after-tax expense relating to the settlement of interest rate swaps in conjunction with the prepayment of Black Hills Wyoming’s project financing and write-off of deferred financing costs. | ||||||||||||
First Quarter | Second Quarter | Third | Fourth | ||||||||||
Quarter | Quarter | ||||||||||||
(in thousands, except per share amounts, dividends and common stock prices) | |||||||||||||
2012 | |||||||||||||
Revenue | $ | 365,851 | $ | 242,363 | $ | 246,808 | $ | 318,862 | |||||
Operating income (a) | $ | 70,048 | $ | 20,591 | $ | 77,810 | $ | 75,262 | |||||
Income (loss) from continuing operations (b) (c) (d) | $ | 35,271 | $ | (12,323 | ) | $ | 34,623 | $ | 30,934 | ||||
Income (loss) from discontinued operations | $ | (5,484 | ) | $ | (1,160 | ) | $ | (166 | ) | $ | (167 | ) | |
Net income (loss) available for common stock (b) (c) (d) | $ | 29,787 | $ | (13,483 | ) | $ | 34,457 | $ | 30,767 | ||||
Income (loss) per share for continuing operations - Basic | $ | 0.81 | $ | (0.28 | ) | $ | 0.79 | $ | 0.7 | ||||
Income (loss) per share for discontinued operations - Basic | (0.13 | ) | (0.03 | ) | — | — | |||||||
Income (loss) per share - Basic | $ | 0.68 | $ | (0.31 | ) | $ | 0.79 | $ | 0.7 | ||||
Income (loss) per share for continuing operations - Diluted | $ | 0.8 | $ | (0.28 | ) | $ | 0.78 | $ | 0.7 | ||||
Income (loss) per share for discontinued operations - Diluted | (0.12 | ) | (0.03 | ) | — | — | |||||||
Income (loss) per share - Diluted | $ | 0.68 | $ | (0.31 | ) | $ | 0.78 | $ | 0.7 | ||||
Dividends paid per share | $ | 0.37 | $ | 0.37 | $ | 0.37 | $ | 0.37 | |||||
Common stock prices - High | $ | 35.82 | $ | 34.31 | $ | 36.28 | $ | 37 | |||||
Common stock prices - Low | $ | 32.18 | $ | 31.32 | $ | 30.29 | $ | 33.51 | |||||
__________________________ | |||||||||||||
(a) | Second quarter includes a pre-tax ceiling test impairment loss of $27 million and the third and fourth quarters include a pre-tax gain on sale of the Williston Basin assets of $27 million and $1.8 million, respectively. | ||||||||||||
(b) | Includes unrealized mark-to-market gain (loss) for interest rate swaps of $7.8 million, $(10) million, $0.4 million, and $3.1 million after-tax in the first, second, third and fourth quarters, respectively. | ||||||||||||
(c) | Second quarter includes an after-tax ceiling test impairment loss of $17 million and the third and fourth quarters include an after-tax gain on sale of the Williston Basin assets of $18 million and $1.2 million, respectively. | ||||||||||||
(d) | Fourth quarter includes a $4.6 million after-tax make-whole provision for the early redemption of our $225 million notes. |
Business_Description_and_Signi3
Business Description and Significant Accounting Policies Business Description (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Business_Group | |
Segment Reporting Information [Line Items] | ' |
Number of Business Groups | 2 |
Business_Description_and_Signi4
Business Description and Significant Accounting Policies Accounts Receivable (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts Receivable [Line Items] | ' | ' |
Allowance for Doubtful Accounts | ($1,237) | ($768) |
Accounts receivable, net | 177,573 | 163,698 |
Corporate, Non-Segment [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Allowance for Doubtful Accounts | 0 | 0 |
Accounts receivable, net | 604 | 799 |
Electric Utilities [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Allowance for Doubtful Accounts | -666 | -527 |
Accounts receivable, net | 75,594 | 77,798 |
Gas Utilities [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Allowance for Doubtful Accounts | -558 | -222 |
Accounts receivable, net | 89,799 | 71,235 |
Power Generation [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Allowance for Doubtful Accounts | 0 | 0 |
Accounts receivable, net | 1,722 | 16 |
Coal Mining [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Allowance for Doubtful Accounts | 0 | 0 |
Accounts receivable, net | 1,711 | 2,247 |
Oil and Gas [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Allowance for Doubtful Accounts | -13 | -19 |
Accounts receivable, net | 8,143 | 11,603 |
Billed Revenues [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Accounts Receivable, Trade | 113,792 | 100,661 |
Billed Revenues [Member] | Corporate, Non-Segment [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Accounts Receivable, Trade | 604 | 799 |
Billed Revenues [Member] | Electric Utilities [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Accounts Receivable, Trade | 52,437 | 54,482 |
Billed Revenues [Member] | Gas Utilities [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Accounts Receivable, Trade | 49,162 | 31,495 |
Billed Revenues [Member] | Power Generation [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Accounts Receivable, Trade | 1,722 | 16 |
Billed Revenues [Member] | Coal Mining [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Accounts Receivable, Trade | 1,711 | 2,247 |
Billed Revenues [Member] | Oil and Gas [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Accounts Receivable, Trade | 8,156 | 11,622 |
Unbilled Revenues [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Accounts Receivable, Trade | 65,018 | 63,805 |
Unbilled Revenues [Member] | Corporate, Non-Segment [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Accounts Receivable, Trade | 0 | 0 |
Unbilled Revenues [Member] | Electric Utilities [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Accounts Receivable, Trade | 23,823 | 23,843 |
Unbilled Revenues [Member] | Gas Utilities [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Accounts Receivable, Trade | 41,195 | 39,962 |
Unbilled Revenues [Member] | Power Generation [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Accounts Receivable, Trade | 0 | 0 |
Unbilled Revenues [Member] | Coal Mining [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Accounts Receivable, Trade | 0 | 0 |
Unbilled Revenues [Member] | Oil and Gas [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Accounts Receivable, Trade | $0 | $0 |
Business_Description_and_Signi5
Business Description and Significant Accounting Policies Materials, Supplies and Fuel (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Materials and supplies | $50,196 | $43,397 |
Fuel - Electric Utilities | 6,213 | 8,589 |
Natural gas in storage held for distribution | 32,069 | 25,657 |
Total materials, supplies and fuel | $88,478 | $77,643 |
Business_Description_and_Signi6
Business Description and Significant Accounting Policies Goodwill (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' |
Goodwill | $353,396 | $353,396 |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Beginning Balance | 353,396 | 353,396 |
Goodwill, Additions (adjustments) | 0 | 0 |
Goodwill, Ending Balance | 353,396 | 353,396 |
Electric Utilities [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 250,487 | 250,487 |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Beginning Balance | 250,487 | 250,487 |
Goodwill, Additions (adjustments) | 0 | 0 |
Goodwill, Ending Balance | 250,487 | 250,487 |
Gas Utilities [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | ' | 94,144 |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Beginning Balance | 94,144 | 94,144 |
Goodwill, Additions (adjustments) | 0 | 0 |
Goodwill, Ending Balance | ' | 94,144 |
Power Generation [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 8,765 | 8,765 |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Beginning Balance | 8,765 | 8,765 |
Goodwill, Additions (adjustments) | 0 | 0 |
Goodwill, Ending Balance | 8,765 | 8,765 |
Aquila Transaction [Member] | Electric Utilities [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 246,000 | ' |
Goodwill Allocation by Segment (percentage) | 72.00% | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Ending Balance | 246,000 | ' |
Aquila Transaction [Member] | Gas Utilities [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 94,144 | ' |
Goodwill Allocation by Segment (percentage) | 28.00% | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Ending Balance | $94,144 | ' |
Business_Description_and_Signi7
Business Description and Significant Accounting Policies Schedule of Intangible Assets (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | |
Finite-Lived Intangible Assets, Useful Life, Maximum (years) | '20 years | ' | ' | |
Finite-Lived Intangible Assets [Roll Forward] | ' | ' | ' | |
Intangible assets, net, beginning balance | $3,620,000 | $3,843,000 | $4,069,000 | |
Intangible asset, additions (adjustments) | 0 | 0 | 0 | |
Intangible assets, amortization expense | -223,000 | -223,000 | -226,000 | |
Intangible assets, net, ending balance | 3,397,000 | [1] | 3,620,000 | 3,843,000 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' | |
Future Amortization Expense, Year One | 200,000 | ' | ' | |
Future Amortization Expense, Year Two | 200,000 | ' | ' | |
Future Amortization Expense, Year Three | 200,000 | ' | ' | |
Future Amortization Expense, Year Four | 200,000 | ' | ' | |
Future Amortization Expense, Year Five | $200,000 | ' | ' | |
[1] | Amortization expense for existing intangible assets is expected to be $0.2 million for each year of the next five years. |
Business_Description_and_Signi8
Business Description and Significant Accounting Policies Regulatory Assets and Liabilities (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Schedule of Regulatory Assets and Liabilities [line items] | ' | ' | ||
Regulatory assets | $162,648 | $219,393 | ||
Regulatory liabilities | 120,156 | 141,284 | ||
Deferred energy, fuel and gas cost adjustments [Member] | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [line items] | ' | ' | ||
Regulatory liabilities maximum amortization period | 'P1Y | ' | ||
Regulatory liabilities | 11,708 | [1] | 21,091 | [1] |
Employee benefit plans [Member] | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [line items] | ' | ' | ||
Regulatory liabilities maximum amortization period | 'P13Y | ' | ||
Regulatory liabilities | 34,431 | [2] | 59,362 | [2] |
Cost of removal [Member] | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [line items] | ' | ' | ||
Regulatory liabilities maximum amortization period | 'P44Y | ' | ||
Regulatory liabilities | 64,970 | [1] | 53,526 | [1] |
Other regulatory liabilities [Member] | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [line items] | ' | ' | ||
Regulatory liabilities maximum amortization period | 'P25Y | ' | ||
Regulatory liabilities | 9,047 | [3] | 7,305 | [3] |
Deferred energy, fuel and gas cost adjustments [Member] | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [line items] | ' | ' | ||
Regulatory assets maximum amortization period | 'P1Y | ' | ||
Regulatory assets | 16,775 | [1] | 16,005 | [1] |
Deferred gas cost adjustments and gas price derivatives [Member] | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [line items] | ' | ' | ||
Regulatory assets maximum amortization period | 'P7Y | ' | ||
Regulatory assets | 12,366 | [1] | 20,741 | [1] |
Allowance For Funds Used During Construction [Member] | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [line items] | ' | ' | ||
Regulatory assets maximum amortization period | 'P45Y | ' | ||
Regulatory assets | 12,315 | [4] | 12,416 | [4] |
Employee benefit plans [Member] | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [line items] | ' | ' | ||
Regulatory assets maximum amortization period | 'P13Y | ' | ||
Regulatory assets | 67,059 | [5] | 115,521 | [5] |
Environmental [Member] | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [line items] | ' | ' | ||
Regulatory assets maximum amortization period | 'subject to approval | ' | ||
Regulatory assets | 1,800 | [1] | 1,792 | [1] |
Asset retirement obligations [Member] | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [line items] | ' | ' | ||
Regulatory assets maximum amortization period | 'P44Y | ' | ||
Regulatory assets | 3,266 | [1] | 3,247 | [1] |
Bond issuance costs [Member] | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [line items] | ' | ' | ||
Regulatory assets maximum amortization period | 'P24Y | ' | ||
Regulatory assets | 3,419 | [1] | 3,561 | [1] |
Renewable energy standard adjustment [Member] | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [line items] | ' | ' | ||
Regulatory assets maximum amortization period | 'P5Y | ' | ||
Regulatory assets | 14,186 | [1] | 19,484 | [1] |
Flow through accounting [Member] | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [line items] | ' | ' | ||
Regulatory assets maximum amortization period | 'P35Y | ' | ||
Regulatory assets | 20,916 | [6] | 16,620 | [6] |
Other regulatory assets [Member] | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [line items] | ' | ' | ||
Regulatory assets maximum amortization period | 'P15Y | ' | ||
Regulatory assets | 10,546 | [1] | 10,006 | [1] |
Recovery Plus Rate of Return or Reduction to Rate Base, Regulatory Assets [Domain] | Employee benefit plans [Member] | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [line items] | ' | ' | ||
Regulatory liabilities | 13,000 | [2] | ' | |
Recovery Plus Rate of Return or Reduction to Rate Base, Regulatory Assets [Domain] | Other regulatory liabilities [Member] | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [line items] | ' | ' | ||
Regulatory liabilities | 2,600 | [3] | ' | |
Recovery Plus Rate of Return or Reduction to Rate Base, Regulatory Assets [Domain] | Employee benefit plans [Member] | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [line items] | ' | ' | ||
Regulatory assets | 25,000 | [5] | ' | |
Recovery Plus Rate of Return or Reduction to Rate Base, Regulatory Assets [Domain] | Flow through accounting [Member] | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [line items] | ' | ' | ||
Regulatory assets | $5,400 | [6] | ' | |
[1] | Recovery of costs, but not allowed a rate of return. | |||
[2] | Approximately $13 million is included in our rate base calculations as a reduction to rate base. | |||
[3] | Approximately $2.6 million is included in our rate base calculations as a reduction to rate base. | |||
[4] | In addition to recovery of costs, we are allowed a rate of return. | |||
[5] | In addition to recovery of costs, we are allowed a return on approximately $25 million. | |||
[6] | In addition to recovery of costs, we are allowed a return on approximately $5.4 million. |
Business_Description_and_Signi9
Business Description and Significant Accounting Policies Earnings per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income (Loss) from Continuing Operations Attributable to Parent | $19,007 | [1],[2] | $23,124 | [1] | $30,518 | [1] | $43,197 | [1] | $30,934 | [3],[4],[5],[6] | $34,623 | [3],[4] | ($12,323) | [3],[4],[5] | $35,271 | [3] | $115,846 | $88,505 | $40,365 |
Weighted average shares - Basic | ' | ' | ' | ' | ' | ' | ' | ' | 44,163 | 43,820 | 39,864 | ||||||||
Dilutive effect of: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Equity compensation | ' | ' | ' | ' | ' | ' | ' | ' | 256 | 250 | 214 | ||||||||
Other diluted effects, shares | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 3 | 3 | ||||||||
Weighted average common shares - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 44,419 | 44,073 | 40,081 | ||||||||
Income (loss) from continuing operations, per share | $0.43 | $0.52 | $0.69 | $0.97 | $0.70 | $0.78 | ($0.28) | $0.80 | $2.61 | $2.01 | $1.01 | ||||||||
[1] | Includes unrealized mark-to-market gain (loss) for interest rate swaps of $4.8 million, $12 million, $2.0 million, and $0.5 million after-tax in the first, second, third and fourth quarters, respectively. | ||||||||||||||||||
[2] | Fourth quarter 2013 includes $7.6 million after-tax for a make-whole premium and write-off of deferred financing costs relating to the early redemption of our $250 million notes and interest expense on new debt, and a $6.6 million after-tax expense relating to the settlement of interest rate swaps in conjunction with the prepayment of Black Hills Wyoming’s project financing and write-off of deferred financing costs. | ||||||||||||||||||
[3] | Includes unrealized mark-to-market gain (loss) for interest rate swaps of $7.8 million, $(10) million, $0.4 million, and $3.1 million after-tax in the first, second, third and fourth quarters, respectively. | ||||||||||||||||||
[4] | Second quarter includes an after-tax ceiling test impairment loss of $17 million and the third and fourth quarters include an after-tax gain on sale of the Williston Basin assets of $18 million and $1.2 million, respectively. | ||||||||||||||||||
[5] | Second quarter includes a pre-tax ceiling test impairment loss of $27 million and the third and fourth quarters include a pre-tax gain on sale of the Williston Basin assets of $27 million and $1.8 million, respectively. | ||||||||||||||||||
[6] | Fourth quarter includes a $4.6 million after-tax make-whole provision for the early redemption of our $225 million notes. |
Recovered_Sheet1
Business Description and Significant Accounting Policies Anti-dilutive shares (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ' | ' |
Anti-dilutive Shares Excluded from Computation of Earnings Per Share, Shares Amount | 22 | 163 | 141 |
Equity Compensation [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ' | ' |
Anti-dilutive Shares Excluded from Computation of Earnings Per Share, Shares Amount | 22 | 163 | 141 |
Other Stock [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ' | ' |
Anti-dilutive Shares Excluded from Computation of Earnings Per Share, Shares Amount | 0 | 0 | 0 |
Property_Plant_and_Equipment_P1
Property, Plant and Equipment Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Gross | 4,259,445 | 3,930,772 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 1,269,148 | 1,188,023 | ||
Total property, plant and equipment, net | 2,990,297 | 2,742,749 | ||
Depreciation, Depletion And Amortization, Remaining Amortization Period | '17 years | ' | ||
Corporate, Non-Segment [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, plant and equipment, gross | 5,498 | 368 | ||
Construction in Progress, Gross | 5,647 | 3,875 | ||
Property, Plant and Equipment, Gross | 11,145 | 4,243 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | -3,210 | [1] | -1,956 | [1] |
Total property, plant and equipment, net | 14,355 | 6,199 | ||
Corporate, Non-Segment [Member] | Weighted Average [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '6 years | '6 years | ||
Corporate, Non-Segment [Member] | Minimum [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '2 years | '2 years | ||
Corporate, Non-Segment [Member] | Maximum [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '30 years | '30 years | ||
Electric Utilities [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Public Utilities, Property, Plant and Equipment, Generation or Processing | 951,138 | 959,636 | ||
Public Utilities, Property, Plant and Equipment, Transmission | 238,542 | 234,279 | ||
Public Utilities, Property, Plant and Equipment, Distribution | 666,589 | 631,654 | ||
Public Utilities, Property, Plant and Equipment, Amount of Acquisition Adjustments | 4,870 | [2] | 4,870 | [2] |
Public Utilities, Property, Plant and Equipment, Other Property, Plant and Equipment | 138,263 | 137,584 | ||
Public Utilities, Property, Plant and Equipment, Capital Lease | 261,441 | [3] | 260,874 | [3] |
Public Utilities, Property, Plant and Equipment Excluding Construction in Progress | 2,260,843 | 2,228,897 | ||
Public Utilities, Property, Plant and Equipment, Construction Work in Progress | 203,760 | 48,008 | ||
Property, Plant and Equipment, Gross | 2,464,603 | [4] | 2,276,905 | [4] |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 472,970 | 439,772 | ||
Total property, plant and equipment, net | 1,991,633 | 1,837,133 | ||
Electric Utilities [Member] | Weighted Average [Member] | Production, Electric [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '45 years | '45 years | ||
Electric Utilities [Member] | Weighted Average [Member] | Electric transmission [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '50 years | '50 years | ||
Electric Utilities [Member] | Weighted Average [Member] | Electric distribution [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '44 years | '44 years | ||
Electric Utilities [Member] | Weighted Average [Member] | Plant acquisition adjustment [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '32 years | '32 years | ||
Electric Utilities [Member] | Weighted Average [Member] | General [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '22 years | '22 years | ||
Electric Utilities [Member] | Weighted Average [Member] | Assets Held under Capital Leases [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '20 years | '19 years | ||
Electric Utilities [Member] | Minimum [Member] | Production, Electric [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '25 years | ' | ||
Electric Utilities [Member] | Minimum [Member] | Electric transmission [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '40 years | ' | ||
Electric Utilities [Member] | Minimum [Member] | Electric distribution [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '15 years | ' | ||
Electric Utilities [Member] | Minimum [Member] | Plant acquisition adjustment [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '32 years | ' | ||
Electric Utilities [Member] | Minimum [Member] | General [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '3 years | ' | ||
Electric Utilities [Member] | Minimum [Member] | Assets Held under Capital Leases [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '20 years | ' | ||
Electric Utilities [Member] | Maximum [Member] | Production, Electric [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '65 years | ' | ||
Electric Utilities [Member] | Maximum [Member] | Electric transmission [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '65 years | ' | ||
Electric Utilities [Member] | Maximum [Member] | Electric distribution [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '65 years | ' | ||
Electric Utilities [Member] | Maximum [Member] | Plant acquisition adjustment [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '32 years | ' | ||
Electric Utilities [Member] | Maximum [Member] | General [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '60 years | ' | ||
Electric Utilities [Member] | Maximum [Member] | Assets Held under Capital Leases [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '20 years | ' | ||
Gas Utilities [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Public Utilities, Property, Plant and Equipment, Generation or Processing | 13 | 13 | ||
Public Utilities, Property, Plant and Equipment, Transmission | 24,984 | 18,071 | ||
Public Utilities, Property, Plant and Equipment, Distribution | 507,318 | 474,998 | ||
Public Utilities, Property, Plant and Equipment, Other Property, Plant and Equipment | 85,841 | 68,856 | ||
Public Utilities, Property, Plant and Equipment Excluding Construction in Progress | 618,156 | 561,938 | ||
Public Utilities, Property, Plant and Equipment, Construction Work in Progress | 9,417 | 6,305 | ||
Property, Plant and Equipment, Gross | 627,573 | 568,243 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 84,679 | 68,530 | ||
Total property, plant and equipment, net | 542,894 | 499,713 | ||
Gas Utilities [Member] | Weighted Average [Member] | General [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '19 years | '19 years | ||
Gas Utilities [Member] | Weighted Average [Member] | Production, Gas [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '37 years | '37 years | ||
Gas Utilities [Member] | Weighted Average [Member] | Gas transmission [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '54 years | '54 years | ||
Gas Utilities [Member] | Weighted Average [Member] | Gas distribution [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '46 years | '46 years | ||
Gas Utilities [Member] | Minimum [Member] | General [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '16 years | ' | ||
Gas Utilities [Member] | Minimum [Member] | Production, Gas [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '37 years | ' | ||
Gas Utilities [Member] | Minimum [Member] | Gas transmission [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '53 years | ' | ||
Gas Utilities [Member] | Minimum [Member] | Gas distribution [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '41 years | ' | ||
Gas Utilities [Member] | Maximum [Member] | General [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '22 years | ' | ||
Gas Utilities [Member] | Maximum [Member] | Production, Gas [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '37 years | ' | ||
Gas Utilities [Member] | Maximum [Member] | Gas transmission [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '57 years | ' | ||
Gas Utilities [Member] | Maximum [Member] | Gas distribution [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '56 years | ' | ||
Non Regulated Energy Group [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, plant and equipment, gross | 1,144,477 | 1,073,035 | ||
Construction in Progress, Gross | 11,647 | 8,346 | ||
Property, Plant and Equipment, Gross | 1,156,124 | 1,081,381 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 714,709 | 681,677 | ||
Total property, plant and equipment, net | 441,415 | 399,704 | ||
Power Generation [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, plant and equipment, gross | 143,026 | 139,396 | ||
Construction in Progress, Gross | 10,491 | 1,323 | ||
Property, Plant and Equipment, Gross | 153,517 | [4] | 140,719 | [4] |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 43,069 | 38,541 | ||
Total property, plant and equipment, net | 110,448 | 102,178 | ||
Power Generation [Member] | Weighted Average [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '36 years | '35 years | ||
Power Generation [Member] | Minimum [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '2 years | '2 years | ||
Power Generation [Member] | Maximum [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '40 years | '40 years | ||
Coal Mining [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, plant and equipment, gross | 149,067 | 148,045 | ||
Construction in Progress, Gross | 1,156 | 7,023 | ||
Property, Plant and Equipment, Gross | 150,223 | 155,068 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 86,306 | 80,210 | ||
Total property, plant and equipment, net | 63,917 | 74,858 | ||
Coal Mining [Member] | Weighted Average [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '14 years | '14 years | ||
Coal Mining [Member] | Minimum [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '2 years | '2 years | ||
Coal Mining [Member] | Maximum [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '59 years | '59 years | ||
Oil and Gas [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, plant and equipment, gross | 852,384 | 785,594 | ||
Construction in Progress, Gross | 0 | 0 | ||
Property, Plant and Equipment, Gross | 852,384 | 785,594 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 585,334 | 562,926 | ||
Total property, plant and equipment, net | 267,050 | 222,668 | ||
Oil and Gas [Member] | Weighted Average [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '24 years | '24 years | ||
Oil and Gas [Member] | Minimum [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '3 years | '3 years | ||
Oil and Gas [Member] | Maximum [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, Plant and Equipment, Useful Life | '25 years | '25 years | ||
[1] | Accumulated depreciation, depletion and amortization at Corporate reflects the elimination of the capital lease accumulated depreciation difference between Colorado Electric and Colorado IPP. | |||
[2] | The plant acquisition adjustment is included in rate base and is being recovered with 17 years remaining. | |||
[3] | Capital lease - plant in service represents the assets accounted for as a capital lease under the PPA between Colorado Electric and Black Hills Colorado IPP. The capital lease ends in conjunction with the expiration of the PPA on Dec. 31, 2031. | |||
[4] | The PPA under which Black Hills Colorado IPP provides generation to support Colorado Electric customers from the Pueblo Airport Generation station is accounted for as a capital lease. As such, assets owned by our Power Generation segment are recorded for at Colorado Electric under accounting for a capital lease. |
Jointly_Owned_Facilities_Joint1
Jointly Owned Facilities Jointly Owned Facilities (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Electric Utilities [Member] | Wyodak Plant [Member] | ' |
Jointly Owned Utility Plant Interests [Line Items] | ' |
Jointly Owned Utility Plant, Proportionate Ownership Share Percentage | 20.00% |
Jointly Owned Utility Plant, Gross Ownership Amount of Plant in Service | $109,800 |
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress | 192 |
Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation | 50,595 |
Electric Utilities [Member] | Transmission Tie [Member] | ' |
Jointly Owned Utility Plant Interests [Line Items] | ' |
Jointly Owned Utility Plant, Proportionate Ownership Share Percentage | 35.00% |
Jointly Owned Utility Plant, Gross Ownership Amount of Plant in Service | 19,648 |
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress | 0 |
Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation | 4,741 |
Electric Utilities [Member] | Wygen I I I Generating Facility [Member] | ' |
Jointly Owned Utility Plant Interests [Line Items] | ' |
Jointly Owned Utility Plant, Proportionate Ownership Share Percentage | 52.00% |
Jointly Owned Utility Plant, Gross Ownership Amount of Plant in Service | 131,468 |
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress | 713 |
Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation | 10,593 |
Electric Utilities [Member] | Busch Ranch Wind Farm [Member] | ' |
Jointly Owned Utility Plant Interests [Line Items] | ' |
Jointly Owned Utility Plant, Proportionate Ownership Share Percentage | 50.00% |
Jointly Owned Utility Plant, Gross Ownership Amount of Plant in Service | 18,590 |
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress | 0 |
Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation | 841 |
Power Generation [Member] | Wygen I Generating Facility [Member] | ' |
Jointly Owned Utility Plant Interests [Line Items] | ' |
Jointly Owned Utility Plant, Proportionate Ownership Share Percentage | 76.50% |
Jointly Owned Utility Plant, Gross Ownership Amount of Plant in Service | 106,489 |
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress | 1,412 |
Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation | $28,432 |
Business_Segments_Segment_Asse
Business Segments Segment Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Segment Reporting, Asset Reconciling Item | ' | ' | ||
Total Assets | $3,875,178 | $3,729,471 | ||
Corporate, Non-Segment [Member] | ' | ' | ||
Segment Reporting, Asset Reconciling Item | ' | ' | ||
Total Assets | 80,731 | 115,408 | ||
Electric Utilities [Member] | ' | ' | ||
Segment Reporting, Asset Reconciling Item | ' | ' | ||
Total Assets | 2,525,947 | [1] | 2,387,458 | [1] |
Gas Utilities [Member] | ' | ' | ||
Segment Reporting, Asset Reconciling Item | ' | ' | ||
Total Assets | 805,617 | 765,165 | ||
Power Generation [Member] | ' | ' | ||
Segment Reporting, Asset Reconciling Item | ' | ' | ||
Total Assets | 95,692 | [1] | 119,170 | [1] |
Coal Mining [Member] | ' | ' | ||
Segment Reporting, Asset Reconciling Item | ' | ' | ||
Total Assets | 78,825 | 83,810 | ||
Oil and Gas [Member] | ' | ' | ||
Segment Reporting, Asset Reconciling Item | ' | ' | ||
Total Assets | $288,366 | $258,460 | ||
[1] | The PPA under which Black Hills Colorado IPP provides generation to support Colorado Electric customers from the Pueblo Airport Generation station is accounted for as a capital lease. As such, assets owned by our Power Generation segment are recorded at Colorado Electric under accounting for a capital lease. |
Business_Segments_Capital_Expe
Business Segments Capital Expenditures and Asset Acquisitions (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Capital Expenditures and Asset Acquisitions | $379,534 | [1] | $347,980 | [1] |
Segment Continuing Operations [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Capital Expenditures and Asset Acquisitions | 379,534 | [1] | 347,156 | [1] |
Discontinued Operations [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Capital Expenditures and Asset Acquisitions | 0 | 824 | ||
Corporate, Non-Segment [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Capital Expenditures and Asset Acquisitions | 10,319 | [1] | 7,376 | [1] |
Electric Utilities [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Capital Expenditures and Asset Acquisitions | 222,262 | [1] | 167,263 | [1] |
Gas Utilities [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Capital Expenditures and Asset Acquisitions | 63,205 | [1] | 45,711 | [1] |
Power Generation [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Capital Expenditures and Asset Acquisitions | 13,533 | [1] | 5,547 | [1] |
Coal Mining [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Capital Expenditures and Asset Acquisitions | 5,528 | [1] | 13,420 | [1] |
Oil and Gas [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Capital Expenditures and Asset Acquisitions | $64,687 | [1] | $107,839 | [1] |
[1] | Includes accruals for property, plant and equipment. |
Business_Segments_Property_Pla
Business Segments Property, Plant and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ' | ' | ||
Property, Plant and Equipment, Gross | $4,259,445 | $3,930,772 | ||
Corporate, Non-Segment [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Property, Plant and Equipment, Gross | 11,145 | 4,243 | ||
Electric Utilities [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Property, Plant and Equipment, Gross | 2,464,603 | [1] | 2,276,905 | [1] |
Gas Utilities [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Property, Plant and Equipment, Gross | 627,573 | 568,243 | ||
Power Generation [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Property, Plant and Equipment, Gross | 153,517 | [1] | 140,719 | [1] |
Coal Mining [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Property, Plant and Equipment, Gross | 150,223 | 155,068 | ||
Oil and Gas [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Property, Plant and Equipment, Gross | $852,384 | $785,594 | ||
[1] | The PPA under which Black Hills Colorado IPP provides generation to support Colorado Electric customers from the Pueblo Airport Generation station is accounted for as a capital lease. As such, assets owned by our Power Generation segment are recorded for at Colorado Electric under accounting for a capital lease. |
Business_Segments_Information_
Business Segments Information Relating to Segments Statement of Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Revenue | $355,448 | $259,907 | $279,826 | $380,671 | $318,862 | $246,808 | $242,363 | $365,851 | $1,275,852 | $1,173,884 | $1,272,188 | ||||||
Fuel, purchased power and cost of natural gas sold | ' | ' | ' | ' | ' | ' | ' | ' | 492,147 | 407,066 | 574,989 | ||||||
Operations and maintenance | ' | ' | ' | ' | ' | ' | ' | ' | 386,936 | 370,736 | 375,369 | ||||||
Gain on sale of operating assets | ' | ' | ' | ' | 1,800 | 27,000 | ' | ' | 0 | 29,129 | [1] | 0 | |||||
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 141,217 | 154,632 | 135,591 | ||||||
Impairment of long-lived assets | ' | ' | ' | ' | ' | ' | 27,000 | ' | 0 | 26,868 | [2] | 0 | |||||
Operating income | 71,103 | 55,566 | 49,037 | 79,846 | 75,262 | [3] | 77,810 | [3] | 20,591 | [3] | 70,048 | 255,552 | 243,711 | 186,239 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -111,788 | [4] | -113,610 | [5] | -91,383 | ||||
Unrealized gain (loss) on interest rate swaps, net | ' | ' | ' | ' | ' | ' | ' | ' | 30,169 | 1,882 | -42,010 | ||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 1,723 | 1,957 | 2,017 | ||||||
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 1,798 | 2,965 | 3,726 | ||||||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -61,608 | -48,400 | -18,224 | ||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 115,846 | 88,505 | 40,365 | ||||||
Electric Utilities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 651,445 | 610,732 | 600,935 | ||||||
Fuel, purchased power and cost of natural gas sold | ' | ' | ' | ' | ' | ' | ' | ' | 294,048 | 273,474 | 310,352 | ||||||
Operations and maintenance | ' | ' | ' | ' | ' | ' | ' | ' | 159,961 | 146,527 | 142,815 | ||||||
Gain on sale of operating assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 768 | [6] | |||||
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 77,704 | 75,244 | 52,475 | ||||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 133,595 | 131,721 | 109,457 | ||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -61,537 | -59,194 | -53,770 | ||||||
Unrealized gain (loss) on interest rate swaps, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 5,277 | 8,153 | 14,794 | ||||||
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 633 | 1,182 | 481 | ||||||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -25,834 | -30,264 | -23,271 | ||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 52,134 | 51,598 | 47,691 | ||||||
Gas Utilities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 539,689 | 454,081 | 554,584 | ||||||
Fuel, purchased power and cost of natural gas sold | ' | ' | ' | ' | ' | ' | ' | ' | 310,463 | 245,349 | 331,961 | ||||||
Operations and maintenance | ' | ' | ' | ' | ' | ' | ' | ' | 126,073 | 117,390 | 121,980 | ||||||
Gain on sale of operating assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 26,381 | 25,163 | 24,307 | ||||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 76,772 | 66,179 | 76,336 | ||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -25,234 | -26,746 | -31,621 | ||||||
Unrealized gain (loss) on interest rate swaps, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 976 | 2,765 | 5,645 | ||||||
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -60 | 105 | 217 | ||||||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -19,747 | -14,313 | -16,408 | ||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 32,707 | 27,990 | 34,169 | ||||||
Power Generation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 4,648 | 4,189 | 4,059 | ||||||
Fuel, purchased power and cost of natural gas sold | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||
Operations and maintenance | ' | ' | ' | ' | ' | ' | ' | ' | 30,186 | 29,991 | 16,538 | ||||||
Gain on sale of operating assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 5,091 | 4,599 | 4,199 | ||||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 47,760 | 44,799 | 10,935 | ||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -21,178 | [4] | -15,452 | -8,903 | |||||
Unrealized gain (loss) on interest rate swaps, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 785 | 695 | 1,529 | ||||||
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 7 | 1,094 | ||||||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -11,080 | -8,721 | -1,644 | ||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 16,288 | 21,328 | 3,011 | ||||||
Coal Mining [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 25,186 | 25,810 | 32,802 | ||||||
Fuel, purchased power and cost of natural gas sold | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||
Operations and maintenance | ' | ' | ' | ' | ' | ' | ' | ' | 39,519 | 42,553 | 56,617 | ||||||
Gain on sale of operating assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 11,523 | 13,060 | 18,670 | ||||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 5,586 | 2,165 | -8,395 | ||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -641 | -238 | -9 | ||||||
Unrealized gain (loss) on interest rate swaps, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 1,168 | 3,897 | ||||||
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 2,304 | 2,616 | 2,192 | ||||||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -932 | -85 | 1,891 | ||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 6,327 | 5,626 | -424 | ||||||
Oil and Gas [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 54,884 | 79,072 | 79,808 | ||||||
Fuel, purchased power and cost of natural gas sold | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||
Operations and maintenance | ' | ' | ' | ' | ' | ' | ' | ' | 40,365 | 43,267 | 41,380 | ||||||
Gain on sale of operating assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 29,129 | [1] | 0 | |||||
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 21,770 | 38,494 | 35,690 | ||||||
Impairment of long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,868 | [2] | ' | |||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -7,251 | -428 | 2,738 | ||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -2,253 | -4,539 | -5,896 | ||||||
Unrealized gain (loss) on interest rate swaps, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 1,639 | 604 | 2 | ||||||
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 108 | 207 | -216 | ||||||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 3,545 | 1,927 | 1,651 | ||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -4,212 | -2,229 | -1,721 | ||||||
Intercompany Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | -344,314 | -319,855 | -267,349 | ||||||
Fuel, purchased power and cost of natural gas sold | ' | ' | ' | ' | ' | ' | ' | ' | -112,489 | -111,757 | -67,421 | ||||||
Operations and maintenance | ' | ' | ' | ' | ' | ' | ' | ' | -211,977 | -188,051 | -174,908 | ||||||
Gain on sale of operating assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -767 | [6] | |||||
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -12,876 | -12,864 | -10,955 | ||||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -6,972 | -7,183 | -14,832 | ||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 84,250 | 85,209 | 102,130 | ||||||
Unrealized gain (loss) on interest rate swaps, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -76,724 | -76,123 | -88,149 | ||||||
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -42,641 | -49,921 | -46,552 | ||||||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 218 | -131 | 268 | ||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -41,869 | -48,149 | -47,135 | ||||||
Intercompany Eliminations [Member] | Electric Utilities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 13,863 | 16,234 | 13,396 | ||||||
Intercompany Eliminations [Member] | Gas Utilities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||
Intercompany Eliminations [Member] | Power Generation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 78,389 | 75,200 | 27,613 | ||||||
Intercompany Eliminations [Member] | Coal Mining [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 31,442 | 31,968 | 34,090 | ||||||
Intercompany Eliminations [Member] | Oil and Gas [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||
Operating Segments [Member] | Electric Utilities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 665,308 | 626,966 | 614,331 | ||||||
Operating Segments [Member] | Gas Utilities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 539,689 | 454,081 | 554,584 | ||||||
Operating Segments [Member] | Power Generation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 83,037 | 79,389 | 31,672 | ||||||
Operating Segments [Member] | Coal Mining [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 56,628 | 57,778 | 66,892 | ||||||
Operating Segments [Member] | Oil and Gas [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 54,884 | 79,072 | 79,808 | ||||||
Corporate, Non-Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 220,620 | 196,453 | 192,250 | ||||||
Fuel, purchased power and cost of natural gas sold | ' | ' | ' | ' | ' | ' | ' | ' | 125 | 0 | 97 | ||||||
Operations and maintenance | ' | ' | ' | ' | ' | ' | ' | ' | 202,809 | 179,059 | 170,947 | ||||||
Gain on sale of operating assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -1 | ||||||
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 11,624 | 10,936 | 11,205 | ||||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 6,062 | 6,458 | 10,000 | ||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -85,195 | [4] | -92,650 | [5] | -93,314 | ||||
Unrealized gain (loss) on interest rate swaps, net | ' | ' | ' | ' | ' | ' | ' | ' | 30,169 | 1,882 | -42,010 | ||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 69,760 | 64,695 | 64,299 | ||||||
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 41,453 | 48,769 | 46,510 | ||||||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -7,778 | 3,187 | 19,289 | ||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 54,471 | 32,341 | 4,774 | ||||||
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | ||||||
[1] | Oil and Gas includes gain on sale of the Williston Basin assets (see Note 21). | ||||||||||||||||
[2] | Oil and Gas includes a ceiling test impairment (see Note 12). | ||||||||||||||||
[3] | Second quarter includes a pre-tax ceiling test impairment loss of $27 million and the third and fourth quarters include a pre-tax gain on sale of the Williston Basin assets of $27 million and $1.8 million, respectively. | ||||||||||||||||
[4] | Power Generation includes costs associated with interest rate swaps settled and write-off of deferred financing costs upon repayment of Black Hills Wyoming Project Financing and Corporate includes a the write-off of deferred financing costs and a make-whole provision from early repayment of long-term debt (see Note 5). | ||||||||||||||||
[5] | Corporate includes a make-whole provision from early repayment of long-term debt (see Note 5). | ||||||||||||||||
[6] | Electric Utilities includes gain on sale of assets to a related party which was eliminated in consolidation. |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt Long-Term Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 19, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 21, 2013 | Dec. 31, 2012 | ||||||||||||||||
In Thousands, unless otherwise specified | Electric Utilities [Member] | Electric Utilities [Member] | Electric Utilities [Member] | Electric Utilities [Member] | Electric Utilities [Member] | Electric Utilities [Member] | Electric Utilities [Member] | Electric Utilities [Member] | Electric Utilities [Member] | Electric Utilities [Member] | Electric Utilities [Member] | Electric Utilities [Member] | Electric Utilities [Member] | Electric Utilities [Member] | Electric Utilities [Member] | Electric Utilities [Member] | Power Generation [Member] | Power Generation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | ||||||||||||||||||
First Mortgage Bonds Due 2032 [Member] | First Mortgage Bonds Due 2032 [Member] | First Mortgage Bonds Due 2039 [Member] | First Mortgage Bonds Due 2039 [Member] | Polution Control Revenue Bonds Due 2024 [Member] | Polution Control Revenue Bonds Due 2024 [Member] | First Mortgage Bonds Due 2037 [Member] | First Mortgage Bonds Due 2037 [Member] | Industrial Development Revenue Bonds Due 2021 [Member] | Industrial Development Revenue Bonds Due 2021 [Member] | Industrial Development Revenue Bonds Due 2027 [Member] | Industrial Development Revenue Bonds Due 2027 [Member] | Bonds Due 2024 [Member] | Bonds Due 2024 [Member] | Project Financing Debt Due 2016 [Member] | Project Financing Debt Due 2016 [Member] | Senior Unsecured Notes Due 2023 [Member] | Senior Unsecured Notes Due 2023 [Member] | Senior Unsecured Notes Due 2023 [Member] | Senior Unsecured Notes Due 2014 [Member] | Senior Unsecured Notes Due 2014 [Member] | Senior Unsecured Notes Due 2020 [Member] | Senior Unsecured Notes Due 2020 [Member] | Corporate Term Loan due September 2013 [Member] | Corporate Term Loan due September 2013 [Member] | Corporate Term Loan due June 2015 [Member] [Member] | Corporate Term Loan due June 2015 [Member] [Member] | Corporate Term Loan due June 2015 [Member] [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Long-term Debt, Maturity Date | ' | ' | ' | ' | 15-Aug-32 | ' | 1-Nov-39 | ' | 1-Oct-24 | ' | 20-Nov-37 | ' | 1-Sep-21 | ' | 1-Mar-27 | ' | 1-Jun-24 | ' | 9-Dec-16 | ' | ' | ' | 30-Nov-23 | ' | ' | 15-May-14 | ' | 15-Jul-20 | ' | 30-Sep-13 | ' | 19-Jun-15 | ' | ' | ||||||||||||||||
Long-term Debt, Fixed Interest Rate | ' | ' | ' | ' | 7.23% | ' | 6.13% | ' | 5.35% | ' | 6.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | ' | ' | 9.00% | ' | 5.88% | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.11% | [1] | ' | 0.11% | [1] | ' | 0.75% | [1] | ' | 3.59% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Long-term Debt | ' | ' | $396,948 | $396,944 | $75,000 | $75,000 | $180,000 | $180,000 | $12,200 | $12,200 | $110,000 | $110,000 | $7,000 | [1] | $7,000 | [1] | $10,000 | [1] | $10,000 | [1] | $2,855 | [1] | $2,855 | [1] | $0 | [1],[2] | $95,906 | [1],[2] | $1,000,000 | $550,000 | $525,000 | [3] | $525,000 | $0 | $0 | [4] | $250,000 | [4] | $200,000 | [5] | $200,000 | [5] | $0 | [2],[6] | $100,000 | [1],[2],[6],[7] | $275,000 | [1],[7],[8] | $275,000 | $0 |
Debt Instrument, Unamortized Discount | ' | ' | ' | ' | ' | ' | -107 | -111 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Long-term Debt, including current maturirities | 1,396,948 | 1,042,850 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Long-term Debt, Current Maturities | 0 | -103,973 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Long-term debt, net of current maturities | $1,396,948 | $938,877 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | $450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
[1] | Variable interest rate. | |||||||||||||||||||||||||||||||||||||||||||||||||
[2] | This debt repaid. See Debt Transactions discussed below. | |||||||||||||||||||||||||||||||||||||||||||||||||
[3] | $410 million of this senior unsecured note has been recorded at Black Hills Utility Holdings and is recorded as Notes receivable - affiliate, non-current on the Parent’s Condensed Balance Sheets. | |||||||||||||||||||||||||||||||||||||||||||||||||
[4] | For 2012, this senior unsecured note was recorded by Black Hills Utility Holdings and was recorded as Notes receivable - affiliate, non-current on the Parent’s Condensed Balance Sheets. This note was redeemed on Dec. 19, 2013 with proceeds from the issuance of the Senior unsecured notes due 2023. | |||||||||||||||||||||||||||||||||||||||||||||||||
[5] | This senior unsecured note has been recorded by Colorado Electric and is recorded as Notes receivable - affiliate, non-current on the Parent’s Condensed Balance Sheets for 2012 and 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||
[6] | This term loan was repaid on June 21, 2013, and replaced with the Long-term term loan due June 19, 2015. In 2012, this term loan was recorded by Black Hills Utility Holdings and is recorded as Notes receivable - affiliate, non-current on the Parent’s Condensed Balance Sheets for 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Variable interest rates, based on LIBOR plus a spread. | |||||||||||||||||||||||||||||||||||||||||||||||||
[8] | This debt has been recorded at our Power Generation segment and is recorded as Notes receivable - affiliate, non-current on the Parent’s Condensed Balance Sheets at 2013. |
LongTerm_Debt_Aggregate_Maturi
Long-Term Debt Aggregate Maturities of Long Term Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Current Maturities | $0 | $103,973 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 275,000 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | ' |
Long-term Debt, Maturities, Repayments of Principal after Year Five | $1,122,055 | ' |
LongTerm_Debt_Debt_Transaction
Long-Term Debt Debt Transactions (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Nov. 19, 2013 | Jun. 21, 2013 | Nov. 19, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 19, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 19, 2013 | Dec. 31, 2012 | Dec. 19, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 19, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2013 | Jun. 21, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |||||||||||
Loans Payable [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Not Designated as Hedging Instrument [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Senior Unsecured Notes Due 2023 [Member] [Member] | Senior Unsecured Notes Due 2023 [Member] [Member] | Senior Unsecured Notes Due 2023 [Member] [Member] | Senior Unsecured Notes Due 2014 [Member] | Senior Unsecured Notes Due 2014 [Member] | Senior Unsecured Notes Due 2014 [Member] | Project Financing Debt Due 2016 [Member] | Project Financing Debt Due 2016 [Member] | Project Financing Debt Due 2016 [Member] | Corporate Term Loan due September 2013 [Member] | Corporate Term Loan due September 2013 [Member] | Corporate Term Loan due September 2013 [Member] | Senior Unsecured Notes Due 2013 [Member] | Senior Unsecured Notes Due 2013 [Member] | Senior Unsecured Notes Due 2013 [Member] | Corporate Term Loan due June 2015 [Member] [Member] | Corporate Term Loan due June 2015 [Member] [Member] | Corporate Term Loan due June 2015 [Member] [Member] | Corporate Term Loan due June 2015 [Member] [Member] | ||||||||||||||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Power Generation [Member] | Power Generation [Member] | Power Generation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | |||||||||||||||||||||
Interest Rate Swap [Member] | Interest Rate Swap [Member] | LIBOR [Member] | ||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Long-term Debt | ' | ' | ' | ' | ' | ' | ' | $1,000,000,000 | $550,000,000 | ' | ' | $525,000,000 | [1] | $525,000,000 | $0 | ' | $0 | [2] | $250,000,000 | [2] | ' | $0 | [3],[4] | $95,906,000 | [3],[4] | ' | $0 | [3],[5] | $100,000,000 | [3],[4],[5],[6] | ' | ' | $225,000,000 | $275,000,000 | [4],[6],[7] | $275,000,000 | $0 | ' | ||
Long-term Debt, Fixed Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | 6.50% | ' | ' | ' | ' | ' | ||||||||||
Extinguishment of Debt, Amount | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | 87,000,000 | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Long-term Debt, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Nov-23 | ' | ' | ' | 15-May-14 | ' | ' | 9-Dec-16 | ' | ' | 30-Sep-13 | ' | ' | 15-May-13 | ' | 19-Jun-15 | ' | ' | ' | ||||||||||
Early Repayment of Senior Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 261,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 239,000,000 | ' | ' | ' | ' | ' | ' | ||||||||||
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Derivative, Notional Amount | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | 250,000,000 | [8],[9] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Derivative Liability | 9,088,000 | 113,482,000 | ' | ' | ' | ' | ' | ' | ' | 64,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Repayments of Lines of Credit | 532,150,000 | 271,753,000 | 821,300,000 | ' | 55,000,000 | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.59% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.31% | [4],[6] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.13% | ||||||||||
Interest Expense, Prepayment of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | $7,100,000 | ' | ' | ' | ' | ' | ' | ||||||||||
[1] | $410 million of this senior unsecured note has been recorded at Black Hills Utility Holdings and is recorded as Notes receivable - affiliate, non-current on the Parent’s Condensed Balance Sheets. | |||||||||||||||||||||||||||||||||||||||
[2] | For 2012, this senior unsecured note was recorded by Black Hills Utility Holdings and was recorded as Notes receivable - affiliate, non-current on the Parent’s Condensed Balance Sheets. This note was redeemed on Dec. 19, 2013 with proceeds from the issuance of the Senior unsecured notes due 2023. | |||||||||||||||||||||||||||||||||||||||
[3] | This debt repaid. See Debt Transactions discussed below. | |||||||||||||||||||||||||||||||||||||||
[4] | Variable interest rate. | |||||||||||||||||||||||||||||||||||||||
[5] | This term loan was repaid on June 21, 2013, and replaced with the Long-term term loan due June 19, 2015. In 2012, this term loan was recorded by Black Hills Utility Holdings and is recorded as Notes receivable - affiliate, non-current on the Parent’s Condensed Balance Sheets for 2013. | |||||||||||||||||||||||||||||||||||||||
[6] | Variable interest rates, based on LIBOR plus a spread. | |||||||||||||||||||||||||||||||||||||||
[7] | This debt has been recorded at our Power Generation segment and is recorded as Notes receivable - affiliate, non-current on the Parent’s Condensed Balance Sheets at 2013. | |||||||||||||||||||||||||||||||||||||||
[8] | Included on the Condensed Statements of Income of the Parent is the non-cash mark-to-market gains recorded on these De-designated interest rate swaps of $30 million and $1.9 million for the twelve months ended Dec. 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||||
[9] | Maximum terms in years reflect the amended early termination dates. These swaps were settled in 2013. |
LongTerm_Debt_Deferred_Financi
Long-Term Debt Deferred Financing Costs (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Senior Unsecured Notes Due 2023 [Member] [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Deferred Finance Costs Remaining, Noncurrent | $6,846 | ' | ' | |
Amortization Expense for Deferred Financing Costs | 86 | 0 | 0 | |
Senior Unsecured Notes Due 2014 [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Deferred Finance Costs Remaining, Noncurrent | 0 | ' | ' | |
Amortization Expense for Deferred Financing Costs | 635 | 462 | 462 | |
Senior Unsecured Notes Due 2020 [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Deferred Finance Costs Remaining, Noncurrent | 1,093 | ' | ' | |
Amortization Expense for Deferred Financing Costs | 167 | 167 | 167 | |
First Mortgage Bonds Due 2032 [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Deferred Finance Costs Remaining, Noncurrent | 618 | ' | ' | |
Amortization Expense for Deferred Financing Costs | 33 | 33 | 33 | |
First Mortgage Bonds Due 2039 [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Deferred Finance Costs Remaining, Noncurrent | 1,961 | ' | ' | |
Amortization Expense for Deferred Financing Costs | 76 | 76 | 76 | |
First Mortgage Bonds Due 2037 [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Deferred Finance Costs Remaining, Noncurrent | 736 | ' | ' | |
Amortization Expense for Deferred Financing Costs | 31 | 31 | 31 | |
Project Financing Debt Due 2016 [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Deferred Finance Costs Remaining, Noncurrent | 0 | [1] | ' | ' |
Amortization Expense for Deferred Financing Costs | 3,177 | [1] | 1,037 | 1,012 |
Deferred Financing Costs, Other [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Deferred Finance Costs Remaining, Noncurrent | 664 | ' | ' | |
Amortization Expense for Deferred Financing Costs | $57 | $57 | $70 | |
[1] | This project financing was repaid in 2013 and the deferred financing costs were written-off. |
LongTerm_Debt_Dividend_Restric
Long-Term Debt Dividend Restrictions (Details) (Utilities Group [Member], USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Utilities Group [Member] | ' |
Debt Instrument [Line Items] | ' |
Restricted Net Assets for Subsidiaries | $88 |
Notes_Payable_Notes_Payable_De
Notes Payable Notes Payable (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Line of Credit Facility | ' | ' | ' |
Notes payable | $82,500,000 | $277,000,000 | ' |
Loans Payable [Member] | ' | ' | ' |
Line of Credit Facility | ' | ' | ' |
Notes payable | 0 | 150,000,000 | ' |
Revolving Credit Facility [Member] | ' | ' | ' |
Line of Credit Facility | ' | ' | ' |
Notes payable | 82,500,000 | 127,000,000 | ' |
Line of Credit Facility [Abstract] | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | 500,000,000 | ' | ' |
Line of Credit Facility, Expiration Date | 1-Feb-17 | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 750,000,000 | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ' | ' |
Letters of Credit Outstanding, Amount | 22,000,000 | 36,000,000 | ' |
Deferred Finance Costs [Abstract] | ' | ' | ' |
Deferred Finance Costs, Noncurrent, Gross | 2,800,000 | ' | ' |
Write off of Deferred Debt Issuance Cost | 1,500,000 | ' | ' |
Deferred Finance Costs, Noncurrent, Net | 1,316,000 | ' | ' |
Amortization Expense for Deferred Financing Costs | $752,000 | $2,187,000 | $1,891,000 |
Debt Covenants Disclosure [Abstract] | ' | ' | ' |
Line of Credit Covenant Requirement, Recourse Leverage Ratio, Actual | 55.00% | ' | ' |
Line of Credit, Covenant Requirement, Recourse Leverage Ratio Maximum | 65.00% | ' | ' |
Revolving Credit Facility [Member] | Base Rate Option [Member] | ' | ' | ' |
Line of Credit Facility [Abstract] | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | 0.38% | ' | ' |
Revolving Credit Facility [Member] | Eurodollar [Member] | ' | ' | ' |
Line of Credit Facility [Abstract] | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | 1.38% | ' | ' |
Revolving Credit Facility [Member] | Letter of Credit [Member] | ' | ' | ' |
Line of Credit Facility [Abstract] | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | 1.38% | ' | ' |
Asset_Retirement_Obligations_A1
Asset Retirement Obligations Asset Retirement Obligations (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' | ||
Asset Retirement Obligation, Period Start | $50,548 | $42,914 | ||
Asset Retirement Obligation, Liabilities Incurred | 146 | 5,411 | ||
Asset Retirement Obligation, Liabilities Settled | -2,617 | -1,081 | ||
Asset Retirement Obligation, Accretion Expense | 2,685 | 2,568 | ||
Asset Retirement Obligation, Revision of Prior Estimate | 1,089 | [1] | 736 | [1] |
Asset Retirement Obligation, Period End | 51,851 | 50,548 | ||
Electric Utilities [Member] | ' | ' | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' | ||
Asset Retirement Obligation, Period Start | 6,981 | 3,064 | ||
Asset Retirement Obligation, Liabilities Incurred | 0 | 3,626 | ||
Asset Retirement Obligation, Liabilities Settled | 0 | 0 | ||
Asset Retirement Obligation, Accretion Expense | 168 | 291 | ||
Asset Retirement Obligation, Revision of Prior Estimate | -227 | [1] | 0 | [1] |
Asset Retirement Obligation, Period End | 6,922 | 6,981 | ||
Gas Utilities [Member] | ' | ' | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' | ||
Asset Retirement Obligation, Period Start | 259 | 270 | ||
Asset Retirement Obligation, Liabilities Incurred | 0 | 0 | ||
Asset Retirement Obligation, Liabilities Settled | 0 | -22 | ||
Asset Retirement Obligation, Accretion Expense | 15 | 11 | ||
Asset Retirement Obligation, Revision of Prior Estimate | 0 | [1] | 0 | [1] |
Asset Retirement Obligation, Period End | 274 | 259 | ||
Coal Mining [Member] | ' | ' | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' | ||
Asset Retirement Obligation, Period Start | 20,286 | 17,158 | ||
Asset Retirement Obligation, Liabilities Incurred | 3 | 1,627 | ||
Asset Retirement Obligation, Liabilities Settled | -714 | 0 | ||
Asset Retirement Obligation, Accretion Expense | 1,052 | 921 | ||
Asset Retirement Obligation, Revision of Prior Estimate | 0 | [1] | 580 | [1] |
Asset Retirement Obligation, Period End | 20,627 | 20,286 | ||
Oil and Gas [Member] | ' | ' | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' | ||
Asset Retirement Obligation, Period Start | 23,022 | 22,422 | ||
Asset Retirement Obligation, Liabilities Incurred | 143 | 158 | ||
Asset Retirement Obligation, Liabilities Settled | -1,903 | -1,059 | ||
Asset Retirement Obligation, Accretion Expense | 1,450 | 1,345 | ||
Asset Retirement Obligation, Revision of Prior Estimate | 1,316 | [1] | 156 | [1] |
Asset Retirement Obligation, Period End | $24,028 | $23,022 | ||
[1] | The Revisions to Prior Estimates reflects the change in the estimated liability for final reclamation adjusted for inflation, discount rate and market risk premium. |
Risk_Management_Activities_Ris1
Risk Management Activities Risk Management Activities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 19, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||
Oil and Gas [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Natural Gas, Distribution [Member] | Natural Gas, Distribution [Member] | Natural Gas, Distribution [Member] | Natural Gas, Distribution [Member] | Natural Gas, Distribution [Member] | Natural Gas, Distribution [Member] | Natural Gas, Distribution [Member] | Natural Gas, Distribution [Member] | Crude Oil [Member] | Crude Oil [Member] | Natural Gas [Member] | Natural Gas [Member] | ||||||||||
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Utilities Group [Member] | Utilities Group [Member] | Future [Member] | Future [Member] | Commodity Option [Member] | Commodity Option [Member] | Basis Swap [Member] | Basis Swap [Member] | Swaps and Options [Member] | Swaps and Options [Member] | Swap [Member] | Swap [Member] | |||||||||||||||
Power Generation [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Purchase Contract [Member] | Purchase Contract [Member] | Purchase Contract [Member] | Purchase Contract [Member] | Purchase Contract [Member] | Purchase Contract [Member] | Oil and Gas [Member] | Oil and Gas [Member] | Oil and Gas [Member] | Oil and Gas [Member] | ||||||||||||||||||||
Utilities Group [Member] | Utilities Group [Member] | Utilities Group [Member] | Utilities Group [Member] | Utilities Group [Member] | Utilities Group [Member] | bbl | bbl | MMBTU | MMBTU | ||||||||||||||||||||||||
MMBTU | MMBTU | MMBTU | MMBTU | MMBTU | MMBTU | ||||||||||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Credit Exposure, Non-investment Grade Company | $500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Derivative notional amount, commodities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,930,000 | 15,350,000 | 3,890,000 | 2,430,000 | 14,785,000 | 12,020,000 | 412,500 | [1] | 528,000 | [1] | 7,082,500 | [1] | 8,215,500 | [1] | |||
MaximumTerm Hedged in Cash Flow Hedge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '0 years 3 months | [2] | '1 year | [2] | '1 month | [2] | '9 months | [2] | |||
Derivative assets, current | 717,000 | 3,236,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 662,000 | 0 | ' | ' | ' | ' | ' | ' | 55,000 | 1,405,000 | 0 | 1,831,000 | |||||||
Derivative assets, non-current | 0 | 510,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 43,000 | ' | ' | ' | ' | ' | ' | 0 | 297,000 | 0 | 170,000 | |||||||
Derivative liabilities, current | 3,474,000 | 96,541,000 | ' | ' | ' | 3,474,000 | 7,039,000 | ' | ' | 3,474,000 | 91,617,000 | 3,469,000 | ' | 88,148,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | 0 | 847,000 | 0 | 507,000 | |||||||
Derivative liabilities, non-current | 5,614,000 | 16,941,000 | ' | ' | ' | 5,614,000 | 16,941,000 | ' | ' | 5,614,000 | 9,252,000 | 9,252,000 | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | |||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | ' | ' | -1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Derivative, Maximum Term | ' | ' | ' | '3 years | '4 years | ' | ' | ' | ' | ' | ' | '4 years | ' | '1 year | [3] | ' | ' | '84 months | '83 months | '8 months | '2 months | '60 months | '72 months | ' | ' | ' | ' | ||||||
Net Unrealized Gain (Loss) Included in Regulatory assets or Regulatory liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,567,000 | 9,596,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Derivative, Notional Amount | ' | ' | ' | ' | ' | 75,000,000 | [4] | 150,000,000 | [5] | 75,000,000 | 250,000,000 | ' | ' | 75,000,000 | 75,000,000 | 250,000,000 | [6],[7] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Weighted average fixed interest rate | ' | ' | ' | ' | ' | 4.97% | 5.04% | ' | ' | ' | ' | 4.97% | ' | 5.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | ' | ' | ' | ' | ' | $3,500,000 | ' | ' | ' | ' | ' | ' | $3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
[1] | Crude in Bbls, gas in MMBtu. | ||||||||||||||||||||||||||||||||
[2] | Refers to the term of the derivative instrument. Assets and liabilities are classified as current/non-current based on the timing of the hedged transaction and the corresponding settlement of the derivative instrument. | ||||||||||||||||||||||||||||||||
[3] | Maximum terms in years reflect the amended early termination dates. If the early termination dates were not extended, the swaps would have required cash settlement based on the swap value at the termination date. These swaps were settled during the fourth quarter of 2013. | ||||||||||||||||||||||||||||||||
[4] | These swaps are designated to borrowings on our Revolving Credit Facility. These swaps are priced using three-month LIBOR, matching the floating portion of the related swaps. | ||||||||||||||||||||||||||||||||
[5] | At Dec. 31, 2012, $75 million of these interest rate swaps were designated to borrowings on our Revolving Credit Facility and $75 million were designated to borrowings on our project financing debt at Black Hills Wyoming. These swaps are priced using three-month LIBOR, matching the floating portion of the related swaps. The portion of the swaps that were designated to Black Hills Wyoming were settled upon repayment of the Black Hills Wyoming project financing. See Note 5. | ||||||||||||||||||||||||||||||||
[6] | Included on the Condensed Statements of Income of the Parent is the non-cash mark-to-market gains recorded on these De-designated interest rate swaps of $30 million and $1.9 million for the twelve months ended Dec. 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||
[7] | Maximum terms in years reflect the amended early termination dates. These swaps were settled in 2013. |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | $717,000 | $3,746,000 | |
Derivative, Liabilities, Fair Value Disclosure | 9,088,000 | 113,482,000 | |
Fair Value, Transfers Between Level 1 and Level 2, Description and Policy [Abstract] | ' | ' | |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | 0 | |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | 0 | |
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount | 0 | 0 | |
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Total | 0 | 0 | |
Derivative Liabilities, Total | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Total | 3,975,000 | 3,703,000 | |
Derivative Liabilities, Total | 19,948,000 | 129,424,000 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Total | 0 | 43,000 | |
Derivative Liabilities, Total | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Cash Collateral and Counterparty Netting [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Total | -3,258,000 | 0 | |
Derivative Liabilities, Total | -10,860,000 | -15,942,000 | |
Fair Value, Measurements, Recurring [Member] | Total Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Total | 717,000 | 3,746,000 | |
Derivative Liabilities, Total | 9,088,000 | 113,482,000 | |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative, Liabilities, Fair Value Disclosure | 9,088,000 | ' | |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 | |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative, Liabilities, Fair Value Disclosure | 9,088,000 | 118,088,000 | |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 | |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Cash Collateral and Counterparty Netting [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative, Liabilities, Fair Value Disclosure | 0 | -5,960,000 | |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Total Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative, Liabilities, Fair Value Disclosure | ' | 112,128,000 | |
Natural Gas, Distribution [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Utilities Group [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | 0 | 0 | |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 | |
Natural Gas, Distribution [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Utilities Group [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | 3,030,000 | 0 | |
Derivative, Liabilities, Fair Value Disclosure | 9,100,000 | 8,576,000 | |
Natural Gas, Distribution [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Utilities Group [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | 0 | 43,000 | [1] |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 | |
Basis Differential | ' | -0.13 | |
Natural Gas, Distribution [Member] | Fair Value, Measurements, Recurring [Member] | Cash Collateral and Counterparty Netting [Member] | Utilities Group [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | -2,368,000 | 0 | |
Derivative, Liabilities, Fair Value Disclosure | -9,100,000 | -8,576,000 | |
Natural Gas, Distribution [Member] | Fair Value, Measurements, Recurring [Member] | Total Estimate of Fair Value, Fair Value Disclosure [Member] | Utilities Group [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | 662,000 | 43,000 | |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 | |
Natural Gas [Member] | Commodity Option [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Oil and Gas [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | 0 | 0 | |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 | |
Natural Gas [Member] | Commodity Option [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Oil and Gas [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | 0 | 0 | |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 | |
Natural Gas [Member] | Commodity Option [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Oil and Gas [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | 0 | 0 | |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 | |
Natural Gas [Member] | Commodity Option [Member] | Fair Value, Measurements, Recurring [Member] | Cash Collateral and Counterparty Netting [Member] | Oil and Gas [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | 0 | 0 | |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 | |
Natural Gas [Member] | Commodity Option [Member] | Fair Value, Measurements, Recurring [Member] | Total Estimate of Fair Value, Fair Value Disclosure [Member] | Oil and Gas [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | 0 | 0 | |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 | |
Natural Gas [Member] | Basis Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Oil and Gas [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | 0 | 0 | |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 | |
Natural Gas [Member] | Basis Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Oil and Gas [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | 815,000 | 2,000,000 | |
Derivative, Liabilities, Fair Value Disclosure | 531,000 | 1,127,000 | |
Natural Gas [Member] | Basis Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Oil and Gas [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | 0 | 0 | |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 | |
Natural Gas [Member] | Basis Swap [Member] | Fair Value, Measurements, Recurring [Member] | Cash Collateral and Counterparty Netting [Member] | Oil and Gas [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | -815,000 | 0 | |
Derivative, Liabilities, Fair Value Disclosure | -531,000 | -620,000 | |
Natural Gas [Member] | Basis Swap [Member] | Fair Value, Measurements, Recurring [Member] | Total Estimate of Fair Value, Fair Value Disclosure [Member] | Oil and Gas [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | 0 | 2,000,000 | |
Derivative, Liabilities, Fair Value Disclosure | 0 | 507,000 | |
Crude Oil [Member] | Commodity Option [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Oil and Gas [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | 0 | 0 | |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 | |
Crude Oil [Member] | Commodity Option [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Oil and Gas [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | 0 | 378,000 | |
Derivative, Liabilities, Fair Value Disclosure | 0 | 1,131,000 | |
Crude Oil [Member] | Commodity Option [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Oil and Gas [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | 0 | 0 | |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 | |
Crude Oil [Member] | Commodity Option [Member] | Fair Value, Measurements, Recurring [Member] | Cash Collateral and Counterparty Netting [Member] | Oil and Gas [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | 0 | 0 | |
Derivative, Liabilities, Fair Value Disclosure | 0 | -336,000 | |
Crude Oil [Member] | Commodity Option [Member] | Fair Value, Measurements, Recurring [Member] | Total Estimate of Fair Value, Fair Value Disclosure [Member] | Oil and Gas [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | 0 | 378,000 | |
Derivative, Liabilities, Fair Value Disclosure | 0 | 795,000 | |
Crude Oil [Member] | Basis Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Oil and Gas [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | 0 | 0 | |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 | |
Crude Oil [Member] | Basis Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Oil and Gas [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | 130,000 | 1,325,000 | |
Derivative, Liabilities, Fair Value Disclosure | 1,229,000 | 502,000 | |
Crude Oil [Member] | Basis Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Oil and Gas [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | 0 | 0 | |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 | |
Crude Oil [Member] | Basis Swap [Member] | Fair Value, Measurements, Recurring [Member] | Cash Collateral and Counterparty Netting [Member] | Oil and Gas [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | -75,000 | 0 | |
Derivative, Liabilities, Fair Value Disclosure | -1,229,000 | -450,000 | |
Crude Oil [Member] | Basis Swap [Member] | Fair Value, Measurements, Recurring [Member] | Total Estimate of Fair Value, Fair Value Disclosure [Member] | Oil and Gas [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivative Assets, Commodity Derivatives | 55,000 | 1,325,000 | |
Derivative, Liabilities, Fair Value Disclosure | $0 | $52,000 | |
[1] | The significant unobservable inputs used in the fair value measurement of the long-term OTC contracts are based on the average of price quotes from an independent third party market participant and the OTC contract broker. The unobservable inputs are long-term natural gas prices. Significant changes to these inputs along with the contract term would impact the derivative asset/liability and regulatory asset/liability, but will not impact the results of operations until the contract is settled under the original terms of the contract. The contracts will be classified as Level 2 once settlement is within 60 months of maturity and quoted market prices from a market exchange are available. |
Fair_Value_Measurements_Fair_V2
Fair Value Measurements Fair Value Measurements Changes in Level 3 Recurring Fair Value (Details) (Natural Gas, Distribution [Member], Utilities Group [Member], USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Natural Gas, Distribution [Member] | Utilities Group [Member] | ' | ' | ||
Fair Value Assets and Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation RollForward [Roll Forward] | ' | ' | ||
Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Period Start | $43 | $0 | ||
Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | -54 | ||
Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 192 | ||
Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | -43 | [1] | -95 | [1] |
Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Period End | 0 | 43 | ||
Changes in unrealized gains (losses) relating to instruments still held as of period-end, assets | $0 | ($54) | ||
[1] | Transfers out of Level 3 would occur when the significant inputs become more observable such as the time between the valuation date and the delivery date of a transaction becomes shorter, positively impacting the availability of observable pricing inputs. |
Fair_Value_Measurements_Fair_V3
Fair Value Measurements Fair Value Measurements Balance Sheet Location (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Carrying Amount and Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $3,975 | $5,332 |
Derivative Liability, Fair Value, Gross Liability | 19,948 | 129,424 |
Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Carrying Amount and Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Net | 946 | 3,384 |
Derivative Liability, Fair Value, Net | 10,848 | 26,793 |
Derivatives Not Designated as Hedge Instruments [Member] | ' | ' |
Derivatives, Carrying Amount and Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Net | 662 | 1,948 |
Derivative Liability, Fair Value, Net | 6,732 | 104,218 |
Commodity derivatives [Member] | Designated as Hedging Instrument [Member] | Derivative Assets, Current [Member] | ' | ' |
Derivatives, Carrying Amount and Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 248 | 2,874 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Commodity derivatives [Member] | Designated as Hedging Instrument [Member] | Derivative Assets, Noncurrent [Member] | ' | ' |
Derivatives, Carrying Amount and Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 698 | 510 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Commodity derivatives [Member] | Designated as Hedging Instrument [Member] | Derivative Liabilities, Current [Member] | ' | ' |
Derivatives, Carrying Amount and Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 1,541 | 1,993 |
Commodity derivatives [Member] | Designated as Hedging Instrument [Member] | Derivative Liabilities, Noncurrent [Member] | ' | ' |
Derivatives, Carrying Amount and Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 219 | 821 |
Commodity derivatives [Member] | Derivatives Not Designated as Hedge Instruments [Member] | Derivative Assets, Current [Member] | ' | ' |
Derivatives, Carrying Amount and Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 662 | 362 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Commodity derivatives [Member] | Derivatives Not Designated as Hedge Instruments [Member] | Derivative Assets, Noncurrent [Member] | ' | ' |
Derivatives, Carrying Amount and Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Commodity derivatives [Member] | Derivatives Not Designated as Hedge Instruments [Member] | Derivative Liabilities, Current [Member] | ' | ' |
Derivatives, Carrying Amount and Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Asset | 0 | 1,180 |
Derivative Liability, Fair Value, Gross Liability | 0 | 4,957 |
Commodity derivatives [Member] | Derivatives Not Designated as Hedge Instruments [Member] | Derivative Liabilities, Noncurrent [Member] | ' | ' |
Derivatives, Carrying Amount and Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Asset | 0 | 406 |
Derivative Liability, Fair Value, Gross Liability | 6,732 | 5,153 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Derivative Liabilities, Current [Member] | ' | ' |
Derivatives, Carrying Amount and Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 3,474 | 7,038 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Derivative Liabilities, Noncurrent [Member] | ' | ' |
Derivatives, Carrying Amount and Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 5,614 | 16,941 |
Interest Rate Swap [Member] | Derivatives Not Designated as Hedge Instruments [Member] | Derivative Liabilities, Current [Member] | ' | ' |
Derivatives, Carrying Amount and Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 94,108 |
Interest Rate Swap [Member] | Derivatives Not Designated as Hedge Instruments [Member] | Derivative Liabilities, Noncurrent [Member] | ' | ' |
Derivatives, Carrying Amount and Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | $0 | $0 |
Fair_Value_Measurements_Fair_V4
Fair Value Measurements Fair Value Balance Sheet Offsetting (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Asset [Abstract] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $3,975 | $5,332 |
Gross Amounts Offset In Statement Of Financial Position Assets | -3,258 | -1,586 |
Derivative Asset | 717 | 3,746 |
Derivative Liability [Abstract] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 19,948 | 129,424 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | -10,860 | -15,942 |
Derivative Liability | 9,088 | 113,482 |
Contract Subject to Master Netting Arrangement [Member] | ' | ' |
Derivative Asset [Abstract] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 3,920 | 1,970 |
Gross Amounts Offset In Statement Of Financial Position Assets | -3,258 | -1,586 |
Derivative Asset | 662 | 384 |
Derivative Liability [Abstract] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 10,860 | 9,982 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | -10,860 | -9,982 |
Derivative Liability | 0 | 0 |
Contract Subject to Master Netting Arrangement [Member] | Interest Rate Swap [Member] | ' | ' |
Derivative Liability [Abstract] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | 0 | 0 |
Derivative Liability | 0 | 0 |
Contract Not Subject to Master Netting Arrangement [Member] | ' | ' |
Derivative Asset [Abstract] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 55 | 3,362 |
Gross Amounts Offset In Statement Of Financial Position Assets | 0 | 0 |
Derivative Asset | 55 | 3,362 |
Derivative Liability [Abstract] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 9,088 | 119,442 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | 0 | -5,960 |
Derivative Liability | 9,088 | 113,482 |
Contract Not Subject to Master Netting Arrangement [Member] | Interest Rate Swap [Member] | ' | ' |
Derivative Liability [Abstract] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 9,088 | 118,088 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | 0 | -5,960 |
Derivative Liability | 9,088 | 112,128 |
Crude Oil [Member] | Contract Subject to Master Netting Arrangement [Member] | Basis Swap [Member] | ' | ' |
Derivative Asset [Abstract] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 75 | 76 |
Gross Amounts Offset In Statement Of Financial Position Assets | -75 | 0 |
Derivative Asset | 0 | 76 |
Derivative Liability [Abstract] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 1,229 | 449 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | -1,229 | -449 |
Derivative Liability | 0 | 0 |
Crude Oil [Member] | Contract Subject to Master Netting Arrangement [Member] | Commodity Option [Member] | ' | ' |
Derivative Asset [Abstract] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | 93 |
Gross Amounts Offset In Statement Of Financial Position Assets | 0 | 0 |
Derivative Asset | 0 | 93 |
Derivative Liability [Abstract] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 0 | 337 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | 0 | -337 |
Derivative Liability | 0 | 0 |
Crude Oil [Member] | Contract Not Subject to Master Netting Arrangement [Member] | Basis Swap [Member] | ' | ' |
Derivative Asset [Abstract] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 55 | 1,249 |
Gross Amounts Offset In Statement Of Financial Position Assets | 0 | 0 |
Derivative Asset | 55 | 1,249 |
Derivative Liability [Abstract] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 0 | 52 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | 0 | 0 |
Derivative Liability | 0 | 52 |
Crude Oil [Member] | Contract Not Subject to Master Netting Arrangement [Member] | Commodity Option [Member] | ' | ' |
Derivative Asset [Abstract] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | 285 |
Gross Amounts Offset In Statement Of Financial Position Assets | 0 | 0 |
Derivative Asset | 0 | 285 |
Derivative Liability [Abstract] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 0 | 795 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | 0 | 0 |
Derivative Liability | 0 | 795 |
Natural Gas [Member] | Contract Subject to Master Netting Arrangement [Member] | Basis Swap [Member] | ' | ' |
Derivative Asset [Abstract] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 815 | 172 |
Gross Amounts Offset In Statement Of Financial Position Assets | -815 | 0 |
Derivative Asset | 0 | 172 |
Derivative Liability [Abstract] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 531 | 620 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | -531 | -620 |
Derivative Liability | 0 | 0 |
Natural Gas [Member] | Contract Not Subject to Master Netting Arrangement [Member] | Basis Swap [Member] | ' | ' |
Derivative Asset [Abstract] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | 1,828 |
Gross Amounts Offset In Statement Of Financial Position Assets | 0 | 0 |
Derivative Asset | 0 | 1,828 |
Derivative Liability [Abstract] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 0 | 507 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | 0 | 0 |
Derivative Liability | 0 | 507 |
Natural Gas, Distribution [Member] | Contract Subject to Master Netting Arrangement [Member] | Purchase Contract [Member] | ' | ' |
Derivative Asset [Abstract] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 3,030 | 1,629 |
Gross Amounts Offset In Statement Of Financial Position Assets | -2,368 | -1,586 |
Derivative Asset | 662 | 43 |
Derivative Liability [Abstract] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 9,100 | 8,576 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | -9,100 | -8,576 |
Derivative Liability | 0 | 0 |
Natural Gas, Distribution [Member] | Contract Not Subject to Master Netting Arrangement [Member] | Purchase Contract [Member] | ' | ' |
Derivative Asset [Abstract] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Gross Amounts Offset In Statement Of Financial Position Assets | 0 | 0 |
Derivative Asset | 0 | 0 |
Derivative Liability [Abstract] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | 0 | 0 |
Derivative Liability | $0 | $0 |
Fair_Value_Measurements_Fair_V5
Fair Value Measurements Fair Value Balance Sheet Offsetting by Counterparty (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Asset [Abstract] | ' | ' |
Derivative Asset | $717 | $3,746 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, after Netting and Cash Collateral Not Offset Withing Derivative Assets | 717 | 3,746 |
Derivative Liability [Abstract] | ' | ' |
Derivative Liability | 9,088 | 113,482 |
Derivative, Collateral, Right to Reclaim Cash | -5,021 | -6,141 |
Derivative Liabilty, After Netting and Cash Collateral Not Offset Within Derivative Liabilities | 4,067 | 107,341 |
Counterparty D [Member] | ' | ' |
Derivative Liability [Abstract] | ' | ' |
Derivative Liability | ' | 4,588 |
Derivative, Collateral, Right to Reclaim Cash | ' | 0 |
Derivative Liabilty, After Netting and Cash Collateral Not Offset Within Derivative Liabilities | ' | 4,588 |
Counterparty E [Member] | ' | ' |
Derivative Liability [Abstract] | ' | ' |
Derivative Liability | ' | 29,245 |
Derivative, Collateral, Right to Reclaim Cash | ' | 0 |
Derivative Liabilty, After Netting and Cash Collateral Not Offset Within Derivative Liabilities | ' | 29,245 |
Counterparty F [Member] | ' | ' |
Derivative Liability [Abstract] | ' | ' |
Derivative Liability | 9,088 | 12,721 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liabilty, After Netting and Cash Collateral Not Offset Within Derivative Liabilities | 9,088 | 12,721 |
Counterparty G [Member] | ' | ' |
Derivative Liability [Abstract] | ' | ' |
Derivative Liability | ' | 26,520 |
Derivative, Collateral, Right to Reclaim Cash | ' | 0 |
Derivative Liabilty, After Netting and Cash Collateral Not Offset Within Derivative Liabilities | ' | 26,520 |
Counterparty H [Member] | ' | ' |
Derivative Liability [Abstract] | ' | ' |
Derivative Liability | ' | 16,809 |
Derivative, Collateral, Right to Reclaim Cash | ' | 0 |
Derivative Liabilty, After Netting and Cash Collateral Not Offset Within Derivative Liabilities | ' | 16,809 |
Counterparty I [Member] | ' | ' |
Derivative Liability [Abstract] | ' | ' |
Derivative Liability | ' | 22,245 |
Derivative, Collateral, Right to Reclaim Cash | ' | 0 |
Derivative Liabilty, After Netting and Cash Collateral Not Offset Within Derivative Liabilities | ' | 22,245 |
Utilities Group [Member] | Counterparty A [Member] | ' | ' |
Derivative Asset [Abstract] | ' | ' |
Derivative Asset | 662 | 43 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, after Netting and Cash Collateral Not Offset Withing Derivative Assets | 662 | 43 |
Derivative Liability [Abstract] | ' | ' |
Derivative Liability | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | -3,390 | -4,354 |
Derivative Liabilty, After Netting and Cash Collateral Not Offset Within Derivative Liabilities | -3,390 | -4,354 |
Oil and Gas [Member] | Counterparty A [Member] | ' | ' |
Derivative Asset [Abstract] | ' | ' |
Derivative Asset | 0 | 341 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, after Netting and Cash Collateral Not Offset Withing Derivative Assets | 0 | 341 |
Derivative Liability [Abstract] | ' | ' |
Derivative Liability | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | -1,631 | -1,787 |
Derivative Liabilty, After Netting and Cash Collateral Not Offset Within Derivative Liabilities | -1,631 | -1,787 |
Oil and Gas [Member] | Counterparty B [Member] | ' | ' |
Derivative Asset [Abstract] | ' | ' |
Derivative Asset | 55 | 3,362 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, after Netting and Cash Collateral Not Offset Withing Derivative Assets | 55 | 3,362 |
Derivative Liability [Abstract] | ' | ' |
Derivative Liability | 0 | 1,354 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liabilty, After Netting and Cash Collateral Not Offset Within Derivative Liabilities | $0 | $1,354 |
Fair_Value_Measurements_Fair_V6
Fair Value Measurements Fair Value Measurements Hedging Activities (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ' | ' | ' |
Amount of Gain/(Loss) on Derivatives Recognized in Income | $17,267 | ($11,077) | ($55,383) |
Cash Flow Hedging [Member] | ' | ' | ' |
Summary of Cash Flow Hedge Activity [Abstract] | ' | ' | ' |
Amount of Gain/(Loss) Recognized in AOCI Derivative (Effective Portion) | 6,979 | -2,155 | -4,539 |
Amount of Reclassfied Gain/(Loss) from AOCI into Income (Effective Portion) | 6,062 | 1,177 | -2,177 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ' | ' | ' |
Summary of Cash Flow Hedge Activity [Abstract] | ' | ' | ' |
Amount of Gain/(Loss) Recognized in AOCI Derivative (Effective Portion) | 7,935 | -4,794 | -12,280 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Interest Expense | ' | ' | ' |
Summary of Cash Flow Hedge Activity [Abstract] | ' | ' | ' |
Amount of Reclassfied Gain/(Loss) from AOCI into Income (Effective Portion) | 6,989 | -7,607 | -7,664 |
Cash Flow Hedging [Member] | Commodity Contract [Member] | ' | ' | ' |
Summary of Cash Flow Hedge Activity [Abstract] | ' | ' | ' |
Amount of Gain/(Loss) Recognized in AOCI Derivative (Effective Portion) | -956 | 2,639 | 7,741 |
Cash Flow Hedging [Member] | Commodity Contract [Member] | Sales Revenue, Goods, Net [Member] | ' | ' | ' |
Summary of Cash Flow Hedge Activity [Abstract] | ' | ' | ' |
Amount of Reclassfied Gain/(Loss) from AOCI into Income (Effective Portion) | -927 | 8,784 | 5,487 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Interest Expense | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ' | ' | ' |
Amount of Gain/(Loss) on Derivatives Recognized in Income | -12,902 | -12,959 | -13,373 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Unrealized Gain (Loss) on Interest Rate Swaps [Member] | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ' | ' | ' |
Amount of Gain/(Loss) on Derivatives Recognized in Income | $30,169 | $1,882 | ($42,010) |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Cash and cash equivalents, at carrying value | $7,841 | $15,462 | ||
Restricted cash, at carrying value | 2 | 7,916 | ||
Notes payable, at carrying value | 82,500 | 277,000 | ||
Long-term debt, including current maturities at carrying value | 1,396,948 | 1,042,850 | ||
Carrying Amount | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Cash and cash equivalents, at carrying value | 7,841 | 15,462 | ||
Restricted cash, at carrying value | 2 | 7,916 | ||
Notes payable, at carrying value | 82,500 | 277,000 | ||
Long-term debt, including current maturities at carrying value | 1,396,948 | 1,042,850 | ||
Fair Value | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Cash and cash equivalents, at fair value | 7,841 | [1] | 15,462 | [1] |
Restricted Cash, at fair value | 2 | [1] | 7,916 | [1] |
Notes payable, fair value | 82,500 | [1] | 277,000 | [1] |
Long-term debt, including current maturities, at fair value | $1,491,422 | [2] | $1,231,559 | [2] |
[1] | Carrying value approximates fair value due to either short-term length of maturity or variable interest rates that approximate prevailing market rates and therefore is classified in Level 1 in the fair value hierarchy. | |||
[2] | Long-term debt is valued based on observable inputs available either directly or indirectly for similar liabilities in active markets and therefore is classified in Level 2 in the fair value hierarchy. |
Stock_Equity_Compensation_Plan
Stock Equity Compensation Plans Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 768,953 | ' | ' |
Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $9,900,000 | ' | ' |
Share-based Compensation, Nonvested Awards, Compensation Not Yet Recognized, Weighted Average Period for Recognition (in years) | '1 year 8 months | ' | ' |
Stock compensation | $12,595,000 | $8,271,000 | $5,643,000 |
Stock_Stock_Option_Activity_De
Stock Stock Option Activity (Details) (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | |||
Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $9,900 | ' | ' | |||
Employee Share-based Compensation, Nonvested Awards, Weighted Average Period for Recognition (in years) | '1 year 8 months | ' | ' | |||
Employee Stock Option [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Share-based Compensation Award, Award Vesting Period | '3 years | ' | ' | |||
Share-based Compensation Award, Stock Option Award Effective Term | '10 years | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 121 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 10 | [1] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | -4 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -66 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 61 | 121 | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable at end of period, Shares | 26 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $31.23 | ' | ' | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $40.39 | [1] | ' | ' | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $0 | ' | ' | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $29.09 | ' | ' | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $30.87 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $33.25 | $31.23 | ' | |||
Share-based Compensation Award, Options, Exercisable, Weighted Average Exercise Price | $31.69 | ' | ' | |||
Share-based Compensation Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '7 years 3 months 6 days | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Aggregate Intrinsic Value | 1,165 | ' | ' | |||
Share-based Compensation, Stock Options, Exercisable at End of Period, Weighted Average Remaining Contractual Term | '6 years 6 months | ' | ' | |||
Share-based Compensation Award, Options, Exercisable at End of Period, Aggregate Intrinsic Value | 534 | ' | ' | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $7.65 | [1] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.40% | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 29.30% | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.80% | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '7 years | ' | ' | |||
Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 130 | 218 | 479 | |||
Stock Options, Options, Total Intrinsic Value of Options Exercised | 789 | [2] | 623 | [2] | 94 | [2] |
Stock Options, Net Cash Received from Exercise of Stock Options | 2,046 | 2,839 | 1,009 | |||
Employee Share-based Compensation, Nonvested Awards, Weighted Average Period for Recognition (in years) | '1 year 1 month | ' | ' | |||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $276 | [3] | $218 | [3] | $33 | [3] |
[1] | The grant date fair value of the 2013 awards was $7.65 based on a Black-Scholes option pricing model. Assumptions used to estimate the fair value were a 1.4 percent risk free interest rate, 29.3 percent expected price volatility, 3.8 percent expected dividend yield and a 7 year expected life. | |||||
[2] | The intrinsic value represents the amount by which the market price of the stock on the date of exercise exceeded the exercise price of the option. | |||||
[3] | The tax benefit realized from the exercise of shares granted was recorded as an increase in equity. |
Stock_Restricted_Stock_Details
Stock Restricted Stock (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock Restrcited Stock Units, Weighted Average Price [Roll Forward] | ' | ' | ' |
Equity Compensation, Nonvested Awards, Unrecognized Compensation Expense | $9,900 | ' | ' |
Share-based Compensation, Nonvested Awards, Compensation Not Yet Recognized, Weighted Average Period for Recognition (in years) | '1 year 8 months | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Award, Award Vesting Period | '3 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' |
Share-based Compensation Award, Restricted Stock and Restricted Stock Units, Nonvested, Number, Beginning of Period | 287 | ' | ' |
Restricted Stock and RSUs, Granted in Period, Shares | 120 | ' | ' |
Restricted Stock and RSUs, Vested in Period, Shares | -138 | ' | ' |
Restricted Stock and RSUs, Forfeited in Period, Shares | -7 | ' | ' |
Share-based Compensation Award, Restricted Stock and Restricted Stock Units, Nonvested, Number, End of Period | 262 | 287 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock Restrcited Stock Units, Weighted Average Price [Roll Forward] | ' | ' | ' |
Share-based Compensation Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Period Start | $32.23 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $40.56 | $34.99 | $30.33 |
Restricted Stock and RSUs, Vested in Period, Weighted Average Grant Date Fair Value | $30.62 | ' | ' |
Restricted Stock or RSUs, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $35.50 | ' | ' |
Share-based Compensation Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Period End | $36.76 | $32.23 | ' |
Restricted Stock and RSUs, Vested in Period, Total Fair Value | 5,842 | 3,781 | 3,211 |
Equity Compensation, Nonvested Awards, Unrecognized Compensation Expense | $5,800 | ' | ' |
Share-based Compensation, Nonvested Awards, Compensation Not Yet Recognized, Weighted Average Period for Recognition (in years) | '1 year 9 months 12 days | ' | ' |
Stock_Performance_Shares_Detai
Stock Performance Shares (Details) (USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $9,900,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance Shares, Outstanding [Roll Forward] | ' | ' | ' |
Share-based Compensation, Nonvested Awards, Compensation Not Yet Recognized, Weighted Average Period for Recognition (in years) | '1 year 8 months | ' | ' |
Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Performance Share Award Payout, Cash Percentage | 50.00% | ' | ' |
Performance Share Award Payout, Shares of Common Stock Percentage | 50.00% | ' | ' |
Performance Share Award, Payout, Change Of Control | 100.00% | ' | ' |
Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 1,900,000 | ' | ' |
Performance Share Award, Percentage of Target | 175.00% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance Shares, Outsanding [Roll Forward] | ' | ' | ' |
Performance Shares, Number of Shares Authorized, Beginning of Period | 64 | 62 | ' |
Performance Shares, Number of Shares Authorized, End of Period | 61 | 64 | 62 |
Share-based Compensation Arrangement by Share-based Payment Award, Performance Shares, Outstanding [Roll Forward] | ' | ' | ' |
Weighted Average Grant Date of Fair Value Share-Based Compensation Arrangement | $35.85 | $32.26 | $25.92 |
Performance Shares, Fair Value Assumptions, Weighted Average Volatility Rate | 20.00% | 21.00% | 30.00% |
Performance Shares Expected Volatility, Historical Cost | 50.00% | ' | ' |
Performance Shares Expected Volatility, Implied Cost | 50.00% | ' | ' |
Performance Shares Issued During Period, Shares, Treasury Stock Reissued | 63 | 0 | 0 |
Performance Shares, Total Share-based Liabilities Paid | 2,267,000 | 0 | 0 |
Performance Shares, Vested in Period, Total Intrinsic Value | 4,533,000 | 0 | 0 |
Peer Percentile | 0.94 | ' | ' |
Employee Service Share-based Compensation, Other Than Options, Total Payout Value | 6,000,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $3,900,000 | ' | ' |
Share-based Compensation, Nonvested Awards, Compensation Not Yet Recognized, Weighted Average Period for Recognition (in years) | '1 year 7 months | ' | ' |
Performance Shares, Liability Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance Shares, Outsanding [Roll Forward] | ' | ' | ' |
Performance Shares, Number of Shares Authorized, Beginning of Period | 96 | ' | ' |
Performance Shares, Granted in Period | 31 | ' | ' |
Performance Shares, Forfeited in Period | -1 | ' | ' |
Performance Shares, Vested in Period | -33 | ' | ' |
Performance Shares, Number of Shares Authorized, End of Period | 93 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance Shares, Outstanding [Roll Forward] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $95.79 | ' | ' |
Performance Shares, Equity Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance Shares, Outsanding [Roll Forward] | ' | ' | ' |
Performance Shares, Number of Shares Authorized, Beginning of Period | 96 | ' | ' |
Performance Shares, Granted in Period | 31 | ' | ' |
Performance Shares, Forfeited in Period | -1 | ' | ' |
Performance Shares, Vested in Period | -33 | ' | ' |
Performance Shares, Number of Shares Authorized, End of Period | 93 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance Shares, Outstanding [Roll Forward] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance Shares, Forfeited in Period, Weighted Average Grant Date Fair Value | $33.85 | ' | ' |
Peformance Shares, Vested in Period, Weighted Average Grant Date Fair Value | $24.26 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $31.34 | $27.49 | ' |
Minimum [Member] | Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Performance Share Award, Percentage of Target | 0.00% | 0.00% | 0.00% |
Maximum [Member] | Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Performance Share Award, Percentage of Target | 200.00% | 200.00% | 175.00% |
Current Year [Member] | Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance Shares, Outstanding [Roll Forward] | ' | ' | ' |
Performance Shares, Award Requisite Service Period | '3 years | ' | ' |
Prior Year [Member] | Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance Shares, Outstanding [Roll Forward] | ' | ' | ' |
Performance Shares, Award Requisite Service Period | '3 years | ' | ' |
More Than Two Years Prior [Member] | Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance Shares, Outstanding [Roll Forward] | ' | ' | ' |
Performance Shares, Award Requisite Service Period | '3 years | ' | ' |
More Than Three Years Prior [Member] | Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance Shares, Outstanding [Roll Forward] | ' | ' | ' |
Performance Shares, Award Requisite Service Period | '3 years | ' | ' |
Stock_Dividend_Reinvestment_an
Stock Dividend Reinvestment and Stock Purchase Plan (Details) (Dividend Reinvestment Plan [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Dividend Reinvestment Plan [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common Stock Purchase Percentage of Recent Average Market Price | 100.00% | ' |
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 67,000 | 101,000 |
Dividend Reinvestment Plan, Weighted Average Price | $46.78 | $33.58 |
Dividend Reinvestment Plan, Unissued Shares Available | 286,000 | 353,000 |
Stock_Common_Stock_Equity_Issu
Stock Common Stock Equity Issuance (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2011 | Nov. 10, 2010 | Nov. 10, 2010 | Nov. 10, 2010 | Nov. 10, 2010 |
Common Stock [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | ||
Common Stock [Member] | Forward Equity Agreement [Member] | Forward Equity Agreement Over Allotment Shares [Member] | ||||
Forward Contract Indexed to Issuer's Equity [Line Items] | ' | ' | ' | ' | ' | ' |
Forward Contract Indexed to Issuer's Equity, Shares | ' | ' | ' | ' | 4,000,000 | ' |
Forward Equity Issuance OverAllotment | ' | ' | ' | ' | ' | 413,519 |
Stock Issued During Period, Value, New Issues | ' | 4,413,519 | ' | 4,413,519 | ' | ' |
Stock Issued During Period, Value, New Issues | $119,630 | $4,414 | $120,000 | ' | ' | ' |
Stock_Preferred_Stock_Details
Stock Preferred Stock (Details) | Dec. 31, 2013 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' |
Preferred Stock, Shares Authorized | 25,000,000 |
Preferred Stock, Shares Outstanding | 0 |
Impairment_of_LongLived_Assets1
Impairment of Long-Lived Assets Impairment of Long-Lived Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Jun. 30, 2012 | ||
Oil and Gas [Member] | Oil and Gas [Member] | |||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' | ' | ' | ||
Impairment of long-lived assets | $27,000 | $0 | $26,868 | [1] | $0 | $26,868 | [1] | ' |
Average Natural Gas Price Per MCF, NYMEX | ' | 3.67 | 2.76 | 4.12 | ' | 3.15 | ||
Average Natural Gas Price Per MCF, Wellhead | ' | 3.45 | 2.24 | 3.59 | ' | 2.66 | ||
Average Crude Oil Price, Per Barrel, NYMEX | ' | 96.94 | 94.71 | 96.19 | ' | 95.67 | ||
Average Crude Oil Price Per Barrel, Wellhead | ' | 89.79 | 85.31 | 88.49 | ' | 85.36 | ||
[1] | Oil and Gas includes a ceiling test impairment (see Note 12). |
Operating_Leases_Operating_Lea1
Operating Leases Operating Lease (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Leases, Rent Expense, Net [Abstract] | ' | ' | ' |
Operating Leases, Rent Expense | $7,169 | $6,839 | $6,125 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Operating Leases, Future Minimum Payments Due, Current | 2,782 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | 2,583 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | 1,938 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Four Years | 1,747 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Five Years | 1,697 | ' | ' |
Operating Leases, Future Minimum Payments, Due Thereafter | $5,452 | ' | ' |
Income_Taxes_Current_and_Defer
Income Taxes Current and Deferred Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
Current Federal Income Tax Expense (Benefit) | ($2,003) | $4,972 | ($14,539) |
Current State Income Tax Expense (Benefit) | -173 | 3,712 | -837 |
Current Income Tax Expense (Benefit) | -2,176 | 8,684 | -15,376 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
Deferred Federal Income Tax Expense (Benefit) | 56,963 | 39,876 | 30,876 |
Deferred State Income Tax Expense (Benefit) | 7,033 | 68 | 2,970 |
Tax Credit Amortization Expense (Benefit) | -212 | -228 | -246 |
Deferred Income Tax Expense (Benefit) | 63,784 | 39,716 | 33,600 |
Total Income Tax Expense (Benefit) | $61,608 | $48,400 | $18,224 |
Income_Taxes_Deferred_Income_T
Income Taxes Deferred Income Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets, Net [Abstract] | ' | ' |
Deferred Tax Assets, Regulatory Assets and Liabilities | $33,172 | $57,471 |
Deferred Tax Assets, Employee Benefits | 28,724 | 23,767 |
Deferred Tax Assets, Other Comprehensive (Loss) | 9,733 | 20,038 |
Deferred Tax Assets, Derivative Fair Value Adjustments | 1,594 | 35,947 |
Deferred Tax Asset, Non-current, Federal Net Operating Loss | 166,095 | 147,153 |
Deferred Tax Assets, Non-current, Asset Impairment | 55,124 | 55,971 |
Deferred Tax Assets, State Tax Credits | 14,948 | 15,546 |
Deferred Tax Assets, Other | 32,803 | 36,502 |
Deferred Tax Assets, Valuation Allowance | -1,806 | -6,192 |
Deferred Tax Assets, Net of Valuation Allowance | 340,387 | 386,203 |
Deferred Tax Liabilities, Net [Abstract] | ' | ' |
Deferred Tax Liabilities Non-current, Accelerated Depreciation, Amortization and Other Plant-Related Differences | -598,415 | -571,262 |
Deferred Tax Liabilities Non-current, Regulatory Assets | -24,581 | -23,537 |
Deferred Tax Liabilities, Development Operations | -69,799 | -48,411 |
Deferred Tax Liabilities, Deferred Costs | -15,593 | -17,723 |
Deferred Tax Liability Non-current, State Deferred Tax Liability | -30,293 | -19,986 |
Deferred Tax Liabilities, Other Current | -15,104 | -13,961 |
Deferred Tax Liabilities, Gross | -753,785 | -694,880 |
Net Deferred Tax Assets (Liabilities) | $413,398 | $308,677 |
Income_Taxes_Effective_Tax_Rat
Income Taxes Effective Tax Rate Differences From Statutory Tax Rates (Details) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Effective Tax Rate Reconciliation [Line Items] | ' | ' | ' | |||
Federal Statutory Rate | 35.00% | 35.00% | 35.00% | |||
State Income Tax (net of federal tax effect) | 2.40% | 2.00% | 1.80% | |||
Amortization Of Excess Deferred and Investment Tax Credits | -0.10% | -0.20% | -0.50% | |||
Percentage Depletion In Excess of Cost | -1.00% | -1.30% | -2.50% | |||
Equity AFUDC | 0.00% | 0.00% | -0.50% | |||
Tax Credits | -0.50% | 0.00% | 0.00% | |||
Accounting for Uncertain Tax Positions Adjustment | 0.70% | 0.80% | 2.80% | |||
Flow Through Adjustments | -0.90% | [1] | -1.30% | [1] | -4.50% | [1] |
Other Tax Differences | -0.90% | 0.40% | -0.50% | |||
Effective Income Tax Rate, Continuing Operations | 34.70% | 35.40% | 31.10% | |||
[1] | The flow-through adjustments relate primarily to an accounting method change for tax purposes that allows us to take a current tax deduction for repair costs that continue to be capitalized for book purposes. We recorded a deferred income tax liability in recognition of the temporary difference created between book and tax treatment and flowed the tax benefit through to our customers in the form of lower rates as a result of a rate case settlement that occurred during 2010. A regulatory asset was established to reflect the recovery of future increases in taxes payable from customers as the temporary differences reverse. As a result of this regulatory treatment, we continue to record a tax benefit consistent with the flow-through method. Such tax benefit has remained somewhat constant, but its impact on the effective tax rate is predicated on the level of pre-tax net income as evidenced in 2011. |
Income_Taxes_Net_Operating_Los
Income Taxes Net Operating Loss Carryforwards (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Income Tax Expense (Benefit) | $61,608,000 | $48,400,000 | $18,224,000 |
Internal Revenue Service (IRS) [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | 482,989,000 | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | 423,570,000 | ' | ' |
Minimum [Member] | Internal Revenue Service (IRS) [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating Loss Carryforwards, Expiration Dates | 31-Dec-19 | ' | ' |
Minimum [Member] | State and Local Jurisdiction [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating Loss Carryforwards, Expiration Dates | 31-Dec-13 | ' | ' |
Maximum [Member] | Internal Revenue Service (IRS) [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating Loss Carryforwards, Expiration Dates | 31-Dec-33 | ' | ' |
Maximum [Member] | State and Local Jurisdiction [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating Loss Carryforwards, Expiration Dates | 31-Dec-33 | ' | ' |
Valuation Allowance, Operating Loss Carryforwards [Member] | State and Local Jurisdiction [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating Loss Carryforwards, Valuation Allowance | 500,000 | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 1,700,000 | ' | ' |
Income Tax Expense (Benefit) | $700,000 | ' | ' |
Income_Taxes_Reconciliation_of
Income Taxes Reconciliation of unrecognized tax benefits (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Liability for Uncertain Tax Positions, Noncurrent, Period Start | $40,683,000 | $49,327,000 | $50,135,000 |
Unrecognized Tax Benefits, Increases Resulting from Additions for Prior Period Tax Positions | 1,526,000 | 111,000 | 2,725,000 |
Unrecognized Tax Benefits, Decreases Resulting from Reductions for Prior Period Tax Positions | -4,578,000 | -8,906,000 | -3,533,000 |
Unrecognized Tax Benefits, Increases Resulting from Additions for Current Year Tax Positions | 0 | 151,000 | ' |
Unrecognized Tax Benefits, Increases Decreases Resulting from Settlements | 0 | 0 | ' |
Liability for Uncertain Tax Positions, Noncurrent, Period End | 37,631,000 | 40,683,000 | 49,327,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $1,700,000 | ' | ' |
Income_Taxes_Interest_Penaltie
Income Taxes Interest, Penalties and Audits (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Examination [Line Items] | ' | ' | ' |
Unrecognized Tax Benefits, Interest Expense Included in Income Tax Expense | $1,600,000 | $1,400,000 | $1,400,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 9,900,000 | 8,300,000 | ' |
Deferred Income Tax Expense (Benefit) | 63,784,000 | 39,716,000 | 33,600,000 |
Like-Kind Exchange, Aquila and IPP Transactions [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Deferred Income Tax Expense (Benefit) | $125,000,000 | ' | ' |
Income_Taxes_Carryforwards_Sta
Income Taxes Carryforwards, State and Foreign Tax Credits (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Deferred Tax Assets, State Tax Credits | $14,948,000 | $15,546,000 | ' |
Income Tax Expense (Benefit) | 61,608,000 | 48,400,000 | 18,224,000 |
Foreign Tax Authority [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Other Tax Carryforward, Gross Amount | 500,000 | ' | ' |
Tax Credit Carryforward, Valuation Allowance | 500,000 | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Tax Credit Carryforward, Valuation Allowance | 800,000 | ' | ' |
Investment Tax Credit Carryforward [Member] | State and Local Jurisdiction [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Deferred Tax Assets, State Tax Credits | 14,793,000 | ' | ' |
Research Tax Credit Carryforward [Member] | State and Local Jurisdiction [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Deferred Tax Assets, State Tax Credits | 155,000 | ' | ' |
Deferred Tax Asset [Domain] | State and Local Jurisdiction [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 2,600,000 | ' | ' |
Income Tax Expense (Benefit) | 1,100,000 | ' | ' |
Minimum [Member] | Internal Revenue Service (IRS) [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Income Tax Examination, Year under Examination | '2007 | ' | ' |
Minimum [Member] | Foreign Tax Credit Carryforward [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Tax Credit Carryforward, Expiration Date | 31-Dec-15 | ' | ' |
Minimum [Member] | Investment Tax Credit Carryforward [Member] | State and Local Jurisdiction [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Tax Credit Carryforward, Expiration Date | 31-Dec-23 | ' | ' |
Maximum [Member] | Internal Revenue Service (IRS) [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Income Tax Examination, Year under Examination | '2009 | ' | ' |
Maximum [Member] | Foreign Tax Credit Carryforward [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Tax Credit Carryforward, Expiration Date | 31-Dec-17 | ' | ' |
Maximum [Member] | Investment Tax Credit Carryforward [Member] | State and Local Jurisdiction [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Tax Credit Carryforward, Expiration Date | 31-Dec-25 | ' | ' |
Settlement with Taxing Authority [Member] | Internal Revenue Service (IRS) [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Other Tax Carryforward, Gross Amount | 1,800,000 | ' | ' |
Utilities Group [Member] | Deferred Tax Asset [Domain] | State and Local Jurisdiction [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $1,500,000 | ' | ' |
Comprehensive_Income_Other_Com
Comprehensive Income Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | $113,979 | $117,754 | $116,684 |
Revenue | 355,448 | 259,907 | 279,826 | 380,671 | 318,862 | 246,808 | 242,363 | 365,851 | 1,275,852 | 1,173,884 | 1,272,188 |
Income (loss) from continuing operations before earnings (loss) of unconsolidated subsidiaries and income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 177,540 | 136,895 | 57,468 |
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -61,608 | -48,400 | -18,224 |
Operations and maintenance | ' | ' | ' | ' | ' | ' | ' | ' | 261,919 | 242,367 | 247,496 |
Non-regulated energy operations and maintenance | ' | ' | ' | ' | ' | ' | ' | ' | 83,762 | 85,830 | 93,453 |
Cash Flow Hedging | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations before earnings (loss) of unconsolidated subsidiaries and income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 6,062 | -1,177 | ' |
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -2,016 | 534 | ' |
Net income (loss) available for common stock | ' | ' | ' | ' | ' | ' | ' | ' | 4,046 | -643 | ' |
Cash Flow Hedging | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Contract [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 6,989 | 7,607 | ' |
Cash Flow Hedging | Reclassification out of Accumulated Other Comprehensive Income [Member] | Commodity Contract [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | -927 | -8,784 | ' |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operations and maintenance | ' | ' | ' | ' | ' | ' | ' | ' | -125 | 0 | ' |
Non-regulated energy operations and maintenance | ' | ' | ' | ' | ' | ' | ' | ' | -128 | 0 | ' |
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operations and maintenance | ' | ' | ' | ' | ' | ' | ' | ' | 1,693 | 0 | ' |
Non-regulated energy operations and maintenance | ' | ' | ' | ' | ' | ' | ' | ' | 1,098 | 0 | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations before earnings (loss) of unconsolidated subsidiaries and income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 2,538 | 0 | ' |
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -883 | 0 | ' |
Net income (loss) available for common stock | ' | ' | ' | ' | ' | ' | ' | ' | $1,655 | $0 | ' |
Comprehensive_Income_Accumulat
Comprehensive Income Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | ($35,488) | ($32,878) | ' |
Other comprehensive income (loss), net of tax | 18,066 | -2,610 | -9,297 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | -17,422 | -35,488 | -32,878 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Rate Swap [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | -16,313 | -18,140 | ' |
Other comprehensive income (loss), net of tax | 9,688 | 1,827 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | -6,625 | -16,313 | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Commodity Contract [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | 600 | 4,338 | ' |
Other comprehensive income (loss), net of tax | -1,108 | -3,738 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | -508 | 600 | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | -19,775 | -19,076 | ' |
Other comprehensive income (loss), net of tax | 9,486 | -699 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | ($10,289) | ($19,775) | ' |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Non-cash Investing and Financing Activities from Continuing Operations [Abstract] | ' | ' | ' |
Property, plant and equipment acquired with accrued liabilities | $59,811 | $35,556 | $37,529 |
Increase (Decrease) in Capitalized Asset Retirement Costs Associated with Asset Retirement Obligations | 1,235 | 5,743 | -1,525 |
Cash (paid) refunded during the period for continuing operations [Abstract] | ' | ' | ' |
Interest (net of amounts capitalized) | -108,361 | -116,593 | -103,110 |
Income taxes | ($4,573) | ($3,027) | $9,854 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans Narrative (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ' | ' | |||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 50.00% | ' | ' | |||
Defined Contribution Plan, Employee Vesting Period | '5 years | ' | ' | |||
Pension and Other Postretirement Defined Benefit Plans, Liabilities [Abstract] | ' | ' | ' | |||
Defined Benefit Plan, Measurement Date | 'December 31 | ' | ' | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.25% | 7.25% | ' | |||
Not Full Vested [Member] | ' | ' | ' | |||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ' | ' | |||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% | ' | ' | |||
Fully Vested [Member] | ' | ' | ' | |||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ' | ' | |||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100.00% | ' | ' | |||
Pension Plans, Defined Benefit [Member] | ' | ' | ' | |||
Pension and Other Postretirement Defined Benefit Plans, Liabilities [Abstract] | ' | ' | ' | |||
Defined Benefit Plan, Funded Status of Plan | ($41) | ' | ' | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.25% | [1] | 7.25% | [1] | 7.75% | [1] |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' | ' | |||
Pension and Other Postretirement Defined Benefit Plans, Liabilities [Abstract] | ' | ' | ' | |||
Defined Benefit Plan, Funded Status of Plan | -33 | ' | ' | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | |||
Pension and Other Postretirement Defined Benefit Plans, Liabilities [Abstract] | ' | ' | ' | |||
Defined Benefit Plan, Funded Status of Plan | ($41) | ' | ' | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 2.00% | 2.00% | 4.00% | |||
Cheyenne Light [Member] | ' | ' | ' | |||
Pension and Other Postretirement Defined Benefit Plans, Liabilities [Abstract] | ' | ' | ' | |||
Defined Benefit Plan Curtailment Effective Date | 1-Jan-12 | ' | ' | |||
[1] | The expected rate of return on plan assets is 6.75 percent for the calculation of the 2014 net periodic pension cost. |
Employee_Benefit_Plans_Target_
Employee Benefit Plans Target Plan Assets Allocation (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Target Allocation Percentage of Assets | 100.00% | 100.00% |
Equity Securities [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Target Allocation Percentage of Assets | 26.00% | 47.00% |
Real Estate [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Target Allocation Percentage of Assets | 4.00% | 8.00% |
Fixed Income Funds [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Target Allocation Percentage of Assets | 58.00% | 44.00% |
Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Target Allocation Percentage of Assets | 1.00% | 1.00% |
Hedge Funds, Multi-strategy [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Target Allocation Percentage of Assets | 11.00% | 0.00% |
Employee_Benefit_Plans_Plan_Co
Employee Benefit Plans Plan Contributions (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $0 | ' |
Pension Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension and Other Postretirement Benefit Contributions | 12,500,000 | 25,350,000 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension and Other Postretirement Benefit Contributions | 5,123,000 | 5,191,000 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension and Other Postretirement Benefit Contributions | 1,345,000 | 1,270,000 |
Defined Contribution Plan, Company Retirement [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Employer Contributions | 2,775,000 | 2,639,000 |
Defined Contribution Plan, 401K [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Employer Contributions | $8,524,000 | $8,981,000 |
Employee_Benefit_Plans_Employe1
Employee Benefit Plans Employee Benefit Plans Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
In Thousands, unless otherwise specified | ||||
Pension Plans, Defined Benefit [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | $280,362 | $268,816 | $221,722 | |
Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 1,486 | ' | |
Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 242,174 | 259,560 | ' | |
Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 38,188 | 7,770 | ' | |
Pension Plans, Defined Benefit [Member] | Money Market Funds [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 1,056 | ' | ' | |
Pension Plans, Defined Benefit [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ' | ' | |
Pension Plans, Defined Benefit [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 1,056 | ' | ' | |
Pension Plans, Defined Benefit [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ' | ' | |
Pension Plans, Defined Benefit [Member] | Money Market Funds [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 1,486 | ' | |
Pension Plans, Defined Benefit [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 1,486 | ' | |
Pension Plans, Defined Benefit [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 0 | ' | |
Pension Plans, Defined Benefit [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 0 | ' | |
Pension Plans, Defined Benefit [Member] | Common Collective Trust [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 1,253 | 1,118 | ' | |
Pension Plans, Defined Benefit [Member] | Common Collective Trust [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' | |
Pension Plans, Defined Benefit [Member] | Common Collective Trust [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 1,253 | 1,118 | ' | |
Pension Plans, Defined Benefit [Member] | Common Collective Trust [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' | |
Pension Plans, Defined Benefit [Member] | Common Collective Trust, Equity Fund [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 73,726 | 126,105 | ' | |
Pension Plans, Defined Benefit [Member] | Common Collective Trust, Equity Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' | |
Pension Plans, Defined Benefit [Member] | Common Collective Trust, Equity Fund [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 73,726 | 126,105 | ' | |
Pension Plans, Defined Benefit [Member] | Common Collective Trust, Equity Fund [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' | |
Pension Plans, Defined Benefit [Member] | Common Collective Trust, Fixed Fund [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 162,747 | 114,440 | ' | |
Pension Plans, Defined Benefit [Member] | Common Collective Trust, Fixed Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' | |
Pension Plans, Defined Benefit [Member] | Common Collective Trust, Fixed Fund [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 162,747 | 114,440 | ' | |
Pension Plans, Defined Benefit [Member] | Common Collective Trust, Fixed Fund [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' | |
Pension Plans, Defined Benefit [Member] | Real Estate Funds [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 11,933 | 21,131 | ' | |
Pension Plans, Defined Benefit [Member] | Real Estate Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' | |
Pension Plans, Defined Benefit [Member] | Real Estate Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 3,392 | 13,361 | ' | |
Pension Plans, Defined Benefit [Member] | Real Estate Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 8,541 | [1] | 7,770 | ' |
Pension Plans, Defined Benefit [Member] | Structured Products [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 4,536 | ' | |
Pension Plans, Defined Benefit [Member] | Structured Products [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 0 | ' | |
Pension Plans, Defined Benefit [Member] | Structured Products [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 4,536 | ' | |
Pension Plans, Defined Benefit [Member] | Structured Products [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 0 | ' | |
Pension Plans, Defined Benefit [Member] | Hedge Funds, Multi-strategy [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 29,647 | ' | ' | |
Pension Plans, Defined Benefit [Member] | Hedge Funds, Multi-strategy [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ' | ' | |
Pension Plans, Defined Benefit [Member] | Hedge Funds, Multi-strategy [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ' | ' | |
Pension Plans, Defined Benefit [Member] | Hedge Funds, Multi-strategy [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 29,647 | [2] | ' | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 4,546 | 4,351 | ' | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 4,546 | 4,351 | ' | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Common Collective Trust [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 4,546 | 4,351 | ' | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Common Collective Trust [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Common Collective Trust [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | 4,546 | 4,351 | ' | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Common Collective Trust [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets | $0 | $0 | ' | |
[1] | The underlying net asset value in the Common Collective Trust - Real Estate fund is determined by appraisal of the properties held in the Trust. As part of the Trustee's valuation process, properties are externally appraised generally on an annual basis. The appraisals are conducted by reputable independent appraisal firms and signed by appraisers that are members of the Appraisal Institute, with the professional designation of Member, Appraisal Institute. All external appraisals are performed in accordance with the Uniform Standards of Professional Appraisal Practices. We receive monthly statements from the Trustee along with the annual schedule of investments and rely on these reports for pricing the units of the fund. The fund does contain a participant withdrawal policy. | |||
[2] | The fair value of Level 3 is determined based on pricing provided or reviewed by third-party administrator to our investment managers. While the input amounts used by the pricing vendor in determining fair value are not provided, and therefore, unavailable for our review, the asset results are reviewed and monitored to ensure the fair values are reasonable and in line with market experience in similar asset classes. Additionally, the audited financial statements of the funds will be reviewed at the time they are issued. |
Employee_Benefit_Plans_Changes
Employee Benefit Plans Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis, Employee Benefits (Details) (Pension Plans, Defined Benefit [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Real Estate Funds [Member] | Real Estate Funds [Member] | Real Estate Funds [Member] | Real Estate Funds [Member] | Hedge Funds, Multi-strategy [Member] | Hedge Funds, Multi-strategy [Member] | |||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Period Start | ' | ' | ' | $7,770 | $7,043 | ' | ' | ' | ' | ' | ' | ||
Purchases, Level 3, Defined Benefit Plans | ' | ' | ' | 29,000 | 0 | ' | ' | ' | ' | ' | ' | ||
Unrealized Gain (Loss), Level 3, Defined Benefit Assets | ' | ' | ' | 1,508 | 727 | ' | ' | ' | ' | ' | ' | ||
Realized Gain (loss), Level 3, Defined Benefit Assets | ' | ' | ' | -77 | 0 | ' | ' | ' | ' | ' | ' | ||
Settlements, Level 3, Defined Benefit Assets | ' | ' | ' | -13 | 0 | ' | ' | ' | ' | ' | ' | ||
Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Period End | ' | ' | ' | 38,188 | 7,770 | ' | ' | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | $280,362 | $268,816 | $221,722 | $38,188 | $7,770 | $11,933 | $21,131 | $8,541 | [1] | $7,770 | $29,647 | $29,647 | [2] |
[1] | The underlying net asset value in the Common Collective Trust - Real Estate fund is determined by appraisal of the properties held in the Trust. As part of the Trustee's valuation process, properties are externally appraised generally on an annual basis. The appraisals are conducted by reputable independent appraisal firms and signed by appraisers that are members of the Appraisal Institute, with the professional designation of Member, Appraisal Institute. All external appraisals are performed in accordance with the Uniform Standards of Professional Appraisal Practices. We receive monthly statements from the Trustee along with the annual schedule of investments and rely on these reports for pricing the units of the fund. The fund does contain a participant withdrawal policy. | ||||||||||||
[2] | The fair value of Level 3 is determined based on pricing provided or reviewed by third-party administrator to our investment managers. While the input amounts used by the pricing vendor in determining fair value are not provided, and therefore, unavailable for our review, the asset results are reviewed and monitored to ensure the fair values are reasonable and in line with market experience in similar asset classes. Additionally, the audited financial statements of the funds will be reviewed at the time they are issued. |
Employee_Benefit_Plans_Changes1
Employee Benefit Plans Changes in Benefit Obligation (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension Plans, Defined Benefit [Member] | ' | ' | ' | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | |
Projected Benefit Obligation at Beginning of Year | $363,235 | $325,944 | ' | |
Service Cost | 6,433 | 5,720 | 5,421 | |
Interest Cost | 15,300 | 14,747 | 14,929 | |
Actuarial (Gain) Loss | -38,252 | 28,639 | ' | |
Plan Amendments | 0 | 0 | ' | |
Benefits Paid | -25,316 | [1] | -11,815 | ' |
Plan Curtailment Reduction | 0 | 0 | ' | |
Medicare Part D Accrued | 0 | 0 | ' | |
Plan Participants' Contributions | 0 | 0 | ' | |
Projected Benefit Obligation at End of Year | 321,400 | 363,235 | 325,944 | |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' | ' | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | |
Projected Benefit Obligation at Beginning of Year | 34,393 | 30,223 | ' | |
Service Cost | 1,392 | 889 | ' | |
Interest Cost | 1,328 | 1,410 | ' | |
Actuarial (Gain) Loss | -2,808 | 3,140 | ' | |
Plan Amendments | 0 | 0 | ' | |
Defined Benefit Plan Benefits Paid from Company Assets | 1,345 | 1,269 | ' | |
Plan Curtailment Reduction | 0 | 0 | ' | |
Medicare Part D Accrued | 0 | 0 | ' | |
Plan Participants' Contributions | 0 | 0 | ' | |
Projected Benefit Obligation at End of Year | 32,960 | 34,393 | ' | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | |
Projected Benefit Obligation at Beginning of Year | 46,681 | 50,141 | ' | |
Service Cost | 1,674 | 1,610 | 1,498 | |
Interest Cost | 1,669 | 2,093 | 2,168 | |
Actuarial (Gain) Loss | -3,379 | -4,430 | ' | |
Plan Amendments | 1,585 | [2] | 0 | ' |
Defined Benefit Plan Benefits Paid From Plan and Company Assets | 5,123 | 5,190 | ' | |
Plan Curtailment Reduction | 0 | 0 | ' | |
Medicare Part D Accrued | 470 | 289 | ' | |
Plan Participants' Contributions | 2,201 | 2,168 | ' | |
Projected Benefit Obligation at End of Year | $45,778 | $46,681 | $50,141 | |
[1] | 2013 Benefits paid includes a one-time $13 million payment made to terminated vested employees who elected a lump-sum offering. | |||
[2] | Reflects Board of Directors approval of an increase to Company’s contribution to RMSA accounts. |
Employee_Benefit_Plans_Changes2
Employee Benefit Plans Changes in Plan Assets (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Pension Plans, Defined Benefit [Member] | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ||
Market Value of Plan Assets, Beginning of Period | $268,816,000 | $221,722,000 | ||
Investment income (loss) | 24,362,000 | 33,559,000 | ||
Employer Contributions | 12,500,000 | 25,350,000 | ||
Retiree Contributions | 0 | 0 | ||
Benefits Paid | -25,316,000 | [1] | -11,815,000 | |
Plan Administrative Expenses | 0 | 0 | ||
Market Value of Plan Assets, End of Period | 280,362,000 | 268,816,000 | ||
Lump Sum Payment | 13,000,000 | ' | ||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ||
Retiree Contributions | 0 | 0 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ||
Market Value of Plan Assets, Beginning of Period | 4,351,000 | ' | ||
Retiree Contributions | -2,201,000 | -2,168,000 | ||
Market Value of Plan Assets, End of Period | 4,546,000 | 4,351,000 | ||
Defined Benefit Plan VEBA [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ||
Market Value of Plan Assets, Beginning of Period | 4,351,000 | [2] | 4,319,000 | [2] |
Investment income (loss) | 8,000 | [2] | -3,000 | [2] |
Employer Contributions | 1,923,000 | [2] | 2,172,000 | [2] |
Retiree Contributions | -1,533,000 | [2] | -1,458,000 | [2] |
Benefits Paid | -3,269,000 | [2] | -3,595,000 | [2] |
Plan Administrative Expenses | 0 | [2] | 0 | [2] |
Market Value of Plan Assets, End of Period | 4,546,000 | [2] | 4,351,000 | [2] |
Unfunded Benefit Plan [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ||
Market Value of Plan Assets, Beginning of Period | 0 | 0 | ||
Investment income (loss) | 0 | 0 | ||
Employer Contributions | 0 | 0 | ||
Retiree Contributions | 0 | 0 | ||
Benefits Paid | 0 | 0 | ||
Plan Administrative Expenses | 0 | 0 | ||
Market Value of Plan Assets, End of Period | $0 | $0 | ||
[1] | 2013 Benefits paid includes a one-time $13 million payment made to terminated vested employees who elected a lump-sum offering. | |||
[2] | Assets of VEBA |
Employee_Benefit_Plans_Amounts
Employee Benefit Plans Amounts Recognized in the Consolidated Balance Sheet (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Regulatory Assets, Defined Benefit Plans | $162,648 | $219,393 |
Non-current Liabilities, Defined Benefit Plans | 111,479 | 167,397 |
Regulatory Liabilities, Defined Benefit Plans | 120,156 | 141,284 |
Pension Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Regulatory Assets, Defined Benefit Plans | 48,419 | 94,199 |
Current Liabilities, Defined Benefit Plans | 0 | 0 |
Non-current Liabilities, Defined Benefit Plans | 41,034 | 94,410 |
Regulatory Liabilities, Defined Benefit Plans | 0 | 0 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Regulatory Assets, Defined Benefit Plans | 0 | 0 |
Current Liabilities, Defined Benefit Plans | 1,491 | 1,286 |
Non-current Liabilities, Defined Benefit Plans | 32,033 | 33,180 |
Regulatory Liabilities, Defined Benefit Plans | 0 | 0 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Regulatory Assets, Defined Benefit Plans | 5,535 | 6,438 |
Current Liabilities, Defined Benefit Plans | 2,802 | 2,573 |
Non-current Liabilities, Defined Benefit Plans | 38,412 | 39,807 |
Regulatory Liabilities, Defined Benefit Plans | $3,141 | $2,174 |
Employee_Benefit_Plans_Accumul
Employee Benefit Plans Accumulated Benefit Obligation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Pension Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | $293,142 | $327,040 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | 27,893 | 28,509 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | 45,778 | 46,681 |
Black Hills Corporation [Member] | Pension Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | 110,847 | 124,143 |
Black Hills Corporation [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | 27,380 | 28,056 |
Black Hills Corporation [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | 12,101 | 12,309 |
Black Hills Utility Holdings [Member] | Pension Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | 182,295 | 202,897 |
Black Hills Utility Holdings [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | 513 | 453 |
Black Hills Utility Holdings [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | 25,467 | 25,868 |
Cheyenne Light [Member] | Pension Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | 0 | 0 |
Cheyenne Light [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | 0 | 0 |
Cheyenne Light [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | $8,210 | $8,504 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans Components of Net Periodic Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service Cost | $6,433 | $5,720 | $5,421 |
Interest Cost | 15,300 | 14,747 | 14,929 |
Expected return on plan assets | -18,615 | -16,334 | -16,955 |
Amortization of prior service cost | 63 | 89 | 99 |
Recognition of net actuarial loss (gain) | 12,250 | 9,630 | 4,540 |
Curtailment Expense | 0 | 0 | 13 |
Net periodic benefit expense | 15,431 | 13,852 | 8,047 |
Supplemental Non-qualified Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service Cost | 1,392 | 889 | 1,028 |
Interest Cost | 1,328 | 1,410 | 1,298 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | 2 | 3 | 3 |
Recognition of net actuarial loss (gain) | 793 | 807 | 510 |
Curtailment Expense | 0 | 0 | 0 |
Net periodic benefit expense | 3,515 | 3,109 | 2,839 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service Cost | 1,674 | 1,610 | 1,498 |
Interest Cost | 1,669 | 2,093 | 2,168 |
Expected return on plan assets | -79 | -78 | -164 |
Amortization of prior service cost | -500 | -500 | -479 |
Recognition of net actuarial loss (gain) | 482 | 887 | 677 |
Curtailment Expense | 0 | 0 | 0 |
Net periodic benefit expense | $3,246 | $4,012 | $3,700 |
Employee_Benefit_Plans_Accumul1
Employee Benefit Plans Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plans, Defined Benefit [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax [Abstract] | ' | ' |
Accumulated Other Comprehensive Income Net Gain (Losses), After Tax | $4,842 | $12,090 |
Accumulated Other Comprehensive Income Prior Service Cost (Gain), After Tax | 64 | 78 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 4,906 | 12,168 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | ' | ' |
Net loss | 3,124 | ' |
Prior Service Cost (Credit) | 41 | ' |
Total Net Periodic Benefit Cost Expected to be Recognized in Next Fiscal Year | 3,165 | ' |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax [Abstract] | ' | ' |
Accumulated Other Comprehensive Income Net Gain (Losses), After Tax | 4,939 | 7,283 |
Accumulated Other Comprehensive Income Prior Service Cost (Gain), After Tax | 9 | 11 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 4,948 | 7,294 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | ' | ' |
Net loss | 323 | ' |
Prior Service Cost (Credit) | 1 | ' |
Total Net Periodic Benefit Cost Expected to be Recognized in Next Fiscal Year | 324 | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax [Abstract] | ' | ' |
Accumulated Other Comprehensive Income Net Gain (Losses), After Tax | 1,648 | 2,097 |
Accumulated Other Comprehensive Income Prior Service Cost (Gain), After Tax | -1,213 | -1,784 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 435 | 313 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | ' | ' |
Net loss | 99 | ' |
Prior Service Cost (Credit) | -218 | ' |
Total Net Periodic Benefit Cost Expected to be Recognized in Next Fiscal Year | ($119) | ' |
Employee_Benefit_Plans_Defined
Employee Benefit Plans Defined Benefit Plans Assumptions (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' | |||
Assumptions, Expected Long-term Return on Assets | 7.25% | 7.25% | ' | |||
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ' | ' | ' | |||
Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 1,914 | ' | ' | |||
Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | -1,644 | ' | ' | |||
Effect of One Percentage Point Increase on Service and Interest Cost Components | 136 | ' | ' | |||
Effect of One Percentage Point Decrease on Service and Interest Cost Components | -116 | ' | ' | |||
Pension Plans, Defined Benefit [Member] | ' | ' | ' | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' | |||
Assumptions, Discount Rate, Benefit Obligation | 5.05% | 4.30% | 4.65% | |||
Assumptions, Rate of Increase in Compensation Levels | 3.78% | 3.84% | 3.77% | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' | |||
Assumptions, Expected Long-term Return on Assets | 7.25% | [1] | 7.25% | [1] | 7.75% | [1] |
Assumptions, Rate of Compensation Increase | 3.78% | 3.75% | 3.79% | |||
Defined Benefit Plan Assumptions Used In Calculating Net Periodic Benefit Cost Expected Rate of Return On Assets For Next Fiscal Year | 6.75% | ' | ' | |||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' | ' | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' | |||
Assumptions, Discount Rate, Benefit Obligation | 4.21% | 3.44% | 4.30% | |||
Assumptions, Rate of Increase in Compensation Levels | 5.00% | 5.00% | 5.00% | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' | |||
Assumptions, Rate of Compensation Increase | 5.00% | 5.00% | 5.00% | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' | |||
Assumptions, Discount Rate, Benefit Obligation | 4.62% | 3.85% | 4.42% | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' | |||
Assumptions, Expected Long-term Return on Assets | 2.00% | 2.00% | 4.00% | |||
Black Hills Corporation [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' | |||
Assumptions, Discount Rate, Net Periodic Cost | 4.35% | 4.68% | 5.50% | |||
Black Hills Corporation [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' | ' | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' | |||
Assumptions, Discount Rate, Net Periodic Cost | 3.88% | 4.70% | 5.00% | |||
Black Hills Corporation [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' | |||
Assumptions, Discount Rate, Net Periodic Cost | 3.65% | 4.35% | 5.00% | |||
Black Hills Utility Holdings [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' | |||
Assumptions, Discount Rate, Net Periodic Cost | 4.25% | 4.60% | 5.40% | |||
Black Hills Utility Holdings [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' | ' | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' | |||
Assumptions, Discount Rate, Net Periodic Cost | 3.00% | 3.90% | 4.40% | |||
Black Hills Utility Holdings [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' | |||
Assumptions, Discount Rate, Net Periodic Cost | 3.50% | 4.35% | 4.60% | |||
Cheyenne Light [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' | |||
Assumptions, Discount Rate, Net Periodic Cost | ' | ' | 5.55% | |||
Cheyenne Light [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' | |||
Assumptions, Discount Rate, Net Periodic Cost | 4.40% | 4.65% | 5.50% | |||
Age, Lower Than Retirement [Member] | Black Hills Corporation [Member] | ' | ' | ' | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ' | ' | ' | |||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 7.50% | 7.75% | ' | |||
Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | ' | |||
Year that Rate Reaches Ultimate Trend Rate | '2027 | '2027 | ' | |||
Age, Lower Than Retirement [Member] | Black Hills Utility Holdings [Member] | ' | ' | ' | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ' | ' | ' | |||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 7.50% | 7.75% | ' | |||
Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | ' | |||
Year that Rate Reaches Ultimate Trend Rate | '2027 | '2027 | ' | |||
Age, Lower Than Retirement [Member] | Cheyenne Light [Member] | ' | ' | ' | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ' | ' | ' | |||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 7.50% | 7.75% | ' | |||
Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | ' | |||
Year that Rate Reaches Ultimate Trend Rate | '2027 | '2027 | ' | |||
Age, Greater Than Retirement [Member] | Black Hills Corporation [Member] | ' | ' | ' | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ' | ' | ' | |||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 6.25% | 6.50% | ' | |||
Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | ' | |||
Year that Rate Reaches Ultimate Trend Rate | '2026 | '2026 | ' | |||
Age, Greater Than Retirement [Member] | Black Hills Utility Holdings [Member] | ' | ' | ' | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ' | ' | ' | |||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 6.25% | 6.50% | ' | |||
Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | ' | |||
Year that Rate Reaches Ultimate Trend Rate | '2026 | '2026 | ' | |||
Age, Greater Than Retirement [Member] | Cheyenne Light [Member] | ' | ' | ' | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ' | ' | ' | |||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 6.25% | 6.50% | ' | |||
Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | ' | |||
Year that Rate Reaches Ultimate Trend Rate | '2026 | '2026 | ' | |||
[1] | The expected rate of return on plan assets is 6.75 percent for the calculation of the 2014 net periodic pension cost. |
Employee_Benefit_Plans_Project
Employee Benefit Plans Projected Benefit Plan Payments (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Pension Plans, Defined Benefit [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | $13,721 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 14,572 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 15,608 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 16,562 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 17,627 |
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | 105,252 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | 1,491 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 1,490 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 1,542 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 1,588 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 1,622 |
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | 8,146 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | 3,340 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 3,397 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 3,477 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 3,495 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 3,572 |
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | $17,520 |
Commitments_and_Contingencies_1
Commitments and Contingencies Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
MW | ||||
Long-term Purchase Commitment [Line Items] | ' | ' | ' | |
Long-term Contract for Purchase of Electric Power, Date of Contract Expiration | 16-Oct-37 | ' | ' | |
Contractual Obligation, Fiscal Year Maturity [Abstract] | ' | ' | ' | |
Unrecorded Unconditional Purchase Obligation, Due within One Year | $203,131,000 | ' | ' | |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 148,874,000 | ' | ' | |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 136,503,000 | ' | ' | |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 125,492,000 | ' | ' | |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 110,930,000 | ' | ' | |
Unrecorded Unconditional Purchase Obligation, Due after Five Years | 148,362,000 | ' | ' | |
Purchase Commitment [Member] | ' | ' | ' | |
Long-term Purchase Commitment [Line Items] | ' | ' | ' | |
Expiration Date of Contracts Maximum, Gas Supply | 31-Dec-17 | ' | ' | |
Equipment [Member] | ' | ' | ' | |
Long-term Purchase Commitment [Line Items] | ' | ' | ' | |
Long Term Purchase Commitment Percentage Committed | 100.00% | ' | ' | |
Construction Contracts [Member] | ' | ' | ' | |
Long-term Purchase Commitment [Line Items] | ' | ' | ' | |
Long Term Purchase Commitment Percentage Committed | 75.00% | ' | ' | |
Cheyenne Prairie [Member] | ' | ' | ' | |
Long-term Purchase Commitment [Line Items] | ' | ' | ' | |
Long-term Purchase Commitment, Amount | 222,000,000 | ' | ' | |
PacifiCorp Purchase Power Agreement [Member] | ' | ' | ' | |
Long-term Purchase Commitment [Line Items] | ' | ' | ' | |
Number of M W Capacity Purchased Under Long-term Contract | 50 | ' | ' | |
Cost of Purchased Power | 13,026,000 | 13,224,000 | 12,515,000 | |
Long-term Contract for Purchase of Electric Power, Date of Contract Expiration | 31-Dec-23 | ' | ' | |
Public Service of Colorado Purchase Power Agreement [Member] | ' | ' | ' | |
Long-term Purchase Commitment [Line Items] | ' | ' | ' | |
Cost of Purchased Power | 0 | 0 | 97,988,000 | [1] |
PacifiCorp Transmission [Member] | ' | ' | ' | |
Long-term Purchase Commitment [Line Items] | ' | ' | ' | |
Number of M W Capacity Purchased Under Long-term Contract | 50 | ' | ' | |
Cost of Purchased Power | 1,384,000 | 1,215,000 | 1,215,000 | |
Long-term Contract for Purchase of Electric Power, Date of Contract Expiration | 31-Dec-23 | ' | ' | |
Happy Jack Wind Purchase Power Agreeement [Member] | ' | ' | ' | |
Long-term Purchase Commitment [Line Items] | ' | ' | ' | |
Number of M W Capacity Purchased Under Long-term Contract | 30 | ' | ' | |
Long-term Contract for Purchase of Electric Power, Date of Contract Expiration | 3-Sep-28 | ' | ' | |
Silver Sage Wind Power Purchase Agreement [Member] | ' | ' | ' | |
Long-term Purchase Commitment [Line Items] | ' | ' | ' | |
Number of M W Capacity Purchased Under Long-term Contract | 30 | ' | ' | |
Long-term Contract for Purchase of Electric Power, Date of Contract Expiration | 30-Sep-29 | ' | ' | |
Busch Ranch Wind Farm [Member] | ' | ' | ' | |
Long-term Purchase Commitment [Line Items] | ' | ' | ' | |
Number of M W Capacity Purchased Under Long-term Contract | 14.5 | ' | ' | |
Cost of Purchased Power | 1,856,000 | 502,000 | 0 | |
Cargill Power Purchase Agreement [Member] | ' | ' | ' | |
Long-term Purchase Commitment [Line Items] | ' | ' | ' | |
Number of M W Capacity Purchased Under Long-term Contract | 50 | ' | ' | |
Long-term Contract for Purchase of Electric Power, Date of Contract Expiration | 31-Dec-14 | ' | ' | |
Basin Electric [Member] | ' | ' | ' | |
Long-term Purchase Commitment [Line Items] | ' | ' | ' | |
Number of M W Capacity Purchased Under Long-term Contract | 40 | ' | ' | |
Long-term Contract for Purchase of Electric Power, Date of Contract Expiration | 30-Sep-14 | ' | ' | |
Renewable Wind Energy, Cheyenne Light [Member] | Happy Jack Wind Purchase Power Agreeement [Member] | ' | ' | ' | |
Long-term Purchase Commitment [Line Items] | ' | ' | ' | |
Cost of Purchased Power | 3,772,000 | 1,988,000 | 1,955,000 | |
Renewable Wind Energy, Cheyenne Light [Member] | Silver Sage Wind Power Purchase Agreement [Member] | ' | ' | ' | |
Long-term Purchase Commitment [Line Items] | ' | ' | ' | |
Cost of Purchased Power | $4,809,000 | $3,269,000 | $3,281,000 | |
Wygen I Generating Facility [Member] | Purchase Option, Property [Member] | ' | ' | ' | |
Long-term Purchase Commitment [Line Items] | ' | ' | ' | |
Number of M W Capacity Purchased Under Long-term Contract | 60 | ' | ' | |
Long-term Contract for Purchase of Electric Power, Date of Contract Expiration | 31-Dec-22 | ' | ' | |
[1] | This PPA with PSCo expired on Dec. 31, 2011 and was replaced with the facilities constructed by Colorado Electric and Black Hills Colorado IPP at our Pueblo Airport Generation site. The facilities constructed by Black Hills Colorado IPP were to support an inter-company PPA with Colorado Electric. This inter-company PPA is being accounted for as a capital lease. |
Commitments_and_Contingencies_2
Commitments and Contingencies Purchase and Sale Agreement (Details) (Power Generation [Member], CTII Natural Gas Fired Generating Unit [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | 6-May-13 |
Power Generation [Member] | CTII Natural Gas Fired Generating Unit [Member] | ' |
Maximum Future Consideration From Sale of Asset | $22 |
Commitments_and_Contingencies_3
Commitments and Contingencies Related Party (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
MW | |
Purchase Option, Property [Member] | Wygen I Generating Facility [Member] | ' |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Number of M W Capacity Purchased Under Long-term Contract | 60 |
Asset Purchase Option | $2.60 |
Power purchased [Member] | ' |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Number of M W Capacity Purchased Under Long-term Contract | 200 |
Lease Expiration Date | 31-Dec-31 |
Basin Electric [Member] | ' |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Number of M W Capacity Purchased Under Long-term Contract | 40 |
Commitments_and_Contingencies_4
Commitments and Contingencies Power Sales Agreements (Details) | 12 Months Ended |
Dec. 31, 2013 | |
MW | |
M D U, Montana Dakota Utilities [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Number of MW Sold Under Long-Term Contract | 25 |
City Of Gillette [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Number of MW Sold Under Long-Term Contract | 23 |
Basin Electric [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Number of MW Sold Under Long-Term Contract | 40 |
Long-term Contract To Sell Electric Power, Date of Contract Expiration | 30-Sep-14 |
Purchase Power Contract, MEAN, 5 M W [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Long-term Contract To Sell Electric Power, Date of Contract Expiration | 1-Apr-15 |
Purchase Power Contract, MEAN, 10 M W [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Long-term Contract To Sell Electric Power, Date of Contract Expiration | 31-May-23 |
Neil Simpson I I [Member] | Purchase Power Contract, MEAN, 5 M W [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Number of MW Sold Under Long-Term Contract | 5 |
Neil Simpson I I [Member] | Purchase Power Contract, MEAN, 10 M W [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Number of MW Sold Under Long-Term Contract | 10 |
Wygen I I I Generating Facility [Member] | Purchase Power Contract, MEAN, 5 M W [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Number of MW Sold Under Long-Term Contract | 5 |
Wygen I I I Generating Facility [Member] | Purchase Power Contract, MEAN, 10 M W [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Number of MW Sold Under Long-Term Contract | 10 |
Commitments_and_Contingencies_5
Commitments and Contingencies Environmental Contingencies (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Electric Utilities [Member] | ' |
Loss Contingencies [Line Items] | ' |
Accrual for Environmental Loss Contingencies, Net | $3.90 |
Manufactured Gas Plant [Member] | Gas Utilities [Member] | ' |
Loss Contingencies [Line Items] | ' |
Insurance Settlements Receivable, Noncurrent | 1.3 |
Loss Contingency, Range of Possible Loss, Minimum | 2.9 |
Loss Contingency, Range of Possible Loss, Maximum | 6.3 |
Loss Contingency Accrual, at Carrying Value | $2.90 |
Commitments_and_Contingencies_6
Commitments and Contingencies Legal Proceedings (Details) (Loss from Catastrophes [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Loss from Catastrophes [Member] | ' |
Loss Contingencies [Line Items] | ' |
Loss Contingency, Damages Sought, Value | $15 |
Guarantees_Guarantees_Details
Guarantees Guarantees (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | |
Guarantor Obligations [Line Items] | ' | |
Guarantor, Maximum Exposure | $134,449 | |
Gas Utilities [Member] | Payment Guarantee [Member] | ' | |
Guarantor Obligations [Line Items] | ' | |
Guarantor, Maximum Exposure | 70,000 | [1] |
Guarantor Obligations, Term | 'Ongoing | |
Coal Mining [Member] | Surety Bond [Member] | ' | |
Guarantor Obligations [Line Items] | ' | |
Guarantor, Maximum Exposure | $64,449 | [2] |
Guarantor Obligations, Term | 'Ongoing | |
[1] | We have guaranteed some of the obligations of Black Hills Utility Holdings for payment obligations arising from commodity-related physical and financial transactions with BP Energy Company and/or BP Canada Energy Marketing Corp, Northern Natural Gas Company and PSCo. These commodity transactions secure natural gas supply for our regulated gas utilities. The guarantee is a continuing guarantee that may be terminated upon 30 days written notice to the counterparty. | |
[2] | We have guarantees in place for reclamation and surety bonds for our subsidiaries. The guarantees were entered into in the normal course of business. To the extent liabilities are incurred as a result of activities covered by the surety bonds, such liabilities are included in our Consolidated Balance Sheets. |
Oil_and_Gas_Reserves_Unaudited2
Oil and Gas Reserves (Unaudited) Oil and Gas Narrative (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Mcfe | PUD_Location | |
PUD_Location | Mcfe | |
Reserve Quantities [Line Items] | ' | ' |
Wells in Process of Drilling | 1,224 | ' |
Gas and Oil Acreage, Leased | 235,517 | ' |
Proved Undeveloped Reserves, Extensions, Discoveries, and Additions | 12,700,000 | ' |
Reserves Replaced | 90.00% | ' |
Proved Undeveloped Reserves, Revisions of Previous Estimates | 0 | ' |
Proved Undeveloped Reserve Locations | 23 | ' |
Proved Undeveloped Reserves | 4,400,000 | ' |
Estimated Future Development Costs of Proved Undeveloped Wells | $15.90 | ' |
PUD Locations in Reserves for Five Or More Years | 0 | ' |
Oil and Gas [Member] | ' | ' |
Reserve Quantities [Line Items] | ' | ' |
Number of States in which Entity Operates | 10 | ' |
Piceance Basin [Member] | ' | ' |
Reserve Quantities [Line Items] | ' | ' |
Proved Undeveloped Reserves, Extensions, Discoveries, and Additions | 10,200,000 | ' |
Williston Basin [Member] | ' | ' |
Reserve Quantities [Line Items] | ' | ' |
Proved Undeveloped Reserves, Extensions, Discoveries, and Additions | 2,100,000 | ' |
PUD Developed, PUD location | 5 | ' |
Proved Undeveloped Reserve Locations | ' | 11 |
Proved Undeveloped Reserves | 0 | ' |
Capital Expenditure for Proved Undeveloped Reserve | 3.6 | ' |
Proved Developed Reserves (Energy) | ' | 0 |
Powder River Basin [Member] | ' | ' |
Reserve Quantities [Line Items] | ' | ' |
Proved Undeveloped Reserves, Extensions, Discoveries, and Additions | 200,000 | ' |
Oklahoma Basin [Member] [Member] | ' | ' |
Reserve Quantities [Line Items] | ' | ' |
Proved Undeveloped Reserves, Extensions, Discoveries, and Additions | 200,000 | ' |
Commodity Prices [Member] | ' | ' |
Reserve Quantities [Line Items] | ' | ' |
Proved Undeveloped Reserves, Revisions of Previous Estimates | 5,000,000 | ' |
Oil and Gas Well Performance [Member] | ' | ' |
Reserve Quantities [Line Items] | ' | ' |
Proved Undeveloped Reserves, Revisions of Previous Estimates | 400,000 | ' |
Oil and Gas Reserve Revisions, Operating Costs [Member] [Member] | Williston Basin [Member] | ' | ' |
Reserve Quantities [Line Items] | ' | ' |
Proved Undeveloped Reserve Locations | 1 | ' |
Oil and Gas Reserve Revisions, Operating Costs [Member] [Member] | San Juan Basin [Member] | ' | ' |
Reserve Quantities [Line Items] | ' | ' |
Proved Undeveloped Reserves, Revisions of Previous Estimates | 0 | ' |
Oil and Gas Reserve Revisions, Five Year Reserve Aging Limit [Member] | ' | ' |
Reserve Quantities [Line Items] | ' | ' |
Proved Undeveloped Reserve Locations | 0 | ' |
Prior Year [Member] | Williston Basin [Member] | ' | ' |
Reserve Quantities [Line Items] | ' | ' |
Proved Undeveloped Reserve Locations | 6 | ' |
Proved Undeveloped Reserves | 500,000 | ' |
Estimated Future Development Costs of Proved Undeveloped Wells | 2.1 | ' |
Added Reserves [Member] | ' | ' |
Reserve Quantities [Line Items] | ' | ' |
Proved Undeveloped Reserve Locations | 17 | ' |
Proved Undeveloped Reserves | 3,900,000 | ' |
Estimated Future Development Costs of Proved Undeveloped Wells | 13.8 | ' |
Added Reserves [Member] | Piceance Basin [Member] | ' | ' |
Reserve Quantities [Line Items] | ' | ' |
Proved Undeveloped Reserve Locations | 1 | ' |
Proved Undeveloped Reserves | 2,100,000 | ' |
Estimated Future Development Costs of Proved Undeveloped Wells | 6.4 | ' |
Added Reserves [Member] | Williston Basin [Member] | ' | ' |
Reserve Quantities [Line Items] | ' | ' |
Proved Undeveloped Reserve Locations | 15 | ' |
Proved Undeveloped Reserves | 1,200,000 | ' |
Estimated Future Development Costs of Proved Undeveloped Wells | 6.5 | ' |
Added Reserves [Member] | San Juan Basin [Member] | ' | ' |
Reserve Quantities [Line Items] | ' | ' |
Proved Undeveloped Reserve Locations | 1 | ' |
Proved Undeveloped Reserves | 600,000 | ' |
Estimated Future Development Costs of Proved Undeveloped Wells | $0.90 | ' |
Oil_and_Gas_Reserves_Unaudited3
Oil and Gas Reserves (Unaudited) Costs Incurred Oil and Gas (Details) (Oil and Gas [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Oil and Gas [Member] | ' | ' | ' |
Costs Incurred, Acquisition of Oil and Gas Properties [Abstract] | ' | ' | ' |
Acquisition of Oil and Gas Properties, Proved Reserves | $234 | $2,437 | $673 |
Acquisition of Oil and Gas Properties, Unproved | 6,022 | 33,052 | 8,317 |
Exploration Costs | 12,817 | 115 | 44,384 |
Development Costs | 48,641 | 73,877 | 38,638 |
Asset Retirement Obligation Incurred | 143 | 158 | 43 |
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities | $67,857 | $109,639 | $92,055 |
Oil_and_Gas_Reserves_Unaudited4
Oil and Gas Reserves (Unaudited) Proved Developed and Undeveloped Oil and Gas Reserve (Details) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Proved Developed And Undevleoped Reserves [Roll Forward] | ' | ' | ' | |||
Average Crude Oil Price, Per Barrel, NYMEX | 96.94 | 94.71 | 96.19 | |||
Average Natural Gas Price Per MCF, NYMEX | 3.67 | 2.76 | 4.12 | |||
Average Crude Oil Price Per Barrel, Wellhead | 89.79 | 85.31 | 88.49 | |||
Average Natural Gas Price Per MCF, Wellhead | 3.45 | 2.24 | 3.59 | |||
Oil [Member] | ' | ' | ' | |||
Proved Developed And Undevleoped Reserves [Roll Forward] | ' | ' | ' | |||
Proved Developed and Undeveloped Reserves, Balance at Beginning of Year | 4,116 | 6,223 | 5,940 | |||
Proved Developed and Undeveloped Reserves, Production | -336 | [1] | -560 | [1] | -452 | [1] |
Proved Developed and Undeveloped Reserves, Additions, Acquisitions (Sales) | -30 | -2,025 | [2] | -84 | ||
Proved Developed and Undeveloped Reserves, Additions, Extensions, Discoveries (bcfe) | 379 | 449 | 927 | |||
Proved Developed and Undeveloped Reserves, Revisions of Previous Estimates | -208 | 29 | -108 | |||
Proved Developed and Undeveloped Reserves, Balance at End of Year | 3,921 | 4,116 | 6,223 | |||
Proved Developed Reserves (Volume) | 3,689 | 3,929 | 4,830 | |||
Proved Undeveloped Reserve (Volume) | 232 | 187 | 1,393 | |||
Natural Gas [Member] | ' | ' | ' | |||
Proved Developed And Undevleoped Reserves [Roll Forward] | ' | ' | ' | |||
Proved Developed and Undeveloped Reserves, Balance at Beginning of Year | 55,985 | 95,904 | 95,456 | |||
Proved Developed and Undeveloped Reserves, Production | -6,984 | [1] | -8,686 | [1] | -8,526 | [1] |
Proved Developed and Undeveloped Reserves, Additions, Acquisitions (Sales) | -46 | -3,070 | [2] | 0 | ||
Proved Developed and Undeveloped Reserves, Additions, Extensions, Discoveries (bcfe) | 10,456 | 2,898 | 29,664 | |||
Proved Developed and Undeveloped Reserves, Revisions of Previous Estimates | 3,779 | -31,061 | -20,690 | |||
Proved Developed and Undeveloped Reserves, Balance at End of Year | 63,190 | 55,985 | 95,904 | |||
Proved Developed Reserves (Volume) | 60,224 | 55,708 | 71,867 | |||
Proved Undeveloped Reserve (Volume) | 2,966 | 279 | 24,037 | |||
[1] | Production for reserve calculations does not include volumes for natural gas liquids (NGLs). | |||||
[2] | Reflects the sale of the majority of the Williston Basin assets during 2012. |
Oil_and_Gas_Reserves_Unaudited5
Oil and Gas Reserves (Unaudited) Capitalized Costs (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
In Thousands, unless otherwise specified | ||||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ' | ' | ' | |
Capitalized Costs, Unproved Oil and Gas Properties | $62,553 | $59,526 | $28,656 | |
Capitalized Costs, Proved Oil and Gas Properties | 725,345 | 662,444 | 674,494 | |
Gross Capitalized Costs, Oil and Gas Producing Activities | 787,898 | 721,970 | 703,150 | |
Capitalized Costs, Oil and Gas, Accumulated Depreciation, Depletion, Amortization and Valuation Allowance | -555,263 | -534,777 | [1] | -361,173 |
Net Capitalized Costs, Oil and Gas Producing Activities | $232,635 | $187,193 | $341,977 | |
[1] | Reflects the sale of the majority of the Williston Basin assets during 2012 recorded under the full-cost method of accounting. |
Oil_and_Gas_Reserves_Unaudited6
Oil and Gas Reserves (Unaudited) Results of Operations Oil and Gas (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Results of Operations, Revenue | $54,884 | $79,072 | $79,808 |
Results of Operations, Production Costs | 20,140 | 23,483 | 23,820 |
Gain (Loss) on Sale of Property Plant Equipment | 0 | -29,129 | 0 |
Results of Operations, Depreciation, Depletion and Amortization, and Valuation Provisions | 20,611 | 37,323 | 34,415 |
Impairment of long-lived assets | 0 | 26,868 | 0 |
Results of Operations, Total Costs | 40,751 | 58,545 | 58,235 |
Results of Operations from Producing Activities, before Tax | 14,133 | 20,527 | 21,573 |
Results of Operations, Income Tax (Expense) Benefit | -4,876 | -7,082 | -7,442 |
Results of Operations, Producing Activities (Excluding General and Administrative Costs and Interest Costs) | $9,257 | $13,445 | $14,131 |
Oil_and_Gas_Reserves_Unaudited7
Oil and Gas Reserves (Unaudited) Unproved Properties Excluded from Amortization (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ' | ' | ' |
Leasehold Acquisition Costs | $57,631,000 | ' | ' |
Exploration Costs, Excluded from Amortization Base | 10,930,000 | ' | ' |
Capitalized Interest, Excluded from Amortization Base | 4,922,000 | ' | ' |
Capitalized Costs of Unproved Properties Excluded from Amortization, Period Cost | 73,483,000 | ' | ' |
Current Year [Member] | ' | ' | ' |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ' | ' | ' |
Leasehold Acquisition Costs | 2,279,000 | ' | ' |
Exploration Costs, Excluded from Amortization Base | 10,930,000 | ' | ' |
Capitalized Interest, Excluded from Amortization Base | 748,000 | ' | ' |
Capitalized Costs of Unproved Properties Excluded from Amortization, Period Cost | 13,957,000 | ' | ' |
Prior Year [Member] | ' | ' | ' |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ' | ' | ' |
Leasehold Acquisition Costs | 35,689,000 | ' | ' |
Exploration Costs, Excluded from Amortization Base | 0 | ' | ' |
Capitalized Interest, Excluded from Amortization Base | 360,000 | ' | ' |
Capitalized Costs of Unproved Properties Excluded from Amortization, Period Cost | 36,049,000 | ' | ' |
More Than One Year, Less Than Two Years Prior [Member] | ' | ' | ' |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ' | ' | ' |
Leasehold Acquisition Costs | 2,219,000 | ' | ' |
Exploration Costs, Excluded from Amortization Base | 0 | ' | ' |
Capitalized Interest, Excluded from Amortization Base | 637,000 | ' | ' |
Capitalized Costs of Unproved Properties Excluded from Amortization, Period Cost | 2,856,000 | ' | ' |
More Than Two Years Prior [Member] | ' | ' | ' |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ' | ' | ' |
Leasehold Acquisition Costs | 17,444,000 | ' | ' |
Exploration Costs, Excluded from Amortization Base | 0 | ' | ' |
Capitalized Interest, Excluded from Amortization Base | 3,177,000 | ' | ' |
Capitalized Costs of Unproved Properties Excluded from Amortization, Period Cost | 20,621,000 | ' | ' |
Oil and Gas [Member] | ' | ' | ' |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ' | ' | ' |
Interest Costs, Capitalized During Period | $1,100,000 | $700,000 | $900,000 |
Oil_and_Gas_Reserves_Unaudited8
Oil and Gas Reserves (Unaudited) Standard Measure of Discounted Future Net Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' | ' |
Future Cash Inflows, Standardized Measure of Discounted Future Net Cash Flows | $602,501 | $502,769 | $931,637 |
Future Production Costs, Standardized Measure of Discounted Future Net Cash Flows | -213,578 | -186,695 | -280,910 |
Future Development Costs, Standardized Measure of Discounted Future Net Cash Flows | -40,557 | -8,462 | -92,233 |
Future Income Tax Expense, Standardized Measure of Discounted Future Net Cash Flows | -81,566 | -69,877 | -157,922 |
Future Net Cash Flows, Standardized Measure of Discounted Future Net Cash Flows | 266,800 | 237,735 | 400,572 |
10 Percent Annual Discount for Estimated Timing of Cash Flows, Standardized Measure of Discounted Future Net Cash Flows | -107,375 | -101,632 | -197,215 |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Standardized Measure | $159,425 | $136,103 | $203,357 |
Oil_and_Gas_Reserves_Unaudited9
Oil and Gas Reserves (Unaudited) Change in Standard Measure of Discounted Future Cash Net Flows (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Increase (Decrease) in Standardized Measure of Discounted Future Net Cash Flow Relating to Proved Oil and Gas Reserves [Roll Forward] | ' | ' | ' | |
Standardized Measure of Discounted Future Net Cash Flows, Beginning of Year | $136,103 | $203,357 | $168,108 | |
Sales and Transfers of Oil and Gas Produced, Net of Production Costs | -35,932 | -48,905 | -52,914 | |
Net Change in Prices and Production Costs | 15,126 | -42,639 | 57,087 | |
Extensions, Discoveries, Additions and Improved Recovery, Less Related Costs | 29,574 | 19,870 | 31,179 | |
Changes in Estimated Future Development Costs (USD) | -12,216 | 43,854 | 43,809 | |
Development Costs Incurred During Period | 3,554 | 21,931 | 18,940 | |
Revisions of Previous Quantity Estimates (USD) | 12,851 | -86,277 | -58,211 | |
Accretion of Discount | 15,126 | 25,509 | 19,655 | |
Changes in Income Taxes, Estimates on Future Cash Flows, Proved Oil and Gas Reserves | -3,892 | 36,578 | -23,283 | |
Increase Due to Purchases of Reserves | 0 | 0 | 0 | |
Decrease Due to Sales Reserves | -869 | -37,175 | [1] | -1,013 |
Standardized Measure of Discounted Future Net Cash Flows, End of Year | $159,425 | $136,103 | $203,357 | |
[1] | Reflects sale of Williston Basin assets in 2012. |
Sale_of_Operating_Assets_and_D2
Sale of Operating Assets and Discontinued Operations Sale of Operating Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||||||
Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 18, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 27, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 27, 2012 | Dec. 31, 2012 | |||||
Electric Utilities [Member] | Electric Utilities [Member] | Electric Utilities [Member] | Electric Utilities [Member] | Electric Utilities [Member] | Oil and Gas [Member] | Oil and Gas [Member] | Oil and Gas [Member] | Oil and Gas [Member] | Oil and Gas [Member] | Oil and Gas [Member] | Oil and Gas [Member] | Oil and Gas [Member] | ||||||||||
Busch Ranch Wind Farm [Member] | Busch Ranch Wind Farm [Member] | Williston Basin Assets [Member] | Williston Basin Assets [Member] | Williston Basin Assets [Member] | Cash Proceeds Received on Date of Sale [Member] | Net Cash Proceeds [Member] | ||||||||||||||||
Williston Basin Assets [Member] | Williston Basin Assets [Member] | |||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Jointly Owned Utility Plant, Proportionate Ownership Share Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Proceeds from Sale of Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | $25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Effective Date, Disposal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jul-12 | ' | ' | ||||
Gain (Loss) on Sale of Assets | 1,800,000 | 27,000,000 | 0 | 29,129,000 | [1] | 0 | 0 | 0 | 768,000 | [2] | ' | ' | 0 | 29,129,000 | [1] | 0 | ' | ' | 29,000,000 | ' | ' | |
Proceeds from Sale of Productive Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Proceeds from Sale of Oil and Gas Property and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 243,314,000 | 227,860,000 | ||||
Post Close Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,793,000 | ' | ' | ' | ||||
Transaction Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,400,000 | ' | ' | ' | ' | ||||
Back-in Contract Termination Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,847,000 | [3] | ' | ' | ' | ' | |||
Net Cash Proceeds from Sale of Oil and Gas Property and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $243,314,000 | $227,860,000 | ||||
[1] | Oil and Gas includes gain on sale of the Williston Basin assets (see Note 21). | |||||||||||||||||||||
[2] | Electric Utilities includes gain on sale of assets to a related party which was eliminated in consolidation. | |||||||||||||||||||||
[3] | Required payment, triggered by the sale of the property, arising from a contractual obligation contained in the original participation agreement with the property operator. |
Sale_of_Operating_Assets_and_D3
Sale of Operating Assets and Discontinued Operations Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Proceeds from sale of business operations | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $107,511,000 | $0 | |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -884,000 | -6,977,000 | 9,365,000 | |
Income (loss) from discontinued operations, net of tax | -884,000 | 0 | 0 | 0 | -167,000 | -166,000 | -1,160,000 | -5,484,000 | ' | ' | ' | |
Business Exit Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | |
Energy Marketing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Disposal Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29-Feb-12 | ' | |
Proceeds from sale of business operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 108,000,000 | ' | |
Funds Retained, Sale of Business | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,000,000 | ' | |
Disposal Group, Including Discontinued Operation, Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -604,000 | 41,101,000 | |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -6,061,000 | 14,838,000 | |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | ' | ' | ' | ' | ' | ' | ' | ' | -1,391,000 | -4,184,000 | 0 | |
Discontinued Operation, Tax Effect of Discontinued Operation | ' | ' | ' | ' | ' | ' | ' | ' | 507,000 | 3,268,000 | -5,473,000 | |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -884,000 | -6,977,000 | [1] | 9,365,000 |
Minimum [Member] | Energy Marketing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Post Close Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | $1,100,000 | $1,400,000 | ' | |
[1] | 2012 includes transaction related costs, net of tax, of $2.5 million for the year ended Dec. 31, 2012. |
Quarterly_Historical_Data_Unau2
Quarterly Historical Data (Unaudited) Quarterly Historical Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 19, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | |||||||||||||||
Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Power Generation [Member] | Power Generation [Member] | Power Generation [Member] | Power Generation [Member] | Power Generation [Member] | Power Generation [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | ||||||||||||||||||||||||||
Senior Unsecured Notes Due 2014 [Member] | Senior Unsecured Notes Due 2014 [Member] | Senior Unsecured Notes Due 2014 [Member] | Senior Unsecured Notes Due 2013 [Member] | Senior Unsecured Notes Due 2013 [Member] | Project Financing Debt Due 2016 [Member] | Project Financing Debt Due 2016 [Member] | Project Financing Debt Due 2016 [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||
Selected Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Revenue | $355,448,000 | $259,907,000 | $279,826,000 | $380,671,000 | $318,862,000 | $246,808,000 | $242,363,000 | $365,851,000 | $1,275,852,000 | $1,173,884,000 | $1,272,188,000 | $0 | $0 | $0 | ' | ' | ' | ' | ' | $4,648,000 | $4,189,000 | $4,059,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Operating income | 71,103,000 | 55,566,000 | 49,037,000 | 79,846,000 | 75,262,000 | [1] | 77,810,000 | [1] | 20,591,000 | [1] | 70,048,000 | 255,552,000 | 243,711,000 | 186,239,000 | -1,339,000 | -831,000 | -772,000 | ' | ' | ' | ' | ' | 47,760,000 | 44,799,000 | 10,935,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Income (loss) from continuing operations | 19,007,000 | [2],[3] | 23,124,000 | [2] | 30,518,000 | [2] | 43,197,000 | [2] | 30,934,000 | [1],[4],[5],[6] | 34,623,000 | [4],[5] | -12,323,000 | [1],[4],[5] | 35,271,000 | [4] | 115,846,000 | 88,505,000 | 40,365,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Income (loss) from discontinued operations | -884,000 | 0 | 0 | 0 | -167,000 | -166,000 | -1,160,000 | -5,484,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Net income (loss) available for common stock | 18,123,000 | [2],[3] | 23,124,000 | [2] | 30,518,000 | [2] | 43,197,000 | [2] | 30,767,000 | [1],[4],[5],[6] | 34,457,000 | [4],[5] | -13,483,000 | [1],[4],[5] | 29,787,000 | 114,962,000 | 81,528,000 | 49,730,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Income (loss) from continuing operations, Basic | $0.43 | $0.52 | $0.69 | $0.98 | $0.70 | $0.79 | ($0.28) | $0.81 | $2.62 | $2.02 | $1.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Income (loss) from discontinued operations, Basic | ($0.02) | $0 | $0 | $0 | $0 | $0 | ($0.03) | ($0.13) | ($0.02) | ($0.16) | $0.24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Total income (loss) per share, Basic | $0.41 | $0.52 | $0.69 | $0.98 | $0.70 | $0.79 | ($0.31) | $0.68 | $2.60 | $1.86 | $1.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Income (loss) from continuing operations, Diluted | $0.43 | $0.52 | $0.69 | $0.97 | $0.70 | $0.78 | ($0.28) | $0.80 | $2.61 | $2.01 | $1.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Income (loss) from discontinued operations, Diluted | ($0.02) | $0 | $0 | $0 | $0 | $0 | ($0.03) | ($0.12) | ($0.02) | ($0.16) | $0.23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Total income (loss) per share, Diluted | $0.41 | $0.52 | $0.69 | $0.97 | $0.70 | $0.78 | ($0.31) | $0.68 | $2.59 | $1.85 | $1.24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Dividends paid per share | $0.38 | $0.38 | $0.38 | $0.38 | $0.37 | $0.37 | $0.37 | $0.37 | $1.52 | $1.48 | $1.46 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Share Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $54.83 | $55.09 | $50.53 | $44.32 | $37 | $36.28 | $34.31 | $35.82 | $47 | $46.62 | $43.19 | $36.89 | $33.51 | $30.29 | $31.32 | $32.18 | ||||||||||||||
Unrealized Gain (Loss) Unhedged Derivative Instrument, Net of Tax | 500,000 | 2,000,000 | 12,000,000 | 4,800,000 | 3,100,000 | 400,000 | -10,000,000 | 7,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Interest Expense, Prepayment of Debt, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,600,000 | ' | ' | 4,600,000 | ' | ' | ' | ' | ' | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | 87,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Impairment of Oil and Gas Properties | ' | ' | ' | ' | ' | ' | 27,000,000 | ' | 0 | 26,868,000 | [7] | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Gain (Loss) on Sale of Assets | ' | ' | ' | ' | 1,800,000 | 27,000,000 | ' | ' | 0 | 29,129,000 | [8] | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Impairment of Oil and Gas Properties After Tax | ' | ' | ' | ' | ' | ' | 17,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Gain (Loss) On Sale Of Oil And Gas Properties, After-Tax | ' | ' | ' | ' | 1,200,000 | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000,000 | $550,000,000 | ' | $0 | [9] | $0 | [9] | $250,000,000 | [9] | ' | $225,000,000 | ' | ' | ' | ' | $0 | [10],[11] | $95,906,000 | [10],[11] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
[1] | Second quarter includes a pre-tax ceiling test impairment loss of $27 million and the third and fourth quarters include a pre-tax gain on sale of the Williston Basin assets of $27 million and $1.8 million, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Includes unrealized mark-to-market gain (loss) for interest rate swaps of $4.8 million, $12 million, $2.0 million, and $0.5 million after-tax in the first, second, third and fourth quarters, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Fourth quarter 2013 includes $7.6 million after-tax for a make-whole premium and write-off of deferred financing costs relating to the early redemption of our $250 million notes and interest expense on new debt, and a $6.6 million after-tax expense relating to the settlement of interest rate swaps in conjunction with the prepayment of Black Hills Wyoming’s project financing and write-off of deferred financing costs. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Includes unrealized mark-to-market gain (loss) for interest rate swaps of $7.8 million, $(10) million, $0.4 million, and $3.1 million after-tax in the first, second, third and fourth quarters, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Second quarter includes an after-tax ceiling test impairment loss of $17 million and the third and fourth quarters include an after-tax gain on sale of the Williston Basin assets of $18 million and $1.2 million, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | Fourth quarter includes a $4.6 million after-tax make-whole provision for the early redemption of our $225 million notes. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Oil and Gas includes a ceiling test impairment (see Note 12). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | Oil and Gas includes gain on sale of the Williston Basin assets (see Note 21). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | For 2012, this senior unsecured note was recorded by Black Hills Utility Holdings and was recorded as Notes receivable - affiliate, non-current on the Parent’s Condensed Balance Sheets. This note was redeemed on Dec. 19, 2013 with proceeds from the issuance of the Senior unsecured notes due 2023. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | This debt repaid. See Debt Transactions discussed below. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | Variable interest rate. |
Schedule_I_Disclosures_for_Par1
Schedule I Disclosures for Parent Company Only Schedule I, Condensed Statement of Income for Parent Company (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | $355,448 | $259,907 | $279,826 | $380,671 | $318,862 | $246,808 | $242,363 | $365,851 | $1,275,852 | $1,173,884 | $1,272,188 | |||||
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,020,300 | 930,173 | 1,085,949 | |||||
Operating income | 71,103 | 55,566 | 49,037 | 79,846 | 75,262 | [1] | 77,810 | [1] | 20,591 | [1] | 70,048 | 255,552 | 243,711 | 186,239 | ||
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Equity income (loss) in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -86 | 10 | 1,121 | |||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -111,788 | [2] | -113,610 | [3] | -91,383 | |||
Unrealized gain (loss) on interest rate swaps, net | ' | ' | ' | ' | ' | ' | ' | ' | 30,169 | 1,882 | -42,010 | |||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 1,723 | 1,957 | 2,017 | |||||
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 1,798 | 2,965 | 3,726 | |||||
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -78,012 | -106,816 | -128,771 | |||||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -61,608 | -48,400 | -18,224 | |||||
Net income (loss) available for common stock | ' | ' | ' | ' | ' | ' | ' | ' | 114,962 | 81,528 | 49,730 | |||||
Black Hills Corporation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,339 | 831 | 772 | |||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -1,339 | -831 | -772 | |||||
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Equity income (loss) in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 100,690 | 93,479 | 87,150 | |||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -7,827 | -19,665 | -15,229 | |||||
Unrealized gain (loss) on interest rate swaps, net | ' | ' | ' | ' | ' | ' | ' | ' | 30,169 | 1,882 | -42,010 | |||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 30 | 32 | 3 | |||||
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -3 | 49 | -42 | |||||
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 123,059 | 75,777 | 29,872 | |||||
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 121,720 | 74,946 | 29,100 | |||||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -6,758 | 6,582 | 20,630 | |||||
Net income (loss) available for common stock | ' | ' | ' | ' | ' | ' | ' | ' | $114,962 | $81,528 | $49,730 | |||||
[1] | Second quarter includes a pre-tax ceiling test impairment loss of $27 million and the third and fourth quarters include a pre-tax gain on sale of the Williston Basin assets of $27 million and $1.8 million, respectively. | |||||||||||||||
[2] | Power Generation includes costs associated with interest rate swaps settled and write-off of deferred financing costs upon repayment of Black Hills Wyoming Project Financing and Corporate includes a the write-off of deferred financing costs and a make-whole provision from early repayment of long-term debt (see Note 5). | |||||||||||||||
[3] | Corporate includes a make-whole provision from early repayment of long-term debt (see Note 5). |
Schedule_I_Disclosures_for_Par2
Schedule I Disclosures for Parent Company Only Schedule I, Condensed Statement of OCI (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income (loss) available for common stock | $114,962 | $81,528 | $49,730 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Benefit plan liability adjustments - net gain (loss) (net of tax of $(3,813), $296 and $4,135, respectively) | 8,237 | -542 | -7,609 |
Benefit plan liability adjustments - prior service (costs) (net of tax of $185, $86 and $176, respectively) | -406 | -157 | -325 |
Reclassification adjustment of benefit plan liability - net gain (loss) (net of tax of $(971)) | 1,820 | 0 | 0 |
Reclassification adjustment of benefit plan liability - prior service cost (net of tax of $88) | -165 | 0 | 0 |
Fair value adjustment on derivatives designated as cash flow hedges (net of tax of $(2,445), $887 and $1,708, respectively) | 4,534 | -1,268 | -2,831 |
Reclassification adjustment of cash flow hedges settled and included in net income (loss) (net of tax of $(2,016), $534 and $(709), respectively) | 4,046 | -643 | 1,468 |
Other comprehensive income (loss), net of tax | 18,066 | -2,610 | -9,297 |
Comprehensive income (loss) | 133,028 | 78,918 | 40,433 |
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract] | ' | ' | ' |
Benefit plan liability adjustments - net gain (loss) (net of tax of | -3,813 | 296 | 4,135 |
Benefit plan liability adjustments - prior service (costs) (net of tax of | 185 | 86 | 176 |
Reclassification adjustment of benefit plan liability - net gain (loss) tax | -971 | 0 | 0 |
Reclassification adjustment of benefit plan liability - prior service cost, tax | 88 | 0 | 0 |
Fair value adjustment on derivatives designated as cash flow hedges (net of tax of | -2,445 | 887 | 1,708 |
Reclassification adjustment of cash flow hedges settled and included in net income (loss) (net of tax of | ($2,016) | $534 | ($709) |
Schedule_I_Disclosures_for_Par3
Schedule I Disclosures for Parent Company Only Schedule I, Condensed Balance Sheet for Parent Company Only (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $7,841 | $15,462 | ' | ' |
Income tax receivable, net | 1,460 | 0 | ' | ' |
Deferred income tax assets, net, current | 18,889 | 77,231 | ' | ' |
Other current assets | 25,877 | 28,795 | ' | ' |
Total current assets | 345,288 | 405,106 | ' | ' |
Property and Equipment | 2,990,297 | 2,742,749 | ' | ' |
Other assets, non-current | 27,906 | 19,420 | ' | ' |
Total other assets, non-current | 522,896 | 565,214 | ' | ' |
TOTAL ASSETS | 3,875,178 | 3,729,471 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable - affiliate, current | 130,416 | 84,422 | ' | ' |
Derivative liabilities, current | 3,474 | 96,541 | ' | ' |
Notes payable | 82,500 | 277,000 | ' | ' |
Current maturities of long-term debt | 0 | 103,973 | ' | ' |
Total current liabilities | 378,394 | 734,889 | ' | ' |
Derivative liabilities, non-current | 5,614 | 16,941 | ' | ' |
Long-term debt, net of current maturities | 1,396,948 | 938,877 | ' | ' |
Total stockholders’ equity | 1,307,748 | 1,232,509 | 1,209,336 | 1,100,270 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 3,875,178 | 3,729,471 | ' | ' |
Black Hills Corporation [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 1,664 | 1,266 | 3,114 | 219 |
Accounts receivable — affiliates, current | 1,000 | 2,194 | ' | ' |
Notes receivable — affiliates, current | 393,586 | 637,586 | ' | ' |
Income tax receivable, net | 14,530 | 5,843 | ' | ' |
Deferred income tax assets, net, current | 0 | 29,779 | ' | ' |
Other current assets | 4,705 | 4,887 | ' | ' |
Total current assets | 415,485 | 681,555 | ' | ' |
Property and Equipment | 6,259 | 1,135 | ' | ' |
Investments in subsidiaries | 1,237,876 | 1,194,501 | ' | ' |
Notes receivable — affiliate, non-current | 685,000 | 250,000 | ' | ' |
Deferred income tax assets, net, non-current | 67,958 | 41,494 | ' | ' |
Other assets, non-current | 9,256 | 4,014 | ' | ' |
Total other assets, non-current | 762,214 | 295,508 | ' | ' |
TOTAL ASSETS | 2,421,834 | 2,172,699 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable - affiliate, current | 372 | 565 | ' | ' |
Derivative liabilities, current | 3,474 | 91,617 | ' | ' |
Deferred income taxes | 12,775 | 0 | ' | ' |
Notes payable | 82,500 | 277,000 | ' | ' |
Notes payable — affiliate, current | 0 | 1,032 | ' | ' |
Current maturities of long-term debt | 0 | 100,000 | ' | ' |
Other current liabilities | 9,351 | 9,943 | ' | ' |
Total current liabilities | 108,472 | 480,157 | ' | ' |
Derivative liabilities, non-current | 5,614 | 9,252 | ' | ' |
Long-term debt, net of current maturities | 1,000,000 | 450,000 | ' | ' |
Note payable — affiliate, non-current | 0 | 781 | ' | ' |
Total long-term debt | 1,000,000 | 450,781 | ' | ' |
Total stockholders’ equity | 1,307,748 | 1,232,509 | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $2,421,834 | $2,172,699 | ' | ' |
Schedule_I_Disclosures_for_Par4
Schedule I Disclosures for Parent Company Only Schedule I, Condensed Parent Cash Flow Statement (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net income (loss) available for common stock | $114,962 | $81,528 | $49,730 |
Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities: | ' | ' | ' |
Equity in earnings of subsidiaries | 86 | -10 | -1,121 |
Stock compensation | 12,595 | 8,271 | 5,643 |
Unrealized gain (loss) on interest rate swaps, net | -30,169 | -1,882 | 42,010 |
Deferred income taxes | 63,784 | 39,716 | 33,600 |
Other adjustments, net | 9,826 | 4,929 | -5,799 |
Change in certain operating assets and liabilities: | ' | ' | ' |
Accounts receivable and other current assets | -13,921 | 13,739 | 22,290 |
Other operating activities, net | 312 | -6,670 | -13,721 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 325,513 | 295,787 | 216,694 |
Net cash provided by (used in) operating activities of discontinued operations | -884 | 21,184 | 7,010 |
Net cash provided by (used in) investing activities of continuing operations | -349,278 | -95,518 | -444,648 |
Investing activities: | ' | ' | ' |
Property, plant and equipment additions | -354,749 | -349,129 | -440,698 |
Other investing activities | 5,471 | -180 | -4,533 |
Financing activities: | ' | ' | ' |
Common stock issued | 4,354 | 4,726 | 123,041 |
Long-term debt - issuance | 800,000 | 0 | 0 |
Long-term debt - repayments | -445,906 | -240,077 | -8,382 |
Payments for Derivative Instrument, Financing Activities | -63,939 | 0 | 0 |
Other financing activities | -15,394 | -2,833 | -1,666 |
Net cash provided by (used in) financing activities of continuing operations | 17,028 | -371,446 | 249,791 |
Net change in cash and cash equivalents | -7,621 | -43,306 | 26,330 |
Cash and cash equivalents | 7,841 | 15,462 | ' |
Supplemental Cash Flow Information [Abstract] | ' | ' | ' |
Income taxes | -4,573 | -3,027 | 9,854 |
Black Hills Corporation [Member] | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net income (loss) available for common stock | 114,962 | 81,528 | 49,730 |
Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities: | ' | ' | ' |
Equity in earnings of subsidiaries | -100,690 | -93,479 | -87,150 |
Dividend from subsidiaries | 0 | 0 | 14,500 |
Stock compensation | 12,595 | 8,271 | 5,643 |
Unrealized gain (loss) on interest rate swaps, net | -30,169 | -1,882 | 42,010 |
Deferred income taxes | 10,504 | -8,116 | 2,599 |
Other adjustments, net | 3,099 | 3,909 | 4,376 |
Change in certain operating assets and liabilities: | ' | ' | ' |
Accounts receivable and other current assets | -3,184 | 6,541 | -5,141 |
Accounts payable and other current liabilities | -7,881 | -6,764 | 3,550 |
Other operating activities, net | 20,386 | -7,816 | 2,841 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 19,622 | -17,808 | 32,958 |
Net cash provided by (used in) investing activities of continuing operations | -138,809 | 96,523 | -259,252 |
Investing activities: | ' | ' | ' |
Property, plant and equipment additions | -5,124 | 0 | -1,135 |
Decrease (increase) in advances to affiliates | -133,685 | 96,073 | -258,117 |
Other investing activities | 0 | 450 | 0 |
Financing activities: | ' | ' | ' |
Dividends paid on common stock | -67,587 | -65,262 | -59,202 |
Common stock issued | 4,356 | 4,726 | 123,041 |
Short-term borrowings -- repayments | -532,150 | -271,753 | -821,300 |
Short-term borrowings -- issuances | 337,650 | 203,753 | 1,017,300 |
Increase (decrease) in notes payable to affiliates | -1,813 | 275,806 | -25,302 |
Long-term debt - issuance | 800,000 | 0 | 0 |
Long-term debt - repayments | -350,000 | -225,000 | 0 |
Other financing activities | -6,932 | -2,833 | -5,348 |
Net cash provided by (used in) financing activities of continuing operations | 119,585 | -80,563 | 229,189 |
Net change in cash and cash equivalents | 398 | -1,848 | 2,895 |
Cash and cash equivalents | 1,664 | 1,266 | 3,114 |
Supplemental Cash Flow Information [Abstract] | ' | ' | ' |
Non-cash adjustment to notes receivable from affiliates | 57,315 | 40,039 | 0 |
Non-cash adjustment to notes payable to affiliates | 0 | -277,560 | 0 |
Non-cash dividend, net of non-cash contributions, from affiliates | -57,315 | 237,521 | 0 |
Interest | -6,638 | -18,550 | -14,667 |
Income taxes | ($4,510) | $3,911 | $23,830 |
Schedule_I_Disclosures_for_Par5
Schedule I Disclosures for Parent Company Only Schedule I, Schedule of Dividends Paid to Parent (Details) (Black Hills Corporation [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Black Hills Corporation [Member] | ' | ' | ' |
Dividend Paid to Parent [Line Items] | ' | ' | ' |
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | $0 | $0 | $14,500 |
Non-Cash dividend, net of non-cash contributions, distributed to Parent by subsidiaries | ($57,315) | $237,521 | $0 |
Schedule_I_Disclosures_for_Par6
Schedule I Disclosures for Parent Company Only Schedule I, Long Term Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 19, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 21, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | ||||||||
In Thousands, unless otherwise specified | Black Hills Utility Holdings [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Senior Unsecured Notes Due 2023 [Member] [Member] | Senior Unsecured Notes Due 2023 [Member] [Member] | Senior Unsecured Notes Due 2023 [Member] [Member] | Senior Unsecured Notes Due 2014 [Member] | Senior Unsecured Notes Due 2014 [Member] | Senior Unsecured Notes Due 2020 [Member] | Senior Unsecured Notes Due 2020 [Member] | Corporate Term Loan due September 2013 [Member] | Corporate Term Loan due September 2013 [Member] | Corporate Term Loan due June 2015 [Member] [Member] | Corporate Term Loan due June 2015 [Member] [Member] | Corporate Term Loan due June 2015 [Member] [Member] | Senior Unsecured Notes Due 2023 [Member] [Member] | ||||||||||
Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | ||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Long-term Debt, Maturity Date | ' | ' | ' | ' | ' | 30-Nov-23 | ' | ' | 15-May-14 | ' | 15-Jul-20 | ' | 30-Sep-13 | ' | 19-Jun-15 | ' | ' | 30-Nov-23 | ||||||||
Long-term Debt, Fixed Interest Rate | ' | ' | ' | ' | ' | 4.25% | ' | ' | 9.00% | ' | 5.88% | ' | ' | ' | ' | ' | ' | ' | ||||||||
Long-term Debt | ' | ' | ' | $1,000,000 | $550,000 | $525,000 | [1] | $525,000 | $0 | $0 | [2] | $250,000 | [2] | $200,000 | [3] | $200,000 | [3] | $0 | [4],[5] | $100,000 | [4],[5],[6],[7] | $275,000 | [6],[7],[8] | $275,000 | $0 | ' |
Current maturities of long-term debt | 0 | 103,973 | ' | 0 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Long-term debt, excluding current maturities | 1,396,948 | 938,877 | ' | 1,000,000 | 450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Notes receivable — affiliates, current | ' | ' | 410,000 | 393,586 | 637,586 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 275,000 | ' | ' | 275,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | $1,122,055 | ' | ' | $725,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | $410 million of this senior unsecured note has been recorded at Black Hills Utility Holdings and is recorded as Notes receivable - affiliate, non-current on the Parent’s Condensed Balance Sheets. | |||||||||||||||||||||||||
[2] | For 2012, this senior unsecured note was recorded by Black Hills Utility Holdings and was recorded as Notes receivable - affiliate, non-current on the Parent’s Condensed Balance Sheets. This note was redeemed on Dec. 19, 2013 with proceeds from the issuance of the Senior unsecured notes due 2023. | |||||||||||||||||||||||||
[3] | This senior unsecured note has been recorded by Colorado Electric and is recorded as Notes receivable - affiliate, non-current on the Parent’s Condensed Balance Sheets for 2012 and 2013. | |||||||||||||||||||||||||
[4] | This debt repaid. See Debt Transactions discussed below. | |||||||||||||||||||||||||
[5] | This term loan was repaid on June 21, 2013, and replaced with the Long-term term loan due June 19, 2015. In 2012, this term loan was recorded by Black Hills Utility Holdings and is recorded as Notes receivable - affiliate, non-current on the Parent’s Condensed Balance Sheets for 2013. | |||||||||||||||||||||||||
[6] | Variable interest rates, based on LIBOR plus a spread. | |||||||||||||||||||||||||
[7] | Variable interest rate. | |||||||||||||||||||||||||
[8] | This debt has been recorded at our Power Generation segment and is recorded as Notes receivable - affiliate, non-current on the Parent’s Condensed Balance Sheets at 2013. |
Schedule_I_Disclosures_for_Par7
Schedule I Disclosures for Parent Company Only Schedule I, Derivative Instruments Statement of Financial Postion Location and Notional Amount (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 19, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | ||||
Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Black Hills Corporation [Member] | Power Generation [Member] | ||||||||||||
Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||||||||||||||||
Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | |||||||||||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Derivative, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $75,000,000 | [1] | $150,000,000 | [2] | $250,000,000 | ' | ' | $75,000,000 | $75,000,000 | $250,000,000 | [3],[4] | $75,000,000 |
Weighted average fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.97% | 5.04% | ' | ' | ' | 4.97% | ' | 5.67% | ' | |||
Derivative, Remaining Maturity | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '4 years | ' | ' | ' | ' | ' | '4 years | ' | '1 year | [5] | ' | ||
Derivative Liabilities, Current | 3,474,000 | ' | ' | ' | 96,541,000 | ' | ' | ' | ' | ' | 3,474,000 | 7,039,000 | ' | 3,474,000 | 91,617,000 | 3,469,000 | ' | 88,148,000 | ' | |||
Derivative Liabilities, Noncurrent | 5,614,000 | ' | ' | ' | 16,941,000 | ' | ' | ' | ' | ' | 5,614,000 | 16,941,000 | ' | 5,614,000 | 9,252,000 | 9,252,000 | ' | 0 | ' | |||
Pre-tax accumulated other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12,721,000 | -9,088,000 | 0 | ' | |||
Derivative, Collateral, Right to Reclaim Cash | 5,021,000 | ' | ' | ' | 6,141,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,960,000 | ' | |||
Unrealized gain (loss) on interest rate swaps, net | 500,000 | 2,000,000 | 12,000,000 | 4,800,000 | 3,100,000 | 400,000 | -10,000,000 | 7,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,500,000 | ' | ' | ' | ' | ' | $3,500,000 | ' | ' | |||
[1] | These swaps are designated to borrowings on our Revolving Credit Facility. These swaps are priced using three-month LIBOR, matching the floating portion of the related swaps. | |||||||||||||||||||||
[2] | At Dec. 31, 2012, $75 million of these interest rate swaps were designated to borrowings on our Revolving Credit Facility and $75 million were designated to borrowings on our project financing debt at Black Hills Wyoming. These swaps are priced using three-month LIBOR, matching the floating portion of the related swaps. The portion of the swaps that were designated to Black Hills Wyoming were settled upon repayment of the Black Hills Wyoming project financing. See Note 5. | |||||||||||||||||||||
[3] | Included on the Condensed Statements of Income of the Parent is the non-cash mark-to-market gains recorded on these De-designated interest rate swaps of $30 million and $1.9 million for the twelve months ended Dec. 31, 2013 and 2012, respectively. | |||||||||||||||||||||
[4] | Maximum terms in years reflect the amended early termination dates. These swaps were settled in 2013. | |||||||||||||||||||||
[5] | Maximum terms in years reflect the amended early termination dates. If the early termination dates were not extended, the swaps would have required cash settlement based on the swap value at the termination date. These swaps were settled during the fourth quarter of 2013. |
Schedule_I_Disclosures_for_Par8
Schedule I Disclosures for Parent Company Only Schedule I, Fair Value by Balance Sheet Grouping (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Thousands, unless otherwise specified | ||||||
Derivatives, Carrying Amount and Fair Value [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents | $7,841 | $15,462 | ' | ' | ||
Notes payable | 82,500 | 277,000 | ' | ' | ||
Long-term Debt, including current maturities | 1,396,948 | 1,042,850 | ' | ' | ||
Reported Value Measurement [Member] | ' | ' | ' | ' | ||
Derivatives, Carrying Amount and Fair Value [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents | 7,841 | 15,462 | ' | ' | ||
Notes payable | 82,500 | 277,000 | ' | ' | ||
Long-term Debt, including current maturities | 1,396,948 | 1,042,850 | ' | ' | ||
Total Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' | ||
Derivatives, Carrying Amount and Fair Value [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents, at fair value | 7,841 | [1] | 15,462 | [1] | ' | ' |
Notes payable, fair value | 82,500 | [1] | 277,000 | [1] | ' | ' |
Long-term debt, including current maturities, at fair value | 1,491,422 | [2] | 1,231,559 | [2] | ' | ' |
Black Hills Corporation [Member] | ' | ' | ' | ' | ||
Derivatives, Carrying Amount and Fair Value [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents | 1,664 | 1,266 | 3,114 | 219 | ||
Notes payable | 82,500 | 277,000 | ' | ' | ||
Black Hills Corporation [Member] | Reported Value Measurement [Member] | ' | ' | ' | ' | ||
Derivatives, Carrying Amount and Fair Value [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents | 1,664 | 1,266 | ' | ' | ||
Notes payable | 82,500 | 277,000 | ' | ' | ||
Long-term Debt, including current maturities | 1,000,000 | 550,000 | ' | ' | ||
Black Hills Corporation [Member] | Total Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' | ||
Derivatives, Carrying Amount and Fair Value [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents, at fair value | 1,664 | [1] | 1,266 | [1] | ' | ' |
Notes payable, fair value | 82,500 | [1] | 277,000 | [1] | ' | ' |
Long-term debt, including current maturities, at fair value | $1,028,384 | [2] | $615,239 | [2] | ' | ' |
[1] | Carrying value approximates fair value due to either short-term length of maturity or variable interest rates that approximate prevailing market rates and therefore is classified in Level 1 in the fair value hierarchy. | |||||
[2] | Long-term debt is valued based on observable inputs available either directly or indirectly for similar liabilities in active markets and therefore is classified in Level 2 in the fair value hierarchy. |
Schedule_II_Consolidated_Valua1
Schedule II Consolidated Valuation and Qualifying Accounts Schedule II Consolidated Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Allowance for Doubtful Accounts, Balance at Beginning of Year | $768 | $1,661 | $2,295 |
Allowance for Doubtful Accounts, Adjustments | 0 | 0 | 0 |
Allowance for Doubtful Accounts, Charged to Cost and Expense | 2,780 | 1,913 | 3,042 |
Allowance for Doubtful Accounts, Recoveries and Other Additions | 4,999 | 3,822 | 5,369 |
Allowance for Doubtful Accounts, Write-Offs and Other Deductions | -7,310 | -6,628 | -9,045 |
Allowance for Doubtful Accounts, Balance at End of Year | $1,237 | $768 | $1,661 |