Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'BLACK HILLS CORP /SD/ | ' |
Entity Central Index Key | '0001130464 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 44,655,369 |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Condensed_Statements_of_Income
Condensed Statements of Income (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue | $272,087 | $259,907 | $1,015,493 | $920,404 |
Utilities - | ' | ' | ' | ' |
Fuel, purchased power and cost of natural gas sold | 84,674 | 71,503 | 416,473 | 338,848 |
Operations and maintenance | 64,245 | 66,061 | 201,546 | 196,728 |
Non-regulated energy operations and maintenance | 20,170 | 20,484 | 63,852 | 62,703 |
Depreciation, depletion and amortization | 37,463 | 36,135 | 110,258 | 106,068 |
Taxes - property, production and severance | 11,082 | 10,068 | 32,462 | 30,517 |
Other operating expenses | 49 | 90 | 323 | 1,091 |
Total operating expenses | 217,683 | 204,341 | 824,914 | 735,955 |
Operating income | 54,404 | 55,566 | 190,579 | 184,449 |
Interest charges - | ' | ' | ' | ' |
Interest expense incurred (including amortization of debt issuance costs, premiums and discounts and realized settlements on interest rate swaps) | -17,919 | -23,840 | -53,665 | -70,881 |
Allowance for funds used during construction - borrowed | 319 | 347 | 845 | 831 |
Capitalized interest | 231 | 273 | 734 | 811 |
Unrealized gain (loss) on interest rate swaps, net | 0 | 3,144 | 0 | 29,393 |
Interest income | 575 | 565 | 1,541 | 1,325 |
Allowance for funds used during construction - equity | 297 | 85 | 828 | 327 |
Other income (expense), net | 261 | 318 | 1,262 | 1,197 |
Total other income (expense), net | -16,236 | -19,108 | -48,455 | -36,997 |
Income (loss) before earnings (loss) of unconsolidated subsidiaries and income taxes | 38,168 | 36,458 | 142,124 | 147,452 |
Equity in earnings (loss) of unconsolidated subsidiaries | 0 | 0 | -1 | -86 |
Income tax benefit (expense) | -11,332 | -13,334 | -47,349 | -50,527 |
Net income (loss) available for common stock | $26,836 | $23,124 | $94,774 | $96,839 |
Earnings (loss) per share, Basic - | ' | ' | ' | ' |
Total income (loss) per share, Basic | $0.60 | $0.52 | $2.14 | $2.19 |
Earnings (loss) per share, Diluted - | ' | ' | ' | ' |
Total income (loss) per share, Diluted | $0.60 | $0.52 | $2.13 | $2.18 |
Weighted Average Number of Shares Outstanding: | ' | ' | ' | ' |
Basic | 44,415 | 44,201 | 44,382 | 44,143 |
Diluted | 44,608 | 44,457 | 44,584 | 44,395 |
Dividends declared per share of common stock | $0.39 | $0.38 | $1.17 | $1.14 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statement of Comprehensive Income (unaudited) Statement (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net income (loss) available for common stock | $26,836 | $23,124 | $94,774 | $96,839 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Fair value adjustments on derivatives designated as cash flow hedges (net of tax (expense) benefit of $(1,840) and $964 for the three months ended 2014 and 2013 and $582 and $(93) for the nine months ended 2014 and 2013, respectively) | 3,145 | -2,083 | -1,071 | 134 |
Reclassification adjustments for cash flow hedges settled and included in net income (loss) (net of tax (expense) benefit of $(732) and $(586) for the three months ended 2014 and 2013 and $(1,931) and $(1,469) for the nine months ended 2014 and 2013, respectively) | 1,328 | 1,426 | 3,511 | 3,095 |
Benefit plan liability adjustments - net gain (loss) (net of tax of $0 and $0 for the three months ended 2014 and 2013 and $2 and $0 for the nine months ended 2014 and 2013, respectively) | 0 | 0 | -2 | 0 |
Benefit plan liability tax adjustments - net gain (loss) | 0 | 0 | -394 | 0 |
Benefit plan liability adjustments - prior service cost (net of tax of $0 and $0 for the three months ended 2014 and 2013 and $(90) and $0 for the nine months ended 2014 and 2013, respectively) | 0 | 0 | 164 | 0 |
Reclassification adjustments of benefit plan liability - prior service cost (net of tax of $17 and $22 for the three months ended 2014 and 2013 and $60 and $66 for the nine months ended 2014 and 2013, respectively) | -31 | -41 | -110 | -123 |
Reclassification adjustments of benefit plan liability - net gain (loss) (net of tax of $(86) and $(242) for the three months ended 2014 and 2013 and $(262) and $(729) for the nine months ended 2014 and 2013, respectively) | 160 | 458 | 485 | 1,361 |
Other comprehensive income (loss), net of tax | 4,602 | -240 | 2,583 | 4,467 |
Comprehensive income (loss) available for common stock | 31,438 | 22,884 | 97,357 | 101,306 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent, Parenthetical Disclosures | ' | ' | ' | ' |
Fair value adjustment on derivatives designated as cash flow hedges, (tax) benefit | -1,840 | 964 | 582 | -93 |
Reclassification adjustments of cash flow hedges settled and included in net income, (tax) benefit | -732 | -586 | -1,931 | -1,469 |
Benefit plan liability adjustments net gain, (tax) benefit | 0 | 0 | 2 | 0 |
Benefit plan liability adjustments prior service cost, (tax) benefit | 0 | 0 | -90 | 0 |
Reclassification adjustment of benefit plan prior service cost included in net income, (tax) benefit | 17 | 22 | 60 | 66 |
Reclassification adjustment of benefit plan liabilities actuarial gain (loss), (tax) benefit | ($86) | ($242) | ($262) | ($729) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (unaudited) Statement (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $11,939 | $7,841 | $13,637 |
Restricted cash and equivalents | 1,918 | 2 | 6,782 |
Accounts receivable, net | 123,399 | 177,573 | 114,137 |
Materials, supplies and fuel | 105,726 | 88,478 | 95,230 |
Derivative assets, current | 0 | 717 | 126 |
Income tax receivable, net | 1,268 | 1,460 | 4,539 |
Deferred income tax assets, net, current | 34,756 | 18,889 | 37,163 |
Regulatory assets, current | 68,444 | 24,451 | 30,208 |
Other current assets | 26,502 | 25,877 | 27,075 |
Total current assets | 373,952 | 345,288 | 328,897 |
Investments | 17,144 | 16,697 | 16,612 |
Property, plant and equipment | 4,493,696 | 4,259,445 | 4,152,097 |
Less accumulated depreciation and depletion | -1,338,509 | -1,269,148 | -1,258,450 |
Total property, plant and equipment, net | 3,155,187 | 2,990,297 | 2,893,647 |
Other assets: | ' | ' | ' |
Goodwill | 353,396 | 353,396 | 353,396 |
Intangible assets, net | 3,231 | 3,397 | 3,453 |
Regulatory assets, non-current | 140,422 | 138,197 | 183,119 |
Derivative assets, non-current | 0 | 0 | 0 |
Other assets, non-current | 29,930 | 27,906 | 22,116 |
Total other assets, non-current | 526,979 | 522,896 | 562,084 |
TOTAL ASSETS | 4,073,262 | 3,875,178 | 3,801,240 |
Current liabilities: | ' | ' | ' |
Accounts payable | 100,444 | 130,416 | 77,077 |
Accrued liabilities | 163,374 | 151,277 | 152,911 |
Derivative liabilities, current | 3,397 | 3,474 | 65,944 |
Regulatory liabilities, current | 828 | 10,727 | 14,707 |
Notes payable | 184,000 | 82,500 | 138,300 |
Current maturities of long-term debt | 275,000 | 0 | 255,694 |
Total current liabilities | 727,043 | 378,394 | 704,633 |
Long-term debt, net of current maturities | 1,107,519 | 1,396,948 | 955,979 |
Deferred credits and other liabilities: | ' | ' | ' |
Deferred income tax liabilities, net, non-current | 506,166 | 432,287 | 403,772 |
Derivative liabilities, non-current | 3,273 | 5,614 | 11,388 |
Regulatory liabilities, non-current | 118,856 | 109,429 | 131,730 |
Benefit plan liabilities | 108,924 | 111,479 | 169,448 |
Other deferred credits and other liabilities | 144,089 | 133,279 | 133,341 |
Total deferred credits and other liabilities | 881,308 | 792,088 | 849,679 |
Commitments and contingencies (See Notes 7, 8, 13, 14 and 15) | ' | ' | ' |
Stockholders’ equity: | ' | ' | ' |
Common stock $1 par value; 100,000,000 shares authorized; issued 44,696,670; 44,550,239; and 44,532,245 shares, respectively | 44,697 | 44,550 | 44,532 |
Additional paid-in capital | 746,575 | 742,344 | 740,209 |
Retained earnings | 582,800 | 540,244 | 539,030 |
Treasury stock, at cost – 41,552; 50,877; and 41,127 shares, respectively | -1,841 | -1,968 | -1,801 |
Accumulated other comprehensive income (loss) | -14,839 | -17,422 | -31,021 |
Total stockholders’ equity | 1,357,392 | 1,307,748 | 1,290,949 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $4,073,262 | $3,875,178 | $3,801,240 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (unaudited) Parantheticals (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
Common Stock, Par Per Share | $1 | $1 | $1 |
Common Stock, Shares Issued | 44,696,670 | 44,550,239 | 44,532,245 |
Treasury Stock, Shares | 41,552 | 50,877 | 47,127 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | 100,000,000 |
Common Stock, Shares Outstanding | 44,655,118 | 44,499,362 | 44,485,118 |
Condensed_Consoldiated_Stateme
Condensed Consoldiated Statement of Cash Flows (unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating activities: | ' | ' |
Net income (loss) available for common stock | $94,774 | $96,839 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 110,258 | 106,068 |
Deferred financing cost amortization | 1,608 | 3,209 |
Derivative fair value adjustments | 2,136 | 275 |
Stock compensation | 6,978 | 9,100 |
Unrealized (gain) loss on interest rate swaps, net | 0 | -29,393 |
Deferred income taxes | 48,007 | 54,865 |
Employee benefit plans | 11,109 | 16,644 |
Other adjustments, net | 2,016 | 9,434 |
Changes in certain operating assets and liabilities: | ' | ' |
Materials, supplies and fuel | -17,248 | -12,522 |
Accounts receivable, unbilled revenue and other operating assets | -61 | 28,762 |
Accounts payable and other current liabilities | -14,307 | -23,774 |
Contributions to defined benefit pension plans | -10,200 | -12,500 |
Other operating activities, net | 4,087 | 4,759 |
Net cash provided by (used in) operating activities | 239,157 | 251,766 |
Investing activities: | ' | ' |
Property, plant and equipment additions | -290,299 | -239,485 |
Proceeds from sale of assets | 22,342 | 0 |
Other investing activities | -2,364 | 2,846 |
Net cash provided by (used in) investing activities | -270,321 | -236,639 |
Financing activities: | ' | ' |
Dividends paid on common stock | -52,218 | -50,678 |
Common stock issued | 2,393 | 3,606 |
Short-term borrowings - issuances | 396,250 | 269,600 |
Short-term borrowings - repayments | -294,750 | -408,300 |
Long-term debt - issuances | 0 | 275,000 |
Long-term debt - repayments | -12,200 | -106,180 |
Other financing activities | -4,213 | 0 |
Net cash provided by (used in) financing activities | 35,262 | -16,952 |
Net change in cash and cash equivalents | 4,098 | -1,825 |
Cash and Cash Equivalents: | ' | ' |
Cash and cash equivalents, beginning of period | 7,841 | 15,462 |
Cash and cash equivalents, end of period | $11,939 | $13,637 |
Managements_Statement
Management's Statement | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Management's Statement [Text Block] | ' |
MANAGEMENT’S STATEMENT | |
The unaudited Condensed Consolidated Financial Statements included herein have been prepared by Black Hills Corporation (together with our subsidiaries the “Company,” “us,” “we,” or “our”), pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations; however, we believe that the footnotes adequately disclose the information presented. These Condensed Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and the notes thereto included in our 2013 Annual Report on Form 10-K filed with the SEC. | |
We conduct our operations through the following reportable segments: Electric Utilities, Gas Utilities, Power Generation, Coal Mining and Oil and Gas. 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. | |
Accounting methods historically employed require certain estimates as of interim dates. The information furnished in the accompanying Condensed Consolidated Financial Statements reflects all adjustments, including accruals, which are, in the opinion of management, necessary for a fair presentation of the September 30, 2014, December 31, 2013, and September 30, 2013 financial information and are of a normal recurring nature. Certain industries in which we operate are highly seasonal, and revenue from, and certain expenses for, such operations may fluctuate significantly among quarterly periods. Demand for electricity and natural gas is sensitive to seasonal cooling, heating and industrial load requirements, as well as changes in market price. In particular, the normal peak usage season for electric utilities is June through August while the normal peak usage season for gas utilities is November through March. Significant earnings variances can be expected between the Gas Utilities segment’s peak and off-peak seasons. Due to this seasonal nature, our results of operations for the three and nine months ended September 30, 2014 and September 30, 2013, and our financial condition as of September 30, 2014, December 31, 2013, and September 30, 2013, are not necessarily indicative of the results of operations and financial condition to be expected as of or for any other period. All earnings per share amounts discussed refer to diluted earnings per share unless otherwise noted. | |
Recently Issued and Adopted Accounting Standards | |
We have implemented all new accounting pronouncements that are in effect and may impact our financial statements and do not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on our financial position, results of operations, or cash flows. | |
Revenue from Contracts with Customers, ASU 2014-09 | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The core principle of the model is to recognize revenue when control of the goods or services transfers to the customer, as opposed to recognizing revenue when the risks and rewards transfer to the customer under the existing revenue guidance. ASU 2014-09 is effective for annual and interim reporting periods beginning after December 15, 2016 and early adoption is not permitted. We are currently assessing the impact, if any, that ASU 2014-09 will have on our financial position, results of operations or cash flows. |
Business_Segment_Information
Business Segment Information | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Segment Reporting Information, Additional Information [Abstract] | ' | ||||||||||||
Business Segment Information [Text Block] | ' | ||||||||||||
BUSINESS SEGMENT INFORMATION | |||||||||||||
Segment information and Corporate activities included in the accompanying Condensed Consolidated Statements of Income (Loss) were as follows (in thousands): | |||||||||||||
Three Months Ended September 30, 2014 | External | Inter-company | Net Income (Loss) | ||||||||||
Operating | Operating | ||||||||||||
Revenue | Revenue | ||||||||||||
Utilities: | |||||||||||||
Electric | $ | 171,395 | $ | 3,156 | $ | 18,154 | |||||||
Gas | 78,735 | — | 1,597 | ||||||||||
Non-regulated Energy: | |||||||||||||
Power Generation | 1,602 | 20,419 | 7,829 | ||||||||||
Coal Mining | 6,884 | 8,689 | 2,638 | ||||||||||
Oil and Gas | 13,471 | — | (3,110 | ) | |||||||||
Corporate activities | — | — | (272 | ) | |||||||||
Inter-company eliminations | — | (32,264 | ) | — | |||||||||
Total | $ | 272,087 | $ | — | $ | 26,836 | |||||||
Three Months Ended September 30, 2013 | External | Inter-company | Net Income (Loss) | ||||||||||
Operating | Operating | ||||||||||||
Revenue | Revenue | ||||||||||||
Utilities: | |||||||||||||
Electric | $ | 169,401 | $ | 2,003 | $ | 15,097 | |||||||
Gas | 67,792 | — | (1,450 | ) | |||||||||
Non-regulated Energy: | |||||||||||||
Power Generation | 1,575 | 20,393 | 6,707 | ||||||||||
Coal Mining | 6,713 | 8,604 | 2,142 | ||||||||||
Oil and Gas | 14,426 | — | (1,682 | ) | |||||||||
Corporate activities (a) | — | — | 2,310 | ||||||||||
Inter-company eliminations | — | (31,000 | ) | — | |||||||||
Total | $ | 259,907 | $ | — | $ | 23,124 | |||||||
Nine Months Ended September 30, 2014 | External | Intercompany | Net Income (Loss) | ||||||||||
Operating | Operating | ||||||||||||
Revenues | Revenues | ||||||||||||
Utilities: | |||||||||||||
Electric | $ | 508,230 | $ | 10,307 | $ | 44,156 | |||||||
Gas | 440,571 | — | 28,289 | ||||||||||
Non-regulated Energy: | |||||||||||||
Power Generation | 4,138 | 62,211 | 23,096 | ||||||||||
Coal Mining | 19,085 | 26,637 | 7,118 | ||||||||||
Oil and Gas | 43,469 | — | (6,792 | ) | |||||||||
Corporate activities | — | — | (1,093 | ) | |||||||||
Inter-company eliminations | — | (99,155 | ) | — | |||||||||
Total | $ | 1,015,493 | $ | — | $ | 94,774 | |||||||
Nine Months Ended September 30, 2013 | External | Intercompany | Net Income (Loss) | ||||||||||
Operating | Operating | ||||||||||||
Revenues | Revenues | ||||||||||||
Utilities: | |||||||||||||
Electric | $ | 482,222 | $ | 9,844 | $ | 38,063 | |||||||
Gas | 373,440 | — | 20,225 | ||||||||||
Non-regulated Energy: | |||||||||||||
Power Generation | 3,628 | 58,825 | 17,382 | ||||||||||
Coal Mining | 19,530 | 23,688 | 5,180 | ||||||||||
Oil and Gas | 41,584 | — | (3,699 | ) | |||||||||
Corporate activities (a) | — | — | 19,688 | ||||||||||
Inter-company eliminations | — | (92,357 | ) | — | |||||||||
Total | $ | 920,404 | $ | — | $ | 96,839 | |||||||
__________ | |||||||||||||
(a) | Corporate activities include a $2.0 million and a $19 million after-tax non-cash mark-to-market gain on certain interest rate swaps for the three and nine months ended September 30, 2013, respectively. | ||||||||||||
Segment information and Corporate balances included in the accompanying Condensed Consolidated Balance Sheets were as follows (in thousands): | |||||||||||||
Total Assets (net of inter-company eliminations) as of: | 30-Sep-14 | 31-Dec-13 | 30-Sep-13 | ||||||||||
Utilities: | |||||||||||||
Electric (a) | $ | 2,671,601 | $ | 2,525,947 | $ | 2,464,123 | |||||||
Gas | 827,069 | 805,617 | 757,746 | ||||||||||
Non-regulated Energy: | |||||||||||||
Power Generation (a) | 64,359 | 95,692 | 102,331 | ||||||||||
Coal Mining | 74,130 | 78,825 | 82,155 | ||||||||||
Oil and Gas | 330,781 | 288,366 | 264,785 | ||||||||||
Corporate activities | 105,322 | 80,731 | 130,100 | ||||||||||
Total assets | $ | 4,073,262 | $ | 3,875,178 | $ | 3,801,240 | |||||||
__________ | |||||||||||||
(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. |
Accounts_Receivable
Accounts Receivable | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
Accounts Receivable [Text Block] | ' | ||||||||||||
ACCOUNTS RECEIVABLE | |||||||||||||
Following is a summary of Accounts receivable, net included in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: | |||||||||||||
Accounts | Unbilled | Less Allowance for | Accounts | ||||||||||
30-Sep-14 | Receivable, Trade | Revenue | Doubtful Accounts | Receivable, net | |||||||||
Electric Utilities | $ | 53,717 | $ | 21,485 | $ | (724 | ) | $ | 74,478 | ||||
Gas Utilities | 23,409 | 13,218 | (740 | ) | 35,887 | ||||||||
Power Generation | 1,368 | — | — | 1,368 | |||||||||
Coal Mining | 2,563 | — | — | 2,563 | |||||||||
Oil and Gas | 7,657 | — | (13 | ) | 7,644 | ||||||||
Corporate | 1,459 | — | — | 1,459 | |||||||||
Total | $ | 90,173 | $ | 34,703 | $ | (1,477 | ) | $ | 123,399 | ||||
Accounts | Unbilled | Less Allowance for | Accounts | ||||||||||
31-Dec-13 | Receivable, Trade | Revenue | Doubtful 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 | ||||
Accounts | Unbilled | Less Allowance for | Accounts | ||||||||||
30-Sep-13 | Receivable, Trade | Revenue | Doubtful Accounts | Receivable, net | |||||||||
Electric Utilities | $ | 49,254 | $ | 20,153 | $ | (648 | ) | $ | 68,759 | ||||
Gas Utilities | 20,693 | 11,877 | (542 | ) | 32,028 | ||||||||
Power Generation | 3 | — | — | 3 | |||||||||
Coal Mining | 2,677 | — | — | 2,677 | |||||||||
Oil and Gas | 8,463 | — | (19 | ) | 8,444 | ||||||||
Corporate | 2,226 | — | — | 2,226 | |||||||||
Total | $ | 83,316 | $ | 32,030 | $ | (1,209 | ) | $ | 114,137 | ||||
Regulatory_Accounting
Regulatory Accounting | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | ||||||||||
Regulatory Accounting [Text Block] | ' | ||||||||||
REGULATORY ACCOUNTING | |||||||||||
We had the following regulatory assets and liabilities (in thousands): | |||||||||||
Maximum | As of | As of | As of | ||||||||
Amortization (in years) | 30-Sep-14 | 31-Dec-13 | 30-Sep-13 | ||||||||
Regulatory assets | |||||||||||
Deferred energy and fuel cost adjustments - current (a)(d) | 1 | $ | 26,211 | $ | 16,775 | $ | 17,925 | ||||
Deferred gas cost adjustments and natural gas price derivatives (a)(d) | 7 | 49,870 | 12,366 | 16,845 | |||||||
AFUDC (b) | 45 | 12,411 | 12,315 | 12,398 | |||||||
Employee benefit plans (c) | 13 | 64,908 | 67,059 | 114,386 | |||||||
Environmental (a) | subject to approval | 1,314 | 1,800 | 1,800 | |||||||
Asset retirement obligations (a) | 44 | 3,282 | 3,266 | 3,262 | |||||||
Bond issue cost (a) | 24 | 3,311 | 3,419 | 3,454 | |||||||
Renewable energy standard adjustment (a) | 5 | 12,007 | 14,186 | 14,936 | |||||||
Flow through accounting (c) | 35 | 25,157 | 20,916 | 19,222 | |||||||
Other regulatory assets (a) | 15 | 10,395 | 10,546 | 9,099 | |||||||
$ | 208,866 | $ | 162,648 | $ | 213,327 | ||||||
Regulatory liabilities | |||||||||||
Deferred energy and gas costs (a) | 1 | $ | 5,535 | $ | 11,708 | $ | 14,032 | ||||
Employee benefit plans (c) | 13 | 34,409 | 34,431 | 60,707 | |||||||
Cost of removal (a) | 44 | 71,362 | 64,970 | 62,069 | |||||||
Other regulatory liabilities (c) | 25 | 8,378 | 9,047 | 9,629 | |||||||
$ | 119,684 | $ | 120,156 | $ | 146,437 | ||||||
__________ | |||||||||||
(a) | Recovery of costs, but we are 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 or repayment of costs, we are allowed a return on a portion of this amount or a reduction in rate base, respectively. | ||||||||||
(d) | Our deferred energy, fuel cost, and gas cost adjustments represent the cost of electricity and gas delivered to our electric and gas utility customers that is either higher or lower than current rates and will be recovered or refunded in future rates. Increases in the current year balances as of September 30, 2014 are primarily due to higher natural gas prices driven by demand and market conditions during our peak winter heating season. Our electric and gas utilities file periodic quarterly, semi-annual, and/or annual filings to recover these costs based on the respective cost mechanisms approved by their applicable state utility commissions. |
Materials_Supplies_and_Fuel
Materials, Supplies and Fuel | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Inventory, Net [Abstract] | ' | |||||||||||
Materials, Supplies and Fuel [Text Block] | ' | |||||||||||
MATERIALS, SUPPLIES AND FUEL | ||||||||||||
The following amounts by major classification are included in Materials, supplies and fuel in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: | ||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-13 | ||||||||||
Materials and supplies | $ | 52,682 | $ | 50,196 | $ | 50,564 | ||||||
Fuel - Electric Utilities | 7,108 | 6,213 | 6,384 | |||||||||
Natural gas in storage held for distribution | 45,936 | 32,069 | 38,282 | |||||||||
Total materials, supplies and fuel | $ | 105,726 | $ | 88,478 | $ | 95,230 | ||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||
EARNINGS PER SHARE | ||||||||||||||
A reconciliation of share amounts used to compute Earnings (loss) per share in the accompanying Condensed Consolidated Statements of Income (loss) is as follows (in thousands): | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Net income (loss) available for common stock | $ | 26,836 | $ | 23,124 | $ | 94,774 | $ | 96,839 | ||||||
Weighted average shares - basic | 44,415 | 44,201 | 44,382 | 44,143 | ||||||||||
Dilutive effect of: | ||||||||||||||
Equity compensation | 193 | 256 | 202 | 252 | ||||||||||
Weighted average shares - diluted | 44,608 | 44,457 | 44,584 | 44,395 | ||||||||||
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): | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Equity compensation | 99 | — | 75 | 9 | ||||||||||
Anti-dilutive shares | 99 | — | 75 | 9 | ||||||||||
Notes_Payable_and_Current_Matu
Notes Payable and Current Maturities of Long-term Debt | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||
Notes Payable [Text Block] | ' | ||||||||||||||||||
NOTES PAYABLE AND CURRENT MATURITIES OF LONG-TERM DEBT | |||||||||||||||||||
We had the following short-term debt outstanding in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: | |||||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-13 | |||||||||||||||||
Balance Outstanding | Letters of Credit | Balance Outstanding | Letters of Credit | Balance Outstanding | Letters of Credit | ||||||||||||||
Revolving Credit Facility | $ | 184,000 | $ | 31,726 | $ | 82,500 | $ | 22,100 | $ | 138,300 | $ | 53,137 | |||||||
Revolving Credit Facility | |||||||||||||||||||
On May 29, 2014, we amended our $500 million corporate Revolving Credit Facility agreement to extend the term through May 29, 2019. This facility is substantially similar to the former agreement, which includes an accordion feature that allows us, with the consent of the administrative agent and issuing agents, to increase the capacity of the facility to $750 million. Borrowings continue to be available under a base rate or various Eurodollar rate options. The interest costs associated with the letters of credit or borrowings and the commitment fee under the Revolving Credit Facility are determined based upon our most favorable Corporate credit rating from S&P and Moody’s for our unsecured debt. Based on our credit ratings, the margins for base rate borrowings, Eurodollar borrowings, and letters of credit were 0.125%, 1.125%, and 1.125%, respectively, from May 29, 2014 through September 30, 2014; a reduction of 0.25% for each method of borrowing as compared to the previous arrangement. Borrowings under the facility are primarily Eurodollar based. A commitment fee is charged on the unused amount of the Revolving Credit Facility and was 0.175% based on our credit rating, a reduction of 0.025% compared to the prior arrangement. | |||||||||||||||||||
Current Maturities of Long-Term Debt | |||||||||||||||||||
As of September 30, 2014, our $275 million Corporate term loan due June 19, 2015 is classified as Current maturities of long-term debt. | |||||||||||||||||||
Debt Covenants | |||||||||||||||||||
Our Revolving Credit Facility and our Term Loan require compliance with the following financial covenant at the end of each quarter: | |||||||||||||||||||
As of September 30, 2014 | Covenant Requirement | ||||||||||||||||||
Recourse Leverage Ratio | 54% | Less than | 65% | ||||||||||||||||
As of September 30, 2014, we were in compliance with this covenant. |
Risk_Management_Activities_Not
Risk Management Activities (Notes) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
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 operation 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 as discussed in our 2013 Annual Report on Form 10-K. | |||||||||||||||||||||
Market Risk | |||||||||||||||||||||
Market risk is the potential loss that might 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 in crude oil and natural gas reserves and production; and our fuel procurement for certain of our gas-fired generation assets; and | ||||||||||||||||||||
• | Interest rate risk associated with our variable-rate debt. | ||||||||||||||||||||
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 September 30, 2014, our credit exposure included a $0.5 million exposure to non-investment grade energy marketing companies. The remainder of our credit exposure was concentrated primarily among retail utility customers, investment grade rated companies, cooperative utilities and federal agencies. Our derivative and hedging activities recorded in the accompanying Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Income (Loss) and Condensed Consolidated Statements of Comprehensive Income (Loss) are detailed below and in Note 9. | |||||||||||||||||||||
Oil and Gas | |||||||||||||||||||||
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 OTC 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 Condensed 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 Condensed Consolidated Balance Sheets and the ineffective portion, if any, is reported in Revenue in the accompanying Condensed 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 Condensed Consolidated Balance Sheets were as follows (dollars in thousands) as of: | |||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-13 | |||||||||||||||||||
Crude Oil Futures, Swaps and Options | Natural Gas Futures and Swaps | Crude Oil Futures, Swaps and Options | Natural Gas Futures and Swaps | Crude Oil Futures, Swaps and Options | Natural Gas Futures and Swaps | ||||||||||||||||
Notional (a) | 391,500 | 7,930,000 | 412,500 | 7,082,500 | 499,500 | 9,874,000 | |||||||||||||||
Maximum terms in months (b) | 1 | 1 | 3 | 1 | 3 | 1 | |||||||||||||||
Derivative assets, current | $ | — | $ | — | $ | 55 | $ | — | $ | 13 | $ | 113 | |||||||||
Derivative assets, non-current | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Derivative liabilities, current | $ | — | $ | — | $ | — | $ | — | $ | 98 | $ | 52 | |||||||||
Derivative liabilities, non-current | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
__________ | |||||||||||||||||||||
(a) | Crude oil in Bbls, natural gas in MMBtus. | ||||||||||||||||||||
(b) | Refers to the tenor of the derivative instrument. Assets and liabilities are classified as current/non-current based on the production month hedged and the corresponding settlement of the derivative instrument. | ||||||||||||||||||||
A $0.7 million gain is included in AOCI at September 30, 2014, and would be realized over the next 12 months if market prices remained equal to September 30, 2014 prices. Future realized gains or losses fluctuate with market prices. | |||||||||||||||||||||
Utilities | |||||||||||||||||||||
The operations of our utilities, including natural gas sold by our Gas Utilities and natural gas used for Electric Utility generation plants or those plants under PPAs where our Electric 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 Condensed 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 Condensed Consolidated Balance Sheets in accordance with state commission guidelines. When the related costs are recovered through our rates, the hedging activity is recognized in the Condensed Consolidated Statements of Income (Loss). | |||||||||||||||||||||
The contract or notional amounts and terms of the natural gas derivative commodity instruments held at our Utilities were as follows, as of: | |||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-13 | |||||||||||||||||||
Notional | Maximum | Notional | Maximum | Notional | Maximum | ||||||||||||||||
(MMBtus) | Term | (MMBtus) | Term | (MMBtus) | Term | ||||||||||||||||
(months) (a) | (months) (a) | (months) (a) | |||||||||||||||||||
Natural gas futures purchased | 16,290,000 | 74 | 17,930,000 | 84 | 14,010,000 | 74 | |||||||||||||||
Natural gas options purchased | 7,070,000 | 6 | 3,890,000 | 8 | 6,810,000 | 6 | |||||||||||||||
Natural gas basis swaps purchased | 12,025,000 | 63 | 14,785,000 | 60 | 9,790,000 | 63 | |||||||||||||||
__________ | |||||||||||||||||||||
(a) Term reflects the maximum forward period hedged. | |||||||||||||||||||||
We had the following derivative balances related to the hedges in our Utilities reflected in our Condensed Consolidated Balance Sheets as of (in thousands): | |||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-13 | |||||||||||||||||||
Derivative assets, current | $ | — | $ | 662 | $ | — | |||||||||||||||
Derivative assets, non-current | $ | — | $ | — | $ | — | |||||||||||||||
Derivative liabilities, non-current | $ | — | $ | — | $ | — | |||||||||||||||
Net unrealized (gain) loss included in Regulatory assets or Regulatory liabilities | $ | 7,470 | $ | 7,567 | $ | 10,652 | |||||||||||||||
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 Condensed Consolidated Balance Sheets were as follows (dollars in thousands) as of: | |||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-13 | |||||||||||||||||||
Interest Rate | Interest Rate | Interest Rate | De-designated | ||||||||||||||||||
Swaps (a) | Swaps (a) | Swaps (b) | Interest Rate | ||||||||||||||||||
Swaps (c) | |||||||||||||||||||||
Notional | $ | 75,000 | $ | 75,000 | $ | 150,000 | $ | 250,000 | |||||||||||||
Weighted average fixed interest rate | 4.97 | % | 4.97 | % | 5.04 | % | 5.67 | % | |||||||||||||
Maximum terms in years | 2.25 | 3 | 3.25 | 0.25 | |||||||||||||||||
Derivative liabilities, current | $ | 3,397 | $ | 3,474 | $ | 7,039 | $ | 58,755 | |||||||||||||
Derivative liabilities, non-current | $ | 3,273 | $ | 5,614 | $ | 11,388 | $ | — | |||||||||||||
__________ | |||||||||||||||||||||
(a) | These swaps are designated to borrowings on our Revolving Credit Facility, and are priced using three-month LIBOR, matching the floating portion of the related debt. | ||||||||||||||||||||
(b) | At September 30, 2013, $75 million of these interest rate swaps was designated to borrowings on our Revolving Credit Facility and $75 million was designated to borrowings on our project financing debt at Black Hills Wyoming. These swaps were priced using three-month LIBOR, matching the floating portion of the related debt. The portion of the swaps that was designated to Black Hills Wyoming was settled during the fourth quarter of 2013 upon repayment of the Black Hills Wyoming project financing. | ||||||||||||||||||||
(c) | These swaps were settled during the fourth quarter of 2013. | ||||||||||||||||||||
Based on September 30, 2014, market interest rates and balances related to our interest rate swaps, a loss of approximately $3.4 million would be realized, reported in pre-tax earnings and reclassified from AOCI during the next 12 months. Estimated and actual realized gains or losses will change during future periods as market interest rates change. | |||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||
The impacts of cash flow hedges on our Condensed Consolidated Statements of Income (Loss) were as follows (in thousands): | |||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of | Location | Amount of | Location of | Amount of | ||||||||||||||||
Gain/(Loss) | of Gain/(Loss) | Reclassified | Gain/(Loss) | Gain/(Loss) | |||||||||||||||||
Recognized | Reclassified | Gain/(Loss) | Recognized | Recognized in | |||||||||||||||||
in AOCI | from AOCI | from AOCI | in Income | Income on | |||||||||||||||||
Derivative | into Income | into Income | on Derivative | Derivative | |||||||||||||||||
(Effective | (Effective | (Effective | (Ineffective | (Ineffective | |||||||||||||||||
Portion) | Portion) | Portion) | Portion) | Portion) | |||||||||||||||||
Interest rate swaps | $ | 152 | Interest expense | $ | (925 | ) | $ | — | |||||||||||||
Commodity derivatives | 4,833 | Revenue | (1,135 | ) | — | ||||||||||||||||
Total | $ | 4,985 | $ | (2,060 | ) | $ | — | ||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of | Location | Amount of | Location of | Amount of | ||||||||||||||||
Gain/(Loss) | of Gain/(Loss) | Reclassified | Gain/(Loss) | Gain/(Loss) | |||||||||||||||||
Recognized | Reclassified | Gain/(Loss) | Recognized | Recognized in | |||||||||||||||||
in AOCI | from AOCI | from AOCI | in Income | Income on | |||||||||||||||||
Derivative | into Income | into Income | on Derivative | Derivative | |||||||||||||||||
(Effective | (Effective | (Effective | (Ineffective | (Ineffective | |||||||||||||||||
Portion) | Portion) | Portion) | Portion) | Portion) | |||||||||||||||||
Interest rate swaps | $ | (907 | ) | Interest expense | $ | (1,844 | ) | $ | — | ||||||||||||
Commodity derivatives | (2,140 | ) | Revenue | (168 | ) | — | |||||||||||||||
Total | $ | (3,047 | ) | $ | (2,012 | ) | $ | — | |||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of | Location | Amount of | Location of | Amount of | ||||||||||||||||
Gain/(Loss) | of Gain/(Loss) | Reclassified | Gain/(Loss) | Gain/(Loss) | |||||||||||||||||
Recognized | Reclassified | Gain/(Loss) | Recognized | Recognized in | |||||||||||||||||
in AOCI | from AOCI | from AOCI | in Income | Income on | |||||||||||||||||
Derivative | into Income | into Income | on Derivative | Derivative | |||||||||||||||||
(Effective | (Effective | (Effective | (Ineffective | (Ineffective | |||||||||||||||||
Portion) | Portion) | Portion) | Portion) | Portion) | |||||||||||||||||
Interest rate swaps | $ | (277 | ) | Interest expense | $ | (2,745 | ) | $ | — | ||||||||||||
Commodity derivatives | (1,376 | ) | Revenue | (2,697 | ) | — | |||||||||||||||
Total | $ | (1,653 | ) | $ | (5,442 | ) | $ | — | |||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of | Location | Amount of | Location of | Amount of | ||||||||||||||||
Gain/(Loss) | of Gain/(Loss) | Reclassified | Gain/(Loss) | Gain/(Loss) | |||||||||||||||||
Recognized | Reclassified | Gain/(Loss) | Recognized | Recognized in | |||||||||||||||||
in AOCI | from AOCI | from AOCI | in Income | Income on | |||||||||||||||||
Derivative | into Income | into Income | on Derivative | Derivative | |||||||||||||||||
(Effective | (Effective | (Effective | (Ineffective | (Ineffective | |||||||||||||||||
Portion) | Portion) | Portion) | Portion) | Portion) | |||||||||||||||||
Interest rate swaps | $ | 141 | Interest expense | $ | (5,460 | ) | $ | — | |||||||||||||
Commodity derivatives | 86 | Revenue | 896 | — | |||||||||||||||||
Total | $ | 227 | $ | (4,564 | ) | $ | — | ||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements [Text Block] | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||
The accounting guidance for fair value measurements requires certain disclosures about assets and liabilities measured at fair value. This guidance establishes a hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value. 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. For additional information see Notes 1, 8 and 10 to the Consolidated Financial Statements included in our 2013 Annual Report on Form 10-K filed with the SEC. | |||||||||||||||||
Transfers into Level 3, if any, occur when significant inputs used to value the derivative instruments become less observable such as a significant decrease in the frequency and volume in which the instrument is traded, negatively impacting the availability of observable pricing inputs. Transfers out of Level 3, if any, occur when the significant inputs become more observable, such as when the time between the valuation date and the delivery date of a transaction becomes shorter, positively impacting the availability of observable pricing inputs. | |||||||||||||||||
Valuation Methodologies for Derivatives | |||||||||||||||||
Oil and Gas Segment: | |||||||||||||||||
• | The commodity option contracts for our Oil and Gas segment are valued using the market approach and can 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 our Oil and Gas segment are valued using the market approach with 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 a Level 2 disclosure. | ||||||||||||||||
Utilities Segments: | |||||||||||||||||
• | The commodity contracts for our Utilities Segments, 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 because these instruments are not traded on an exchange. | ||||||||||||||||
Corporate Activities: | |||||||||||||||||
• | The interest rate swaps are valued using the market 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 a 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. | ||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||
There have been no significant transfers between Level 1 and Level 2 derivative balances. 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. | |||||||||||||||||
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. A discussion of fair value of financial instruments is included in Note 10: | |||||||||||||||||
As of September 30, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty | Total | |||||||||||||
Netting | |||||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Commodity derivatives — Oil and Gas | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | 322 | — | (322 | ) | — | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 1,545 | — | (1,545 | ) | — | |||||||||||
Commodity derivatives — Utilities | — | 4,029 | — | (4,029 | ) | — | |||||||||||
Total | $ | — | $ | 5,896 | $ | — | $ | (5,896 | ) | $ | — | ||||||
Liabilities: | |||||||||||||||||
Commodity derivatives — Oil and Gas | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | 487 | — | (487 | ) | — | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 865 | — | (865 | ) | — | |||||||||||
Commodity derivatives — Utilities | — | 8,679 | — | (8,679 | ) | — | |||||||||||
Interest rate swaps | — | 6,670 | — | — | 6,670 | ||||||||||||
Total | $ | — | $ | 16,701 | $ | — | $ | (10,031 | ) | $ | 6,670 | ||||||
As of December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty | Total | |||||||||||||
Netting | |||||||||||||||||
(in thousands) | |||||||||||||||||
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 September 30, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty | Total | |||||||||||||
Netting | |||||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Commodity derivatives — Oil and Gas | |||||||||||||||||
Options -- Oil | $ | — | $ | 2 | $ | — | $ | — | $ | 2 | |||||||
Basis Swaps -- Oil | — | 51 | — | (40 | ) | 11 | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 1,752 | — | (1,639 | ) | 113 | |||||||||||
Commodity derivatives — Utilities | — | 2,351 | — | (2,351 | ) | — | |||||||||||
Total | $ | — | $ | 4,156 | $ | — | $ | (4,030 | ) | $ | 126 | ||||||
Liabilities: | |||||||||||||||||
Commodity derivatives — Oil and Gas | |||||||||||||||||
Options -- Oil | $ | — | $ | 142 | $ | — | $ | (77 | ) | $ | 65 | ||||||
Basis Swaps -- Oil | — | 1,318 | — | (1,284 | ) | 34 | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 232 | — | (181 | ) | 51 | |||||||||||
Commodity derivatives — Utilities | — | 10,747 | — | (10,747 | ) | — | |||||||||||
Interest rate swaps | — | 83,142 | — | (5,960 | ) | 77,182 | |||||||||||
Total | $ | — | $ | 95,581 | $ | — | $ | (18,249 | ) | $ | 77,332 | ||||||
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 September 30, 2014, December 31, 2013, and September 30, 2013, 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 Condensed 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 (in thousands): | |||||||||||||||||
As of September 30, 2014 | |||||||||||||||||
Balance Sheet Location | Fair Value | Fair Value | |||||||||||||||
of Asset | of Liability | ||||||||||||||||
Derivatives | Derivatives | ||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets — current | $ | 1,174 | $ | — | ||||||||||||
Commodity derivatives | Derivative assets — non-current | 692 | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — current | — | 497 | ||||||||||||||
Commodity derivatives | Derivative liabilities — non-current | — | 856 | ||||||||||||||
Interest rate swaps | Derivative liabilities — current | — | 3,397 | ||||||||||||||
Interest rate swaps | Derivative liabilities — non-current | — | 3,273 | ||||||||||||||
Total derivatives designated as hedges | $ | 1,866 | $ | 8,023 | |||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets — current | $ | — | $ | — | ||||||||||||
Commodity derivatives | Derivative assets — non-current | — | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — current | — | 48 | ||||||||||||||
Commodity derivatives | Derivative liabilities — non-current | — | 4,602 | ||||||||||||||
Total derivatives not designated as hedges | $ | — | $ | 4,650 | |||||||||||||
As of December 31, 2013 | |||||||||||||||||
Balance Sheet Location | Fair Value | Fair Value | |||||||||||||||
of Asset | of Liability | ||||||||||||||||
Derivatives | Derivatives | ||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets — current | $ | 248 | $ | — | ||||||||||||
Commodity derivatives | Derivative assets — non-current | 698 | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — current | — | 1,541 | ||||||||||||||
Commodity derivatives | Derivative liabilities — non-current | — | 219 | ||||||||||||||
Interest rate swaps | Derivative liabilities — current | — | 3,474 | ||||||||||||||
Interest rate swaps | Derivative liabilities — non-current | — | 5,614 | ||||||||||||||
Total derivatives designated as hedges | $ | 946 | $ | 10,848 | |||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets — current | $ | 662 | $ | — | ||||||||||||
Commodity derivatives | Derivative assets — non-current | — | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — current | — | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — non-current | — | 6,732 | ||||||||||||||
Total derivatives not designated as hedges | $ | 662 | $ | 6,732 | |||||||||||||
As of September 30, 2013 | |||||||||||||||||
Balance Sheet Location | Fair Value | Fair Value | |||||||||||||||
of Asset | of Liability | ||||||||||||||||
Derivatives | Derivatives | ||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets — current | $ | 846 | $ | — | ||||||||||||
Commodity derivatives | Derivative assets — non-current | 959 | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — current | — | 1,317 | ||||||||||||||
Commodity derivatives | Derivative liabilities — non-current | — | 375 | ||||||||||||||
Interest rate swaps | Derivative liabilities — current | — | 7,039 | ||||||||||||||
Interest rate swaps | Derivative liabilities — non-current | — | 11,388 | ||||||||||||||
Total derivatives designated as hedges | $ | 1,805 | $ | 20,119 | |||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets — current | $ | — | $ | — | ||||||||||||
Commodity derivatives | Derivative assets — non-current | — | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — current | — | 1,795 | ||||||||||||||
Commodity derivatives | Derivative liabilities — non-current | — | 6,601 | ||||||||||||||
Interest rate swaps | Derivative liabilities — current | — | 64,715 | ||||||||||||||
Interest rate swaps | Derivative liabilities — non-current | — | — | ||||||||||||||
Total derivatives not designated as hedges | $ | — | $ | 73,111 | |||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value of Financial Instruments [Text Block] | ' | ||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||||||
The estimated fair values of our financial instruments, excluding derivatives which are presented in Note 9, were as follows (in thousands) as of: | |||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-13 | |||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||
Amount | Amount | Amount | |||||||||||||||||||
Cash and cash equivalents (a) | $ | 11,939 | $ | 11,939 | $ | 7,841 | $ | 7,841 | $ | 13,637 | $ | 13,637 | |||||||||
Restricted cash and equivalents (a) | $ | 1,918 | $ | 1,918 | $ | 2 | $ | 2 | $ | 6,782 | $ | 6,782 | |||||||||
Notes payable (a) | $ | 184,000 | $ | 184,000 | $ | 82,500 | $ | 82,500 | $ | 138,300 | $ | 138,300 | |||||||||
Long-term debt, including current maturities (b) | $ | 1,382,519 | $ | 1,547,359 | $ | 1,396,948 | $ | 1,491,422 | $ | 1,211,673 | $ | 1,325,729 | |||||||||
__________ | |||||||||||||||||||||
(a) | Carrying value approximates fair value due to either the 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. |
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||
Other Comprehensive Income (Loss) [Text Block] | ' | |||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||
The components of the reclassification adjustments, net of tax, included in Other Comprehensive Income (Loss) for the periods were as follows (in thousands): | ||||||||||||||
Location on the Condensed Consolidated Statements of Income (Loss) | Amount Reclassified from AOCI | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
30-Sep-14 | 30-Sep-13 | 30-Sep-14 | 30-Sep-13 | |||||||||||
Gains (losses) on cash flow hedges: | ||||||||||||||
Interest rate swaps | Interest expense | $ | 925 | $ | 1,844 | $ | 2,745 | $ | 5,460 | |||||
Commodity contracts | Revenue | 1,135 | 168 | 2,697 | (896 | ) | ||||||||
2,060 | 2,012 | 5,442 | 4,564 | |||||||||||
Income tax | Income tax benefit (expense) | (732 | ) | (586 | ) | (1,931 | ) | (1,469 | ) | |||||
Reclassification adjustments related to cash flow hedges, net of tax | $ | 1,328 | $ | 1,426 | $ | 3,511 | $ | 3,095 | ||||||
Amortization of defined benefit plans: | ||||||||||||||
Prior service cost | Utilities - Operations and maintenance | $ | (26 | ) | $ | (31 | ) | $ | (77 | ) | $ | (93 | ) | |
Non-regulated energy operations and maintenance | (22 | ) | (32 | ) | (93 | ) | (96 | ) | ||||||
Actuarial gain (loss) | Utilities - Operations and maintenance | 158 | 425 | 473 | 1,267 | |||||||||
Non-regulated energy operations and maintenance | 88 | 275 | 274 | 823 | ||||||||||
198 | 637 | 577 | 1,901 | |||||||||||
Income tax | Income tax benefit (expense) | (69 | ) | (220 | ) | (202 | ) | (663 | ) | |||||
Reclassification adjustments related to defined benefit plans, net of tax | $ | 129 | $ | 417 | $ | 375 | $ | 1,238 | ||||||
Balances by classification included within Accumulated other comprehensive income (loss) on the accompanying Condensed Consolidated Balance Sheets are as follows (in thousands): | ||||||||||||||
Derivatives Designated as Cash Flow Hedges | Employee Benefit Plans | Total | ||||||||||||
Balance as of December 31, 2012 | $ | (15,713 | ) | $ | (19,775 | ) | $ | (35,488 | ) | |||||
Other comprehensive income (loss), net of tax | (1,193 | ) | 457 | (736 | ) | |||||||||
Balance as of March 31, 2013 | (16,906 | ) | (19,318 | ) | (36,224 | ) | ||||||||
Other comprehensive income (loss), net of tax | 5,079 | 364 | 5,443 | |||||||||||
Balance as of June 30, 2013 | (11,827 | ) | (18,954 | ) | (30,781 | ) | ||||||||
Other comprehensive income (loss), net of tax | (657 | ) | 417 | (240 | ) | |||||||||
Ending Balance September 30, 2013 | $ | (12,484 | ) | $ | (18,537 | ) | $ | (31,021 | ) | |||||
Balance as of December 31, 2013 | $ | (7,133 | ) | $ | (10,289 | ) | $ | (17,422 | ) | |||||
Other comprehensive income (loss), net of tax | (1,478 | ) | 311 | (1,167 | ) | |||||||||
Balance as of March 31, 2014 | (8,611 | ) | (9,978 | ) | (18,589 | ) | ||||||||
Other comprehensive income (loss), net of tax | (556 | ) | (296 | ) | (852 | ) | ||||||||
Balance as of June 30, 2014 | (9,167 | ) | (10,274 | ) | (19,441 | ) | ||||||||
Other comprehensive income (loss), net of tax | 4,473 | 129 | 4,602 | |||||||||||
Ending Balance Sept. 30, 2014 | $ | (4,694 | ) | $ | (10,145 | ) | $ | (14,839 | ) |
Supplemental_Disclosure_of_Cas
Supplemental Disclosure of Cash Flow Information | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental Disclosure of Cash Flow Information [Text Block] | ' | |||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||||||
Nine months ended | 30-Sep-14 | 30-Sep-13 | ||||||
(in thousands) | ||||||||
Non-cash investing and financing activities from continuing operations— | ||||||||
Property, plant and equipment acquired with accrued liabilities | $ | 52,484 | $ | 47,214 | ||||
Increase (decrease) in capitalized assets associated with asset retirement obligations | $ | (2,785 | ) | $ | — | |||
Cash (paid) refunded during the period for continuing operations— | ||||||||
Interest (net of amounts capitalized) | $ | (46,086 | ) | $ | (57,175 | ) | ||
Income taxes, net | $ | (396 | ) | $ | (4,924 | ) |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||||
EMPLOYEE BENEFIT PLANS | |||||||||||||
Defined Benefit Pension Plans | |||||||||||||
The components of net periodic benefit cost for the Defined Benefit Pension Plans were as follows (in thousands): | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Service cost | $ | 1,362 | $ | 1,608 | $ | 4,086 | $ | 4,824 | |||||
Interest cost | 3,963 | 3,825 | 11,889 | 11,475 | |||||||||
Expected return on plan assets | (4,516 | ) | (4,654 | ) | (13,549 | ) | (13,962 | ) | |||||
Prior service cost | 16 | 16 | 47 | 48 | |||||||||
Net loss (gain) | 1,201 | 3,062 | 3,604 | 9,186 | |||||||||
Net periodic benefit cost | $ | 2,026 | $ | 3,857 | $ | 6,077 | $ | 11,571 | |||||
Non-pension Defined Benefit Postretirement Healthcare Plans | |||||||||||||
The components of net periodic benefit cost for the Non-pension Defined Benefit Postretirement Healthcare Plans were as follows (in thousands): | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Service cost | $ | 425 | $ | 419 | $ | 1,275 | $ | 1,257 | |||||
Interest cost | 480 | 417 | 1,439 | 1,251 | |||||||||
Expected return on plan assets | (21 | ) | (20 | ) | (64 | ) | (60 | ) | |||||
Prior service cost (benefit) | (107 | ) | (125 | ) | (321 | ) | (375 | ) | |||||
Net loss (gain) | 40 | 121 | 120 | 363 | |||||||||
Net periodic benefit cost | $ | 817 | $ | 812 | $ | 2,449 | $ | 2,436 | |||||
Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | |||||||||||||
The components of net periodic benefit cost for the Supplemental Non-qualified Defined Benefit and Defined Contribution Plans were as follows (in thousands): | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Service cost | $ | 374 | $ | 348 | $ | 1,123 | $ | 1,044 | |||||
Interest cost | 362 | 332 | 1,085 | 996 | |||||||||
Prior service cost | 1 | 1 | 2 | 3 | |||||||||
Net loss (gain) | 124 | 198 | 373 | 594 | |||||||||
Net periodic benefit cost | $ | 861 | $ | 879 | $ | 2,583 | $ | 2,637 | |||||
Contributions | |||||||||||||
We made contributions to the benefit plans during 2014 and anticipate that we will make contributions to the benefit plans during 2015. Contributions to the Defined Benefit Pension Plans are cash contributions made directly to the Pension Plan Trust accounts. Contributions to the Healthcare and Supplemental Plan are made in the form of benefit payments. Contributions and anticipated contributions are as follows (in thousands): | |||||||||||||
Contributions Made | Contributions Made | Additional Contributions | Contributions | ||||||||||
Three Months Ended September 30, 2014 | Nine Months Ended September 30, 2014 | Anticipated for 2014 | Anticipated for 2015 | ||||||||||
Defined Benefit Pension Plans | $ | 10,200 | $ | 10,200 | $ | — | $ | 12,500 | |||||
Non-pension Defined Benefit Postretirement Healthcare Plans | $ | 956 | $ | 2,868 | $ | 956 | $ | 3,822 | |||||
Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | $ | 373 | $ | 1,118 | $ | 373 | $ | 1,494 | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |
Sep. 30, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies [Text Block] | ' | |
COMMITMENTS AND CONTINGENCIES | ||
There have been no significant changes to commitments and contingencies from those previously disclosed in Note 18 of our Notes to the Consolidated Financial Statements in our 2013 Annual Report on Form 10-K except for those described below. | ||
Power Purchase Agreement | ||
As disclosed in footnote 16, Black Hills Wyoming sold its CTII 40 MW natural gas-fired generating unit to the City of Gillette, Wyoming on September 3, 2014. Under the terms of the sale, Black Hills Wyoming entered into ancillary agreements, the most significant of which involves a 20-year economy energy PPA. The PPA contains a sharing arrangement where Black Hills Wyoming shares with the City of Gillette savings from wholesale power purchases made on behalf of the City when power costs are less than operating the generating unit. In addition, other ancillary agreements include agreements for Black Hills Wyoming to operate CTII, provide shared facilities, and provide generation dispatch services. Black Hills Wyoming’s previous power sales agreement that sold all of CTII’s output to Cheyenne Light expired on August 31, 2014. | ||
Natural Gas Delivery Agreement | ||
In 2012, we entered into a ten-year gas gathering and processing 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. This agreement became effective in first quarter of 2014 upon completion of the processing infrastructure capable of handling the committed volumes. | ||
Reimbursement Agreement | ||
We have a reimbursement agreement in place with Wells Fargo on behalf of Cheyenne Light for the 2009A bonds of $10 million due in 2027 and the 2009B bonds of $7.0 million due in 2021. In the case of default, we hold the assumption of liability for drawings on Cheyenne Light’s Letter of Credit attached to these bonds. | ||
Other Commitments | ||
Construction was completed on Cheyenne Prairie, a 132 MW, $222 million natural gas-fired electric generating facility jointly owned by Cheyenne Light and Black Hills Power. The facility was placed into commercial operation on October 1, 2014. Included in the total cost of Cheyenne Prairie, are contingencies of approximately $2.5 million remaining on contracts pertaining to site finishing, contractor close-outs, and construction management demobilization and cleanup. Resolution of these contingencies is expected in the fourth quarter of 2014. | ||
Oil Creek Fire | ||
On June 29, 2012, a forest and grassland fire occurred in the western Black Hills of Wyoming. A state 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, a lawsuit was filed in the United States District Court for the District of Wyoming, which forty-seven plaintiffs and the State of Wyoming have now joined, asserting claims for damages against Black Hills Power. The claims include allegations of negligence, negligence per se, common law nuisance, and trespass. 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. We cannot predict the outcome of our investigation, the viability of alleged claims or the outcome of the litigation. | ||
Civil litigation of this kind, however, is likely to lead to settlement negotiations, including negotiations prompted by pre-trial civil court procedures. We believe such negotiations would effect a settlement of all claims. Regardless of whether the litigation is determined at trial or through settlement, we expect to incur significant investigation, legal and expert services expenses associated with the litigation. We maintain insurance coverage to limit our exposure to losses due to civil liability claims, and related litigation expense. The deductible applicable to some types of claims arising out of this fire is $1.0 million. We expect this coverage to limit our exposure, and we will pursue recoveries to the maximum extent available under the policies. Based upon information currently available, we believe that a loss associated with settlement of pending claims is probable. Accordingly, as of September 30, 2014, we recorded a loss contingency liability related to these claims, and we recorded a receivable for costs we believe are reimbursable and probable of recovery under our insurance coverage. Both of these entries reflect our reasonable estimate of probable future litigation expense and settlement costs; we did not base these contingencies on any determination that it is probable we would be found liable for these claims were they to be litigated. | ||
Given the uncertainty of litigation, however, a loss related to the fire, the litigation and related claims in excess of the loss we have determined to be probable is reasonably possible. However, we cannot reasonably estimate the amount of such possible loss because our investigation and review of damage claims documentation is ongoing, and there are significant factual and legal issues to be resolved. Further claims may be presented by these and other parties. While we have received claims seeking 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, currently totaling $50 million, we are not yet able, for the reasons described above, to reasonably estimate the amount of any reasonable possible losses in excess of the amount we have accrued. Based upon information currently available, however, management does not expect the outcome of the claims to have a material adverse effect upon our consolidated financial condition, results of operations or cash flows. | ||
Dividend Restrictions | ||
Our Revolving Credit Facility and other debt obligations contain restrictions on the payment of cash dividends upon a default or event of default. As of September 30, 2014, we were in compliance with the debt 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 stockholders 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 September 30, 2014: | ||
• | Our utilities are generally limited to the amount of dividends allowed to be paid to us as a utility holding company under the Federal Power Act and settlement agreements with state regulatory jurisdictions. As of September 30, 2014, the restricted net assets at our Utilities Group were approximately $73 million. |
Guarantees
Guarantees | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
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 indemnification for reclamation and surety bonds. | |||||
We had the following guarantees in place (in thousands): | |||||
Maximum Exposure at | |||||
Nature of Guarantee | 30-Sep-14 | Expiration | |||
Indemnification for subsidiary reclamation/surety bonds (a) | $ | 63,900 | Ongoing | ||
_______________________ | |||||
(a) | 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 Condensed Consolidated Balance Sheets. | ||||
During the second quarter of 2014, guarantees of Black Hills Utility Holdings’ payment obligations up to $70 million arising from commodity transactions for natural gas supply were removed, primarily due to improvement of the corporate credit rating, as well as the conversion of certain guarantees to letters of credit. |
Sale_of_Operating_Asset
Sale of Operating Asset | 9 Months Ended |
Sep. 30, 2014 | |
Sale of Operating Asset [Abstract] | ' |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' |
SALE OF OPERATING ASSET | |
On September 3, 2014, Black Hills Wyoming closed the sale of its 40 MW CTII natural-gas fired generating unit to the City of Gillette, Wyoming for approximately $22 million, upon expiration on August 31, 2014 of the PPA with Cheyenne Light. Consideration for the sale included ancillary agreements, the most significant of which includes Black Hills Wyoming providing services to the City of Gillette through an economy energy PPA over a term of 20 years. Black Hills Wyoming will recognize a $4.9 million gain on sale over the 20 year term of the agreements. The deferred gain is recorded in Other deferred credits and other liabilities at September 30, 2014 on the accompanying Condensed Consolidated Balance Sheet. |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Event [Abstract] | ' |
Subsequent Events [Text Block] | ' |
SUBSEQUENT EVENT | |
Long-Term Debt | |
On October 1, 2014, Black Hills Power and Cheyenne Light sold $160 million of first mortgage bonds in a private placement to provide permanent financing for Cheyenne Prairie. Black Hills Power issued $85 million of 4.43% coupon first mortgage bonds due October 20, 2044, and Cheyenne Light issued $75 million of 4.53% coupon first mortgage bonds due October 20, 2044. Proceeds from Black Hills Power’s bond sale also funded the early redemption of its 5.35% $12 million pollution control revenue bonds, originally due October 1, 2024. |
Business_Segment_Information_T
Business Segment Information (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Segment Reporting Information, Additional Information [Abstract] | ' | ||||||||||||
Schedule of Segment Reporting Information [Table Text Block] | ' | ||||||||||||
Segment information and Corporate activities included in the accompanying Condensed Consolidated Statements of Income (Loss) were as follows (in thousands): | |||||||||||||
Three Months Ended September 30, 2014 | External | Inter-company | Net Income (Loss) | ||||||||||
Operating | Operating | ||||||||||||
Revenue | Revenue | ||||||||||||
Utilities: | |||||||||||||
Electric | $ | 171,395 | $ | 3,156 | $ | 18,154 | |||||||
Gas | 78,735 | — | 1,597 | ||||||||||
Non-regulated Energy: | |||||||||||||
Power Generation | 1,602 | 20,419 | 7,829 | ||||||||||
Coal Mining | 6,884 | 8,689 | 2,638 | ||||||||||
Oil and Gas | 13,471 | — | (3,110 | ) | |||||||||
Corporate activities | — | — | (272 | ) | |||||||||
Inter-company eliminations | — | (32,264 | ) | — | |||||||||
Total | $ | 272,087 | $ | — | $ | 26,836 | |||||||
Three Months Ended September 30, 2013 | External | Inter-company | Net Income (Loss) | ||||||||||
Operating | Operating | ||||||||||||
Revenue | Revenue | ||||||||||||
Utilities: | |||||||||||||
Electric | $ | 169,401 | $ | 2,003 | $ | 15,097 | |||||||
Gas | 67,792 | — | (1,450 | ) | |||||||||
Non-regulated Energy: | |||||||||||||
Power Generation | 1,575 | 20,393 | 6,707 | ||||||||||
Coal Mining | 6,713 | 8,604 | 2,142 | ||||||||||
Oil and Gas | 14,426 | — | (1,682 | ) | |||||||||
Corporate activities (a) | — | — | 2,310 | ||||||||||
Inter-company eliminations | — | (31,000 | ) | — | |||||||||
Total | $ | 259,907 | $ | — | $ | 23,124 | |||||||
Nine Months Ended September 30, 2014 | External | Intercompany | Net Income (Loss) | ||||||||||
Operating | Operating | ||||||||||||
Revenues | Revenues | ||||||||||||
Utilities: | |||||||||||||
Electric | $ | 508,230 | $ | 10,307 | $ | 44,156 | |||||||
Gas | 440,571 | — | 28,289 | ||||||||||
Non-regulated Energy: | |||||||||||||
Power Generation | 4,138 | 62,211 | 23,096 | ||||||||||
Coal Mining | 19,085 | 26,637 | 7,118 | ||||||||||
Oil and Gas | 43,469 | — | (6,792 | ) | |||||||||
Corporate activities | — | — | (1,093 | ) | |||||||||
Inter-company eliminations | — | (99,155 | ) | — | |||||||||
Total | $ | 1,015,493 | $ | — | $ | 94,774 | |||||||
Nine Months Ended September 30, 2013 | External | Intercompany | Net Income (Loss) | ||||||||||
Operating | Operating | ||||||||||||
Revenues | Revenues | ||||||||||||
Utilities: | |||||||||||||
Electric | $ | 482,222 | $ | 9,844 | $ | 38,063 | |||||||
Gas | 373,440 | — | 20,225 | ||||||||||
Non-regulated Energy: | |||||||||||||
Power Generation | 3,628 | 58,825 | 17,382 | ||||||||||
Coal Mining | 19,530 | 23,688 | 5,180 | ||||||||||
Oil and Gas | 41,584 | — | (3,699 | ) | |||||||||
Corporate activities (a) | — | — | 19,688 | ||||||||||
Inter-company eliminations | — | (92,357 | ) | — | |||||||||
Total | $ | 920,404 | $ | — | $ | 96,839 | |||||||
__________ | |||||||||||||
(a) | Corporate activities include a $2.0 million and a $19 million after-tax non-cash mark-to-market gain on certain interest rate swaps for the three and nine months ended September 30, 2013, respectively. | ||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | ||||||||||||
Segment information and Corporate balances included in the accompanying Condensed Consolidated Balance Sheets were as follows (in thousands): | |||||||||||||
Total Assets (net of inter-company eliminations) as of: | 30-Sep-14 | 31-Dec-13 | 30-Sep-13 | ||||||||||
Utilities: | |||||||||||||
Electric (a) | $ | 2,671,601 | $ | 2,525,947 | $ | 2,464,123 | |||||||
Gas | 827,069 | 805,617 | 757,746 | ||||||||||
Non-regulated Energy: | |||||||||||||
Power Generation (a) | 64,359 | 95,692 | 102,331 | ||||||||||
Coal Mining | 74,130 | 78,825 | 82,155 | ||||||||||
Oil and Gas | 330,781 | 288,366 | 264,785 | ||||||||||
Corporate activities | 105,322 | 80,731 | 130,100 | ||||||||||
Total assets | $ | 4,073,262 | $ | 3,875,178 | $ | 3,801,240 | |||||||
__________ | |||||||||||||
(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. |
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
Schedule of Accounts Receivable [Table Text Block] | ' | ||||||||||||
Following is a summary of Accounts receivable, net included in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: | |||||||||||||
Accounts | Unbilled | Less Allowance for | Accounts | ||||||||||
30-Sep-14 | Receivable, Trade | Revenue | Doubtful Accounts | Receivable, net | |||||||||
Electric Utilities | $ | 53,717 | $ | 21,485 | $ | (724 | ) | $ | 74,478 | ||||
Gas Utilities | 23,409 | 13,218 | (740 | ) | 35,887 | ||||||||
Power Generation | 1,368 | — | — | 1,368 | |||||||||
Coal Mining | 2,563 | — | — | 2,563 | |||||||||
Oil and Gas | 7,657 | — | (13 | ) | 7,644 | ||||||||
Corporate | 1,459 | — | — | 1,459 | |||||||||
Total | $ | 90,173 | $ | 34,703 | $ | (1,477 | ) | $ | 123,399 | ||||
Accounts | Unbilled | Less Allowance for | Accounts | ||||||||||
31-Dec-13 | Receivable, Trade | Revenue | Doubtful 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 | ||||
Accounts | Unbilled | Less Allowance for | Accounts | ||||||||||
30-Sep-13 | Receivable, Trade | Revenue | Doubtful Accounts | Receivable, net | |||||||||
Electric Utilities | $ | 49,254 | $ | 20,153 | $ | (648 | ) | $ | 68,759 | ||||
Gas Utilities | 20,693 | 11,877 | (542 | ) | 32,028 | ||||||||
Power Generation | 3 | — | — | 3 | |||||||||
Coal Mining | 2,677 | — | — | 2,677 | |||||||||
Oil and Gas | 8,463 | — | (19 | ) | 8,444 | ||||||||
Corporate | 2,226 | — | — | 2,226 | |||||||||
Total | $ | 83,316 | $ | 32,030 | $ | (1,209 | ) | $ | 114,137 | ||||
Regulatory_Assets_and_Liabilit
Regulatory Assets and Liabilities (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | ||||||||||
Schedule of Regulatory Assets and Liabilities [Table Text Block] | ' | ||||||||||
We had the following regulatory assets and liabilities (in thousands): | |||||||||||
Maximum | As of | As of | As of | ||||||||
Amortization (in years) | 30-Sep-14 | 31-Dec-13 | 30-Sep-13 | ||||||||
Regulatory assets | |||||||||||
Deferred energy and fuel cost adjustments - current (a)(d) | 1 | $ | 26,211 | $ | 16,775 | $ | 17,925 | ||||
Deferred gas cost adjustments and natural gas price derivatives (a)(d) | 7 | 49,870 | 12,366 | 16,845 | |||||||
AFUDC (b) | 45 | 12,411 | 12,315 | 12,398 | |||||||
Employee benefit plans (c) | 13 | 64,908 | 67,059 | 114,386 | |||||||
Environmental (a) | subject to approval | 1,314 | 1,800 | 1,800 | |||||||
Asset retirement obligations (a) | 44 | 3,282 | 3,266 | 3,262 | |||||||
Bond issue cost (a) | 24 | 3,311 | 3,419 | 3,454 | |||||||
Renewable energy standard adjustment (a) | 5 | 12,007 | 14,186 | 14,936 | |||||||
Flow through accounting (c) | 35 | 25,157 | 20,916 | 19,222 | |||||||
Other regulatory assets (a) | 15 | 10,395 | 10,546 | 9,099 | |||||||
$ | 208,866 | $ | 162,648 | $ | 213,327 | ||||||
Regulatory liabilities | |||||||||||
Deferred energy and gas costs (a) | 1 | $ | 5,535 | $ | 11,708 | $ | 14,032 | ||||
Employee benefit plans (c) | 13 | 34,409 | 34,431 | 60,707 | |||||||
Cost of removal (a) | 44 | 71,362 | 64,970 | 62,069 | |||||||
Other regulatory liabilities (c) | 25 | 8,378 | 9,047 | 9,629 | |||||||
$ | 119,684 | $ | 120,156 | $ | 146,437 | ||||||
__________ | |||||||||||
(a) | Recovery of costs, but we are 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 or repayment of costs, we are allowed a return on a portion of this amount or a reduction in rate base, respectively. | ||||||||||
(d) | Our deferred energy, fuel cost, and gas cost adjustments represent the cost of electricity and gas delivered to our electric and gas utility customers that is either higher or lower than current rates and will be recovered or refunded in future rates. Increases in the current year balances as of September 30, 2014 are primarily due to higher natural gas prices driven by demand and market conditions during our peak winter heating season. Our electric and gas utilities file periodic quarterly, semi-annual, and/or annual filings to recover these costs based on the respective cost mechanisms approved by their applicable state utility commissions. |
Materials_Supplies_and_Fuel_Ta
Materials, Supplies and Fuel (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Inventory, Net [Abstract] | ' | |||||||||||
Materials, Supplies and Fuel [Table Text Block] | ' | |||||||||||
The following amounts by major classification are included in Materials, supplies and fuel in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: | ||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-13 | ||||||||||
Materials and supplies | $ | 52,682 | $ | 50,196 | $ | 50,564 | ||||||
Fuel - Electric Utilities | 7,108 | 6,213 | 6,384 | |||||||||
Natural gas in storage held for distribution | 45,936 | 32,069 | 38,282 | |||||||||
Total materials, supplies and fuel | $ | 105,726 | $ | 88,478 | $ | 95,230 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Schedule of Earnings Per Share Reconciliation [Table Text Block] | ' | |||||||||||||
A reconciliation of share amounts used to compute Earnings (loss) per share in the accompanying Condensed Consolidated Statements of Income (loss) is as follows (in thousands): | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Net income (loss) available for common stock | $ | 26,836 | $ | 23,124 | $ | 94,774 | $ | 96,839 | ||||||
Weighted average shares - basic | 44,415 | 44,201 | 44,382 | 44,143 | ||||||||||
Dilutive effect of: | ||||||||||||||
Equity compensation | 193 | 256 | 202 | 252 | ||||||||||
Weighted average shares - diluted | 44,608 | 44,457 | 44,584 | 44,395 | ||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | |||||||||||||
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): | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Equity compensation | 99 | — | 75 | 9 | ||||||||||
Anti-dilutive shares | 99 | — | 75 | 9 | ||||||||||
Notes_Payable_and_Current_Matu1
Notes Payable and Current Maturities of Long-term Debt (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||
Schedule of Short-term Debt [Table Text Block] | ' | ||||||||||||||||||
We had the following short-term debt outstanding in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: | |||||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-13 | |||||||||||||||||
Balance Outstanding | Letters of Credit | Balance Outstanding | Letters of Credit | Balance Outstanding | Letters of Credit | ||||||||||||||
Revolving Credit Facility | $ | 184,000 | $ | 31,726 | $ | 82,500 | $ | 22,100 | $ | 138,300 | $ | 53,137 | |||||||
Credit Facility and Short Term Debt Covenants [Table Text Block] | ' | ||||||||||||||||||
Our Revolving Credit Facility and our Term Loan require compliance with the following financial covenant at the end of each quarter: | |||||||||||||||||||
As of September 30, 2014 | Covenant Requirement | ||||||||||||||||||
Recourse Leverage Ratio | 54% | Less than | 65% |
Risk_Management_Activities_Tab
Risk Management Activities (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
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 Condensed Consolidated Balance Sheets were as follows (dollars in thousands) as of: | |||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-13 | |||||||||||||||||||
Interest Rate | Interest Rate | Interest Rate | De-designated | ||||||||||||||||||
Swaps (a) | Swaps (a) | Swaps (b) | Interest Rate | ||||||||||||||||||
Swaps (c) | |||||||||||||||||||||
Notional | $ | 75,000 | $ | 75,000 | $ | 150,000 | $ | 250,000 | |||||||||||||
Weighted average fixed interest rate | 4.97 | % | 4.97 | % | 5.04 | % | 5.67 | % | |||||||||||||
Maximum terms in years | 2.25 | 3 | 3.25 | 0.25 | |||||||||||||||||
Derivative liabilities, current | $ | 3,397 | $ | 3,474 | $ | 7,039 | $ | 58,755 | |||||||||||||
Derivative liabilities, non-current | $ | 3,273 | $ | 5,614 | $ | 11,388 | $ | — | |||||||||||||
__________ | |||||||||||||||||||||
(a) | These swaps are designated to borrowings on our Revolving Credit Facility, and are priced using three-month LIBOR, matching the floating portion of the related debt. | ||||||||||||||||||||
(b) | At September 30, 2013, $75 million of these interest rate swaps was designated to borrowings on our Revolving Credit Facility and $75 million was designated to borrowings on our project financing debt at Black Hills Wyoming. These swaps were priced using three-month LIBOR, matching the floating portion of the related debt. The portion of the swaps that was designated to Black Hills Wyoming was settled during the fourth quarter of 2013 upon repayment of the Black Hills Wyoming project financing. | ||||||||||||||||||||
(c) | These swaps were settled during the fourth quarter of 2013. | ||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | ' | ||||||||||||||||||||
The impacts of cash flow hedges on our Condensed Consolidated Statements of Income (Loss) were as follows (in thousands): | |||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of | Location | Amount of | Location of | Amount of | ||||||||||||||||
Gain/(Loss) | of Gain/(Loss) | Reclassified | Gain/(Loss) | Gain/(Loss) | |||||||||||||||||
Recognized | Reclassified | Gain/(Loss) | Recognized | Recognized in | |||||||||||||||||
in AOCI | from AOCI | from AOCI | in Income | Income on | |||||||||||||||||
Derivative | into Income | into Income | on Derivative | Derivative | |||||||||||||||||
(Effective | (Effective | (Effective | (Ineffective | (Ineffective | |||||||||||||||||
Portion) | Portion) | Portion) | Portion) | Portion) | |||||||||||||||||
Interest rate swaps | $ | 152 | Interest expense | $ | (925 | ) | $ | — | |||||||||||||
Commodity derivatives | 4,833 | Revenue | (1,135 | ) | — | ||||||||||||||||
Total | $ | 4,985 | $ | (2,060 | ) | $ | — | ||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of | Location | Amount of | Location of | Amount of | ||||||||||||||||
Gain/(Loss) | of Gain/(Loss) | Reclassified | Gain/(Loss) | Gain/(Loss) | |||||||||||||||||
Recognized | Reclassified | Gain/(Loss) | Recognized | Recognized in | |||||||||||||||||
in AOCI | from AOCI | from AOCI | in Income | Income on | |||||||||||||||||
Derivative | into Income | into Income | on Derivative | Derivative | |||||||||||||||||
(Effective | (Effective | (Effective | (Ineffective | (Ineffective | |||||||||||||||||
Portion) | Portion) | Portion) | Portion) | Portion) | |||||||||||||||||
Interest rate swaps | $ | (907 | ) | Interest expense | $ | (1,844 | ) | $ | — | ||||||||||||
Commodity derivatives | (2,140 | ) | Revenue | (168 | ) | — | |||||||||||||||
Total | $ | (3,047 | ) | $ | (2,012 | ) | $ | — | |||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of | Location | Amount of | Location of | Amount of | ||||||||||||||||
Gain/(Loss) | of Gain/(Loss) | Reclassified | Gain/(Loss) | Gain/(Loss) | |||||||||||||||||
Recognized | Reclassified | Gain/(Loss) | Recognized | Recognized in | |||||||||||||||||
in AOCI | from AOCI | from AOCI | in Income | Income on | |||||||||||||||||
Derivative | into Income | into Income | on Derivative | Derivative | |||||||||||||||||
(Effective | (Effective | (Effective | (Ineffective | (Ineffective | |||||||||||||||||
Portion) | Portion) | Portion) | Portion) | Portion) | |||||||||||||||||
Interest rate swaps | $ | (277 | ) | Interest expense | $ | (2,745 | ) | $ | — | ||||||||||||
Commodity derivatives | (1,376 | ) | Revenue | (2,697 | ) | — | |||||||||||||||
Total | $ | (1,653 | ) | $ | (5,442 | ) | $ | — | |||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of | Location | Amount of | Location of | Amount of | ||||||||||||||||
Gain/(Loss) | of Gain/(Loss) | Reclassified | Gain/(Loss) | Gain/(Loss) | |||||||||||||||||
Recognized | Reclassified | Gain/(Loss) | Recognized | Recognized in | |||||||||||||||||
in AOCI | from AOCI | from AOCI | in Income | Income on | |||||||||||||||||
Derivative | into Income | into Income | on Derivative | Derivative | |||||||||||||||||
(Effective | (Effective | (Effective | (Ineffective | (Ineffective | |||||||||||||||||
Portion) | Portion) | Portion) | Portion) | Portion) | |||||||||||||||||
Interest rate swaps | $ | 141 | Interest expense | $ | (5,460 | ) | $ | — | |||||||||||||
Commodity derivatives | 86 | Revenue | 896 | — | |||||||||||||||||
Total | $ | 227 | $ | (4,564 | ) | $ | — | ||||||||||||||
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 Condensed Consolidated Balance Sheets were as follows (dollars in thousands) as of: | |||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-13 | |||||||||||||||||||
Crude Oil Futures, Swaps and Options | Natural Gas Futures and Swaps | Crude Oil Futures, Swaps and Options | Natural Gas Futures and Swaps | Crude Oil Futures, Swaps and Options | Natural Gas Futures and Swaps | ||||||||||||||||
Notional (a) | 391,500 | 7,930,000 | 412,500 | 7,082,500 | 499,500 | 9,874,000 | |||||||||||||||
Maximum terms in months (b) | 1 | 1 | 3 | 1 | 3 | 1 | |||||||||||||||
Derivative assets, current | $ | — | $ | — | $ | 55 | $ | — | $ | 13 | $ | 113 | |||||||||
Derivative assets, non-current | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Derivative liabilities, current | $ | — | $ | — | $ | — | $ | — | $ | 98 | $ | 52 | |||||||||
Derivative liabilities, non-current | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
__________ | |||||||||||||||||||||
(a) | Crude oil in Bbls, natural gas in MMBtus. | ||||||||||||||||||||
(b) | Refers to the tenor of the derivative instrument. Assets and liabilities are classified as current/non-current based on the production month hedged 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 Condensed Consolidated Balance Sheets as of (in thousands): | |||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-13 | |||||||||||||||||||
Derivative assets, current | $ | — | $ | 662 | $ | — | |||||||||||||||
Derivative assets, non-current | $ | — | $ | — | $ | — | |||||||||||||||
Derivative liabilities, non-current | $ | — | $ | — | $ | — | |||||||||||||||
Net unrealized (gain) loss included in Regulatory assets or Regulatory liabilities | $ | 7,470 | $ | 7,567 | $ | 10,652 | |||||||||||||||
Contract or Notional Amounts and Terms of Commodity Derivatives[Table Text Block] | ' | ||||||||||||||||||||
The contract or notional amounts and terms of the natural gas derivative commodity instruments held at our Utilities were as follows, as of: | |||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-13 | |||||||||||||||||||
Notional | Maximum | Notional | Maximum | Notional | Maximum | ||||||||||||||||
(MMBtus) | Term | (MMBtus) | Term | (MMBtus) | Term | ||||||||||||||||
(months) (a) | (months) (a) | (months) (a) | |||||||||||||||||||
Natural gas futures purchased | 16,290,000 | 74 | 17,930,000 | 84 | 14,010,000 | 74 | |||||||||||||||
Natural gas options purchased | 7,070,000 | 6 | 3,890,000 | 8 | 6,810,000 | 6 | |||||||||||||||
Natural gas basis swaps purchased | 12,025,000 | 63 | 14,785,000 | 60 | 9,790,000 | 63 | |||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value Hierarchy, Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
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. A discussion of fair value of financial instruments is included in Note 10: | |||||||||||||||||
As of September 30, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty | Total | |||||||||||||
Netting | |||||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Commodity derivatives — Oil and Gas | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | 322 | — | (322 | ) | — | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 1,545 | — | (1,545 | ) | — | |||||||||||
Commodity derivatives — Utilities | — | 4,029 | — | (4,029 | ) | — | |||||||||||
Total | $ | — | $ | 5,896 | $ | — | $ | (5,896 | ) | $ | — | ||||||
Liabilities: | |||||||||||||||||
Commodity derivatives — Oil and Gas | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | 487 | — | (487 | ) | — | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 865 | — | (865 | ) | — | |||||||||||
Commodity derivatives — Utilities | — | 8,679 | — | (8,679 | ) | — | |||||||||||
Interest rate swaps | — | 6,670 | — | — | 6,670 | ||||||||||||
Total | $ | — | $ | 16,701 | $ | — | $ | (10,031 | ) | $ | 6,670 | ||||||
As of December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty | Total | |||||||||||||
Netting | |||||||||||||||||
(in thousands) | |||||||||||||||||
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 September 30, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty | Total | |||||||||||||
Netting | |||||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Commodity derivatives — Oil and Gas | |||||||||||||||||
Options -- Oil | $ | — | $ | 2 | $ | — | $ | — | $ | 2 | |||||||
Basis Swaps -- Oil | — | 51 | — | (40 | ) | 11 | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 1,752 | — | (1,639 | ) | 113 | |||||||||||
Commodity derivatives — Utilities | — | 2,351 | — | (2,351 | ) | — | |||||||||||
Total | $ | — | $ | 4,156 | $ | — | $ | (4,030 | ) | $ | 126 | ||||||
Liabilities: | |||||||||||||||||
Commodity derivatives — Oil and Gas | |||||||||||||||||
Options -- Oil | $ | — | $ | 142 | $ | — | $ | (77 | ) | $ | 65 | ||||||
Basis Swaps -- Oil | — | 1,318 | — | (1,284 | ) | 34 | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 232 | — | (181 | ) | 51 | |||||||||||
Commodity derivatives — Utilities | — | 10,747 | — | (10,747 | ) | — | |||||||||||
Interest rate swaps | — | 83,142 | — | (5,960 | ) | 77,182 | |||||||||||
Total | $ | — | $ | 95,581 | $ | — | $ | (18,249 | ) | $ | 77,332 | ||||||
Schedule of Derivative Instruments Balance Sheet Location [Table Text Block] | ' | ||||||||||||||||
The following tables present the fair value and balance sheet classification of our derivative instruments (in thousands): | |||||||||||||||||
As of September 30, 2014 | |||||||||||||||||
Balance Sheet Location | Fair Value | Fair Value | |||||||||||||||
of Asset | of Liability | ||||||||||||||||
Derivatives | Derivatives | ||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets — current | $ | 1,174 | $ | — | ||||||||||||
Commodity derivatives | Derivative assets — non-current | 692 | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — current | — | 497 | ||||||||||||||
Commodity derivatives | Derivative liabilities — non-current | — | 856 | ||||||||||||||
Interest rate swaps | Derivative liabilities — current | — | 3,397 | ||||||||||||||
Interest rate swaps | Derivative liabilities — non-current | — | 3,273 | ||||||||||||||
Total derivatives designated as hedges | $ | 1,866 | $ | 8,023 | |||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets — current | $ | — | $ | — | ||||||||||||
Commodity derivatives | Derivative assets — non-current | — | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — current | — | 48 | ||||||||||||||
Commodity derivatives | Derivative liabilities — non-current | — | 4,602 | ||||||||||||||
Total derivatives not designated as hedges | $ | — | $ | 4,650 | |||||||||||||
As of December 31, 2013 | |||||||||||||||||
Balance Sheet Location | Fair Value | Fair Value | |||||||||||||||
of Asset | of Liability | ||||||||||||||||
Derivatives | Derivatives | ||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets — current | $ | 248 | $ | — | ||||||||||||
Commodity derivatives | Derivative assets — non-current | 698 | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — current | — | 1,541 | ||||||||||||||
Commodity derivatives | Derivative liabilities — non-current | — | 219 | ||||||||||||||
Interest rate swaps | Derivative liabilities — current | — | 3,474 | ||||||||||||||
Interest rate swaps | Derivative liabilities — non-current | — | 5,614 | ||||||||||||||
Total derivatives designated as hedges | $ | 946 | $ | 10,848 | |||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets — current | $ | 662 | $ | — | ||||||||||||
Commodity derivatives | Derivative assets — non-current | — | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — current | — | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — non-current | — | 6,732 | ||||||||||||||
Total derivatives not designated as hedges | $ | 662 | $ | 6,732 | |||||||||||||
As of September 30, 2013 | |||||||||||||||||
Balance Sheet Location | Fair Value | Fair Value | |||||||||||||||
of Asset | of Liability | ||||||||||||||||
Derivatives | Derivatives | ||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets — current | $ | 846 | $ | — | ||||||||||||
Commodity derivatives | Derivative assets — non-current | 959 | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — current | — | 1,317 | ||||||||||||||
Commodity derivatives | Derivative liabilities — non-current | — | 375 | ||||||||||||||
Interest rate swaps | Derivative liabilities — current | — | 7,039 | ||||||||||||||
Interest rate swaps | Derivative liabilities — non-current | — | 11,388 | ||||||||||||||
Total derivatives designated as hedges | $ | 1,805 | $ | 20,119 | |||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets — current | $ | — | $ | — | ||||||||||||
Commodity derivatives | Derivative assets — non-current | — | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — current | — | 1,795 | ||||||||||||||
Commodity derivatives | Derivative liabilities — non-current | — | 6,601 | ||||||||||||||
Interest rate swaps | Derivative liabilities — current | — | 64,715 | ||||||||||||||
Interest rate swaps | Derivative liabilities — non-current | — | — | ||||||||||||||
Total derivatives not designated as hedges | $ | — | $ | 73,111 | |||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value of Financial Instruments [Table Text Block] | ' | ||||||||||||||||||||
The estimated fair values of our financial instruments, excluding derivatives which are presented in Note 9, were as follows (in thousands) as of: | |||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-13 | |||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||
Amount | Amount | Amount | |||||||||||||||||||
Cash and cash equivalents (a) | $ | 11,939 | $ | 11,939 | $ | 7,841 | $ | 7,841 | $ | 13,637 | $ | 13,637 | |||||||||
Restricted cash and equivalents (a) | $ | 1,918 | $ | 1,918 | $ | 2 | $ | 2 | $ | 6,782 | $ | 6,782 | |||||||||
Notes payable (a) | $ | 184,000 | $ | 184,000 | $ | 82,500 | $ | 82,500 | $ | 138,300 | $ | 138,300 | |||||||||
Long-term debt, including current maturities (b) | $ | 1,382,519 | $ | 1,547,359 | $ | 1,396,948 | $ | 1,491,422 | $ | 1,211,673 | $ | 1,325,729 | |||||||||
__________ | |||||||||||||||||||||
(a) | Carrying value approximates fair value due to either the 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. |
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||
The components of the reclassification adjustments, net of tax, included in Other Comprehensive Income (Loss) for the periods were as follows (in thousands): | ||||||||||||||
Location on the Condensed Consolidated Statements of Income (Loss) | Amount Reclassified from AOCI | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
30-Sep-14 | 30-Sep-13 | 30-Sep-14 | 30-Sep-13 | |||||||||||
Gains (losses) on cash flow hedges: | ||||||||||||||
Interest rate swaps | Interest expense | $ | 925 | $ | 1,844 | $ | 2,745 | $ | 5,460 | |||||
Commodity contracts | Revenue | 1,135 | 168 | 2,697 | (896 | ) | ||||||||
2,060 | 2,012 | 5,442 | 4,564 | |||||||||||
Income tax | Income tax benefit (expense) | (732 | ) | (586 | ) | (1,931 | ) | (1,469 | ) | |||||
Reclassification adjustments related to cash flow hedges, net of tax | $ | 1,328 | $ | 1,426 | $ | 3,511 | $ | 3,095 | ||||||
Amortization of defined benefit plans: | ||||||||||||||
Prior service cost | Utilities - Operations and maintenance | $ | (26 | ) | $ | (31 | ) | $ | (77 | ) | $ | (93 | ) | |
Non-regulated energy operations and maintenance | (22 | ) | (32 | ) | (93 | ) | (96 | ) | ||||||
Actuarial gain (loss) | Utilities - Operations and maintenance | 158 | 425 | 473 | 1,267 | |||||||||
Non-regulated energy operations and maintenance | 88 | 275 | 274 | 823 | ||||||||||
198 | 637 | 577 | 1,901 | |||||||||||
Income tax | Income tax benefit (expense) | (69 | ) | (220 | ) | (202 | ) | (663 | ) | |||||
Reclassification adjustments related to defined benefit plans, net of tax | $ | 129 | $ | 417 | $ | 375 | $ | 1,238 | ||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||
Balances by classification included within Accumulated other comprehensive income (loss) on the accompanying Condensed Consolidated Balance Sheets are as follows (in thousands): | ||||||||||||||
Derivatives Designated as Cash Flow Hedges | Employee Benefit Plans | Total | ||||||||||||
Balance as of December 31, 2012 | $ | (15,713 | ) | $ | (19,775 | ) | $ | (35,488 | ) | |||||
Other comprehensive income (loss), net of tax | (1,193 | ) | 457 | (736 | ) | |||||||||
Balance as of March 31, 2013 | (16,906 | ) | (19,318 | ) | (36,224 | ) | ||||||||
Other comprehensive income (loss), net of tax | 5,079 | 364 | 5,443 | |||||||||||
Balance as of June 30, 2013 | (11,827 | ) | (18,954 | ) | (30,781 | ) | ||||||||
Other comprehensive income (loss), net of tax | (657 | ) | 417 | (240 | ) | |||||||||
Ending Balance September 30, 2013 | $ | (12,484 | ) | $ | (18,537 | ) | $ | (31,021 | ) | |||||
Balance as of December 31, 2013 | $ | (7,133 | ) | $ | (10,289 | ) | $ | (17,422 | ) | |||||
Other comprehensive income (loss), net of tax | (1,478 | ) | 311 | (1,167 | ) | |||||||||
Balance as of March 31, 2014 | (8,611 | ) | (9,978 | ) | (18,589 | ) | ||||||||
Other comprehensive income (loss), net of tax | (556 | ) | (296 | ) | (852 | ) | ||||||||
Balance as of June 30, 2014 | (9,167 | ) | (10,274 | ) | (19,441 | ) | ||||||||
Other comprehensive income (loss), net of tax | 4,473 | 129 | 4,602 | |||||||||||
Ending Balance Sept. 30, 2014 | $ | (4,694 | ) | $ | (10,145 | ) | $ | (14,839 | ) |
Supplemental_Disclosure_of_Cas1
Supplemental Disclosure of Cash Flow Information (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental Disclosure of Cash Flow Information [Table Text Block] | ' | |||||||
Nine months ended | 30-Sep-14 | 30-Sep-13 | ||||||
(in thousands) | ||||||||
Non-cash investing and financing activities from continuing operations— | ||||||||
Property, plant and equipment acquired with accrued liabilities | $ | 52,484 | $ | 47,214 | ||||
Increase (decrease) in capitalized assets associated with asset retirement obligations | $ | (2,785 | ) | $ | — | |||
Cash (paid) refunded during the period for continuing operations— | ||||||||
Interest (net of amounts capitalized) | $ | (46,086 | ) | $ | (57,175 | ) | ||
Income taxes, net | $ | (396 | ) | $ | (4,924 | ) |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||
The components of net periodic benefit cost for the Defined Benefit Pension Plans were as follows (in thousands): | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Service cost | $ | 1,362 | $ | 1,608 | $ | 4,086 | $ | 4,824 | |||||
Interest cost | 3,963 | 3,825 | 11,889 | 11,475 | |||||||||
Expected return on plan assets | (4,516 | ) | (4,654 | ) | (13,549 | ) | (13,962 | ) | |||||
Prior service cost | 16 | 16 | 47 | 48 | |||||||||
Net loss (gain) | 1,201 | 3,062 | 3,604 | 9,186 | |||||||||
Net periodic benefit cost | $ | 2,026 | $ | 3,857 | $ | 6,077 | $ | 11,571 | |||||
Non-pension Defined Benefit Postretirement Healthcare Plans | |||||||||||||
The components of net periodic benefit cost for the Non-pension Defined Benefit Postretirement Healthcare Plans were as follows (in thousands): | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Service cost | $ | 425 | $ | 419 | $ | 1,275 | $ | 1,257 | |||||
Interest cost | 480 | 417 | 1,439 | 1,251 | |||||||||
Expected return on plan assets | (21 | ) | (20 | ) | (64 | ) | (60 | ) | |||||
Prior service cost (benefit) | (107 | ) | (125 | ) | (321 | ) | (375 | ) | |||||
Net loss (gain) | 40 | 121 | 120 | 363 | |||||||||
Net periodic benefit cost | $ | 817 | $ | 812 | $ | 2,449 | $ | 2,436 | |||||
Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | |||||||||||||
The components of net periodic benefit cost for the Supplemental Non-qualified Defined Benefit and Defined Contribution Plans were as follows (in thousands): | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Service cost | $ | 374 | $ | 348 | $ | 1,123 | $ | 1,044 | |||||
Interest cost | 362 | 332 | 1,085 | 996 | |||||||||
Prior service cost | 1 | 1 | 2 | 3 | |||||||||
Net loss (gain) | 124 | 198 | 373 | 594 | |||||||||
Net periodic benefit cost | $ | 861 | $ | 879 | $ | 2,583 | $ | 2,637 | |||||
Schedule of Defined Benefit Plans Contributions [Table Text Block] | ' | ||||||||||||
Contributions and anticipated contributions are as follows (in thousands): | |||||||||||||
Contributions Made | Contributions Made | Additional Contributions | Contributions | ||||||||||
Three Months Ended September 30, 2014 | Nine Months Ended September 30, 2014 | Anticipated for 2014 | Anticipated for 2015 | ||||||||||
Defined Benefit Pension Plans | $ | 10,200 | $ | 10,200 | $ | — | $ | 12,500 | |||||
Non-pension Defined Benefit Postretirement Healthcare Plans | $ | 956 | $ | 2,868 | $ | 956 | $ | 3,822 | |||||
Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | $ | 373 | $ | 1,118 | $ | 373 | $ | 1,494 | |||||
Guarantees_Tables
Guarantees (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Guarantees [Abstract] | ' | ||||
Schedule of Guarantor Obligations [Table Text Block] | ' | ||||
We had the following guarantees in place (in thousands): | |||||
Maximum Exposure at | |||||
Nature of Guarantee | 30-Sep-14 | Expiration | |||
Indemnification for subsidiary reclamation/surety bonds (a) | $ | 63,900 | Ongoing | ||
_______________________ | |||||
(a) | 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 Condensed Consolidated Balance Sheets. |
Information_Relating_to_Segmen
Information Relating to Segment Statement of Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Revenue, Net | $272,087,000 | $259,907,000 | $1,015,493,000 | $920,404,000 | ||
Net Income (Loss) | 26,836,000 | 23,124,000 | 94,774,000 | 96,839,000 | ||
Mark-to-market gain (loss) on certain interest rate swaps, net of tax | ' | 2,000,000 | ' | 19,000,000 | ||
Inter-company eliminations [Member] | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Revenue, Net | -32,264,000 | -31,000,000 | -99,155,000 | -92,357,000 | ||
Net Income (Loss) | 0 | 0 | 0 | 0 | ||
Corporate activities[Member] | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Revenue, Net | 0 | 0 | 0 | 0 | ||
Net Income (Loss) | -272,000 | 2,310,000 | [1] | -1,093,000 | 19,688,000 | [1] |
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Revenue, Net | 0 | 0 | 0 | 0 | ||
Electric Utilities [Member] | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Revenue, Net | 171,395,000 | 169,401,000 | 508,230,000 | 482,222,000 | ||
Net Income (Loss) | 18,154,000 | 15,097,000 | 44,156,000 | 38,063,000 | ||
Electric Utilities [Member] | Inter-company eliminations [Member] | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Revenue, Net | 3,156,000 | 2,003,000 | 10,307,000 | 9,844,000 | ||
Gas Utilities [Member] | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Revenue, Net | 78,735,000 | 67,792,000 | 440,571,000 | 373,440,000 | ||
Net Income (Loss) | 1,597,000 | -1,450,000 | 28,289,000 | 20,225,000 | ||
Gas Utilities [Member] | Inter-company eliminations [Member] | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Revenue, Net | 0 | 0 | 0 | 0 | ||
Power Generation [Member] | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Revenue, Net | 1,602,000 | 1,575,000 | 4,138,000 | 3,628,000 | ||
Net Income (Loss) | 7,829,000 | 6,707,000 | 23,096,000 | 17,382,000 | ||
Power Generation [Member] | Inter-company eliminations [Member] | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Revenue, Net | 20,419,000 | 20,393,000 | 62,211,000 | 58,825,000 | ||
Coal Mining [Member] | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Revenue, Net | 6,884,000 | 6,713,000 | 19,085,000 | 19,530,000 | ||
Net Income (Loss) | 2,638,000 | 2,142,000 | 7,118,000 | 5,180,000 | ||
Coal Mining [Member] | Inter-company eliminations [Member] | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Revenue, Net | 8,689,000 | 8,604,000 | 26,637,000 | 23,688,000 | ||
Oil and Gas [Member] | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Revenue, Net | 13,471,000 | 14,426,000 | 43,469,000 | 41,584,000 | ||
Net Income (Loss) | -3,110,000 | -1,682,000 | -6,792,000 | -3,699,000 | ||
Oil and Gas [Member] | Inter-company eliminations [Member] | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Revenue, Net | $0 | $0 | $0 | $0 | ||
[1] | Corporate activities include a $2.0 million and a $19 million after-tax non-cash mark-to-market gain on certain interest rate swaps for the three and nine months ended September 30, 2013, respectively. |
Segment_and_Corporate_Assets_D
Segment and Corporate Assets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |||
In Thousands, unless otherwise specified | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | |||
Assets | $4,073,262 | $3,875,178 | $3,801,240 | |||
Corporate activities[Member] | ' | ' | ' | |||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | |||
Assets | 105,322 | 80,731 | 130,100 | |||
Electric Utilities [Member] | ' | ' | ' | |||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | |||
Assets | 2,671,601 | [1] | 2,525,947 | [1] | 2,464,123 | [1] |
Gas Utilities [Member] | ' | ' | ' | |||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | |||
Assets | 827,069 | 805,617 | 757,746 | |||
Power Generation [Member] | ' | ' | ' | |||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | |||
Assets | 64,359 | [1] | 95,692 | [1] | 102,331 | [1] |
Coal Mining [Member] | ' | ' | ' | |||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | |||
Assets | 74,130 | 78,825 | 82,155 | |||
Oil and Gas [Member] | ' | ' | ' | |||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | |||
Assets | $330,781 | $288,366 | $264,785 | |||
[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. |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Accounts Receivable [Line Items] | ' | ' | ' |
Allowance for Doubtful Accounts Receivable | ($1,477) | ($1,237) | ($1,209) |
Accounts receivable, net | 123,399 | 177,573 | 114,137 |
Corporate[Member] | ' | ' | ' |
Accounts Receivable [Line Items] | ' | ' | ' |
Allowance for Doubtful Accounts Receivable | 0 | 0 | 0 |
Accounts receivable, net | 1,459 | 604 | 2,226 |
Electric Utilities [Member] | ' | ' | ' |
Accounts Receivable [Line Items] | ' | ' | ' |
Allowance for Doubtful Accounts Receivable | -724 | -666 | -648 |
Accounts receivable, net | 74,478 | 75,594 | 68,759 |
Gas Utilities [Member] | ' | ' | ' |
Accounts Receivable [Line Items] | ' | ' | ' |
Allowance for Doubtful Accounts Receivable | -740 | -558 | -542 |
Accounts receivable, net | 35,887 | 89,799 | 32,028 |
Power Generation [Member] | ' | ' | ' |
Accounts Receivable [Line Items] | ' | ' | ' |
Allowance for Doubtful Accounts Receivable | 0 | 0 | 0 |
Accounts receivable, net | 1,368 | 1,722 | 3 |
Coal Mining [Member] | ' | ' | ' |
Accounts Receivable [Line Items] | ' | ' | ' |
Allowance for Doubtful Accounts Receivable | 0 | 0 | 0 |
Accounts receivable, net | 2,563 | 1,711 | 2,677 |
Oil and Gas [Member] | ' | ' | ' |
Accounts Receivable [Line Items] | ' | ' | ' |
Allowance for Doubtful Accounts Receivable | -13 | -13 | -19 |
Accounts receivable, net | 7,644 | 8,143 | 8,444 |
Billed Revenues [Member] | ' | ' | ' |
Accounts Receivable [Line Items] | ' | ' | ' |
Accounts Receivable, Trade | 90,173 | 113,792 | 83,316 |
Billed Revenues [Member] | Corporate[Member] | ' | ' | ' |
Accounts Receivable [Line Items] | ' | ' | ' |
Accounts Receivable, Trade | 1,459 | 604 | 2,226 |
Billed Revenues [Member] | Electric Utilities [Member] | ' | ' | ' |
Accounts Receivable [Line Items] | ' | ' | ' |
Accounts Receivable, Trade | 53,717 | 52,437 | 49,254 |
Billed Revenues [Member] | Gas Utilities [Member] | ' | ' | ' |
Accounts Receivable [Line Items] | ' | ' | ' |
Accounts Receivable, Trade | 23,409 | 49,162 | 20,693 |
Billed Revenues [Member] | Power Generation [Member] | ' | ' | ' |
Accounts Receivable [Line Items] | ' | ' | ' |
Accounts Receivable, Trade | 1,368 | 1,722 | 3 |
Billed Revenues [Member] | Coal Mining [Member] | ' | ' | ' |
Accounts Receivable [Line Items] | ' | ' | ' |
Accounts Receivable, Trade | 2,563 | 1,711 | 2,677 |
Billed Revenues [Member] | Oil and Gas [Member] | ' | ' | ' |
Accounts Receivable [Line Items] | ' | ' | ' |
Accounts Receivable, Trade | 7,657 | 8,156 | 8,463 |
Unbilled Revenues [Member] | ' | ' | ' |
Accounts Receivable [Line Items] | ' | ' | ' |
Accounts Receivable, Trade | 34,703 | 65,018 | 32,030 |
Unbilled Revenues [Member] | Corporate[Member] | ' | ' | ' |
Accounts Receivable [Line Items] | ' | ' | ' |
Accounts Receivable, Trade | 0 | 0 | 0 |
Unbilled Revenues [Member] | Electric Utilities [Member] | ' | ' | ' |
Accounts Receivable [Line Items] | ' | ' | ' |
Accounts Receivable, Trade | 21,485 | 23,823 | 20,153 |
Unbilled Revenues [Member] | Gas Utilities [Member] | ' | ' | ' |
Accounts Receivable [Line Items] | ' | ' | ' |
Accounts Receivable, Trade | 13,218 | 41,195 | 11,877 |
Unbilled Revenues [Member] | Power Generation [Member] | ' | ' | ' |
Accounts Receivable [Line Items] | ' | ' | ' |
Accounts Receivable, Trade | 0 | 0 | 0 |
Unbilled Revenues [Member] | Coal Mining [Member] | ' | ' | ' |
Accounts Receivable [Line Items] | ' | ' | ' |
Accounts Receivable, Trade | 0 | 0 | 0 |
Unbilled Revenues [Member] | Oil and Gas [Member] | ' | ' | ' |
Accounts Receivable [Line Items] | ' | ' | ' |
Accounts Receivable, Trade | $0 | $0 | $0 |
Regulatory_Assets_and_Liabilit1
Regulatory Assets and Liabilities (Details) (USD $) | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ' | ' | ' | |||
Regulatory Assets | $208,866 | $162,648 | $213,327 | |||
Regulatory Liabilities | 119,684 | 120,156 | 146,437 | |||
Deferred energy and gas costs | ' | ' | ' | |||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ' | ' | ' | |||
Regulatory Liabilities Amortization Period (in years) | 'P1Y | ' | ' | |||
Regulatory Liabilities | 5,535 | [1] | 11,708 | [1] | 14,032 | [1] |
Employee benefit plans | ' | ' | ' | |||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ' | ' | ' | |||
Regulatory Liabilities Amortization Period (in years) | 'P13Y | ' | ' | |||
Regulatory Liabilities | 34,409 | [2] | 34,431 | [2] | 60,707 | [2] |
Cost of removal | ' | ' | ' | |||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ' | ' | ' | |||
Regulatory Liabilities Amortization Period (in years) | 'P44Y | ' | ' | |||
Regulatory Liabilities | 71,362 | [1] | 64,970 | [1] | 62,069 | [1] |
Other regulatory liabilities | ' | ' | ' | |||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ' | ' | ' | |||
Regulatory Liabilities Amortization Period (in years) | 'P25Y | ' | ' | |||
Regulatory Liabilities | 8,378 | [2] | 9,047 | [2] | 9,629 | [2] |
Deferred energy and fuel cost adjustments - current | ' | ' | ' | |||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ' | ' | ' | |||
Regulatory Assets Amortization Period (in years) | 'P1Y | ' | ' | |||
Regulatory Assets | 26,211 | [1],[3] | 16,775 | [1],[3] | 17,925 | [1],[3] |
Deferred gas cost adjustments and natural gas price derivatives | ' | ' | ' | |||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ' | ' | ' | |||
Regulatory Assets Amortization Period (in years) | 'P7Y | ' | ' | |||
Regulatory Assets | 49,870 | [1],[3] | 12,366 | [1],[3] | 16,845 | [1],[3] |
Allowance for funds used during construction | ' | ' | ' | |||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ' | ' | ' | |||
Regulatory Assets Amortization Period (in years) | 'P45Y | ' | ' | |||
Regulatory Assets | 12,411 | [4] | 12,315 | [4] | 12,398 | [4] |
Employee benefit plans | ' | ' | ' | |||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ' | ' | ' | |||
Regulatory Assets Amortization Period (in years) | 'P13Y | ' | ' | |||
Regulatory Assets | 64,908 | [2] | 67,059 | [2] | 114,386 | [2] |
Environmental | ' | ' | ' | |||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ' | ' | ' | |||
Regulatory Assets Amortization Period (in years) | 'subject to approval | ' | ' | |||
Regulatory Assets | 1,314 | [1] | 1,800 | [1] | 1,800 | [1] |
Asset retirement obligations | ' | ' | ' | |||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ' | ' | ' | |||
Regulatory Assets Amortization Period (in years) | 'P44Y | ' | ' | |||
Regulatory Assets | 3,282 | [1] | 3,266 | [1] | 3,262 | [1] |
Bond issue cost | ' | ' | ' | |||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ' | ' | ' | |||
Regulatory Assets Amortization Period (in years) | 'P24Y | ' | ' | |||
Regulatory Assets | 3,311 | [1] | 3,419 | [1] | 3,454 | [1] |
Renewable energy standard adjustment | ' | ' | ' | |||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ' | ' | ' | |||
Regulatory Assets Amortization Period (in years) | 'P5Y | ' | ' | |||
Regulatory Assets | 12,007 | [1] | 14,186 | [1] | 14,936 | [1] |
Flow through accounting | ' | ' | ' | |||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ' | ' | ' | |||
Regulatory Assets Amortization Period (in years) | 'P35Y | ' | ' | |||
Regulatory Assets | 25,157 | [2] | 20,916 | [2] | 19,222 | [2] |
Other regulatory assets | ' | ' | ' | |||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ' | ' | ' | |||
Regulatory Assets Amortization Period (in years) | 'P15Y | ' | ' | |||
Regulatory Assets | $10,395 | [1] | $10,546 | [1] | $9,099 | [1] |
[1] | Recovery of costs, but we are not allowed a rate of return. | |||||
[2] | In addition to recovery or repayment of costs, we are allowed a return on a portion of this amount or a reduction in rate base, respectively. | |||||
[3] | Our deferred energy, fuel cost, and gas cost adjustments represent the cost of electricity and gas delivered to our electric and gas utility customers that is either higher or lower than current rates and will be recovered or refunded in future rates. Increases in the current year balances as of September 30, 2014 are primarily due to higher natural gas prices driven by demand and market conditions during our peak winter heating season. Our electric and gas utilities file periodic quarterly, semi-annual, and/or annual filings to recover these costs based on the respective cost mechanisms approved by their applicable state utility commissions. | |||||
[4] | In addition to recovery of costs, we are allowed a rate of return. |
Materials_Supplies_and_Fuel_De
Materials, Supplies and Fuel (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Inventory, Net [Abstract] | ' | ' | ' |
Materials and supplies | $52,682 | $50,196 | $50,564 |
Fuel - Electric Utilities | 7,108 | 6,213 | 6,384 |
Natural gas in storage held for distribution | 45,936 | 32,069 | 38,282 |
Total materials, supplies and fuel | $105,726 | $88,478 | $95,230 |
Basic_to_Dilutive_EPS_Details
Basic to Dilutive EPS (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Net income (loss) available for common stock | $26,836 | $23,124 | $94,774 | $96,839 |
Weighted average shares - basic | 44,415 | 44,201 | 44,382 | 44,143 |
Dilutive Effect on Basic Earnings Per Share [Abstract] | ' | ' | ' | ' |
Equity compensation, shares | 193 | 256 | 202 | 252 |
Weighted average shares - diluted | 44,608 | 44,457 | 44,584 | 44,395 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share Anti-dilutive shares (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Shares | 99 | 0 | 75 | 9 |
Equity compensation [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Shares | 99 | 0 | 75 | 9 |
Notes_Payable_Details
Notes Payable (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |
Line of Credit Facility [Line Items] | ' | ' | ' |
Revolving Credit Facility - Balance Outstanding | $184,000,000 | $82,500,000 | $138,300,000 |
Revolving Credit Facility [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Revolving Credit Facility - Balance Outstanding | 184,000,000 | 82,500,000 | 138,300,000 |
Revolving Credit Facility - Letters of Credit Outstanding | 31,726,000 | 22,100,000 | 53,137,000 |
Revolving Credit Facility - Current Borrowing Capacity | 500,000,000 | ' | ' |
Revolving Credit Facility - Expiration Date | 29-May-19 | ' | ' |
Revolving Credit Facility - Maximum Borrowing Capacity | $750,000,000 | ' | ' |
Revolving Credit Facility - Unused Capacity, Commitment Fee Percentage | 0.18% | ' | ' |
Revolving Credit Facility - Commitment Fee Percentage Decrease | 0.03% | ' | ' |
Debt Disclosure [Abstract] | ' | ' | ' |
Recourse Leverage Ratio | 54.00% | ' | ' |
Recourse Leverage Ratio, Maximum Allowed, Covenant | 65.00% | ' | ' |
Revolving Credit Facility [Member] | Base Rate [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Revolving Credit Facility - Interest Rate at Period End | 0.13% | ' | ' |
Debt Instrument Interest Rate Increase Decrease Parenthetical Disclosures [Abstract] | ' | ' | ' |
Revolving Credit Facility - Interest Rate Decrease | 0.25% | ' | ' |
Revolving Credit Facility [Member] | Eurodollar [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Revolving Credit Facility - Interest Rate at Period End | 1.13% | ' | ' |
Debt Instrument Interest Rate Increase Decrease Parenthetical Disclosures [Abstract] | ' | ' | ' |
Revolving Credit Facility - Interest Rate Decrease | 0.25% | ' | ' |
Revolving Credit Facility [Member] | Letter of Credit [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Revolving Credit Facility - Interest Rate at Period End | 1.13% | ' | ' |
Debt Instrument Interest Rate Increase Decrease Parenthetical Disclosures [Abstract] | ' | ' | ' |
Revolving Credit Facility - Interest Rate Decrease | 0.25% | ' | ' |
Current_Maturities_of_LongTerm
Current Maturities of Long-Term Debt (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Current maturities of long-term debt | $275,000 | $0 | $255,694 |
Black Hills Corporation [Member] | Corporate Term Loan Due June 2015 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Current maturities of long-term debt | $275,000 | ' | ' |
Risk_Management_Activities_Det
Risk Management Activities (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | ||||
Derivative [Line Items] | ' | ' | ' | |||
Credit Exposure, Non-Investment Grade Company | $500,000 | ' | ' | |||
Derivative assets, current | 0 | 126,000 | 717,000 | |||
Derivative assets, non-current | 0 | 0 | 0 | |||
Derivative liabilities, current | 3,397,000 | 65,944,000 | 3,474,000 | |||
Derivative liabilities, non-current | 3,273,000 | 11,388,000 | 5,614,000 | |||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative liabilities, current | 3,397,000 | 7,039,000 | 3,474,000 | |||
Derivative liabilities, non-current | 3,273,000 | 11,388,000 | 5,614,000 | |||
Derivative, Notional Amount | 75,000,000 | [1] | 150,000,000 | [2] | 75,000,000 | [1] |
Weighted Average Fixed Interest Rate | 4.97% | 5.04% | 4.97% | |||
Derivative, Remaining Maturity | '2 years 3 months | '3 years 3 months | '3 years | |||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | -3,400,000 | ' | ' | |||
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative liabilities, current | ' | 58,755,000 | ' | |||
Derivative liabilities, non-current | ' | 0 | ' | |||
Derivative, Notional Amount | ' | 250,000,000 | [3] | ' | ||
Weighted Average Fixed Interest Rate | ' | 5.67% | ' | |||
Derivative, Remaining Maturity | ' | '0 years 3 months | ' | |||
Oil and Gas [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 700,000 | ' | ' | |||
Power Generation [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative, Notional Amount | ' | 75,000,000 | ' | |||
Natural Gas, Distribution [Member] | Utilities Group [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative assets, current | 0 | 0 | 662,000 | |||
Derivative assets, non-current | 0 | 0 | 0 | |||
Derivative liabilities, non-current | 0 | 0 | 0 | |||
Net Unrealized (Gain) Loss Included in Regulatory assets or Regulatory liabilities | 7,470,000 | 10,652,000 | 7,567,000 | |||
Natural Gas, Distribution [Member] | Utilities Group [Member] | Future [Member] | Purchase Contract [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative, Nonmonetary Notional Amount | 16,290,000 | 14,010,000 | 17,930,000 | |||
Derivative, Remaining Maturity | '74 months | [4] | '74 months | [4] | '84 months | [4] |
Natural Gas, Distribution [Member] | Utilities Group [Member] | Commodity Option [Member] | Purchase Contract [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative, Nonmonetary Notional Amount | 7,070,000 | 6,810,000 | 3,890,000 | |||
Derivative, Remaining Maturity | '6 months | [4] | '6 months | [4] | '8 months | [4] |
Natural Gas, Distribution [Member] | Utilities Group [Member] | Basis Swap [Member] | Purchase Contract [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative, Nonmonetary Notional Amount | 12,025,000 | 9,790,000 | 14,785,000 | |||
Derivative, Remaining Maturity | '63 months | [4] | '63 months | [4] | '60 months | [4] |
Crude Oil [Member] | Oil and Gas [Member] | Swaps and Options [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative, Nonmonetary Notional Amount | 391,500 | [5] | 499,500 | [5] | 412,500 | [5] |
Maximum terms in months - Hedged in Cash Flow Hedge | '1 month | [6] | '3 months | [6] | '3 months | [6] |
Derivative assets, current | 0 | 13,000 | 55,000 | |||
Derivative assets, non-current | 0 | 0 | 0 | |||
Derivative liabilities, current | 0 | 98,000 | 0 | |||
Derivative liabilities, non-current | 0 | 0 | 0 | |||
Natural Gas [Member] | Oil and Gas [Member] | Swap [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative, Nonmonetary Notional Amount | 7,930,000 | [5] | 9,874,000 | [5] | 7,082,500 | [5] |
Maximum terms in months - Hedged in Cash Flow Hedge | '1 month | [6] | '1 month | [6] | '1 month | [6] |
Derivative assets, current | 0 | 113,000 | 0 | |||
Derivative assets, non-current | 0 | 0 | 0 | |||
Derivative liabilities, current | 0 | 52,000 | 0 | |||
Derivative liabilities, non-current | 0 | 0 | 0 | |||
Corporate[Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative, Notional Amount | ' | $75,000,000 | ' | |||
[1] | These swaps are designated to borrowings on our Revolving Credit Facility, and are priced using three-month LIBOR, matching the floating portion of the related debt. | |||||
[2] | At September 30, 2013, $75 million of these interest rate swaps was designated to borrowings on our Revolving Credit Facility and $75 million was designated to borrowings on our project financing debt at Black Hills Wyoming. These swaps were priced using three-month LIBOR, matching the floating portion of the related debt. The portion of the swaps that was designated to Black Hills Wyoming was settled during the fourth quarter of 2013 upon repayment of the Black Hills Wyoming project financing. | |||||
[3] | These swaps were settled during the fourth quarter of 2013. | |||||
[4] | Term reflects the maximum forward period hedged. | |||||
[5] | Crude oil in Bbls, natural gas in MMBtus. | |||||
[6] | Refers to the tenor of the derivative instrument. Assets and liabilities are classified as current/non-current based on the production month hedged and the corresponding settlement of the derivative instrument. |
Risk_Management_Activities_Hed
Risk Management Activities Hedging Activities (Details) (Cash Flow Hedging [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain/(Loss) Recognized in AOCI Derivative (Effective Portion) | $4,985 | ($3,047) | ($1,653) | $227 |
Amount of Reclassified Gain/(Loss) from AOCI into Income (Effective Portion) | -2,060 | -2,012 | -5,442 | -4,564 |
Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | 0 | 0 | 0 | 0 |
Interest Rate Swap [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain/(Loss) Recognized in AOCI Derivative (Effective Portion) | 152 | -907 | -277 | 141 |
Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | 0 | 0 | 0 | 0 |
Interest Rate Swap [Member] | Interest Expense [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Reclassified Gain/(Loss) from AOCI into Income (Effective Portion) | -925 | -1,844 | -2,745 | -5,460 |
Commodity Contract [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain/(Loss) Recognized in AOCI Derivative (Effective Portion) | 4,833 | -2,140 | -1,376 | 86 |
Commodity Contract [Member] | Sales Revenue, Goods, Net [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Reclassified Gain/(Loss) from AOCI into Income (Effective Portion) | -1,135 | -168 | -2,697 | 896 |
Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | $0 | $0 | $0 | $0 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value Hierarchy (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
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 | $0 |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | 0 | 0 |
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount | 0 | 0 | 0 |
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount | 0 | 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] | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Crude Oil [Member] | Commodity Option [Member] | Oil and Gas [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Assets | 0 | 0 | 0 |
Derivative Liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Crude Oil [Member] | Basis Swap [Member] | Oil and Gas [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Assets | 0 | 0 | 0 |
Derivative Liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Natural Gas [Member] | Commodity Option [Member] | Oil and Gas [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Assets | 0 | 0 | 0 |
Derivative Liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Natural Gas [Member] | Basis Swap [Member] | Oil and Gas [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Assets | 0 | 0 | 0 |
Derivative Liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Natural Gas, Distribution [Member] | Utilities Group [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Assets | 0 | 0 | 0 |
Derivative Liabilities | 0 | 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] | ' | ' | ' |
Assets, Fair Value Disclosure | 5,896 | 3,975 | 4,156 |
Liabilities, Fair Value Disclosure | 16,701 | 19,948 | 95,581 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Liabilities | 6,670 | 9,088 | 83,142 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Crude Oil [Member] | Commodity Option [Member] | Oil and Gas [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Assets | 0 | 0 | 2 |
Derivative Liabilities | 0 | 0 | 142 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Crude Oil [Member] | Basis Swap [Member] | Oil and Gas [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Assets | 322 | 130 | 51 |
Derivative Liabilities | 487 | 1,229 | 1,318 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Natural Gas [Member] | Commodity Option [Member] | Oil and Gas [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Assets | 0 | 0 | 0 |
Derivative Liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Natural Gas [Member] | Basis Swap [Member] | Oil and Gas [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Assets | 1,545 | 815 | 1,752 |
Derivative Liabilities | 865 | 531 | 232 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Natural Gas, Distribution [Member] | Utilities Group [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Assets | 4,029 | 3,030 | 2,351 |
Derivative Liabilities | 8,679 | 9,100 | 10,747 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Crude Oil [Member] | Commodity Option [Member] | Oil and Gas [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Assets | 0 | 0 | 0 |
Derivative Liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Crude Oil [Member] | Basis Swap [Member] | Oil and Gas [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Assets | 0 | 0 | 0 |
Derivative Liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Natural Gas [Member] | Commodity Option [Member] | Oil and Gas [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Assets | 0 | 0 | 0 |
Derivative Liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Natural Gas [Member] | Basis Swap [Member] | Oil and Gas [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Assets | 0 | 0 | 0 |
Derivative Liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Natural Gas, Distribution [Member] | Utilities Group [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Assets | 0 | 0 | 0 |
Derivative Liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Netting [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets, Fair Value Disclosure | -5,896 | -3,258 | -4,030 |
Liabilities, Fair Value Disclosure | -10,031 | -10,860 | -18,249 |
Fair Value, Measurements, Recurring [Member] | Netting [Member] | Interest Rate Swap [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Liabilities | 0 | 0 | -5,960 |
Fair Value, Measurements, Recurring [Member] | Netting [Member] | Crude Oil [Member] | Commodity Option [Member] | Oil and Gas [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Assets | 0 | 0 | 0 |
Derivative Liabilities | 0 | 0 | -77 |
Fair Value, Measurements, Recurring [Member] | Netting [Member] | Crude Oil [Member] | Basis Swap [Member] | Oil and Gas [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Assets | -322 | -75 | -40 |
Derivative Liabilities | -487 | -1,229 | -1,284 |
Fair Value, Measurements, Recurring [Member] | Netting [Member] | Natural Gas [Member] | Commodity Option [Member] | Oil and Gas [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Assets | 0 | 0 | 0 |
Derivative Liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Netting [Member] | Natural Gas [Member] | Basis Swap [Member] | Oil and Gas [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Assets | -1,545 | -815 | -1,639 |
Derivative Liabilities | -865 | -531 | -181 |
Fair Value, Measurements, Recurring [Member] | Netting [Member] | Natural Gas, Distribution [Member] | Utilities Group [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Assets | -4,029 | -2,368 | -2,351 |
Derivative Liabilities | -8,679 | -9,100 | -10,747 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 717 | 126 |
Liabilities, Fair Value Disclosure | 6,670 | 9,088 | 77,332 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Liabilities | 6,670 | 9,088 | 77,182 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Crude Oil [Member] | Commodity Option [Member] | Oil and Gas [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Assets | 0 | 0 | 2 |
Derivative Liabilities | 0 | 0 | 65 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Crude Oil [Member] | Basis Swap [Member] | Oil and Gas [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Assets | 0 | 55 | 11 |
Derivative Liabilities | 0 | 0 | 34 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Natural Gas [Member] | Commodity Option [Member] | Oil and Gas [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Assets | 0 | 0 | 0 |
Derivative Liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Natural Gas [Member] | Basis Swap [Member] | Oil and Gas [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Assets | 0 | 0 | 113 |
Derivative Liabilities | 0 | 0 | 51 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Natural Gas, Distribution [Member] | Utilities Group [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Assets | 0 | 662 | 0 |
Derivative Liabilities | $0 | $0 | $0 |
Fair_Value_Measurements_Balanc
Fair Value Measurements - Balance Sheet Location (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Net | $1,866 | $946 | $1,805 |
Derivative Liability, Fair Value, Net | 8,023 | 10,848 | 20,119 |
Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Net | 0 | 662 | 0 |
Derivative Liability, Fair Value, Net | 4,650 | 6,732 | 73,111 |
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | Derivative Assets, Current [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 1,174 | 248 | 846 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | 0 |
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | Derivative Assets, Non-current [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 692 | 698 | 959 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | 0 |
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | Derivative Liabilities, Current [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 497 | 1,541 | 1,317 |
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | Derivative Liabilities, Non-current [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 856 | 219 | 375 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Derivative Assets, Current [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | 662 | 0 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | 0 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Derivative Assets, Non-current [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | 0 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Derivative Liabilities, Current [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 48 | 0 | 1,795 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Derivative Liabilities, Non-current [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 4,602 | 6,732 | 6,601 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Derivative Liabilities, Current [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 3,397 | 3,474 | 7,039 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Derivative Liabilities, Non-current [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 3,273 | 5,614 | 11,388 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Derivative Liabilities, Current [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Liability, Fair Value, Gross Asset | ' | ' | 0 |
Derivative Liability, Fair Value, Gross Liability | ' | ' | 64,715 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Derivative Liabilities, Non-current [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Liability, Fair Value, Gross Asset | ' | ' | 0 |
Derivative Liability, Fair Value, Gross Liability | ' | ' | $0 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |||
In Thousands, unless otherwise specified | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Cash and cash equivalents | $11,939 | $7,841 | $13,637 | |||
Restricted cash and equivalents | 1,918 | 2 | 6,782 | |||
Notes payable | 184,000 | 82,500 | 138,300 | |||
Carrying Amount [Member] | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Cash and cash equivalents | 11,939 | 7,841 | 13,637 | |||
Restricted cash and equivalents | 1,918 | 2 | 6,782 | |||
Notes payable | 184,000 | 82,500 | 138,300 | |||
Long-term debt, including current maturities | 1,382,519 | 1,396,948 | 1,211,673 | |||
Fair Value [Member] | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Cash and cash equivalents, Fair Value | 11,939 | [1] | 7,841 | [1] | 13,637 | [1] |
Restricted cash and equivalents, Fair Value | 1,918 | [1] | 2 | [1] | 6,782 | [1] |
Notes payable, Fair Value | 184,000 | [1] | 82,500 | [1] | 138,300 | [1] |
Long-term debt, including current maturities, Fair Value | $1,547,359 | [2] | $1,491,422 | [2] | $1,325,729 | [2] |
[1] | Carrying value approximates fair value due to either the 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. |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Interest expense | $17,919 | $23,840 | $53,665 | $70,881 |
Revenue | 272,087 | 259,907 | 1,015,493 | 920,404 |
Utilities - Operating and Maintenance | 64,245 | 66,061 | 201,546 | 196,728 |
Non-regulated energy operations and maintenance | 20,170 | 20,484 | 63,852 | 62,703 |
Income (loss) before earnings (loss) of unconsolidated subsidiaries and income taxes | 38,168 | 36,458 | 142,124 | 147,452 |
Income tax benefit (expense) | -11,332 | -13,334 | -47,349 | -50,527 |
Cash Flow Hedging [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Income (loss) before earnings (loss) of unconsolidated subsidiaries and income taxes | 2,060 | 2,012 | 5,442 | 4,564 |
Income tax benefit (expense) | -732 | -586 | -1,931 | -1,469 |
Net income (loss) available for common stock | 1,328 | 1,426 | 3,511 | 3,095 |
Cash Flow Hedging [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Interest Rate Contract [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Interest expense | 925 | 1,844 | 2,745 | 5,460 |
Cash Flow Hedging [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Commodity Contract [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Revenue | 1,135 | 168 | 2,697 | -896 |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Utilities - Operating and Maintenance | -26 | -31 | -77 | -93 |
Non-regulated energy operations and maintenance | -22 | -32 | -93 | -96 |
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Utilities - Operating and Maintenance | 158 | 425 | 473 | 1,267 |
Non-regulated energy operations and maintenance | 88 | 275 | 274 | 823 |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Income (loss) before earnings (loss) of unconsolidated subsidiaries and income taxes | 198 | 637 | 577 | 1,901 |
Income tax benefit (expense) | -69 | -220 | -202 | -663 |
Net income (loss) available for common stock | $129 | $417 | $375 | $1,238 |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($14,839) | ($19,441) | ($18,589) | ($31,021) | ($30,781) | ($36,224) | ($14,839) | ($31,021) | ($17,422) | ($35,488) |
Other Comprehensive Income (Loss), Net of Tax | 4,602 | -852 | -1,167 | -240 | 5,443 | -736 | 2,583 | 4,467 | ' | ' |
Derivatives Designated as Cash Flow Hedges [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -4,694 | -9,167 | -8,611 | -12,484 | -11,827 | -16,906 | -4,694 | -12,484 | -7,133 | -15,713 |
Other Comprehensive Income (Loss), Net of Tax | 4,473 | -556 | -1,478 | -657 | 5,079 | -1,193 | ' | ' | ' | ' |
Employee Benefit Plans [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -10,145 | -10,274 | -9,978 | -18,537 | -18,954 | -19,318 | -10,145 | -18,537 | -10,289 | -19,775 |
Other Comprehensive Income (Loss), Net of Tax | $129 | ($296) | $311 | $417 | $364 | $457 | ' | ' | ' | ' |
Supplemental_Disclosure_of_Cas2
Supplemental Disclosure of Cash Flow Information (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Non-cash Investing and Financing Activities from Continuing Operations [Abstract] | ' | ' |
Property, plant and equipment acquired wtih accrued liabilities | $52,484 | $47,214 |
Increase (decrease) in capitalized assets associated with asset retirement obligations | -2,785 | 0 |
Cash (paid) refunded during the period for continuing operations [Abstract] | ' | ' |
Interest (net of amounts capitalized) | -46,086 | -57,175 |
Income taxes, net | ($396) | ($4,924) |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Defined Benefit Pension Plans | ' | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Service cost | $1,362 | $1,608 | $4,086 | $4,824 |
Interest cost | 3,963 | 3,825 | 11,889 | 11,475 |
Expected return on plan assets | -4,516 | -4,654 | -13,549 | -13,962 |
Prior service cost (benefit) | 16 | 16 | 47 | 48 |
Net loss (gain) | 1,201 | 3,062 | 3,604 | 9,186 |
Net periodic benefit cost | 2,026 | 3,857 | 6,077 | 11,571 |
Pension and Other Postretirement Benefit Contributions [Abstract] | ' | ' | ' | ' |
Contributions by Employer | 10,200 | ' | 10,200 | ' |
Estimated Future Employer Contributions in Current Fiscal Year | ' | ' | 0 | ' |
Estimated Future Employer Contributions in Next Fiscal Year | ' | ' | 12,500 | ' |
Non-pension Defined Benefit Postretirement Healthcare Plans | ' | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Service cost | 425 | 419 | 1,275 | 1,257 |
Interest cost | 480 | 417 | 1,439 | 1,251 |
Expected return on plan assets | -21 | -20 | -64 | -60 |
Prior service cost (benefit) | -107 | -125 | -321 | -375 |
Net loss (gain) | 40 | 121 | 120 | 363 |
Net periodic benefit cost | 817 | 812 | 2,449 | 2,436 |
Pension and Other Postretirement Benefit Contributions [Abstract] | ' | ' | ' | ' |
Contributions by Employer | 956 | ' | 2,868 | ' |
Estimated Future Employer Contributions in Current Fiscal Year | ' | ' | 956 | ' |
Estimated Future Employer Contributions in Next Fiscal Year | ' | ' | 3,822 | ' |
Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | ' | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Service cost | 374 | 348 | 1,123 | 1,044 |
Interest cost | 362 | 332 | 1,085 | 996 |
Prior service cost (benefit) | 1 | 1 | 2 | 3 |
Net loss (gain) | 124 | 198 | 373 | 594 |
Net periodic benefit cost | 861 | 879 | 2,583 | 2,637 |
Pension and Other Postretirement Benefit Contributions [Abstract] | ' | ' | ' | ' |
Contributions by Employer | 373 | ' | 1,118 | ' |
Estimated Future Employer Contributions in Current Fiscal Year | ' | ' | 373 | ' |
Estimated Future Employer Contributions in Next Fiscal Year | ' | ' | $1,494 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Reimbursement Agreement (Details) (Electric Utilities [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Industrial Development Revenue Bonds Due 2027 [Member] | ' |
Debt Instrument, Maturity Date | 1-Mar-27 |
Industrial Development Revenue Bonds Due 2021 [Member] | ' |
Debt Instrument, Maturity Date | 1-Sep-21 |
Surety Bond [Member] | Industrial Development Revenue Bonds Due 2027 [Member] | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 10,000 |
Surety Bond [Member] | Industrial Development Revenue Bonds Due 2021 [Member] | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 7,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Other Commitments (Details) (Cheyenne Prairie [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Cheyenne Prairie [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Long-term Purchase Commitment, Amount | $222 |
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $2.50 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Oil Creek Fire (Details) (Oil Creek Fire [Member], Loss from Catastrophes [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Insurance Coverage Deductible Per Occurrence | $1 |
Maximum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Loss Contingency, Damages Sought, Value | $50 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Dividend Restrictions (Details) (Utilities Group [Member], USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Utilities Group [Member] | ' |
Related Party Transaction [Line Items] | ' |
Restricted Net Assets for Subsidiaries | $73 |
Commitments_and_Contingencies_4
Commitments and Contingencies Commitments and Contingencies - Natural Gas Delivery Agreement (Details) (Oil and Gas [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
Mcfe | |
Oil and Gas [Member] | ' |
Oil and Gas Delivery Commitments and Contracts, Daily Production | 20,000 |
Guarantees_Details
Guarantees (Details) (USD $) | Sep. 30, 2014 | |
In Thousands, unless otherwise specified | ||
Coal Mining [Member] | Indemnification for subsidiary reclamation/surety bonds | ' | |
Statement [Line Items] | ' | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $63,900 | [1] |
Gas Utilities [Member] | Payment Guarantee [Member] | ' | |
Statement [Line Items] | ' | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $70,000 | |
[1] | 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 Condensed Consolidated Balance Sheets. |
Sale_of_Operating_Asset_Detail
Sale of Operating Asset (Details) (CTII Natural Gas-Fred Generating Unit [Member], Power Generation [Member], USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Sep. 03, 2014 | Sep. 30, 2014 |
CTII Natural Gas-Fred Generating Unit [Member] | Power Generation [Member] | ' | ' |
Proceeds from Sale of Property, Plant, and Equipment | $22 | ' |
Deferred Gain on Sale of Property | ' | $4.90 |
Subsequent_Event_Details
Subsequent Event (Details) (Electric Utilities [Member], USD $) | 9 Months Ended | 0 Months Ended | 0 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Oct. 01, 2014 |
Polution Control Revenue Bonds Due 2024 [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
First Mortgage Bonds Due 2044 [Member] | Black Hills Power [Member] | Black Hills Power [Member] | Cheyenne Light [Member] | Cheyenne Light [Member] | ||
First Mortgage Bonds Due 2044 [Member] | First Mortgage Bonds Due 2044 [Member] | First Mortgage Bonds Due 2044 [Member] | First Mortgage Bonds Due 2044 [Member] | |||
Long-term Debt, Gross | ' | $160 | ' | $85 | ' | $75 |
Debt Instrument, Interest Rate, Stated Percentage | 5.35% | ' | ' | 4.43% | ' | 4.53% |
Debt Instrument, Maturity Date | ' | ' | 20-Oct-44 | ' | 20-Oct-44 | ' |
Extinguishment of Debt, Amount | $12 | ' | ' | ' | ' | ' |