Document_Information_Document
Document Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jan. 31, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Entity Registrant Name | BLACK HILLS CORP /SD/ | ||
Entity Central Index Key | 1130464 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -19 | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 44,676,072 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $2,696,775,649 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenue: | ||||
Total revenue | $1,393,570 | $1,275,852 | $1,173,884 | |
Utilities - | ||||
Fuel, purchased power and cost of natural gas sold | 581,782 | 492,147 | 407,066 | |
Operations and maintenance | 270,954 | 261,919 | 242,367 | |
Non-regulated energy operations and maintenance | 88,141 | 83,762 | 85,830 | |
Gain on sale of operating assets | 0 | 0 | -29,129 | [1] |
Depreciation, depletion and amortization | 148,083 | 141,217 | 154,632 | |
Impairment of long-lived assets | 0 | 0 | 26,868 | [2] |
Taxes - property, production and severance | 43,580 | 40,012 | 40,487 | |
Other operating expenses | 500 | 1,243 | 2,052 | |
Total operating expenses | 1,133,040 | 1,020,300 | 930,173 | |
Operating income | 260,530 | 255,552 | 243,711 | |
Interest charges - | ||||
Interest expense incurred (including amortization of debt issuance costs, premiums and discounts and realized settlements on interest rate swaps) | -73,017 | -113,979 | -117,754 | |
Allowance for funds used during construction - borrowed | 1,075 | 1,130 | 3,462 | |
Capitalized interest | 982 | 1,061 | 682 | |
Unrealized gain (loss) on interest rate swaps, net | 0 | 30,169 | 1,882 | |
Interest income | 1,925 | 1,723 | 1,957 | |
Allowance for funds used during construction - equity | 994 | 607 | 540 | |
Other expense | -377 | -694 | -71 | |
Other income | 2,065 | 1,971 | 2,486 | |
Total other income (expense) | -66,353 | -78,012 | -106,816 | |
Income (loss) from continuing operations before earnings (loss) of unconsolidated subsidiaries and income taxes | 194,177 | 177,540 | 136,895 | |
Equity in earnings (loss) of unconsolidated subsidiaries | -1 | -86 | 10 | |
Income tax benefit (expense) | -65,395 | -61,608 | -48,400 | |
Income (loss) from continuing operations | 128,781 | 115,846 | 88,505 | |
Income (loss) from discontinued operations, net of tax | 0 | -884 | -6,977 | |
Net income (loss) available for common stock | 128,781 | 114,962 | 81,528 | |
Earnings (loss) per share, Basic - | ||||
Income (loss) from continuing operations (usd per share) | $2.90 | $2.62 | $2.02 | |
Income (loss) from discontinued operations (usd per share) | $0 | ($0.02) | ($0.16) | |
Total income (loss) per share, Basic (usd per share) | $2.90 | $2.60 | $1.86 | |
Earnings (loss) per share, Diluted - | ||||
Income (loss) from continuing operations (usd per share) | $2.89 | $2.61 | $2.01 | |
Income (loss) from discontinued operations (usd per share) | $0 | ($0.02) | ($0.16) | |
Total income (loss) per share, Diluted (usd per share) | $2.89 | $2.59 | $1.85 | |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 44,394 | 44,163 | 43,820 | |
Diluted (in shares) | 44,598 | 44,419 | 44,073 | |
Utilities Group [Member] | ||||
Revenue: | ||||
Total revenue | 1,300,969 | 1,191,133 | 1,064,813 | |
Non Regulated Energy Group [Member] | ||||
Revenue: | ||||
Total revenue | $92,601 | $84,719 | $109,071 | |
[1] | Oil and Gas includes gain on sale of the Williston Basin assets (see Note 21). | |||
[2] | Oil and Gas includes a ceiling test impairment (see Note 12). |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) available for common stock | $128,781 | $114,962 | $81,528 |
Other comprehensive income (loss), net of tax: | |||
Benefit plan liability adjustments - net gain (loss) (net of tax of $5,004, $(3,813) and $296, respectively) | -10,590 | 8,237 | -542 |
Benefit plan liability adjustments - prior service (costs) (net of tax of $(17), $185 and $86, respectively) | 237 | -406 | -157 |
Reclassification adjustment of benefit plan liability - net gain (loss) (net of tax of $(348), $(971) and $0, respectively) | 646 | 1,820 | 0 |
Reclassification adjustment of benefit plan liability - prior service cost (net of tax of $76, $88 and $0, respectively) | -141 | -165 | 0 |
Fair value adjustment on derivatives designated as cash flow hedges (net of tax of $(5,239), $(2,445) and $887, respectively) | 8,906 | 4,534 | -1,268 |
Reclassification adjustment of cash flow hedges settled and included in net income (loss) (net of tax of $(2,344), $(2,016) and $534, respectively) | 3,320 | 4,046 | -643 |
Other comprehensive income (loss), net of tax | 2,378 | 18,066 | -2,610 |
Comprehensive income (loss) | $131,159 | $133,028 | $78,918 |
Statement_of_Comprehensive_Inc
Statement of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Benefit plan liability adjustments - net gain (loss), Tax | $5,004 | ($3,813) | $296 |
Benefit plan liability adjustments - prior service (costs), Tax | -17 | 185 | 86 |
Reclassification adjustment of benefit plan liability - net gain (loss) tax | -348 | -971 | 0 |
Reclassification adjustment of benefit plan liability - prior service cost, tax | 76 | 88 | 0 |
Fair value adjustment on derivatives designated as cash flow hedges, Tax | -5,239 | -2,445 | 887 |
Reclassification adjustment of cash flow hedges settled and included in net income (loss), Tax | ($2,344) | ($2,016) | $534 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $21,218 | $7,841 |
Restricted cash and equivalents | 2,056 | 2 |
Accounts receivable, net | 189,992 | 177,573 |
Materials, supplies and fuel | 91,191 | 88,478 |
Derivative assets, current | 0 | 717 |
Income tax receivable, net | 2,053 | 1,460 |
Deferred income tax assets, net, current | 48,288 | 18,889 |
Regulatory assets, current | 74,396 | 24,451 |
Other current assets | 24,842 | 25,877 |
Total current assets | 454,036 | 345,288 |
Investments | 17,294 | 16,697 |
Property, plant and equipment | 4,563,400 | 4,259,445 |
Less accumulated depreciation and depletion | -1,324,025 | -1,269,148 |
Total property, plant and equipment, net | 3,239,375 | 2,990,297 |
Other assets: | ||
Goodwill | 353,396 | 353,396 |
Intangible assets, net | 3,176 | 3,397 |
Derivative assets, non-current | 0 | 0 |
Regulatory assets, non-current | 183,443 | 138,197 |
Other assets, non-current | 29,086 | 27,906 |
Total other assets, non-current | 569,101 | 522,896 |
TOTAL ASSETS | 4,279,806 | 3,875,178 |
Current liabilities: | ||
Accounts payable | 124,139 | 130,416 |
Accrued liabilities | 170,115 | 151,277 |
Derivative liabilities, current | 3,340 | 3,474 |
Regulatory liabilities, current | 3,687 | 10,727 |
Notes payable | 75,000 | 82,500 |
Current maturities of long-term debt | 275,000 | 0 |
Total current liabilities | 651,281 | 378,394 |
Long-term debt, net of current maturities | 1,267,589 | 1,396,948 |
Deferred credits and other liabilities: | ||
Deferred income tax liabilities, net, non-current | 523,716 | 432,287 |
Derivative liabilities, non-current | 2,680 | 5,614 |
Regulatory liabilities, non-current | 145,144 | 109,429 |
Benefit plan liabilities | 158,966 | 111,479 |
Other deferred credits and other liabilities | 154,406 | 133,279 |
Total deferred credits and other liabilities | 984,912 | 792,088 |
Commitments and contingencies (See Notes 5, 6, 7, 8, 13, 17, 18 and 19) | ||
Stockholders’ equity: | ||
Common stock $1 par value; 100,000,000 shares authorized; issued: 44,714,072 and 44,550,239 shares, respectively | 44,714 | 44,550 |
Additional paid-in capital | 748,840 | 742,344 |
Retained earnings | 599,389 | 540,244 |
Treasury stock at cost - 42,226 and 50,877 shares, respectively | -1,875 | -1,968 |
Accumulated other comprehensive income (loss) | -15,044 | -17,422 |
Total stockholders’ equity | 1,376,024 | 1,307,748 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $4,279,806 | $3,875,178 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Common Stock, Par or Stated Value Per Share | $1 | $1 |
Common Stock, Shares, Outstanding | 44,671,846 | 44,499,362 |
Treasury Stock, Shares | 42,226 | 50,877 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 44,714,072 | 44,550,239 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating activities: | ||||
Net income (loss) available for common stock | $128,781 | $114,962 | $81,528 | |
(Income) loss from discontinued operations, net of tax | 0 | 884 | 6,977 | |
Income (loss) from continuing operations | 128,781 | 115,846 | 88,505 | |
Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities: | ||||
Depreciation, depletion and amortization | 148,083 | 141,217 | 154,632 | |
Deferred financing cost amortization | 2,127 | 6,763 | 5,555 | |
Impairment of long-lived assets | 0 | 0 | 26,868 | [1] |
Gain on sale of operating assets | 0 | 0 | -29,129 | [2] |
Stock compensation | 9,329 | 12,595 | 8,271 | |
Unrealized (gain) loss on interest rate swaps, net | 0 | -30,169 | -1,882 | |
Deferred income taxes | 69,002 | 63,784 | 39,716 | |
Employee benefit plans | 14,814 | 22,194 | 20,973 | |
Other adjustments, net | 14,415 | 9,826 | 4,929 | |
Change in certain operating assets and liabilities: | ||||
Materials, supplies and fuel | -4,563 | -5,770 | 6,343 | |
Accounts receivable, unbilled revenues and other current assets | -65,091 | -13,921 | 13,739 | |
Accounts payable and other current liabilities | 16,027 | 15,336 | -10,713 | |
Contributions to defined benefit pension plans | -10,200 | -12,500 | -25,350 | |
Other operating activities, net | 733 | 312 | -6,670 | |
Net cash provided by operating activities of continuing operations | 323,457 | 325,513 | 295,787 | |
Net cash provided by (used in) operating activities of discontinued operations | 0 | -884 | 21,184 | |
Net cash provided by operating activities | 323,457 | 324,629 | 316,971 | |
Investing activities: | ||||
Property, plant and equipment additions | -398,494 | -354,749 | -349,129 | |
Proceeds from sale of assets | 0 | 0 | 253,791 | |
Other investing activities | -2,653 | 5,471 | -180 | |
Net cash provided by (used in) investing activities of continuing operations | -401,147 | -349,278 | -95,518 | |
Proceeds from sale of business operations | 0 | 0 | 107,511 | |
Net cash provided by (used in) investing activities of discontinued operations | 0 | 0 | -824 | |
Net cash provided by (used in) investing activities | -401,147 | -349,278 | 11,169 | |
Financing activities: | ||||
Dividends paid on common stock | -69,636 | -67,587 | -65,262 | |
Common stock issued | 3,251 | 4,354 | 4,726 | |
Short-term borrowings - issuances | 396,250 | 337,650 | 203,753 | |
Short-term borrowings - repayments | -403,750 | -532,150 | -271,753 | |
Long-term debt - issuance | 160,000 | 800,000 | 0 | |
Long-term debt - repayments | -12,200 | -445,906 | -240,077 | |
De-designated interest rate swap settlement | 0 | -63,939 | 0 | |
Other financing activities | 17,152 | -15,394 | -2,833 | |
Net cash provided by (used in) financing activities of continuing operations | 91,067 | 17,028 | -371,446 | |
Net cash provided by (used in) financing activities of discontinued operations | 0 | 0 | 0 | |
Net cash provided by (used in) financing activities | 91,067 | 17,028 | -371,446 | |
Net change in cash and cash equivalents | 13,377 | -7,621 | -43,306 | |
Cash and cash equivalents: | ||||
Cash and cash equivalents beginning of year | 7,841 | 15,462 | 58,768 | [3] |
Cash and cash equivalents end of year | $21,218 | $7,841 | $15,462 | |
[1] | Oil and Gas includes a ceiling test impairment (see Note 12). | |||
[2] | Oil and Gas includes gain on sale of the Williston Basin assets (see Note 21). | |||
[3] | Cash and cash equivalents include cash of discontinued operations of $37 million at December 31, 2011. |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | Dec. 31, 2011 |
In Millions, unless otherwise specified | |
Statement of Cash Flows [Abstract] | |
Cash and Cash Equivalents of Discontinued Operations | $37 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||
Stockholders' Equity Attributable to Parent Period Start at Dec. 31, 2011 | $1,209,336 | $43,958 | ($970) | $722,623 | $476,603 | ($32,878) |
Treasury Stock, Shares, Period Start at Dec. 31, 2011 | 32,766 | |||||
Shares, Issued Period Start at Dec. 31, 2011 | 43,957,502 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) available for common stock | 81,528 | 0 | 0 | 0 | 81,528 | 0 |
Other comprehensive income (loss), net of tax | -2,610 | 0 | 0 | 0 | 0 | -2,610 |
Dividends on common stock, shares | 0 | 0 | ||||
Dividends on common stock | -65,262 | 0 | 0 | 0 | -65,262 | 0 |
Share-based compensation, shares | 219,946 | 39,016 | ||||
Share-based compensation | 6,040 | 220 | -1,275 | 7,095 | 0 | 0 |
Tax effect of share-based compensation | 117 | 0 | 0 | 117 | 0 | 0 |
Dividend reinvestment and stock purchase plan, shares | 100,741 | 0 | ||||
Dividend reinvestment and stock purchase plan | 3,382 | 100 | 0 | 3,282 | 0 | 0 |
Other stock transactions, shares | 0 | 0 | ||||
Other stock transactions | -22 | 0 | 0 | -22 | 0 | 0 |
Dividends, Common Stock [Abstract] | ||||||
Dividends Paid Per Share | $1.48 | |||||
Stockholders' Equity Attributable to Parent Period End at Dec. 31, 2012 | 1,232,509 | 44,278 | -2,245 | 733,095 | 492,869 | -35,488 |
Treasury Stock, Shares, Period End at Dec. 31, 2012 | 71,782 | |||||
Shares, Issued Period End at Dec. 31, 2012 | 44,278,189 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) available for common stock | 114,962 | 0 | 0 | 0 | 114,962 | 0 |
Other comprehensive income (loss), net of tax | 18,066 | 0 | 0 | 0 | 0 | 18,066 |
Dividends on common stock, shares | 0 | 0 | ||||
Dividends on common stock | -67,587 | 0 | 0 | 0 | -67,587 | 0 |
Share-based compensation, shares | 190,172 | -20,905 | ||||
Share-based compensation | 5,867 | 190 | 277 | 5,400 | 0 | 0 |
Tax effect of share-based compensation | 410 | 0 | 0 | 410 | 0 | 0 |
Dividend reinvestment and stock purchase plan, shares | 66,878 | 0 | ||||
Dividend reinvestment and stock purchase plan | 3,129 | 67 | 0 | 3,062 | 0 | 0 |
Other stock transactions, shares | 15,000 | 0 | ||||
Other stock transactions | 392 | 15 | 0 | 377 | 0 | 0 |
Dividends, Common Stock [Abstract] | ||||||
Dividends Paid Per Share | $1.52 | |||||
Stockholders' Equity Attributable to Parent Period End at Dec. 31, 2013 | 1,307,748 | 44,550 | -1,968 | 742,344 | 540,244 | -17,422 |
Treasury Stock, Shares, Period End at Dec. 31, 2013 | 50,877 | 50,877 | ||||
Shares, Issued Period End at Dec. 31, 2013 | 44,550,239 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) available for common stock | 128,781 | 0 | 0 | 0 | 128,781 | 0 |
Other comprehensive income (loss), net of tax | 2,378 | 0 | 0 | 0 | 0 | 2,378 |
Dividends on common stock, shares | 0 | 0 | ||||
Dividends on common stock | -69,636 | 0 | 0 | 0 | -69,636 | 0 |
Share-based compensation, shares | 111,507 | -8,651 | ||||
Share-based compensation | 4,415 | 112 | 93 | 4,210 | 0 | 0 |
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation | -499 | 0 | 0 | -499 | 0 | 0 |
Dividend reinvestment and stock purchase plan, shares | 52,326 | 0 | ||||
Dividend reinvestment and stock purchase plan | 2,878 | 52 | 0 | 2,826 | 0 | 0 |
Other stock transactions, shares | 0 | 0 | ||||
Other stock transactions | -41 | 0 | 0 | -41 | 0 | 0 |
Dividends, Common Stock [Abstract] | ||||||
Dividends Paid Per Share | $1.56 | |||||
Stockholders' Equity Attributable to Parent Period End at Dec. 31, 2014 | $1,376,024 | $44,714 | ($1,875) | $748,840 | $599,389 | ($15,044) |
Treasury Stock, Shares, Period End at Dec. 31, 2014 | 42,226 | 42,226 | ||||
Shares, Issued Period End at Dec. 31, 2014 | 44,714,072 |
Business_Description_And_Signi
Business Description And Significant Accounting Policies: | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||
Business Description and Significant Accounting Policies | BUSINESS DESCRIPTION AND SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
Business Description | |||||||||||||
Black Hills Corporation is a diversified energy company headquartered in Rapid City, South Dakota. We are a holding company that, through our subsidiaries, operates in two primary business groups: Utilities and Non-regulated Energy. | |||||||||||||
The Utilities Group includes our Electric Utilities and Gas Utilities segments. Electric Utilities include the operating results of the regulated electric utility operations of Black Hills Power and Colorado Electric and the electric and natural gas utility operations of Cheyenne Light, which supply regulated electric utility services to areas in South Dakota, Wyoming, Colorado and Montana and natural gas utility services to Cheyenne, Wyoming and vicinity. Gas Utilities consist of the operating results of the regulated natural gas utility operations of Colorado Gas, Nebraska Gas, Iowa Gas and Kansas Gas. | |||||||||||||
The Non-regulated Energy Group includes our Power Generation, Coal Mining and Oil and Gas segments. Power Generation, which is conducted through Black Hills Electric Generation and its subsidiaries, engages in independent power generation activities in Wyoming and Colorado. Coal Mining, which is conducted through WRDC, engages in coal mining activities located near Gillette, Wyoming. Oil and Gas, which is conducted through BHEP and its subsidiaries, engages in crude oil and natural gas exploration and production activities in Colorado, Louisiana, Montana, Oklahoma, New Mexico, North Dakota, Wyoming, Texas and California. These businesses are aggregated for reporting purposes as Non-regulated Energy. | |||||||||||||
On February 29, 2012, we sold Enserco, our Energy Marketing segment, which resulted in this segment being reclassified as discontinued operations. See Note 21 for additional information. | |||||||||||||
For further descriptions of our reportable business segments, see Note 4. | |||||||||||||
Use of Estimates and Basis of Presentation | |||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Changes in facts and circumstances or additional information may result in revised estimates and actual results could differ materially from those estimates. | |||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of Black Hills Corporation and its wholly-owned and majority-owned and controlled subsidiaries. Investment in non-controlled entities over which we have the ability to exercise significant influence over operating and financial policies are accounted for using the equity method of accounting. In applying the equity method of accounting, the investments are initially recognized at cost and subsequently adjusted for our proportionate share of earnings and losses and distributions. Under this method, a proportionate share of pretax income is recorded as Equity earnings (loss) of unconsolidated subsidiaries. All inter-company balances and transactions have been eliminated in consolidation. For additional information on inter-company revenues, see Note 4. | |||||||||||||
Our Consolidated Statements of Income include operating activity of acquired companies beginning with their acquisition date. We use the proportionate consolidation method to account for our working interests in oil and gas properties and for our ownership interest in any jointly-owned electric utility generating facility, wind project or transmission tie and the BHEP gas processing plant. See Note 3 for additional information. | |||||||||||||
As a result of the sale of our Energy Marketing segment, amounts associated with this segment have been reclassified as discontinued operations on the accompanying Consolidated Financial Statements. See Note 21 for additional information. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. | |||||||||||||
Restricted Cash and Equivalents | |||||||||||||
We maintain cash accounts for various specified purposes. Therefore, we classify these amounts as restricted cash. | |||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | |||||||||||||
Accounts receivable for our Utilities Group primarily consists of sales to residential, commercial, industrial, municipal and other customers, all of which do not bear interest. These accounts receivable are stated at billed and unbilled amounts net of write-offs and allowance for doubtful accounts. Accounts receivable for our Non-regulated Energy Group consists of amounts due from sales of coal, crude oil and natural gas, electric energy and capacity. | |||||||||||||
We maintain an allowance for doubtful accounts which reflects our estimate of uncollectible trade receivables. We regularly review our trade receivable allowance by considering such factors as historical experience, credit worthiness, the age of the receivable balances and current economic conditions that may affect collectibility. | |||||||||||||
In specific cases where we are aware of a customer’s inability or reluctance to pay, we record an allowance for doubtful accounts against amounts due to reduce the net receivable balance to the amount we reasonably expect to collect. However, if circumstances change, our estimate of the recoverability of accounts receivable could be affected. Circumstances which could affect our estimates include, but are not limited to, customer credit issues, the level of commodity prices, customer deposits and general economic conditions. Accounts are written off once they are deemed to be uncollectible or the time allowed for dispute under the contract has expired. | |||||||||||||
We utilize master netting agreements which consist of an agreement between two parties who have multiple contracts with each other that provide for the net settlement of all contracts in the event of default on or termination of any one contract. When the right of offset exists, accounting standards permit the netting of receivables and payables under a legally enforceable master netting agreement between counterparties. Accounting standards also permit offsetting of fair value amounts recognized for the right to reclaim, or the obligation to return, cash collateral against fair value amounts recognized for derivative instruments executed with the same counterparty. | |||||||||||||
Following is a summary of accounts receivable as of December 31 (in thousands): | |||||||||||||
2014 | Accounts Receivable, Trade | Unbilled Revenue | Less Allowance for Doubtful Accounts | Accounts Receivable, net | |||||||||
Electric Utilities | $ | 59,714 | $ | 26,474 | $ | (722 | ) | $ | 85,466 | ||||
Gas Utilities | 47,394 | 45,546 | (781 | ) | 92,159 | ||||||||
Power Generation | 1,369 | — | — | 1,369 | |||||||||
Coal Mining | 3,151 | — | — | 3,151 | |||||||||
Oil and Gas | 5,305 | — | (13 | ) | 5,292 | ||||||||
Corporate | 2,555 | — | — | 2,555 | |||||||||
Total | $ | 119,488 | $ | 72,020 | $ | (1,516 | ) | $ | 189,992 | ||||
2013 | Accounts Receivable, Trade | Unbilled Revenue | Less Allowance for Doubtful Accounts | Accounts Receivable, net | |||||||||
Electric Utilities | $ | 52,437 | $ | 23,823 | $ | (666 | ) | $ | 75,594 | ||||
Gas Utilities | 49,162 | 41,195 | (558 | ) | 89,799 | ||||||||
Power Generation | 1,722 | — | — | 1,722 | |||||||||
Coal Mining | 1,711 | — | — | 1,711 | |||||||||
Oil and Gas | 8,156 | — | (13 | ) | 8,143 | ||||||||
Corporate | 604 | — | — | 604 | |||||||||
Total | $ | 113,792 | $ | 65,018 | $ | (1,237 | ) | $ | 177,573 | ||||
Revenue Recognition | |||||||||||||
Revenue is recognized when there is persuasive evidence of an arrangement with a fixed or determinable price and delivery has occurred or services have been rendered. Sales tax collected from our customers is recorded on a net basis (excluded from Revenue). | |||||||||||||
Utility revenues are based on authorized rates approved by the state regulatory agencies and the FERC. Revenues related to the sale, transmission and distribution of energy, and delivery of service are generally recorded when service is rendered or energy is delivered to customers. To the extent that deliveries have occurred but a bill has not been issued, our utilities accrue an estimate of the revenue since the latest billing. This estimate is calculated based upon several factors including billings through the last billing cycle in a month and prices in effect in our jurisdictions. Each month the estimated unbilled revenue amounts are trued-up and recorded in Accounts receivable, net on the accompanying Consolidated Balance Sheets. | |||||||||||||
For long-term non-regulated power sales agreements, revenue is recognized either in accordance with accounting standards for revenue recognition, or in accordance with accounting standards for leases, as appropriate. Under accounting standards for revenue recognition, revenue is generally recognized as the lesser of the amount billed or the average rate expected over the life of the agreement. | |||||||||||||
Natural gas and crude oil sales are recognized when the products are sold to a purchaser at a fixed or determinable price, delivery has occurred, title has transferred and collectibility of the revenue is reasonably assured. Our Oil and Gas segment records its share of revenues based on production volumes and contracted sales prices. The sales price for natural gas, crude oil, condensate and NGLs is adjusted for transportation costs and other related deductions when applicable. The transportation costs and other deductions are based on contractual or historical data and do not require significant judgment. | |||||||||||||
Materials, Supplies and Fuel | |||||||||||||
The following amounts by major classification are included in Materials, supplies and fuel on the accompanying Consolidated Balance Sheets as of (in thousands): | |||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||
Materials and supplies | $ | 49,555 | $ | 50,196 | |||||||||
Fuel - Electric Utilities | 6,637 | 6,213 | |||||||||||
Natural gas in storage held for distribution | 34,999 | 32,069 | |||||||||||
Total materials, supplies and fuel | $ | 91,191 | $ | 88,478 | |||||||||
Materials and supplies represent parts and supplies for all of our business segments. Fuel - Electric Utilities represents oil, gas and coal on hand used to produce power. Natural gas in storage primarily represents gas purchased for use by our gas customers. All of our Materials, supplies and fuel are valued using weighted-average cost. The value of our natural gas in storage fluctuates with seasonal volume requirements of our business and the commodity price of natural gas. | |||||||||||||
Property, Plant and Equipment | |||||||||||||
Additions to property, plant and equipment are recorded at cost. Included in the cost of regulated construction projects is AFUDC, when applicable, which represents the approximate composite cost of borrowed funds and a return on equity used to finance a regulated utility project. We also capitalize interest, when applicable, on undeveloped leasehold costs and certain non-regulated construction projects. In addition, asset retirement costs associated with tangible long-lived regulated utility assets are recognized as liabilities with an increase to the carrying amounts of the related long-lived regulated utility assets in the period incurred. The amounts capitalized are included in Property, plant and equipment on the accompanying Consolidated Balance Sheets. | |||||||||||||
The cost of regulated utility property, plant and equipment retired, or otherwise disposed of in the ordinary course of business, less salvage plus cost of removal, is charged to accumulated depreciation. Estimated removal costs associated with non-legal obligations related to our regulated properties are reclassified from accumulated depreciation and reflected as regulatory liabilities. Retirement or disposal of all other assets, except for crude oil and natural gas properties as described below, result in gains or losses recognized as a component of operating income. Ordinary repairs and maintenance of property, except as allowed under rate regulations, are charged to operations as incurred. | |||||||||||||
Depreciation provisions for property, plant and equipment are generally computed on a straight-line basis based on the applicable estimated service life of the various class of property. Capitalized coal mining costs and coal leases are amortized on a unit-of-production method based on volumes produced and estimated reserves. For certain non-utility power plant components, a unit-of-production methodology based on plant hours run is used. | |||||||||||||
Oil and Gas Operations | |||||||||||||
We account for our oil and gas activities under the full cost method. Under the full cost method, costs related to acquisition, exploration and estimated future expenditures to be incurred in developing proved reserves as well as estimated reclamation and abandonment costs, net of estimated salvage values are capitalized. These costs are amortized using a unit-of-production method based on volumes produced and proved reserves. Any conveyances of properties, including gains or losses on abandonment of properties, are typically treated as adjustments to the cost of the properties with no gain or loss recognized. However, we recognized a gain on the sale of a majority of our Williston Basin assets in 2012. See Note 21 for further discussion. | |||||||||||||
Costs directly associated with unproved properties and major development projects, if any, are excluded from the costs to be amortized. These excluded costs are subsequently included within the costs to be amortized when it is determined whether or not proved reserves can be assigned to the properties. The properties excluded from the costs to be amortized are assessed for impairment at least annually and any amount of impairment is added to the costs to be amortized. These costs are generally expected to be included in costs to be amortized within the term of the underlying lease agreement which varies in length. | |||||||||||||
Under the full cost method, net capitalized costs, less accumulated amortization and related deferred income taxes, are subject to a ceiling test which limits the pooled costs to the aggregate of the discounted value of future net revenue attributable to proved natural gas and crude oil reserves using a discount rate defined by the SEC, plus the lower of cost or market value of unevaluated properties. Future net cash flows are estimated based on SEC-defined end-of-period commodity prices adjusted for contracted price changes and held constant for the life of the reserves. An average price is calculated using the price at the first day of each month for each of the preceding 12 months. If the net capitalized costs exceed the full cost “ceiling” at period end, a permanent non-cash write-down would be charged to earnings in that period. As a result of lower natural gas prices, we recorded a non-cash ceiling test impairment of oil and gas long-lived assets included in the Oil and Gas segment in 2012. No ceiling test write-down was recorded in 2014 or 2013. See Note 12 for additional information. | |||||||||||||
The SEC definition of “reliable technology” permits the use of any reliable technology to establish reserve volumes in addition to those established by production and flow test data. This definition allows, but does not require us, to calculate PUDs to be booked at more than one location away from a producing well. We elected to include PUDs of only one location away from a producing well in our volume reserve estimate. See information on our oil and gas drilling activities in Note 20. | |||||||||||||
Companies are permitted but not required to disclose probable and possible reserves. We have elected not to report on these additional reserve categories. | |||||||||||||
Goodwill and Intangible Assets | |||||||||||||
Goodwill and intangible assets with indefinite lives are not amortized but the carrying values are reviewed upon an indicator of impairment or at least annually. Intangible assets with a finite life continue to be amortized over their estimated useful lives. We perform this annual review of goodwill and indefinite lived intangible assets as of November 30 each year (or more frequently if impairment indicators arise). | |||||||||||||
We performed our annual goodwill impairment tests as of November 30, 2014. We estimated the fair value of the goodwill using discounted cash flow methodology, EBITDA multiple method and an analysis of comparable transactions. This analysis required the input of several critical assumptions, including future growth rates, cash flow projections, operating cost escalation rates, rates of return, a risk-adjusted discount rate, timing and level of success in regulatory rate proceedings, the cost of debt and equity capital and long-term earnings and merger multiples for comparable companies. | |||||||||||||
Goodwill at our Electric and Gas Utilities primarily arose from the acquisition of one regulated electric and four regulated gas utilities in the Aquila Transaction. This goodwill from the Aquila Transaction was allocated approximately $246 million, or 72%, to Colorado Electric and $94 million, or 28%, to the Gas Utilities. We believe that the goodwill amount reflects the value of the relatively stable, long-lived cash flows of the regulated gas utility business, considering the regulatory environment and market growth potential and the long-lived cash flow and rate base growth opportunities at our electric utility in Colorado. Goodwill balances were as follows (in thousands): | |||||||||||||
Electric Utilities | Gas Utilities | Power Generation | Total | ||||||||||
Ending balance at December 31, 2012 | $ | 250,487 | $ | 94,144 | $ | 8,765 | $ | 353,396 | |||||
Additions (adjustments) | — | — | — | — | |||||||||
Ending balance at December 31, 2013 | $ | 250,487 | $ | 94,144 | $ | 8,765 | $ | 353,396 | |||||
Additions (adjustments) | — | — | — | — | |||||||||
Ending balance at December 31, 2014 | $ | 250,487 | $ | 94,144 | $ | 8,765 | $ | 353,396 | |||||
Our intangible assets represent easements, rights-of-way and trademarks and are amortized using a straight-line method based on estimated useful lives. The finite lived intangible assets are currently being amortized over 20 years. Changes to intangible assets for the years ended December 31, were as follows (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Intangible assets, net, beginning balance | $ | 3,397 | $ | 3,620 | $ | 3,843 | |||||||
Additions (adjustments) | — | — | — | ||||||||||
Amortization expense* | (221 | ) | (223 | ) | (223 | ) | |||||||
Intangible assets, net, ending balance | $ | 3,176 | $ | 3,397 | $ | 3,620 | |||||||
_________________ | |||||||||||||
* | Amortization expense for existing intangible assets is expected to be $0.2 million for each year of the next five years. | ||||||||||||
Asset Retirement Obligations | |||||||||||||
Accounting standards for asset retirement obligations associated with long-lived assets require that the present value of retirement costs for which we have a legal obligation be recorded as liabilities with an equivalent amount added to the asset cost and depreciated over an appropriate period. The associated ARO accretion expense for our non-regulated operations is included within Depreciation, depletion and amortization on the accompanying Consolidated Statements of Income. The accounting for the obligation for regulated operations has no income statement impact due to the deferral of the adjustments through the establishment of a regulatory asset or a regulatory liability. | |||||||||||||
We initially record liabilities for the present value of retirement costs for which we have a legal obligation, with an equivalent amount added to the asset cost. The asset is then depreciated or depleted over the appropriate useful life and the liability is accreted over time by applying an interest method of allocation. Any difference in the actual cost of the settlement of the liability and the recorded amount is recognized as a gain or loss in the results of operations at the time of settlement for our non-regulated operations, other than Oil and Gas. For the Oil and Gas segment, differences in the settlement of the liability and the recorded amount are generally reflected as adjustments to the capitalized cost of oil and gas properties and depleted pursuant to our use of the full cost method. Additional information is included in Note 7. | |||||||||||||
Fair Value Measurements | |||||||||||||
Derivative Financial Instruments | |||||||||||||
Assets and liabilities are classified and disclosed in one of the following fair value categories: | |||||||||||||
Level 1 — Unadjusted quoted prices available in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities. This level primarily consists of financial instruments such as exchange-traded securities or listed derivatives. | |||||||||||||
Level 2 — Pricing inputs include quoted prices for identical or similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | |||||||||||||
Level 3 — Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs reflect management’s best estimate of fair value using its own assumptions about the assumptions a market participant would use in pricing the asset or liability. | |||||||||||||
Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement within the fair value hierarchy levels. We record transfers, if necessary, between levels at the end of the reporting period for all of our financial instruments. | |||||||||||||
Transfers into Level 3, if any, occur when significant inputs used to value the derivative instruments become less observable such as a significant decrease in the frequency and volume in which the instrument is traded, negatively impacting the availability of observable pricing inputs. Transfers out of Level 3, if any, occur when the significant inputs become more observable such as the time between the valuation date and the delivery date of a transaction becomes shorter, positively impacting the availability of observable pricing inputs. | |||||||||||||
Valuation Methodologies for Derivatives | |||||||||||||
Oil and Gas Segment: | |||||||||||||
• | The commodity contracts for the Oil and Gas segment are valued under the market approach and include exchange-traded futures and basis swaps. Fair value was derived using exchange quoted settlement 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. | ||||||||||||
Utilities Segment: | |||||||||||||
• | The commodity contracts for the Utilities, valued using the market approach, include exchange-traded futures, options and basis swaps (Level 2) and OTC basis swaps (Level 3) for natural gas contracts. For Level 2 assets and liabilities, fair value was derived using broker quotes validated by the Chicago Mercantile Exchange pricing for similar instruments. For Level 3 assets and liabilities, fair value was derived using average price quotes from the OTC contract broker and an independent third party market participant since these instruments are not traded on an exchange. | ||||||||||||
Corporate Segment: | |||||||||||||
• | The interest rate swaps are valued using the market valuation approach. We establish fair value by obtaining price quotes directly from the counterparty which are based on the floating three-month LIBOR curve for the term of the contract. The fair value obtained from the counterparty is then validated by utilizing a nationally recognized service that obtains observable inputs to compute fair value for the same instrument. In addition, the fair value for the interest rate swap derivatives includes a CVA component. The CVA considers the fair value of the interest rate swap and the probability of default based on the life of the contract. For the probability of a default component, we utilize observable inputs supporting Level 2 disclosure by using our credit default spread, if available, or a generic credit default spread curve that takes into account our credit ratings. | ||||||||||||
Additional information is included in Note 9. | |||||||||||||
Derivatives and Hedging Activities | |||||||||||||
The accounting standards for derivatives and hedging require that derivative instruments be recorded on the balance sheet as either an asset or liability measured at its fair value and that changes in the derivative instrument’s fair value be recognized currently in earnings unless specific hedge accounting criteria are met and designated accordingly, and if they qualify for certain exemptions, including the normal purchases and normal sales exemption. Each Consolidated Balance Sheet reflects the offsetting of net derivative positions with fair value amounts for cash collateral with the same counterparty when a legal right of offset exists. | |||||||||||||
Accounting standards for derivatives and hedging require that the unrealized gains or losses on a derivative instrument designated and qualifying as a fair value hedging instrument as well as the offsetting unrealized gain or loss on the hedged item attributable to the hedged risk be recognized currently in earnings in the same accounting period. Conversely, the effective portion of the unrealized gain or loss on a derivative instrument designated and qualifying as a cash flow hedging instrument must be reported as a component of other comprehensive income and be reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. The remaining gain or loss on the derivative instrument, if any, is recognized currently in earnings. | |||||||||||||
Revenues and expenses on contracts that qualify are designated as normal purchases and normal sales and are recognized when the underlying physical transaction is completed under the accrual basis of accounting. Normal purchases and normal sales are contracts where physical delivery is probable, quantities are expected to be used or sold in the normal course of business over a reasonable amount of time, and price is not tied to an unrelated underlying derivative. As part of our regulated electric and gas operations, we enter into contracts to buy and sell energy to meet the requirements of our customers. These contracts include short-term and long-term commitments to purchase and sell energy in the retail and wholesale markets with the intent and ability to deliver or take delivery. If it was determined that a transaction designated as a normal purchase or normal sale no longer met the exceptions, the fair value of the related contract would be reflected as either an asset or liability, under the accounting standards for derivatives and hedging. | |||||||||||||
We utilize master netting agreements which consist of an agreement between two parties who have multiple contracts with each other that provide for the net settlement of all contracts in the event of default on or termination of any one contract. When the right of offset exists, accounting standards permit the netting of receivables and payables under a legally enforceable master netting agreement between counterparties. Accounting standards also permit offsetting of fair value amounts recognized for the right to reclaim, or the obligation to return, cash collateral against fair value amounts recognized for derivative instruments executed with the same counterparty. | |||||||||||||
Deferred Financing Costs | |||||||||||||
Deferred financing costs are amortized using the effective interest method over the estimated useful life of the related debt. | |||||||||||||
Development Costs | |||||||||||||
According to accounting standards for business combinations, we expense, when incurred, development and acquisition costs associated with corporate development activities prior to acquiring or beginning construction of a project. Expensed development costs are included in Other operating expenses on the accompanying Consolidated Statements of Income. | |||||||||||||
Legal Costs | |||||||||||||
Litigation liabilities, including potential settlements, are recorded when it is both probable that a liability or settlement has been incurred and the amount can be reasonably estimated. Legal costs related to ongoing litigation are expensed as incurred. | |||||||||||||
When a range of the probable loss exists and no amount within the range is a better estimate than any other amount, we record a loss contingency at the minimum amount in the range. If the loss contingency at issue is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. | |||||||||||||
Regulatory Accounting | |||||||||||||
Our Utilities Group follows accounting standards for regulated operations and reflects the effects of the numerous rate-making principles followed by the various state and federal agencies regulating the utilities. The accounting policies followed are generally subject to the Uniform System of Accounts of the FERC. These accounting policies differ in some respects from those used by our non-regulated businesses. If rate recovery becomes unlikely or uncertain due to competition or regulatory action, these accounting standards may no longer apply which would require these net assets to be charged to current income or OCI. Our regulatory assets represent amounts for which we will recover the cost, but generally are not allowed a return, except as described below. In the event we determine that our regulated net assets no longer meet the criteria for following accounting standards for regulated operations, the accounting impact to us could be an extraordinary non-cash charge to operations, which could be material. | |||||||||||||
We had the following regulatory assets and liabilities (in thousands): | |||||||||||||
Maximum | |||||||||||||
Amortization | As of | As of | |||||||||||
(in years) | 31-Dec-14 | 31-Dec-13 | |||||||||||
Regulatory assets | |||||||||||||
Deferred energy and fuel cost adjustments - current (a)(d) | 1 | $ | 23,820 | $ | 16,775 | ||||||||
Deferred gas cost adjustments (a)(d) | 2 | 37,471 | 4,799 | ||||||||||
Gas price derivatives (a) | 7 | 18,740 | 7,567 | ||||||||||
AFUDC (b) | 45 | 12,358 | 12,315 | ||||||||||
Employee benefit plans (c) (e) | 12 | 97,126 | 67,059 | ||||||||||
Environmental (a) | subject to approval | 1,314 | 1,800 | ||||||||||
Asset retirement obligations (a) | 44 | 3,287 | 3,266 | ||||||||||
Bond issue cost (a) | 23 | 3,276 | 3,419 | ||||||||||
Renewable energy standard adjustment (a) | 5 | 9,622 | 14,186 | ||||||||||
Flow through accounting (c) | 35 | 25,887 | 20,916 | ||||||||||
Decommissioning costs | 10 | 12,484 | — | ||||||||||
Other regulatory assets (a) | 15 | 12,454 | 10,546 | ||||||||||
$ | 257,839 | $ | 162,648 | ||||||||||
Regulatory liabilities | |||||||||||||
Deferred energy and gas costs (a) | 1 | $ | 6,496 | $ | 11,708 | ||||||||
Employee benefit plans (c) (e) | 12 | 53,139 | 34,431 | ||||||||||
Cost of removal (a) | 44 | 78,249 | 64,970 | ||||||||||
Other regulatory liabilities (c) | 25 | 10,947 | 9,047 | ||||||||||
$ | 148,831 | $ | 120,156 | ||||||||||
__________ | |||||||||||||
(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 December 31, 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. | ||||||||||||
(e) | Increases are due to a decrease in the discount rate and a change in the mortality tables used in employee benefit plan estimates. | ||||||||||||
Regulatory assets represent items we expect to recover from customers through probable future rates. | |||||||||||||
Deferred Energy and Fuel Cost Adjustments - Deferred energy and fuel cost adjustments represent the cost of electricity delivered to our electric utility customers that is either higher or lower than the current rates and will be recovered or refunded in future rates. Deferred energy and fuel cost adjustments are recorded and recovered or amortized as approved by the appropriate state commission. | |||||||||||||
Deferred Gas Cost Adjustment - Our regulated gas utilities have GCA provisions that allow them to pass the cost of gas on to their customers. The GCA is based on forecasts of the upcoming gas costs and recovery or refund of prior under-recovered or over-recovered costs. To the extent that gas costs are under-recovered or over-recovered, they are recorded as a regulatory asset or liability, respectively. Our Gas Utilities file periodic estimates of future gas costs based on market forecasts with state utility commissions. | |||||||||||||
Gas Price Derivatives - Our regulated utilities, as allowed or required by state utility commissions, have entered into certain exchange-traded natural gas futures and options to reduce our customers’ underlying exposure to fluctuations in gas prices. Gas price derivatives represent our unrealized positions on our commodity contracts supporting our utilities. The 7-year term represents the maximum forward term hedged. | |||||||||||||
AFUDC - The equity component of AFUDC is considered a permanent difference for tax purposes with the tax benefit being flowed through to customers as prescribed or allowed by regulators. If, based on a regulator’s action, it is probable the utility will recover the future increase in taxes payable represented by this flow-through treatment through a rate revenue increase, a regulatory asset is recognized. This regulatory asset is a temporary difference for which a deferred tax liability must be recognized. Accounting standards for income taxes specifically address AFUDC-equity and require a gross-up of such amounts to reflect the revenue requirement associated with a rate-regulated environment. | |||||||||||||
Employee Benefit Plans - Employee benefit plans include the unrecognized prior service costs and net actuarial loss associated with our defined benefit pension plans and post-retirement benefit plans in regulatory assets rather than in accumulated other comprehensive income, including costs being amortized from the Aquila Transaction. | |||||||||||||
Environmental - Environmental is associated with manufactured gas plant sites. The amortization of this asset is first offset by recognition of insurance proceeds and settlements with other third parties. Any remaining recovery will be requested in future rate filings. Recovery has not yet been approved by the applicable commission or board and therefore, the recovery period is unknown. | |||||||||||||
Asset Retirement Obligations - Asset retirement obligations represent the estimated recoverable costs for legal obligations associated with the retirement of a tangible long-lived asset. See Note 7 for additional details. | |||||||||||||
Bond Issue Costs - Bond issue costs are recovered over the remaining life of the original issue or, if refinanced, over the life of the new issue. | |||||||||||||
Renewable Energy Standard Adjustment - The renewable energy standard adjustment is associated with incentives for our Colorado Electric customers to install renewable energy equipment at their location. These incentives are recovered over time with an additional rider charged on customers’ bills. | |||||||||||||
Flow-Through Accounting - Under flow-through accounting, the income tax effects of certain tax items are reflected in our cost of service for the customer in the year in which the tax benefits are realized and result in lower utility rates. This regulatory treatment was applied to the tax benefit generated by repair costs that were previously capitalized for tax purposes in a rate case settlement that was reached with respect to Black Hills Power in 2010. In this instance, the agreed upon rate increase was less than it would have been absent the flow-through treatment. A regulatory asset was established to reflect that future increases in income taxes payable will be recovered from customers as the temporary differences reverse. As a result of this regulatory treatment, we continue to record a tax benefit for costs considered repairs for tax purposes, but are capitalized for book purposes. | |||||||||||||
Decommissioning Costs - Black Hills Power and Colorado Electric received approval for regulatory treatment on the remaining net book values of their decommissioned coal plants in 2014. These balances were in Property, Plant and Equipment in 2013. | |||||||||||||
Regulatory liabilities represent items we expect to refund to customers through probable future decreases in rates. | |||||||||||||
Deferred Energy and Gas Costs - Deferred energy costs and gas costs related to over-recovery of purchased power, transmission and natural gas costs. | |||||||||||||
Employee Benefit Plans - Employee benefit plans represent the cumulative excess of pension and retiree healthcare costs recovered in rates over pension expense recorded in accordance with accounting standards for compensation - retirement benefits. In addition, this regulatory liability includes the income tax effect of the adjustment required under accounting for compensation - defined benefit plans, to record the full pension and post-retirement benefit obligations. Such income tax effect has been grossed-up to account for the revenue requirement aspect of a rate regulated environment. | |||||||||||||
Cost of Removal - Cost of removal represents the estimated cumulative net provisions for future removal costs included in depreciation expense for which there is no legal obligation for removal. | |||||||||||||
Income Taxes | |||||||||||||
The Company and its subsidiaries file consolidated federal income tax returns. Each tax paying entity records income taxes as if it were a separate taxpayer and consolidating adjustments are allocated to the subsidiaries based on separate company computations of taxable income or loss. | |||||||||||||
We use the liability method in accounting for income taxes. Under the liability method, deferred income taxes are recognized at currently enacted income tax rates, to reflect the tax effect of temporary differences between the financial and tax basis of assets and liabilities as well as operating loss and tax credit carry forwards. Such temporary differences are the result of provisions in the income tax law that either require or permit certain items to be reported on the income tax return in a different period than they are reported in the financial statements. We classify deferred tax assets and liabilities into current and non-current amounts based on the nature of the related assets and liabilities. | |||||||||||||
It is our policy to apply the flow-through method of accounting for investment tax credits as allowed by our rate-regulated jurisdictions. Under the flow-through method, investment tax credits are reflected in net income as a reduction to income tax expense in the year they qualify. Another acceptable accounting method and an exception to this general policy currently in our regulated businesses is to apply the deferral method whereby the credit is amortized as a reduction of income tax expense over the useful lives of the related property. | |||||||||||||
We recognize interest income or interest expense and penalties related to income tax matters in Income tax (expense) benefit on the Consolidated Statements of Income. | |||||||||||||
We account for uncertainty in income taxes recognized in the financial statements in accordance with the accounting standards for income taxes. The unrecognized tax benefit is classified in Other deferred credits and other liabilities on the accompanying Consolidated Balance Sheets. See Note 14 for additional information. | |||||||||||||
Earnings per Share of Common Stock | |||||||||||||
Basic earnings per share from continuing and discontinued operations is computed by dividing Income (loss) from continuing or discontinued operations by the weighted average number of common shares outstanding during each year. Diluted earnings per share is computed by including all dilutive common shares outstanding during each year. Diluted common shares are primarily due to outstanding stock options, restricted stock and performance shares under our equity compensation plans. | |||||||||||||
A reconciliation of share amounts used to compute earnings (loss) per share is as follows (in thousands): | |||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | |||||||||||
Income (loss) from continuing operations | $ | 128,781 | $ | 115,846 | $ | 88,505 | |||||||
Weighted average shares - basic | 44,394 | 44,163 | 43,820 | ||||||||||
Dilutive effect of: | |||||||||||||
Equity compensation | 204 | 256 | 250 | ||||||||||
Other | — | — | 3 | ||||||||||
Weighted average shares - diluted | 44,598 | 44,419 | 44,073 | ||||||||||
Income (loss) from continuing operations, per share - Diluted | $ | 2.89 | $ | 2.61 | $ | 2.01 | |||||||
The following outstanding securities were not included in the computation of diluted earnings per share as their effect would have been anti-dilutive (in thousands): | |||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | |||||||||||
Equity compensation | 81 | 22 | 163 | ||||||||||
Anti-dilutive shares excluded from computation of earnings (loss) per share | 81 | 22 | 163 | ||||||||||
Discontinued Operations | |||||||||||||
On February 29, 2012, we sold the outstanding stock of our Energy Marketing segment, Enserco Energy Inc. The transaction was completed through a stock purchase agreement and certain other ancillary agreements. In accordance with GAAP, indirect corporate costs previously allocated to a disposal group cannot be reclassified to discontinued operations. See Note 21 for additional information. | |||||||||||||
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. | |||||||||||||
Recently Issued Accounting Pronouncements and Legislation | |||||||||||||
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforwards Exists, ASU 2013-11 | |||||||||||||
In July 2013, the FASB issued an amendment to accounting for income taxes which provides guidance on financial statement presentation of an unrecognized tax benefit when an NOL carryforward, a similar tax loss, or a tax credit carryforward exists. The objective in issuing this amendment is to eliminate diversity in practice resulting from a lack of guidance on this topic in current GAAP. Under the amendment, an entity must present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for an NOL carryforward, a similar tax loss, or a tax credit carryforward except under certain conditions. The amendment is effective for fiscal years beginning after December 15, 2013 and interim periods within those years, and should be applied to all unrecognized tax benefits that exist as of the effective date. The adoption of this standard did not have any impact on our financial position, results of operations or cash flows. | |||||||||||||
Final Tangible Property Regulations, Treasury Decision 9636 | |||||||||||||
In September 2013, the U.S. Treasury issued final regulations addressing the tax consequences associated with amounts paid to acquire, produce, or improve tangible property. The regulations had the effect of a change in law and as a result, the impact should be taken into account in the period of adoption. In general, such regulations apply to tax years beginning on or after January 1, 2014, with early adoption permitted. We implemented all of the provisions of the final regulations with the filing of the 2013 federal income tax return in September 2014. The adoption of the final regulations did not have a material impact on our consolidated financial statements. |
Property_Plant_And_Equipment
Property, Plant And Equipment: | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||||||
Property, plant and equipment at December 31 consisted of the following (dollars in thousands): | |||||||||||||||||||
Utilities Group | 2014 | 2013 | Lives ( in years) | ||||||||||||||||
Electric Utilities | Property, Plant and Equipment | Weighted Average Useful Life (in years) | Property, Plant and Equipment | Weighted Average Useful Life (in years) | Minimum | Maximum | |||||||||||||
Electric plant: | |||||||||||||||||||
Production | $ | 1,125,845 | 45 | $ | 951,138 | 45 | 25 | 65 | |||||||||||
Electric transmission | 284,032 | 49 | 238,542 | 50 | 40 | 65 | |||||||||||||
Electric distribution | 718,342 | 44 | 666,589 | 44 | 15 | 65 | |||||||||||||
Plant acquisition adjustment (a) | 4,870 | 32 | 4,870 | 32 | 32 | 32 | |||||||||||||
General | 152,982 | 21 | 138,263 | 22 | 3 | 60 | |||||||||||||
Capital lease - plant in service (b) | 261,441 | 20 | 261,441 | 20 | 20 | 20 | |||||||||||||
Total electric plant in service | $ | 2,547,512 | $ | 2,260,843 | |||||||||||||||
Construction work in progress | 49,700 | 203,760 | |||||||||||||||||
Total electric plant | 2,597,212 | 2,464,603 | |||||||||||||||||
Less accumulated depreciation and amortization | 484,406 | 472,970 | |||||||||||||||||
Electric plant net of accumulated depreciation and amortization | $ | 2,112,806 | $ | 1,991,633 | |||||||||||||||
_____________ | |||||||||||||||||||
(a) The plant acquisition adjustment is included in rate base and is being recovered with 16 years remaining. | |||||||||||||||||||
(b) | Capital lease - plant in service represents the assets accounted for as a capital lease under the PPA between Colorado Electric and Black Hills Colorado IPP. The capital lease ends in conjunction with the expiration of the PPA on December 31, 2031. | ||||||||||||||||||
2014 | 2013 | Lives (in years) | |||||||||||||||||
Gas Utilities | Property, Plant and Equipment | Weighted Average Useful Life (in years) | Property, Plant and Equipment | Weighted Average Useful Life (in years) | Minimum | Maximum | |||||||||||||
Gas plant: | |||||||||||||||||||
Production | $ | 13 | 37 | $ | 13 | 37 | 37 | 37 | |||||||||||
Gas transmission | 24,090 | 54 | 24,984 | 54 | 53 | 57 | |||||||||||||
Gas distribution | 557,405 | 46 | 507,318 | 46 | 41 | 56 | |||||||||||||
General | 90,085 | 19 | 85,841 | 19 | 16 | 22 | |||||||||||||
Total gas plant in service | 671,593 | 618,156 | |||||||||||||||||
Construction work in progress | 16,072 | 9,417 | |||||||||||||||||
Total gas plant | 687,665 | 627,573 | |||||||||||||||||
Less accumulated depreciation and amortization | 92,035 | 84,679 | |||||||||||||||||
Gas plant net of accumulated depreciation and amortization | $ | 595,630 | $ | 542,894 | |||||||||||||||
2014 | Lives ( in years) | ||||||||||||||||||
Non-regulated Energy | Property, Plant and Equipment | Construction Work in Progress | Total Property Plant and Equipment | Less Accumulated Depreciation, Depletion and Amortization | Net Property, Plant and Equipment | Weighted Average Useful Life | Minimum | Maximum | |||||||||||
Power Generation | $ | 153,779 | $ | 2,262 | $ | 156,041 | $ | 47,704 | $ | 108,337 | 33 | 2 | 40 | ||||||
Coal Mining | 145,619 | 3,748 | 149,367 | 90,629 | 58,738 | 15 | 2 | 59 | |||||||||||
Oil and Gas | 962,395 | — | 962,395 | 612,736 | 349,659 | 24 | 3 | 25 | |||||||||||
$ | 1,261,793 | $ | 6,010 | $ | 1,267,803 | $ | 751,069 | $ | 516,734 | ||||||||||
2013 | Lives ( in years) | ||||||||||||||||||
Non-regulated Energy | Property, Plant and Equipment | Construction Work in Progress | Total Property Plant and Equipment | Less Accumulated Depreciation, Depletion and Amortization | Net Property, Plant and Equipment | Weighted Average Useful Life | Minimum | Maximum | |||||||||||
Power Generation | $ | 143,026 | $ | 10,491 | $ | 153,517 | $ | 43,069 | $ | 110,448 | 36 | 2 | 40 | ||||||
Coal Mining | 149,067 | 1,156 | 150,223 | 86,306 | 63,917 | 14 | 2 | 59 | |||||||||||
Oil and Gas | 852,384 | — | 852,384 | 585,334 | 267,050 | 24 | 3 | 25 | |||||||||||
$ | 1,144,477 | $ | 11,647 | $ | 1,156,124 | $ | 714,709 | $ | 441,415 | ||||||||||
2014 | Lives ( in years) | ||||||||||||||||||
Property, Plant and Equipment | Construction Work in Progress | Total Property Plant and Equipment | Less Accumulated Depreciation, Depletion and Amortization (a) | Net Property, Plant and Equipment | Weighted Average Useful Life | Minimum | Maximum | ||||||||||||
Corporate | $ | 5,524 | $ | 5,196 | $ | 10,720 | $ | (3,485 | ) | $ | 14,205 | 11 | 5 | 30 | |||||
___________ | |||||||||||||||||||
(a) | Accumulated depreciation, depletion and amortization at Corporate reflects the elimination of the capital lease accumulated depreciation difference between Colorado Electric and Colorado IPP. | ||||||||||||||||||
2013 | Lives (in years) | ||||||||||||||||||
Property, Plant and Equipment | Construction Work in Progress | Total Property Plant and Equipment | Less Accumulated Depreciation, Depletion and Amortization (a) | Net Property, Plant and Equipment | Weighted Average Useful Life | Minimum | Maximum | ||||||||||||
Corporate | $ | 5,498 | $ | 5,647 | $ | 11,145 | $ | (3,210 | ) | $ | 14,355 | 6 | 2 | 30 | |||||
___________ | |||||||||||||||||||
(a) | Accumulated depreciation, depletion and amortization at Corporate reflects the elimination of the capital lease accumulated depreciation difference between Colorado Electric and Colorado IPP. |
Jointly_Owned_Facilities
Jointly Owned Facilities: | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||
Jointly Owned Facilities | JOINTLY OWNED FACILITIES | |||||||||
Utility Plant | ||||||||||
Our consolidated financial statements include our share of several jointly-owned utility facilities as described below. Our share of the facilities expenses are reflected in the appropriate categories of operating expenses in the Consolidated Statements of Income. Each owner of the facility is responsible for financing its investment in the jointly-owned facilities. | ||||||||||
• | Black Hills Power owns a 20% interest in the Wyodak Plant, a coal-fired electric generating station located in Campbell County, Wyoming. PacifiCorp owns the remaining ownership percentage and operates the Wyodak Plant. Black Hills Power receives its proportionate share of the Wyodak Plant’s capacity and is committed to pay its proportionate share of its additions, replacements and operating and maintenance expenses. In addition to supplying Black Hills Power with coal for its share of the Wyodak Plant, our Coal Mining subsidiary, WRDC, supplies PacifiCorp’s share of the coal to the Wyodak Plant under a separate long-term agreement. This coal supply agreement is collateralized by a mortgage on and a security interest in some of WRDC’s coal reserves. | |||||||||
• | Black Hills Power also owns a 35% interest in, and is the operator of, the Converter Station Site and South Rapid City Interconnection (the transmission tie), an AC-DC-AC transmission tie. Basin Electric owns the remaining ownership percentage. The transmission tie provides an interconnection between the Western and Eastern transmission grids, which provides us with access to both the WECC region and the MAPP region. The total transfer capacity of the tie is 400 MW - 200 MW West to East and 200 MW from East to West. Black Hills Power is committed to pay its proportionate share of the additions and replacements to and operating and maintenance expenses of the transmission tie. | |||||||||
• | Black Hills Power owns 52% of the Wygen III coal-fired generation facility. MDU and the City of Gillette each owns an undivided ownership interest in Wygen III and are obligated to make payments for costs associated with administrative services and their proportionate share of the costs of operating the plant for the life of the facility. We retain responsibility for plant operations. Our Coal Mining subsidiary supplies coal to Wygen III for the life of the plant. | |||||||||
• | Colorado Electric owns 50% of the Busch Ranch Wind Project while AltaGas owns the remaining undivided ownership interest and is obligated to make payments for costs associated with their proportionate share of the costs of operating the wind project for the life of the facility. We retain responsibility for operations of the wind farm. | |||||||||
Non-Regulated Plants | ||||||||||
Our consolidated financial statements include our share of a jointly-owned non-regulated power generation facility as described below. Our share of direct expenses for the jointly-owned facility is included in the corresponding categories of operating expenses in the accompanying Consolidated Statements of Income. Each of the respective owners is responsible for providing its own financing. | ||||||||||
• | Black Hills Wyoming owns 76.5% of the Wygen I plant while MEAN owns the remaining ownership percentage. MEAN is obligated to make payments for its share of the costs associated with administrative services, plant operations and coal supply provided by our Coal Mining subsidiary during the life of the facility. We retain responsibility for plant operations. | |||||||||
At December 31, 2014, our interests in jointly-owned generating facilities and transmission systems were (in thousands): | ||||||||||
Plant in Service | Construction Work in Progress | Accumulated Depreciation | ||||||||
Wyodak Plant | $ | 110,123 | $ | 1,201 | $ | 53,816 | ||||
Transmission Tie | $ | 19,648 | $ | — | $ | 4,976 | ||||
Wygen I | $ | 109,040 | $ | 1,765 | $ | 31,852 | ||||
Wygen III | $ | 136,220 | $ | 29 | $ | 13,811 | ||||
Busch Ranch Wind Project | $ | 18,590 | $ | — | $ | 1,573 | ||||
Business_Segments_Information
Business Segments Information: | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting Information, Additional Information [Abstract] | |||||||||||||||||||||||||
Business Segments Information | BUSINESS SEGMENTS INFORMATION | ||||||||||||||||||||||||
Our reportable segments are based on our method of internal reporting, which generally segregates the strategic business groups due to differences in products, services and regulation. Primarily, all of our operations and assets are located within the United States. | |||||||||||||||||||||||||
On February 29, 2012, we sold our Energy Marketing segment, Enserco, which resulted in this segment being reclassified as discontinued operations. For comparative purposes, all prior periods presented have been restated to reflect the reclassification of this segment as discontinued operations. Indirect corporate costs and inter-segment interest expense related to Enserco that have not been reclassified as discontinued operations have been reclassified to our Corporate segment. For further information see Note 21. | |||||||||||||||||||||||||
Segment information was as follows (in thousands): | |||||||||||||||||||||||||
Total Assets (net of inter-company eliminations) as of December 31, | 2014 | 2013 | |||||||||||||||||||||||
Utilities: | |||||||||||||||||||||||||
Electric (a) | $ | 2,748,680 | $ | 2,525,947 | |||||||||||||||||||||
Gas | 906,922 | 805,617 | |||||||||||||||||||||||
Non-regulated Energy: | |||||||||||||||||||||||||
Power Generation (a) | 76,945 | 95,692 | |||||||||||||||||||||||
Coal Mining | 74,407 | 78,825 | |||||||||||||||||||||||
Oil and Gas | 366,247 | 288,366 | |||||||||||||||||||||||
Corporate | 106,605 | 80,731 | |||||||||||||||||||||||
Total assets | $ | 4,279,806 | $ | 3,875,178 | |||||||||||||||||||||
__________________ | |||||||||||||||||||||||||
(a) | The PPA under which Black Hills Colorado IPP provides generation to support Colorado Electric customers from the Pueblo Airport Generation station is accounted for as a capital lease. As such, assets owned by our Power Generation segment are recorded at Colorado Electric under accounting for a capital lease. | ||||||||||||||||||||||||
Capital Expenditures and Asset Acquisitions(a) for the years ended December 31, | 2014 | 2013 | |||||||||||||||||||||||
Utilities: | |||||||||||||||||||||||||
Electric Utilities | $ | 193,199 | $ | 222,262 | |||||||||||||||||||||
Gas Utilities | 70,528 | 63,205 | |||||||||||||||||||||||
Non-regulated Energy: | |||||||||||||||||||||||||
Power Generation | 2,379 | 13,533 | |||||||||||||||||||||||
Coal Mining | 6,676 | 5,528 | |||||||||||||||||||||||
Oil and Gas | 109,439 | 64,687 | |||||||||||||||||||||||
Corporate | 9,046 | 10,319 | |||||||||||||||||||||||
Total capital expenditures and asset acquisitions | $ | 391,267 | $ | 379,534 | |||||||||||||||||||||
_________________ | |||||||||||||||||||||||||
(a) | Includes accruals for property, plant and equipment. | ||||||||||||||||||||||||
Property, Plant and Equipment as of December 31, | 2014 | 2013 | |||||||||||||||||||||||
Utilities: | |||||||||||||||||||||||||
Electric Utilities (a) | $ | 2,597,212 | $ | 2,464,603 | |||||||||||||||||||||
Gas Utilities | 687,665 | 627,573 | |||||||||||||||||||||||
Non-regulated Energy: | |||||||||||||||||||||||||
Power Generation (a) | 156,041 | 153,517 | |||||||||||||||||||||||
Coal Mining | 149,367 | 150,223 | |||||||||||||||||||||||
Oil and Gas | 962,395 | 852,384 | |||||||||||||||||||||||
Corporate | 10,720 | 11,145 | |||||||||||||||||||||||
Total property, plant and equipment | $ | 4,563,400 | $ | 4,259,445 | |||||||||||||||||||||
_______________ | |||||||||||||||||||||||||
(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. | ||||||||||||||||||||||||
Consolidating Income Statement | |||||||||||||||||||||||||
Year ended December 31, 2014 | Electric Utilities | Gas Utilities | Power Generation | Coal Mining | Oil and Gas | Corporate | Inter-company Eliminations | Total | |||||||||||||||||
Revenue | $ | 683,201 | $ | 617,768 | $ | 6,401 | $ | 31,086 | $ | 55,114 | $ | — | $ | — | $ | 1,393,570 | |||||||||
Inter-company revenue | 14,110 | — | 81,157 | 32,272 | — | 222,460 | (349,999 | ) | — | ||||||||||||||||
Total revenue | 697,311 | 617,768 | 87,558 | 63,358 | 55,114 | 222,460 | (349,999 | ) | 1,393,570 | ||||||||||||||||
Fuel, purchased power and cost of natural gas sold | 314,573 | 380,852 | — | — | — | 116 | (113,759 | ) | 581,782 | ||||||||||||||||
Operations and maintenance | 165,641 | 132,635 | 33,126 | 41,172 | 42,659 | 213,415 | (225,473 | ) | 403,175 | ||||||||||||||||
Depreciation, depletion and amortization | 79,424 | 26,499 | 4,540 | 10,276 | 27,584 | 7,690 | (7,930 | ) | 148,083 | ||||||||||||||||
Operating income (loss) | 137,673 | 77,782 | 49,892 | 11,910 | (15,129 | ) | 1,239 | (2,837 | ) | 260,530 | |||||||||||||||
Interest expense | (53,402 | ) | (15,725 | ) | (4,351 | ) | (493 | ) | (2,603 | ) | (50,299 | ) | 55,913 | (70,960 | ) | ||||||||||
Interest income | 4,615 | 441 | 682 | 59 | 918 | 48,969 | (53,759 | ) | 1,925 | ||||||||||||||||
Other income (expense), net | 1,164 | 34 | (6 | ) | 2,275 | 183 | 61,605 | (62,574 | ) | 2,681 | |||||||||||||||
Income tax benefit (expense) | (30,498 | ) | (20,663 | ) | (17,701 | ) | (3,299 | ) | 5,998 | 24 | 744 | (65,395 | ) | ||||||||||||
Income (loss) from continuing operations | $ | 59,552 | $ | 41,869 | $ | 28,516 | $ | 10,452 | $ | (10,633 | ) | $ | 61,538 | $ | (62,513 | ) | $ | 128,781 | |||||||
Consolidating Income Statement | |||||||||||||||||||||||||
Year ended December 31, 2013 | Electric Utilities | Gas Utilities | Power Generation | Coal Mining | Oil and Gas | Corporate | Inter-company Eliminations | Total | |||||||||||||||||
Revenue | $ | 651,445 | $ | 539,689 | $ | 4,648 | $ | 25,186 | $ | 54,884 | $ | — | $ | — | $ | 1,275,852 | |||||||||
Inter-company revenue | 13,863 | — | 78,389 | 31,442 | — | 220,620 | (344,314 | ) | — | ||||||||||||||||
Total revenue | 665,308 | 539,689 | 83,037 | 56,628 | 54,884 | 220,620 | (344,314 | ) | 1,275,852 | ||||||||||||||||
Fuel, purchased power and cost of natural gas sold | 294,048 | 310,463 | — | — | — | 125 | (112,489 | ) | 492,147 | ||||||||||||||||
Operations and maintenance | 159,961 | 126,073 | 30,186 | 39,519 | 40,365 | 202,809 | (211,977 | ) | 386,936 | ||||||||||||||||
Depreciation, depletion and amortization | 77,704 | 26,381 | 5,091 | 11,523 | 21,770 | 11,624 | (12,876 | ) | 141,217 | ||||||||||||||||
Operating income (loss) | 133,595 | 76,772 | 47,760 | 5,586 | (7,251 | ) | 6,062 | (6,972 | ) | 255,552 | |||||||||||||||
Interest expense (a) | (61,537 | ) | (25,234 | ) | (21,178 | ) | (641 | ) | (2,253 | ) | (85,195 | ) | 84,250 | (111,788 | ) | ||||||||||
Unrealized gain (loss) on interest rate swaps, net | — | — | — | — | — | 30,169 | — | 30,169 | |||||||||||||||||
Interest income | 5,277 | 976 | 785 | 10 | 1,639 | 69,760 | (76,724 | ) | 1,723 | ||||||||||||||||
Other income (expense), net | 633 | (60 | ) | 1 | 2,304 | 108 | 41,453 | (42,641 | ) | 1,798 | |||||||||||||||
Income tax benefit (expense) | (25,834 | ) | (19,747 | ) | (11,080 | ) | (932 | ) | 3,545 | (7,778 | ) | 218 | (61,608 | ) | |||||||||||
Income (loss) from continuing operations | $ | 52,134 | $ | 32,707 | $ | 16,288 | $ | 6,327 | $ | (4,212 | ) | $ | 54,471 | $ | (41,869 | ) | $ | 115,846 | |||||||
________________ | |||||||||||||||||||||||||
(a) | Power Generation includes costs associated with interest rate swaps settled and write-off of deferred financing costs upon repayment of Black Hills Wyoming Project Financing and Corporate includes a write-off of deferred financing costs and a make-whole provision from early repayment of long-term debt (see Note 5). | ||||||||||||||||||||||||
Consolidating Income Statement | |||||||||||||||||||||||||
Year ended December 31, 2012 | Electric Utilities | Gas Utilities | Power Generation | Coal Mining | Oil and Gas | Corporate | Inter-company Eliminations | Total | |||||||||||||||||
Revenue | $ | 610,732 | $ | 454,081 | $ | 4,189 | $ | 25,810 | $ | 79,072 | $ | — | $ | — | $ | 1,173,884 | |||||||||
Inter-company revenue | 16,234 | — | 75,200 | 31,968 | — | 196,453 | (319,855 | ) | — | ||||||||||||||||
Total revenue | 626,966 | 454,081 | 79,389 | 57,778 | 79,072 | 196,453 | (319,855 | ) | 1,173,884 | ||||||||||||||||
Fuel, purchased power and cost of natural gas sold | 273,474 | 245,349 | — | — | — | — | (111,757 | ) | 407,066 | ||||||||||||||||
Operations and maintenance | 146,527 | 117,390 | 29,991 | 42,553 | 43,267 | 179,059 | (188,051 | ) | 370,736 | ||||||||||||||||
Gain on sale of operating assets (a) | — | — | — | — | (29,129 | ) | — | — | (29,129 | ) | |||||||||||||||
Depreciation, depletion and amortization | 75,244 | 25,163 | 4,599 | 13,060 | 38,494 | 10,936 | (12,864 | ) | 154,632 | ||||||||||||||||
Impairment of long-lived assets(b) | — | — | — | — | 26,868 | — | — | 26,868 | |||||||||||||||||
Operating income (loss) | 131,721 | 66,179 | 44,799 | 2,165 | (428 | ) | 6,458 | (7,183 | ) | 243,711 | |||||||||||||||
Interest expense(c) | (59,194 | ) | (26,746 | ) | (15,452 | ) | (238 | ) | (4,539 | ) | (92,650 | ) | 85,209 | (113,610 | ) | ||||||||||
Unrealized gain (loss) on interest rate swaps, net | — | — | — | — | — | 1,882 | — | 1,882 | |||||||||||||||||
Interest income | 8,153 | 2,765 | 695 | 1,168 | 604 | 64,695 | (76,123 | ) | 1,957 | ||||||||||||||||
Other income (expense), net | 1,182 | 105 | 7 | 2,616 | 207 | 48,769 | (49,921 | ) | 2,965 | ||||||||||||||||
Income tax benefit (expense) | (30,264 | ) | (14,313 | ) | (8,721 | ) | (85 | ) | 1,927 | 3,187 | (131 | ) | (48,400 | ) | |||||||||||
Income (loss) from continuing operations | $ | 51,598 | $ | 27,990 | $ | 21,328 | $ | 5,626 | $ | (2,229 | ) | $ | 32,341 | $ | (48,149 | ) | $ | 88,505 | |||||||
________________ | |||||||||||||||||||||||||
(a) | Oil and Gas includes gain on sale of the Williston Basin assets (see Note 21). | ||||||||||||||||||||||||
(b) | Oil and Gas includes a ceiling test impairment (see Note 12). | ||||||||||||||||||||||||
(c) | Corporate includes a make-whole provision from early repayment of long-term debt. |
LongTerm_Debt
Long-Term Debt: | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Long-term Debt, Unclassified [Abstract] | ||||||||||||||
Long-term Debt | LONG-TERM DEBT | |||||||||||||
Long-term debt outstanding was as follows (dollars in thousands) as of: | ||||||||||||||
Interest Rate at | ||||||||||||||
Due Date | 31-Dec-14 | 31-Dec-14 | 31-Dec-13 | |||||||||||
Corporate | ||||||||||||||
Senior unsecured notes due 2023 | 30-Nov-23 | 4.25% | $ | 525,000 | $ | 525,000 | ||||||||
Unamortized discount on Senior unsecured note due 2023 (a) | (2,164 | ) | — | |||||||||||
Senior unsecured notes due 2020 | July 15, 2020 | 5.88% | 200,000 | 200,000 | ||||||||||
Corporate term loan due 2015 (b) | June 19, 2015 | 1.31% | 275,000 | 275,000 | ||||||||||
Total Corporate Debt | 997,836 | 1,000,000 | ||||||||||||
Electric Utilities | ||||||||||||||
First Mortgage Bonds due 2044 | 20-Oct-44 | 4.43% | 85,000 | — | ||||||||||
First Mortgage Bonds due 2044 | 20-Oct-44 | 4.53% | 75,000 | — | ||||||||||
First Mortgage Bonds due 2032 | 15-Aug-32 | 7.23% | 75,000 | 75,000 | ||||||||||
First Mortgage Bonds due 2039 | 1-Nov-39 | 6.13% | 180,000 | 180,000 | ||||||||||
Unamortized discount on First Mortgage Bonds due 2039 | (102 | ) | (107 | ) | ||||||||||
Pollution control revenue bonds due 2024 | 1-Oct-24 | 5.35% | — | 12,200 | ||||||||||
First Mortgage Bonds due 2037 | 20-Nov-37 | 6.67% | 110,000 | 110,000 | ||||||||||
Industrial development revenue bonds due 2021, variable rate (c) | 1-Sep-21 | 0.09% | 7,000 | 7,000 | ||||||||||
Industrial development revenue bonds due 2027, variable rate (c) | March 1, 2027 | 0.09% | 10,000 | 10,000 | ||||||||||
Series 94A Debt, variable rate (c) | June 1, 2024 | 0.75% | 2,855 | 2,855 | ||||||||||
Total Electric Utilities | 544,753 | 396,948 | ||||||||||||
Total long-term debt | 1,542,589 | 1,396,948 | ||||||||||||
Less current maturities | 275,000 | — | ||||||||||||
Long-term debt, net of current maturities | $ | 1,267,589 | $ | 1,396,948 | ||||||||||
_______________ | ||||||||||||||
(a) | Discount on note initially reflected in deferred financing costs at December 31, 2013. | |||||||||||||
(b) | Variable interest rate, based on LIBOR plus a spread. | |||||||||||||
(c) | Variable interest rate. | |||||||||||||
Scheduled maturities of long-term debt, excluding amortization of premiums or discounts, for future years are (in thousands): | ||||||||||||||
2015 | $ | 275,000 | ||||||||||||
2016 | $ | — | ||||||||||||
2017 | $ | — | ||||||||||||
2018 | $ | — | ||||||||||||
2019 | $ | — | ||||||||||||
Thereafter | $ | 1,269,855 | ||||||||||||
Our debt securities contain certain restrictive financial covenants, all of which the Company and its subsidiaries were in compliance with at December 31, 2014. | ||||||||||||||
Substantially all of the tangible utility property of Black Hills Power and Cheyenne Light is subject to the lien of indentures securing their first mortgage bonds. First mortgage bonds of Black Hills Power and Cheyenne Light may be issued in amounts limited by property, earnings and other provisions of the mortgage indentures. The first mortgage bonds issued by Black Hills Power and Cheyenne Light are callable, but are subject to make-whole provisions which would eliminate any economic benefit for us to call the bonds. | ||||||||||||||
Debt Transactions | ||||||||||||||
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. | ||||||||||||||
On November 19, 2013, we entered into a $525 million, 4.25% senior unsecured note expiring on November 30, 2023. The proceeds from this new debt were used to: | ||||||||||||||
• | Redeem our $250 million senior unsecured 9.0% notes originally due on May 15, 2014. This repayment occurred on December 19, 2013, for approximately $261 million which included a make-whole provision of approximately $8.5 million and accrued interest which are included in Interest expense on the accompanying Consolidated Statements of Income; | |||||||||||||
• | Repay our variable interest rate Black Hills Wyoming project financing with a remaining balance of approximately $87 million originally due on December 9, 2016, as well as the interest rate swaps designated to this project financing of $8.5 million which is included in Interest expense on the accompanying Consolidated Statements of Income; | |||||||||||||
• | Settle the $250 million notional de-designated interest rate swaps for approximately $64 million; | |||||||||||||
• | Pay down approximately $55 million of the Revolving Credit Facility; and | |||||||||||||
• | Remainder was used for general corporate purposes. | |||||||||||||
On June 21, 2013, we entered into a new long-term Corporate Term Loan for $275 million expiring on June 19, 2015. The proceeds from this new term loan were used to repay the $150 million corporate term loan due on June 24, 2013, the $100 million corporate term loan due on September 30, 2013 and approximately $25 million in short-term borrowing under our Revolving Credit Facility. The covenants of the new term loan are substantially the same as the Revolving Credit Facility. At December 31, 2014, the cost of borrowing under this term loan was 1.3125% (LIBOR plus a margin of 1.125%). | ||||||||||||||
Amortization Expense | ||||||||||||||
Our deferred financing costs and associated amortization expense included in Interest expense on the accompanying Consolidated Statements of Income were as follows (in thousands): | ||||||||||||||
Deferred Financing Costs Remaining in Other Assets, Non-current on Balance Sheets at | Amortization Expense for the years ended December 31, | |||||||||||||
31-Dec-14 | 2014 | 2013 | 2012 | |||||||||||
Senior unsecured notes due 2023 | $ | 3,908 | $ | 653 | $ | 86 | $ | — | ||||||
Senior unsecured notes due 2014 | $ | — | $ | — | $ | 635 | $ | 462 | ||||||
Senior unsecured notes due 2020 | $ | 926 | $ | 167 | $ | 167 | $ | 167 | ||||||
First mortgage bonds due 2044 (Black Hills Power) (a) | $ | 711 | $ | 6 | $ | — | $ | — | ||||||
First mortgage bonds due 2044 (Cheyenne Light) (a) | $ | 654 | $ | 6 | $ | — | $ | — | ||||||
First mortgage bonds due 2032 | $ | 584 | $ | 33 | $ | 33 | $ | 33 | ||||||
First mortgage bonds due 2039 | $ | 1,885 | $ | 76 | $ | 76 | $ | 76 | ||||||
First mortgage bonds due 2037 | $ | 705 | $ | 31 | $ | 31 | $ | 31 | ||||||
Black Hills Wyoming project financing due 2016 (b) | $ | — | $ | — | $ | 3,177 | $ | 1,037 | ||||||
Other | $ | 483 | $ | 53 | $ | 57 | $ | 57 | ||||||
_____________ | ||||||||||||||
(a) | Deferred financing costs on Cheyenne Prairie first mortgage bonds executed on October 1, 2014. | |||||||||||||
(b) | This project financing was repaid in 2013 and the deferred financing costs were written off. | |||||||||||||
Dividend Restrictions | ||||||||||||||
Our credit facility and other debt obligations contain restrictions on the payment of cash dividends upon a default or event of default. As of December 31, 2014, we were in compliance with these covenants. | ||||||||||||||
Due to our holding company structure, substantially all of our operating cash flows are provided by dividends paid or distributions made by our subsidiaries. The cash to pay dividends to our shareholders is derived from these cash flows. As a result, certain statutory limitations or regulatory or financing agreements could affect the levels of distributions allowed to be made by our subsidiaries. The following restrictions on distributions from our subsidiaries existed at December 31, 2014: | ||||||||||||||
• | Our utilities are generally limited to the amount of dividends allowed to be paid to our utility holding company under the Federal Power Act and settlement agreements with state regulatory jurisdictions. As of December 31, 2014, the restricted net assets at our Utilities Group were approximately $315 million. |
Notes_Payable
Notes Payable: | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Notes Payable [Abstract] | |||||||||||||
Notes Payable | NOTES PAYABLE | ||||||||||||
Our Revolving Credit Facility and debt securities contain certain restrictive financial covenants. As of December 31, 2014, we were in compliance with all of these financial covenants. | |||||||||||||
We had the following short-term debt outstanding at the Consolidated Balance Sheets date (in thousands): | |||||||||||||
Balance Outstanding at | |||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||
Revolving Credit Facility | $ | 75,000 | $ | 82,500 | |||||||||
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 December 31, 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. | |||||||||||||
As of December 31, 2014 and 2013, we had outstanding letters of credit totaling approximately $35 million and approximately $22 million, respectively. | |||||||||||||
Deferred financing costs on the facility of $3.8 million are being amortized over the estimated useful life of the Revolving Credit Facility and included in Interest expense on the accompanying Consolidated Statements of Income. Upon entering into the Revolving Credit Facility in 2012, $1.5 million of deferred financing costs relating to the previous credit facility was written off through Interest expense. The deferred financing costs on the new facility are being amortized as follows (in thousands): | |||||||||||||
Deferred Financing Costs Remaining on Balance Sheets as of | Amortization Expense for the years ended December 31, | ||||||||||||
31-Dec-14 | 2014 | 2013 | 2012 | ||||||||||
Revolving Credit Facility | $ | 1,779 | $ | 616 | $ | 752 | $ | 2,187 | |||||
Debt Covenants | |||||||||||||
Our Revolving Credit Facility and our new Term Loan require compliance with the following financial covenant at the end of each quarter: | |||||||||||||
At December 31, 2014 | Covenant Requirement | ||||||||||||
Recourse leverage ratio | 55 | % | Less than | 65 | % |
Asset_Retirement_Obligations
Asset Retirement Obligations: | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS | ||||||||||||||||||
We have identified legal retirement obligations related to plugging and abandonment of natural gas and oil wells in the Oil and Gas segment, reclamation of coal mining sites in the Coal Mining segment and removal of fuel tanks, asbestos, transformers containing polychlorinated biphenyls, an evaporation pond and wind turbines at the regulated Electric Utilities segment and asbestos at our regulated utilities segments. We periodically review and update estimated costs related to these asset retirement obligations. The actual cost may vary from estimates because of regulatory requirements, changes in technology and increased costs of labor, materials and equipment. | |||||||||||||||||||
The following tables present the details of ARO which are included on the accompanying Consolidated Balance Sheets in Other deferred credits and other liabilities (in thousands): | |||||||||||||||||||
31-Dec-13 | Liabilities Incurred | Liabilities Settled | Accretion | Revisions to Prior Estimates (a) (b) | 31-Dec-14 | ||||||||||||||
Electric Utilities | $ | 6,922 | $ | — | $ | (85 | ) | $ | 175 | $ | — | $ | 7,012 | ||||||
Gas Utilities | 274 | — | — | 17 | — | 291 | |||||||||||||
Coal Mining | 20,627 | 345 | — | 951 | (2,785 | ) | 19,138 | ||||||||||||
Oil and Gas | 24,028 | 68 | (932 | ) | 1,043 | (3,262 | ) | 20,945 | |||||||||||
Total | $ | 51,851 | $ | 413 | $ | (1,017 | ) | $ | 2,186 | $ | (6,047 | ) | $ | 47,386 | |||||
31-Dec-12 | Liabilities Incurred | Liabilities Settled | Accretion | Revisions to Prior Estimates | 31-Dec-13 | ||||||||||||||
Electric Utilities | $ | 6,981 | $ | — | $ | — | $ | 168 | $ | (227 | ) | $ | 6,922 | ||||||
Gas Utilities | 259 | — | — | 15 | — | 274 | |||||||||||||
Coal Mining | 20,286 | 3 | (714 | ) | 1,052 | — | 20,627 | ||||||||||||
Oil and Gas | 23,022 | 143 | (1,903 | ) | 1,450 | 1,316 | 24,028 | ||||||||||||
Total | $ | 50,548 | $ | 146 | $ | (2,617 | ) | $ | 2,685 | $ | 1,089 | $ | 51,851 | ||||||
_____________________ | |||||||||||||||||||
(a) | The Coal Mining Revision to Prior Estimates reflects the change in backfill yards and disturbed acreage used in calculating the estimated liability. | ||||||||||||||||||
(b) | The Oil and Gas Revision to Prior Estimates was due to a change in useful well lives used in calculating the estimated liability. | ||||||||||||||||||
We also have legally required AROs related to certain assets within our electric and gas utility transmission and distribution systems. These retirement obligations are pursuant to an easement or franchise agreement and are only required if we discontinue our utility service under such easement or franchise agreement. Accordingly, it is not possible to estimate a time period when these obligations could be settled and therefore, a value for the cost of these obligations cannot be measured at this time. |
Risk_Management_Activities
Risk Management Activities: | 12 Months Ended | ||||||||||||
Dec. 31, 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 operations of our businesses. Depending on the activity, we are exposed to varying degrees of market risk and credit risk. To manage and mitigate these identified risks, we have adopted the Black Hills Corporation Risk Policies and Procedures. Valuation methodologies for our derivatives are detailed within Note 1. | |||||||||||||
Market Risk | |||||||||||||
Market risk is the potential loss that may occur as a result of an adverse change in market price or rate. We are exposed to the following market risks, including, but not limited to: | |||||||||||||
• | Commodity price risk associated with our natural long position with crude oil and natural gas reserves and production and fuel procurement for certain of our gas-fired generation assets; and | ||||||||||||
• | Interest rate risk associated with our variable rate debt and our other short-term and long-term debt instruments. | ||||||||||||
Credit Risk | |||||||||||||
Credit risk is the risk of financial loss resulting from non-performance of contractual obligations by a counterparty. | |||||||||||||
For production and generation activities, we attempt to mitigate our credit exposure by conducting business primarily with high credit quality entities, setting tenor and credit limits commensurate with counterparty financial strength, obtaining master netting agreements and mitigating credit exposure with less creditworthy counterparties through parental guarantees, prepayments, letters of credit and other security agreements. | |||||||||||||
We perform ongoing credit evaluations of our customers and adjust credit limits based upon payment history and the customer’s current creditworthiness, as determined by review of their current credit information. We maintain a provision for estimated credit losses based upon historical experience and any specific customer collection issue that is identified. | |||||||||||||
As of December 31, 2014, our credit exposure included a $0.6 million exposure to a non-investment grade rural electric cooperative. The remainder of our credit exposure was concentrated primarily among retail utility customers, investment grade companies, cooperative utilities and federal agencies. Our derivative and hedging activities included in the accompanying Consolidated Balance Sheets, Consolidated Statements of Income and Consolidated Statements of Comprehensive Income (Loss) are detailed below and within Note 9. | |||||||||||||
Oil and Gas Exploration and Production | |||||||||||||
We produce natural gas, NGLs 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 exchange traded futures and related options to hedge portions of our crude oil and natural gas production. We elect hedge accounting on these instruments. These transactions were designated at inception as cash flow hedges, documented under accounting standards for derivatives and hedging and initially met prospective effectiveness testing. Effectiveness of our hedging position is evaluated at least quarterly. | |||||||||||||
The derivatives were marked to fair value and were recorded as Derivative assets or Derivative liabilities on the accompanying Consolidated Balance Sheets. The effective portion of the gain or loss on these derivatives for which we have elected cash flow hedge accounting is reported in AOCI in the accompanying Consolidated Balance Sheets and the ineffective portion, if any, is reported in Revenue on the accompanying Consolidated Statements of Income (Loss). | |||||||||||||
The contract or notional amounts, terms of our commodity derivatives and the derivative balances for our Oil and Gas segment reflected on the Consolidated Balance Sheets were as follows (dollars in thousands) as of: | |||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||
Crude oil futures, swaps and options | Natural gas futures, swaps and options | Crude oil futures, swaps and options | Natural gas futures, swaps and options | ||||||||||
Notional (a) | 334,500 | 6,582,500 | 412,500 | 7,082,500 | |||||||||
Maximum terms in months (b) | 1 | 1 | 3 | 1 | |||||||||
Derivative assets, current | $ | — | $ | — | $ | 55 | $ | — | |||||
Derivative assets, non-current | $ | — | $ | — | $ | — | $ | — | |||||
Derivative liabilities, current | $ | — | $ | — | $ | — | $ | — | |||||
Derivative liabilities, non-current | $ | — | $ | — | $ | — | $ | — | |||||
________________________ | |||||||||||||
(a) | Crude in Bbls, gas in MMBtu. | ||||||||||||
(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. | ||||||||||||
Based on December 31, 2014 market prices, a $10 million gain would be reclassified from AOCI during 2015. Estimated and actual realized gains or losses will change during future periods as market prices fluctuate. | |||||||||||||
Utilities | |||||||||||||
The operations of our utilities, including power purchase arrangements where our utilities must provide the generation fuel (tolling agreements), expose our utility customers to volatility in natural gas prices; therefore, as allowed or required, by state utility commissions, we have entered into commission-approved hedging programs utilizing natural gas futures, options and basis swaps to reduce our customers’ underlying exposure to these fluctuations. These transactions are considered derivatives, and in accordance with accounting standards for derivatives and hedging, mark-to-market adjustments are recorded as Derivative assets or Derivative liabilities on the accompanying Consolidated Balance Sheets, net of balance sheet offsetting as permitted by GAAP. Unrealized and realized gains and losses, as well as option premiums and commissions on these transactions are recorded as Regulatory assets or Regulatory liabilities in the accompanying Consolidated Balance Sheets in accordance with the state utility commission guidelines. Accordingly, the hedging activity is recognized in the Consolidated Statements of Income (Loss) or the Consolidated Statements of Comprehensive Income (Loss) when the related costs are recovered through our rates. | |||||||||||||
The contract or notional amounts and terms of the natural gas derivative commodity instruments held by our Gas Utilities were as follows, as of: | |||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||
Notional (MMBtus) | Maximum Term (months) (a) | Notional (MMBtus) | Maximum Term (months) (a) | ||||||||||
Natural gas futures purchased | 19,370,000 | 72 | 17,930,000 | 84 | |||||||||
Natural gas options purchased | 4,020,000 | 8 | 3,890,000 | 8 | |||||||||
Natural gas basis swaps purchased | 12,005,000 | 60 | 14,785,000 | 60 | |||||||||
__________ | |||||||||||||
(a) Term reflects the maximum forward period hedged. | |||||||||||||
We had the following derivative balances related to the hedges in our Utilities reflected in our Consolidated Balance Sheets as of (in thousands): | |||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||
Derivative assets, current | $ | — | $ | 662 | |||||||||
Derivative assets, non-current | $ | — | $ | — | |||||||||
Derivative liabilities, current | $ | — | $ | — | |||||||||
Derivative liabilities, non-current | $ | — | $ | — | |||||||||
Net unrealized (gain) loss included in Regulatory assets or Regulatory liabilities | $ | 18,740 | $ | 7,567 | |||||||||
Financing Activities | |||||||||||||
We entered into floating-to-fixed interest rate swap agreements to reduce our exposure to interest rate fluctuations associated with our floating rate debt obligations. The contract or notional amounts, terms of our interest rate swaps and the interest rate swaps balances reflected on the Consolidated Balance Sheets were as follows (dollars in thousands) as of: | |||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||
Interest Rate Swaps (a) | Interest Rate Swaps (a) | ||||||||||||
Notional | $ | 75,000 | $ | 75,000 | |||||||||
Weighted average fixed interest rate | 4.97 | % | 4.97 | % | |||||||||
Maximum terms in years | 2 | 3 | |||||||||||
Derivative liabilities, current | $ | 3,340 | $ | 3,474 | |||||||||
Derivative liabilities, non-current | $ | 2,680 | $ | 5,614 | |||||||||
___________________ | |||||||||||||
(a) | These swaps are designated to borrowings on our Revolving Credit Facility. These swaps are priced using three-month LIBOR, matching the floating portion of the related borrowings. | ||||||||||||
Based on December 31, 2014 market interest rates and balances related to our designated interest rate swaps, a loss of approximately $3.3 million would be realized, reported in pre-tax earnings and reclassified from AOCI during the next 12 months. Estimated and realized gains or losses will change during future periods as market interest rates change. | |||||||||||||
Cash Flow Hedges | |||||||||||||
The impact of cash flow hedges on our Consolidated Statements of Income (Loss) for years ended were as follows (in thousands): | |||||||||||||
31-Dec-14 | |||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain/(Loss) Recognized in AOCI Derivative (Effective Portion) | Location of Gain/ (Loss) Reclassified from AOCI into Income (Effective Portion) | Amount of Gain/(Loss) Reclassified from AOCI into Income (Effective Portion) | Location of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||||||
Interest rate swaps | $ | (536 | ) | Interest expense | $ | 3,669 | $ | — | |||||
Commodity derivatives | 14,681 | Revenue | 1,995 | — | |||||||||
Total | $ | 14,145 | $ | 5,664 | $ | — | |||||||
31-Dec-13 | |||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain/(Loss) Recognized in AOCI Derivative (Effective Portion) | Location of Gain/ (Loss) Reclassified from AOCI into Income (Effective Portion) | Amount of Gain/(Loss) Reclassified from AOCI into Income (Effective Portion) | Location of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||||||
Interest rate swaps | $ | 7,935 | Interest expense | $ | 6,989 | $ | — | ||||||
Commodity derivatives | (956 | ) | Revenue | (927 | ) | — | |||||||
Total | $ | 6,979 | $ | 6,062 | $ | — | |||||||
31-Dec-12 | |||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain/(Loss) Recognized in AOCI Derivative (Effective Portion) | Location of Gain/ (Loss) Reclassified from AOCI into Income (Effective Portion) | Amount of Gain/(Loss) Reclassified from AOCI into Income (Effective Portion) | Location of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||||||
Interest rate swaps | $ | (4,794 | ) | Interest expense | $ | (7,607 | ) | $ | — | ||||
Commodity derivatives | 2,639 | Revenue | 8,784 | — | |||||||||
Total | $ | (2,155 | ) | $ | 1,177 | $ | — | ||||||
Derivatives Not Designated as Hedge Instruments | |||||||||||||
The impacts of derivative instruments not designated as hedge instruments on our Consolidated Statements of Income (Loss) for the years ended December 31 were as follows (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | |||||||||
Interest rate swaps - unrealized (a) | Unrealized gain (loss) on interest rate swap, net | $ | — | $ | 30,169 | $ | 1,882 | ||||||
Interest rate swaps - realized (a) | Interest expense | — | (12,902 | ) | (12,959 | ) | |||||||
$ | — | $ | 17,267 | $ | (11,077 | ) | |||||||
_______________ | |||||||||||||
(a) | These interest rate swaps were settled in the fourth quarter of 2013. |
Fair_Value_Measurements
Fair Value Measurements: | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS | ||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||
There have been no significant transfers between Level 1 and Level 2 derivative balances during 2014 or 2013. Amounts included in cash collateral and counterparty netting in the following tables represent the impact of legally enforceable master netting agreements that allow us to settle positive and negative positions, netting of asset and liability positions permitted in accordance with accounting standards for offsetting as well as cash collateral posted with the same counterparties. | |||||||||||||||||
A discussion of fair value of financial instruments is included in Note 10. The following tables set forth, by level within the fair value hierarchy, our gross assets and gross liabilities and related offsetting as permitted by GAAP that were accounted for at fair value on a recurring basis for derivative instruments (in thousands): | |||||||||||||||||
As of December 31, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting | Total | |||||||||||||
Assets: | |||||||||||||||||
Commodity derivatives - Oil and Gas: | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | 8,599 | — | (8,599 | ) | — | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 6,558 | — | (6,558 | ) | — | |||||||||||
Commodity derivatives - Utilities | — | 2,389 | — | (2,389 | ) | — | |||||||||||
Total | $ | — | $ | 17,546 | $ | — | $ | (17,546 | ) | $ | — | ||||||
Liabilities: | |||||||||||||||||
Commodity derivatives - Oil and Gas: | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | — | — | — | — | ||||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 473 | — | (473 | ) | — | |||||||||||
Commodity derivatives - Utilities | — | 19,303 | — | (19,303 | ) | — | |||||||||||
Interest rate swaps | — | 6,020 | — | — | 6,020 | ||||||||||||
Total | $ | — | $ | 25,796 | $ | — | $ | (19,776 | ) | $ | 6,020 | ||||||
As of December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting | Total | |||||||||||||
Assets: | |||||||||||||||||
Commodity derivatives - Oil and Gas: | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | 130 | — | (75 | ) | 55 | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 815 | — | (815 | ) | — | |||||||||||
Commodity derivatives - Utilities | — | 3,030 | — | (2,368 | ) | 662 | |||||||||||
Total | $ | — | $ | 3,975 | $ | — | $ | (3,258 | ) | $ | 717 | ||||||
Liabilities: | |||||||||||||||||
Commodity derivatives - Oil and Gas: | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | 1,229 | — | (1,229 | ) | — | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 531 | — | (531 | ) | — | |||||||||||
Commodity derivatives - Utilities | — | 9,100 | — | (9,100 | ) | — | |||||||||||
Interest rate swaps | — | 9,088 | — | — | 9,088 | ||||||||||||
Total | $ | — | $ | 19,948 | $ | — | $ | (10,860 | ) | $ | 9,088 | ||||||
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, aside from 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 December 31, 2014 and 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 Consolidated Balance Sheets, nor will they correspond to the fair value measurements presented in Note 8. | |||||||||||||||||
The following tables present the fair value and balance sheet classification of our derivative instruments as of December 31, (in thousands): | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Balance Sheet Location | Fair Value of Asset Derivatives | Fair Value of Liability Derivatives | Fair Value of Asset Derivatives | Fair Value of Liability Derivatives | |||||||||||||
Derivatives designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets - current | $ | 10,391 | $ | — | $ | 248 | $ | — | ||||||||
Commodity derivatives | Derivative assets - non-current | 4,766 | — | 698 | — | ||||||||||||
Commodity derivatives | Derivative liabilities - current | — | 185 | — | 1,541 | ||||||||||||
Commodity derivatives | Derivative liabilities - non-current | — | 288 | — | 219 | ||||||||||||
Interest rate swaps | Derivative liabilities - current | — | 3,340 | — | 3,474 | ||||||||||||
Interest rate swaps | Derivative liabilities - non-current | — | 2,680 | — | 5,614 | ||||||||||||
Total derivatives designated as hedges | $ | 15,157 | $ | 6,493 | $ | 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 | — | 8,032 | — | — | ||||||||||||
Commodity derivatives | Derivative liabilities - non-current | — | 8,882 | — | 6,732 | ||||||||||||
Interest rate swaps | Derivative liabilities - current | — | — | — | — | ||||||||||||
Interest rate swaps | Derivative liabilities - non-current | — | — | — | — | ||||||||||||
Total derivatives not designated as hedges | $ | — | $ | 16,914 | $ | 662 | $ | 6,732 | |||||||||
Derivatives Offsetting | |||||||||||||||||
It is our policy to offset in our Consolidated Balance Sheets contracts which provide for legally enforceable netting for our accounts receivable and payable and derivative activities. | |||||||||||||||||
As required by accounting standards for derivatives and hedges, fair values within the following tables reconcile the gross amounts to the net amounts. Amounts included in Gross Amounts Offset on Consolidated Balance Sheets in the following tables include the netting of asset and liability positions permitted in accordance with accounting standards for offsetting as well as the impact of legally enforceable master netting agreements that allow us to settle positive and negative positions as well as cash collateral posted with the same counterparties. Additionally, the amounts reflect cash collateral on deposit in margin accounts at December 31, 2014 and December 31, 2013, to collateralize certain financial instruments, which are included in Derivative assets and/or Derivative liabilities. Therefore, the gross amounts are not indicative of either our actual credit exposure or net economic exposure. | |||||||||||||||||
Offsetting of derivative assets and derivative liabilities on our Consolidated Balance Sheets at December 31, 2014 was as follows (in thousands): | |||||||||||||||||
Derivative Assets | Gross Amounts of Derivative Assets | Gross Amounts Offset on Consolidated Balance Sheets | Net Amount of Total Derivative Assets on Consolidated Balance Sheets | ||||||||||||||
Subject to master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | $ | 8,599 | $ | (8,599 | ) | $ | — | ||||||||||
Oil and Gas - Crude Options | — | — | — | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | 6,558 | (6,558 | ) | — | |||||||||||||
Utilities | 2,389 | (2,389 | ) | — | |||||||||||||
Total derivative assets subject to a master netting agreement or similar arrangement | 17,546 | (17,546 | ) | — | |||||||||||||
Not subject to a master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | — | — | — | ||||||||||||||
Oil and Gas - Crude Options | — | — | — | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | — | — | — | ||||||||||||||
Utilities | — | — | — | ||||||||||||||
Total derivative assets not subject to a master netting agreement or similar arrangement | — | — | — | ||||||||||||||
Total derivative assets | $ | 17,546 | $ | (17,546 | ) | $ | — | ||||||||||
Derivative Liabilities | Gross Amounts of Derivative Liabilities | Gross Amounts Offset on Consolidated Balance Sheets | Net Amount of Total Derivative Liabilities on Consolidated Balance Sheets | ||||||||||||||
Subject to a master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | $ | — | $ | — | $ | — | |||||||||||
Oil and Gas - Crude Options | — | — | — | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | 473 | (473 | ) | — | |||||||||||||
Utilities | 19,303 | (19,303 | ) | — | |||||||||||||
Interest Rate Swaps | — | — | — | ||||||||||||||
Total derivative liabilities subject to a master netting agreement or similar arrangement | 19,776 | (19,776 | ) | — | |||||||||||||
Not subject to a master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | — | — | — | ||||||||||||||
Oil and Gas - Crude Options | — | — | — | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | — | — | — | ||||||||||||||
Utilities | — | — | — | ||||||||||||||
Interest Rate Swaps | 6,020 | — | 6,020 | ||||||||||||||
Total derivative liabilities not subject to a master netting agreement or similar arrangement | 6,020 | — | 6,020 | ||||||||||||||
Total derivative liabilities | $ | 25,796 | $ | (19,776 | ) | $ | 6,020 | ||||||||||
Offsetting of derivative assets and derivative liabilities on our Consolidated Balance Sheets as of December 31, 2013 were as follows (in thousands): | |||||||||||||||||
Derivative Assets | Gross Amounts of Derivative Assets | Gross Amounts Offset on Consolidated Balance Sheets | Net Amount of Total Derivative Assets on Consolidated Balance Sheets | ||||||||||||||
Subject to master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | $ | 75 | $ | (75 | ) | $ | — | ||||||||||
Oil and Gas - Crude Options | — | — | — | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | 815 | (815 | ) | — | |||||||||||||
Utilities | 3,030 | (2,368 | ) | 662 | |||||||||||||
Total derivative assets subject to a master netting agreement or similar arrangement | 3,920 | (3,258 | ) | 662 | |||||||||||||
Not subject to a master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | 55 | — | 55 | ||||||||||||||
Oil and Gas - Crude Options | — | — | — | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | — | — | — | ||||||||||||||
Utilities | — | — | — | ||||||||||||||
Total derivative assets not subject to a master netting agreement or similar arrangement | 55 | — | 55 | ||||||||||||||
Total derivative assets | $ | 3,975 | $ | (3,258 | ) | $ | 717 | ||||||||||
Derivative Liabilities | Gross Amounts of Derivative Liabilities | Gross Amounts Offset on Consolidated Balance Sheets | Net Amount of Total Derivative Liabilities on Consolidated Balance Sheets | ||||||||||||||
Subject to a master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | $ | 1,229 | $ | (1,229 | ) | $ | — | ||||||||||
Oil and Gas - Crude Options | — | — | — | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | 531 | (531 | ) | — | |||||||||||||
Utilities | 9,100 | (9,100 | ) | — | |||||||||||||
Interest Rate Swaps | — | — | — | ||||||||||||||
Total derivative liabilities subject to a master netting agreement or similar arrangement | 10,860 | (10,860 | ) | — | |||||||||||||
Not subject to a master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | — | — | — | ||||||||||||||
Oil and Gas - Crude Options | — | — | — | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | — | — | — | ||||||||||||||
Utilities | — | — | — | ||||||||||||||
Interest Rate Swaps | 9,088 | — | 9,088 | ||||||||||||||
Total derivative liabilities not subject to a master netting agreement or similar arrangement | 9,088 | — | 9,088 | ||||||||||||||
Total derivative liabilities | $ | 19,948 | $ | (10,860 | ) | $ | 9,088 | ||||||||||
Derivative assets and derivative liabilities and collateral held by counterparty included in our Consolidated Balance Sheets as of December 31, 2014 were (in thousands): | |||||||||||||||||
Gross Amounts Not Offset on Consolidated Balance Sheets | |||||||||||||||||
Contract Type | Net Amount of Total Derivative Assets | Cash Collateral Received | Net Amount with Counterparty | ||||||||||||||
Assets: | |||||||||||||||||
Oil and Gas | Counterparty A | $ | — | $ | — | $ | — | ||||||||||
Oil and Gas | Counterparty B | — | — | — | |||||||||||||
Utilities | Counterparty A | — | — | — | |||||||||||||
$ | — | $ | — | $ | — | ||||||||||||
Gross Amounts Not Offset on Consolidated Balance Sheets | |||||||||||||||||
Contract Type | Net Amount of Total Derivative Liabilities | Cash Collateral Paid | Net Amount with Counterparty | ||||||||||||||
Liabilities: | |||||||||||||||||
Oil and Gas | Counterparty A | $ | — | $ | (4,392 | ) | $ | (4,392 | ) | ||||||||
Oil and Gas | Counterparty B | — | — | — | |||||||||||||
Utilities | Counterparty A | — | (3,093 | ) | (3,093 | ) | |||||||||||
Interest Rate Swaps | Counterparty F | 6,020 | — | 6,020 | |||||||||||||
$ | 6,020 | $ | (7,485 | ) | $ | (1,465 | ) | ||||||||||
Derivative assets and derivative liabilities and collateral held by counterparty included in our Consolidated Balance Sheets as of December 31, 2013 were (in thousands): | |||||||||||||||||
Gross Amounts Not Offset on Consolidated Balance Sheets | |||||||||||||||||
Contract Type | Net Amount of Total Derivative Assets | Cash Collateral Received | Net Amount with Counterparty | ||||||||||||||
Assets: | |||||||||||||||||
Oil and Gas | Counterparty A | $ | — | $ | — | $ | — | ||||||||||
Oil and Gas | Counterparty B | 55 | — | 55 | |||||||||||||
Utilities | Counterparty A | 662 | — | 662 | |||||||||||||
$ | 717 | $ | — | $ | 717 | ||||||||||||
Gross Amounts Not Offset on Consolidated Balance Sheets | |||||||||||||||||
Contract Type | Net Amount of Total Derivative Liabilities | Cash Collateral Paid | Net Amount with Counterparty | ||||||||||||||
Liabilities: | |||||||||||||||||
Oil and Gas | Counterparty A | $ | — | $ | (1,631 | ) | $ | (1,631 | ) | ||||||||
Oil and Gas | Counterparty B | — | — | — | |||||||||||||
Utilities | Counterparty A | — | (3,390 | ) | (3,390 | ) | |||||||||||
Interest Rate Swap | Counterparty F | 9,088 | — | 9,088 | |||||||||||||
$ | 9,088 | $ | (5,021 | ) | $ | 4,067 | |||||||||||
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments: | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||
The estimated fair values of our financial instruments, excluding derivatives which are presented in Note 9, were as follows at December 31 (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||
Cash and cash equivalents (a) | $ | 21,218 | $ | 21,218 | $ | 7,841 | $ | 7,841 | |||||
Restricted cash and equivalents (a) | $ | 2,056 | $ | 2,056 | $ | 2 | $ | 2 | |||||
Notes payable (a) | $ | 75,000 | $ | 75,000 | $ | 82,500 | $ | 82,500 | |||||
Long-term debt, including current maturities (b) | $ | 1,542,589 | $ | 1,734,555 | $ | 1,396,948 | $ | 1,491,422 | |||||
_______________ | |||||||||||||
(a) | Carrying value approximates fair value due to either short-term length of maturity or variable interest rates that approximate prevailing market rates and therefore is classified in Level 1 in the fair value hierarchy. | ||||||||||||
(b) | Long-term debt is valued based on observable inputs available either directly or indirectly for similar liabilities in active markets and therefore is classified in Level 2 in the fair value hierarchy. | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
Included in cash and cash equivalents is cash, overnight repurchase agreement accounts, money market funds, and term deposits. As part of our cash management process, excess operating cash is invested in overnight repurchase agreements with our bank. Repurchase agreements are not deposits and are not insured by the U.S. Government, the FDIC, or any other government agency and involve investment risk including possible loss of principal. We believe however, that the market risk arising from holding these financial instruments is minimal. | |||||||||||||
Restricted Cash and Equivalents | |||||||||||||
Restricted cash and cash equivalents represent restricted cash and uninsured term deposits. | |||||||||||||
Notes Payable and Long-Term Debt | |||||||||||||
For additional information on our notes payable and long-term debt, see Note 5 and Note 6. |
Stock
Stock: | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Common Stocks, Including Additional Paid in Capital, Net of Discount [Abstract] | |||||||||||
Stock | STOCK | ||||||||||
Equity Compensation Plans | |||||||||||
Our 2005 Omnibus Incentive Plan allows for the granting of stock, restricted stock, restricted stock units, stock options and performance shares. We had 522,831 shares available to grant at December 31, 2014. | |||||||||||
Compensation expense is determined using the grant date fair value estimated in accordance with the provisions of accounting standards for stock compensation and is recognized over the vesting periods of the individual awards. As of December 31, 2014, total unrecognized compensation expense related to non-vested stock awards was approximately $9.4 million and is expected to be recognized over a weighted-average period of 1.6 years. Stock-based compensation expense included in Operations and maintenance on the accompanying Consolidated Statements of Income was as follows for the years ended December 31 (in thousands): | |||||||||||
2014 | 2013 | 2012 | |||||||||
Stock-based compensation expense | $ | 9,329 | $ | 12,595 | $ | 8,271 | |||||
Stock Options | |||||||||||
We have granted options with an option exercise price equal to the fair market value of the stock on the day of the grant. The options granted vest proportionately over 3 years and expire 10 years after the grant date. | |||||||||||
A summary of the status of the stock options at December 31, 2014 was as follows: | |||||||||||
Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||
(in thousands) | (in years) | (in thousands) | |||||||||
Balance at beginning of period | 61 | $ | 33.25 | ||||||||
Granted (a) | 81 | 54.29 | |||||||||
Forfeited/canceled | — | — | |||||||||
Expired | — | — | |||||||||
Exercised | (8 | ) | 30.87 | ||||||||
Balance at end of period | 134 | $ | 46.12 | 8.2 | $ | 1,027 | |||||
Exercisable at end of period | 46 | $ | 32.63 | 6.5 | $ | 944 | |||||
___________________________ | |||||||||||
(a) | The grant date fair value of the 2014 awards was $12.58 based on a Black-Scholes option pricing model. Assumptions used to estimate the fair value were a 2.1% risk free interest rate, 29.4% expected price volatility, 2.9% expected dividend yield and a 7 year expected life. | ||||||||||
The table below provides details of our option plans at December 31 (in thousands): | |||||||||||
2014 | 2013 | 2012 | |||||||||
Summary of Stock Options | |||||||||||
Unrecognized compensation expense | $ | 816 | $ | 130 | $ | 218 | |||||
Intrinsic value of options exercised (a) | $ | 199 | $ | 789 | $ | 623 | |||||
Net cash received from exercise of options | $ | 237 | $ | 2,046 | $ | 2,839 | |||||
Tax benefit realized from exercise of shares (b) | $ | 70 | $ | 276 | $ | 218 | |||||
_____________________ | |||||||||||
(a) | The intrinsic value represents the amount by which the market price of the stock on the date of exercise exceeded the exercise price of the option. | ||||||||||
(b) | The tax benefit realized from the exercise of shares granted was recorded as an increase in equity. | ||||||||||
As of December 31, 2014, the unrecognized compensation expense related to non-vested stock options is expected to be recognized over a weighted-average period of 2.1 years. | |||||||||||
Restricted Stock | |||||||||||
The fair value of restricted stock awards equals the market price of our stock on the date of grant. | |||||||||||
The shares carry a restriction on the ability to sell the shares until the shares vest. The shares substantially vest over 3 years, contingent on continued employment. Compensation expense related to the awards is recognized over the vesting period. | |||||||||||
A summary of the status of the restricted stock at December 31, 2014, was as follows: | |||||||||||
Restricted Stock | Weighted-Average Grant Date Fair Value | ||||||||||
(in thousands) | |||||||||||
Restricted Stock at beginning of period | 262 | $ | 36.76 | ||||||||
Granted | 99 | 54.34 | |||||||||
Vested | (114 | ) | 35.25 | ||||||||
Forfeited | (14 | ) | 43.17 | ||||||||
Restricted Stock at end of period | 233 | $ | 44.6 | ||||||||
The weighted-average grant-date fair value of restricted stock granted and the total fair value of shares vested during the years ended December 31, was as follows: | |||||||||||
Weighted-Average Grant Date Fair Value | Total Fair Value of Shares Vested | ||||||||||
(in thousands) | |||||||||||
2014 | $ | 54.34 | $ | 6,114 | |||||||
2013 | $ | 40.56 | $ | 5,842 | |||||||
2012 | $ | 34.99 | $ | 3,781 | |||||||
As of December 31, 2014, there was $6.1 million of unrecognized compensation expense related to non-vested restricted stock that is expected to be recognized over a weighted-average period of 1.7 years. | |||||||||||
Performance Share Plan | |||||||||||
Certain officers of the Company and its subsidiaries are participants in a performance share award plan, a market-based plan. Performance shares are awarded based on our total shareholder return over designated performance periods as measured against a selected peer group. In addition, certain stock price performance must be achieved for a payout to occur. The final value of the performance shares will vary according to the number of shares of common stock that are ultimately granted based upon the actual level of attainment of the performance criteria. | |||||||||||
The performance awards are paid 50% in cash and 50% in common stock. The cash portion accrued is classified as a liability and the stock portion is classified as equity. In the event of a change-in-control, performance awards are paid 100% in cash. If it is determined that a change-in-control is probable, the equity portion of $2.1 million at December 31, 2014 would be reclassified as a liability. | |||||||||||
Outstanding performance periods at December 31 were as follows (shares in thousands): | |||||||||||
Possible Payout Range of Target | |||||||||||
Grant Date | Performance Period | Target Grant of Shares | Minimum | Maximum | |||||||
1-Jan-12 | January 1, 2012 - December 31, 2014 | 64 | 0% | 200% | |||||||
1-Jan-13 | January 1, 2013 - December 31, 2015 | 61 | 0% | 200% | |||||||
1-Jan-14 | January 1, 2014 - December 31, 2016 | 44 | 0% | 200% | |||||||
A summary of the status of the Performance Share Plan at December 31 was as follows: | |||||||||||
Equity Portion | Liability Portion | ||||||||||
Weighted-Average Grant Date Fair Value (a) | Weighted-Average Fair Value at (b) | ||||||||||
Shares | Shares | 31-Dec-14 | |||||||||
(in thousands) | (in thousands) | ||||||||||
Performance Shares balance at beginning of period | 93 | $ | 31.34 | 93 | |||||||
Granted | 23 | 55.18 | 23 | ||||||||
Forfeited | (1 | ) | 40.12 | (1 | ) | ||||||
Vested | (31 | ) | 25.92 | (31 | ) | ||||||
Performance Shares balance at end of period | 84 | $ | 39.58 | 84 | $ | 82.42 | |||||
_____________________ | |||||||||||
(a) | The grant date fair values for the performance shares granted in 2014, 2013 and 2012 were determined by Monte Carlo simulation using a blended volatility of 23%, 20% and 21%, respectively, comprised of 50% historical volatility and 50% implied volatility and the average risk-free interest rate of the three-year United States Treasury security rate in effect as of the grant date. | ||||||||||
(b) | The weighted-average fair value for the liability portion at December 31, 2014 was determined by the actual performance for the 2012 to 2014 performance period at the top of the peer group resulting in a 200% of target payout, and determined by Monte Carlo simulations for the 2013 to 2015 performance period and 2014 to 2016 performance period projecting a 157% and 51% of target payouts, respectively. | ||||||||||
The weighted-average grant-date fair value of performance share awards granted in the years ended was as follows: | |||||||||||
Weighted Average Grant Date Fair Value | |||||||||||
31-Dec-14 | $ | 55.18 | |||||||||
31-Dec-13 | $ | 35.85 | |||||||||
31-Dec-12 | $ | 32.26 | |||||||||
Performance plan payouts have been as follows (dollars and shares in thousands): | |||||||||||
Performance Period | Year of Payment | Shares Issued | Cash Paid | Total Intrinsic Value | |||||||
January 1, 2011 to December 31, 2013 | 2014 | 59 | $ | 3,011 | $ | 6,020 | |||||
January 1, 2010 to December 31, 2012 | 2013 | 63 | $ | 2,267 | $ | 4,533 | |||||
January 1, 2009 to December 31, 2011 | 2012 | — | $ | — | $ | — | |||||
On January 27, 2015, the Compensation Committee of our Board of Directors determined that the Company’s total shareholder return for the January 1, 2012 through December 31, 2014 performance period was at the 100th percentile of its peer group and confirmed a payout equal to 200% of target shares, valued at $7.3 million. The payout was fully accrued at December 31, 2014. | |||||||||||
As of December 31, 2014, there was $2.5 million of unrecognized compensation expense related to outstanding performance share plans that is expected to be recognized over a weighted-average period of 1.5 years. | |||||||||||
Shareholder Dividend Reinvestment and Stock Purchase Plan | |||||||||||
We have a DRSPP under which shareholders may purchase additional shares of common stock through dividend reinvestment and/or optional cash payments at 100% of the recent average market price. We have the option of issuing new shares or purchasing the shares on the open market. We are currently issuing new shares. | |||||||||||
A summary of the DRSPP for the years ended December 31 is as follows (shares in thousands): | |||||||||||
2014 | 2013 | ||||||||||
Shares Issued | 52 | 67 | |||||||||
Weighted Average Price | $ | 54.99 | $ | 46.78 | |||||||
Unissued Shares Available | 474 | 286 | |||||||||
Preferred Stock | |||||||||||
Our articles of incorporation authorize the issuance of 25 million shares of preferred stock of which we had no shares of preferred stock outstanding. |
Impairment_Of_LongLived_Assets
Impairment Of Long-Lived Assets: | 12 Months Ended |
Dec. 31, 2014 | |
Asset Impairment Charges [Abstract] | |
Impairment of Long-lived Assets | IMPAIRMENT OF LONG-LIVED ASSETS |
Under the full cost method of accounting used by our Oil and Gas segment to account for exploration, development and acquisition of crude oil and natural gas reserves, all costs attributable to these activities are capitalized. These capitalized costs, less accumulated amortization and related deferred income taxes, are subject to a ceiling test that limits the pooled costs to the aggregate of the discounted value of future net revenue attributable to proved natural gas and crude oil reserves using a discount rate defined by the SEC plus the lower of cost or market value of unevaluated properties. Any costs in excess of the ceiling are written off as a non-cash charge. | |
As a result of continued low commodity prices in the second quarter of 2012, we recorded a $27 million non-cash impairment of oil and gas assets included in the Oil and Gas segment. In determining the ceiling value of our assets, we utilized the average of the quoted prices from the first day of each month from the previous 12 months. When this non-cash impairment occurred, commodity prices during the second quarter of 2012 were; for natural gas, the average NYMEX price was $3.15 per Mcf, adjusted to $2.66 per Mcf at the wellhead; for crude oil, the average NYMEX price was $95.67 per barrel, adjusted to $85.36 per barrel at the wellhead. |
Operating_Leases
Operating Leases: | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Leases, Operating [Abstract] | ||||||||||
Operating Leases | OPERATING LEASES | |||||||||
We have entered into lease agreements for vehicles, equipment and office facilities. Rental expense incurred under these operating leases, including month to month leases, for the years ended December 31 was as follows (in thousands): | ||||||||||
2014 | 2013 | 2012 | ||||||||
Rent expense | $ | 6,932 | $ | 7,169 | $ | 6,839 | ||||
The following is a schedule of future minimum payments required under the operating lease agreements (in thousands): | ||||||||||
2015 | $ | 9,962 | ||||||||
2016 | $ | 2,045 | ||||||||
2017 | $ | 1,852 | ||||||||
2018 | $ | 1,829 | ||||||||
2019 | $ | 1,632 | ||||||||
Thereafter | $ | 3,735 | ||||||||
Income_Taxes
Income Taxes: | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Income Tax Disclosure [Abstract] | ||||||||||
Income Taxes | INCOME TAXES | |||||||||
Income tax expense (benefit) from continuing operations for the years ended December 31 was (in thousands): | ||||||||||
2014 | 2013 | 2012 | ||||||||
Current: | ||||||||||
Federal | $ | (2,319 | ) | $ | (2,003 | ) | $ | 4,972 | ||
State | (1,288 | ) | (173 | ) | 3,712 | |||||
(3,607 | ) | (2,176 | ) | 8,684 | ||||||
Deferred: | ||||||||||
Federal | 63,645 | 56,963 | 39,876 | |||||||
State | 5,563 | 7,033 | 68 | |||||||
Tax credit amortization | (206 | ) | (212 | ) | (228 | ) | ||||
69,002 | 63,784 | 39,716 | ||||||||
$ | 65,395 | $ | 61,608 | $ | 48,400 | |||||
The temporary differences, which gave rise to the net deferred tax liability, for the years ended December 31 were as follows (in thousands): | ||||||||||
2014 | 2013 | |||||||||
Deferred tax assets: | ||||||||||
Regulatory liabilities | $ | 49,243 | $ | 33,172 | ||||||
Employee benefits | 26,714 | 28,724 | ||||||||
Federal net operating loss | 213,466 | 166,095 | ||||||||
Asset impairment | 55,067 | 55,124 | ||||||||
Other deferred tax assets(a) | 76,005 | 59,078 | ||||||||
Less: Valuation allowance | (5,017 | ) | (1,806 | ) | ||||||
Total deferred tax assets | 415,478 | 340,387 | ||||||||
Deferred tax liabilities: | ||||||||||
Accelerated depreciation, amortization and other plant-related differences | (679,911 | ) | (598,415 | ) | ||||||
Regulatory assets | (25,340 | ) | (24,581 | ) | ||||||
Mining development and oil exploration | (97,198 | ) | (69,799 | ) | ||||||
State deferred tax liability | (37,489 | ) | (30,293 | ) | ||||||
Deferred costs | (35,284 | ) | (15,593 | ) | ||||||
Other deferred tax liabilities | (15,684 | ) | (15,104 | ) | ||||||
Total deferred tax liabilities | (890,906 | ) | (753,785 | ) | ||||||
Net deferred tax liability | $ | (475,428 | ) | $ | (413,398 | ) | ||||
_______________ | ||||||||||
(a) | Other deferred tax assets consist primarily of state tax credits, state net operating loss, alternative minimum tax credit and federal research and development credits. No single item exceeds 5% of the total net deferred tax liability. | |||||||||
The effective tax rate differs from the federal statutory rate for the years ended December 31, as follows: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||
State income tax (net of federal tax effect) | 1.1 | 2.4 | 2 | |||||||
Amortization of excess deferred income taxes and investment tax credits | (0.1 | ) | (0.1 | ) | (0.2 | ) | ||||
Percentage depletion in excess of cost | (1.0 | ) | (1.0 | ) | (1.3 | ) | ||||
Equity AFUDC | (0.1 | ) | — | — | ||||||
Tax credits | (0.1 | ) | (0.5 | ) | — | |||||
Accounting for uncertain tax positions adjustment | (0.1 | ) | 0.7 | 0.8 | ||||||
Flow-through adjustments (a) | (0.9 | ) | (0.9 | ) | (1.3 | ) | ||||
Other tax differences | (0.1 | ) | (0.9 | ) | 0.4 | |||||
33.7 | % | 34.7 | % | 35.4 | % | |||||
_________________________ | ||||||||||
(a) | The flow-through adjustments relate primarily to an accounting method change for tax purposes that allows us to take a current tax deduction for repair costs that continue to be capitalized for book purposes. We recorded a deferred income tax liability in recognition of the temporary difference created between book and tax treatment and flowed the tax benefit through to our customers in the form of lower rates as a result of a rate case settlement that occurred in 2010. A regulatory asset was established to reflect the recovery of future increases in taxes payable from customers as the temporary differences reverse. As a result of this regulatory treatment, we continue to record a tax benefit consistent with the flow-through method. | |||||||||
At December 31, 2014, we have federal and gross state NOL carryforwards that will expire at various dates as follows (in thousands): | ||||||||||
Amounts | Expiration Dates | |||||||||
Federal Net Operating Loss Carryforward | $ | 618,195 | 2019 | to | 2034 | |||||
State Net Operating Loss Carryforward | $ | 513,418 | 2015 | to | 2034 | |||||
As of December 31, 2014, we had a $1.0 million valuation allowance against the state NOL carryforwards. Our 2014 analysis of the ability to utilize such NOLs resulted in an increase of the valuation allowance of approximately $0.5 million, which resulted in an increase to tax expense. The valuation allowance adjustment was primarily attributable to a decrease in taxable income for 2014 due to the enactment of TIPA. Such a decrease impacted the utilization of NOL carryforward in those states where the carryforward period is significantly shorter than the federal carryforward period of 20 years. In certain states, the carryforward period is limited to 5 years. Ultimate usage of these NOLs depends upon our future tax filings. If the valuation allowance is adjusted due to higher or lower than anticipated utilization of the NOLs, the offsetting amount will affect tax expense. | ||||||||||
The following table reconciles the total amounts of unrecognized tax benefits, without interest, at the beginning and end of the period included in Other deferred credits and other liabilities on the accompanying Consolidated Balance Sheets (in thousands): | ||||||||||
Changes in Uncertain Tax Positions | ||||||||||
Beginning balance at January 1, 2012 | $ | 49,327 | ||||||||
Additions for prior year tax positions | 111 | |||||||||
Reductions for prior year tax positions | (8,906 | ) | ||||||||
Additions for current year tax positions | 151 | |||||||||
Settlements | — | |||||||||
Ending balance at December 31, 2012 | 40,683 | |||||||||
Additions for prior year tax positions | 1,526 | |||||||||
Reductions for prior year tax positions | (4,578 | ) | ||||||||
Additions for current year tax positions | — | |||||||||
Settlements | — | |||||||||
Ending balance at December 31, 2013 | 37,631 | |||||||||
Additions for prior year tax positions | 1,253 | |||||||||
Reductions for prior year tax positions | (6,692 | ) | ||||||||
Additions for current year tax positions | — | |||||||||
Settlements | — | |||||||||
Ending balance at December 31, 2014 | $ | 32,192 | ||||||||
The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is approximately $1.8 million. | ||||||||||
We recognized interest expense of $1.6 million, $1.6 million and $1.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||
We had approximately $11.5 million and $9.9 million of accrued interest (before tax effect) associated with income taxes at December 31, 2014 and 2013, respectively. | ||||||||||
We file income tax returns with the IRS and various state jurisdictions. We received a 30-day Letter along with a Revenue Agent’s Report from the IRS in regards to the audit of the 2007 to 2009 tax years. A protest was timely filed with IRS in August 2014 related to the like-kind exchange transaction described below and research and development credits and deductions claimed with respect to certain costs and projects. We are also currently under examination by the IRS for the 2010 to 2012 tax years. | ||||||||||
We have deferred a substantial amount of tax payments through various tax planning strategies including the deferral of approximately $125 million in income taxes attributable to the like-kind exchange effectuated in connection with the IPP Transaction and Aquila Transaction that occurred in 2008. The IRS has challenged our position with respect to the like-kind exchange and it is reasonably possible that the total unrecognized tax benefits attributable to such transaction could change significantly due to a settlement with the IRS that is anticipated to occur on or before December 31, 2015. However, based on the information currently available, it is difficult to determine any reasonable estimate of the financial statement impact including the impact on the effective tax rate. | ||||||||||
Excess foreign tax credits have been generated and are available to offset United States federal income taxes. At December 31, 2014, we had foreign tax credit carryforwards of approximately $0.5 million, which expire between 2015 and 2017. | ||||||||||
As of December 31, 2014, we had a $0.5 million valuation allowance against the foreign tax credit carryforwards. In addition, the carryforward balance reflects the expected utilization of approximately $1.8 million of foreign tax credits to be included as computational adjustments upon finalization of our current IRS examination covering tax years 2007 to 2009. Such foreign tax credits have been reflected as an offset to liabilities for unrecognized tax benefits in recognition of the estimated impact the resolution of material uncertain tax positions could have with respect to utilization. | ||||||||||
State tax credits have been generated and are available to offset future state income taxes. At December 31, 2014, we had the following state tax credit carryforwards (in thousands): | ||||||||||
State Tax Credit Carryforwards | Expiration Year | |||||||||
Investment tax credit | $ | 14,793 | 2023 | to | 2025 | |||||
Research and development | $ | 155 | No expiration | |||||||
As of December 31, 2014, we had a $3.5 million valuation allowance against the state tax credit carryforwards. The re-evaluation of our ability to utilize such credits resulted in an increase of the valuation allowance of approximately $2.7 million of which approximately $1.5 million resulted in an increase to tax expense. The remaining $1.2 million increase is attributable to our regulated business and is being accounted for under the deferral method whereby the credits are amortized to tax expense over the estimated useful life of the underlying asset that generated the credit. The valuation allowance adjustment was primarily attributable to the projected impact of lower commodity prices related to oil and natural gas on forecasted taxable income. Ultimate usage of these credits depends upon our future tax filings. If the valuation allowance is adjusted due to higher or lower than anticipated utilization of the state tax credit carryforwards, the offsetting amount will affect tax expense. |
Other_Comprehensive_Income
Other Comprehensive Income: | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Statement of Comprehensive Income [Abstract] | |||||||||||||
Other Comprehensive Income | OTHER COMPREHENSIVE INCOME | ||||||||||||
The components of the reclassification adjustments for the period, net of tax, included in Other comprehensive income were as follows (in thousands): | |||||||||||||
Location on the Consolidated Statements of Income | Amount Reclassified from AOCI | ||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||
Gains and losses on cash flow hedges: | |||||||||||||
Interest rate swaps | Interest expense | $ | 3,669 | $ | 6,989 | ||||||||
Commodity contracts | Revenue | 1,995 | (927 | ) | |||||||||
5,664 | 6,062 | ||||||||||||
Income tax | Income tax benefit (expense) | (2,344 | ) | (2,016 | ) | ||||||||
Total reclassification adjustments related to cash flow hedges, net of tax | $ | 3,320 | $ | 4,046 | |||||||||
Amortization of defined benefit plans: | |||||||||||||
Prior service cost | Utilities - Operations and maintenance | $ | (102 | ) | $ | (125 | ) | ||||||
Non-regulated energy operations and maintenance | (115 | ) | (128 | ) | |||||||||
Actuarial gain (loss) | Utilities - Operations and maintenance | 630 | 1,693 | ||||||||||
Non-regulated energy operations and maintenance | 364 | 1,098 | |||||||||||
777 | 2,538 | ||||||||||||
Income tax | Income tax benefit (expense) | (272 | ) | (883 | ) | ||||||||
Total reclassification adjustments related to defined benefit plans, net of tax | $ | 505 | $ | 1,655 | |||||||||
Balances by classification included within Accumulated other comprehensive income (loss) on the accompanying Consolidated Balance Sheets were as follows (in thousands): | |||||||||||||
Derivatives Designated as Cash Flow Hedges | |||||||||||||
Interest Rate Swaps | Commodity Derivatives | Employee Benefit Plans | Total | ||||||||||
As of December 31, 2013 | $ | (6,625 | ) | $ | (508 | ) | $ | (10,289 | ) | $ | (17,422 | ) | |
Other comprehensive income (loss) | 1,695 | 10,531 | (9,848 | ) | 2,378 | ||||||||
As of December 31, 2014 | $ | (4,930 | ) | $ | 10,023 | $ | (20,137 | ) | $ | (15,044 | ) | ||
Derivatives Designated as Cash Flow Hedges | |||||||||||||
Interest Rate Swaps | Commodity Derivatives | Employee Benefit Plans | Total | ||||||||||
As of December 31, 2012 | $ | (16,313 | ) | $ | 600 | $ | (19,775 | ) | $ | (35,488 | ) | ||
Other comprehensive income (loss) | 9,688 | (1,108 | ) | 9,486 | 18,066 | ||||||||
As of December 31, 2013 | $ | (6,625 | ) | $ | (508 | ) | $ | (10,289 | ) | $ | (17,422 | ) |
Supplemental_Disclosure_of_Cas
Supplemental Disclosure of Cash flow Information: | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||||
Supplemental Disclosure of Cash Flow Information | SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||
(in thousands) | ||||||||||||
Non-cash investing activities and financing from continuing operations - | ||||||||||||
Property, plant and equipment acquired with accrued liabilities | $ | 52,584 | $ | 59,811 | $ | 35,556 | ||||||
Increase (decrease) in capitalized assets associated with asset retirement obligations | $ | (5,634 | ) | $ | 1,235 | $ | 5,743 | |||||
Cash (paid) refunded during the period for continuing operations- | ||||||||||||
Interest (net of amount capitalized) | $ | (69,239 | ) | $ | (108,361 | ) | $ | (116,593 | ) | |||
Income taxes, net | $ | (413 | ) | $ | (4,573 | ) | $ | (3,027 | ) |
Employee_Benefit_Plans
Employee Benefit Plans: | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||||||||||||||||
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS | |||||||||||||||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||||||||||||||
We sponsor a 401(k) retirement savings plan (the 401(k) Plan). Participants in the 401(k) Plan may elect to invest a portion of their eligible compensation to the 401(k) Plan up to the maximum amounts established by the IRS. The 401(k) Plan provides employees the opportunity to invest up to 50% of their eligible compensation on a pre-tax or after-tax basis. The 401(k) Plan provides a Company Matching Contribution for all eligible participants and for certain eligible participants a Company Retirement Contribution based on the participant’s age and years of service. Vesting of all Company contributions ranges from immediate vesting to graduated vesting at 20% per year with 100% vesting when the participant has 5 years of service with the Company. | ||||||||||||||||||||||||||||||
Funded Status of Benefit Plans | ||||||||||||||||||||||||||||||
The funded status of postretirement benefit plans is required to be recognized in the statement of financial position. The funded status for pension plans is measured as the difference between the projected benefit obligation and the fair value of plan assets. The funded status for all other benefit plans is measured as the difference between the accumulated benefit obligation and the fair value of plan assets. A liability is recorded for an amount by which the benefit obligation exceeds the fair value of plan assets or an asset is recorded for any amount by which the fair value of plan assets exceeds the benefit obligation. Except for our regulated utilities, the unrecognized net periodic benefit cost is recorded within Accumulated other comprehensive income (loss), net of tax. For our regulated utilities, these costs are recoverable in our rates, and accordingly, the unrecognized net periodic benefit cost was alternatively recorded as a regulatory asset or regulatory liability, net of tax (see Note 1). The measurement date for all plans is December 31, 2014. As of December 31, 2014, the unfunded status of our Defined Benefit Pension Plans was $78 million; the unfunded status of our Supplemental Non-qualified Defined Benefit Plans was $41 million; and the unfunded status of our Non-pension Defined Benefit Postretirement Healthcare Plans was $44 million. | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans (Pension Plans) | ||||||||||||||||||||||||||||||
We have two defined benefit pension plans. Our BHC Pension Plan covers certain eligible employees of Black Hills Service Company, Black Hills Power, WRDC, BHEP and Cheyenne Light. The Black Hills Utility Holdings, Inc. Pension Plan covers certain eligible employees of Black Hills Energy. The benefits for the Pension Plans are based on years of service and calculations of average earnings during a specific time period prior to retirement. Both Pension Plans have been frozen to new employees and certain employees who did not meet age and service based criteria. | ||||||||||||||||||||||||||||||
Pension Plan assets are held in a Master Trust. Each Plan holds an undivided interest in the Master Trust. Our Board of Directors has approved the Plans’ investment policy. The objective of the investment policy is to manage assets in such a way that will allow the eventual settlement of our obligations to the Pension Plans’ beneficiaries. To meet this objective, our pension assets are managed by an outside adviser using a portfolio strategy that will provide liquidity to meet the Plans’ benefit payment obligations. The Pension Plans’ assets consist primarily of equity, fixed income and hedged investments. The expected long-term rate of return for investments was 6.75% and 7.25% for the 2014 and 2013 plan years, respectively. Our Pension Plan funding policy is in accordance with the federal government’s funding requirements. | ||||||||||||||||||||||||||||||
In 2011, the Cheyenne Light Pension Plan was amended to freeze the benefits of certain bargaining unit employees. This amendment was effective as of January 1, 2012. Additionally, effective October 1, 2012, the Cheyenne Light Pension Plan was merged into the BHC Pension Plan. The Pension Plan benefits are based on years of service and compensation levels. | ||||||||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||
The percentages of total plan asset fair value by investment category for our Pension Plans at December 31 were as follows: | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
Equity | 27 | % | 26 | % | ||||||||||||||||||||||||||
Real estate | 5 | 4 | ||||||||||||||||||||||||||||
Fixed income | 58 | 58 | ||||||||||||||||||||||||||||
Cash | 2 | 1 | ||||||||||||||||||||||||||||
Hedge funds | 8 | 11 | ||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||||||||
Supplemental Non-qualified Defined Benefit Plans | ||||||||||||||||||||||||||||||
We have various supplemental retirement plans for key executives of the Company. The plans are non-qualified defined benefit and defined contribution plans (Supplemental Plans). The Supplemental Plans are subject to various vesting schedules and are not funded by the Company. | ||||||||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||
We do not fund our Supplemental Plans. We fund on a cash basis as benefits are paid. | ||||||||||||||||||||||||||||||
Non-pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||||
We sponsor three retiree healthcare plans (Healthcare Plans) for employees who meet certain age and service requirements at retirement. Healthcare Plan benefits are subject to premiums, deductibles, co-payment provisions and other limitations. A portion of the Healthcare Plans is pre-funded via VEBAs. Effective January 1, 2014, health care coverage for Medicare-eligible retirees will be provided through an individual market health care exchange for BHC and Black Hills Utility Holdings retirees. | ||||||||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||
We fund the Healthcare Plans on a cash basis as benefits are paid. The Black Hills Energy Plan provides for partial pre-funding via VEBAs. Assets related to this pre-funding are held in trust and are for the benefit of the union and non-union employees of Black Hills Energy located in the states of Kansas and Iowa. We do not pre-fund the Postretirement Healthcare Plans for those employees outside Kansas and Iowa. | ||||||||||||||||||||||||||||||
Plan Contributions | ||||||||||||||||||||||||||||||
Contributions to the Pension Plans are cash contributions made directly to the Pension Plan Trust accounts. Healthcare and Supplemental Plan contributions are made in the form of benefit payments. Contributions for the years ended December 31 were as follows (in thousands): | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
Defined Contribution Plan | ||||||||||||||||||||||||||||||
Company Retirement Contribution | $ | 4,187 | $ | 2,775 | ||||||||||||||||||||||||||
Matching contributions - Defined Contribution Plans | $ | 9,254 | $ | 8,524 | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
Defined Benefit Plans | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | $ | 10,200 | $ | 12,500 | ||||||||||||||||||||||||||
Non-Pension Defined Benefit Postretirement Healthcare Plans | $ | 3,163 | $ | 5,123 | ||||||||||||||||||||||||||
Supplemental Non-Qualified Defined Benefit Plans | $ | 1,553 | $ | 1,345 | ||||||||||||||||||||||||||
While we do not have required contributions, we expect to make approximately $10 million in contributions to our Defined Benefit Pension Plans in 2015. | ||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||
As required by accounting standards for Compensation - Retirement Benefits, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. | ||||||||||||||||||||||||||||||
The following tables set forth, by level within the fair value hierarchy, the assets that were accounted for at fair value on a recurring basis (in thousands): | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | 31-Dec-14 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
AXA Equitable General Fixed Income | $ | — | $ | 541 | $ | — | $ | 541 | ||||||||||||||||||||||
Common Collective Trust - Cash and Cash Equivalents | — | 4,013 | — | 4,013 | ||||||||||||||||||||||||||
Common Collective Trust - Equity | — | 81,636 | — | 81,636 | ||||||||||||||||||||||||||
Common Collective Trust - Fixed Income | — | 174,726 | — | 174,726 | ||||||||||||||||||||||||||
Common Collective Trust - Real Estate | — | 3,864 | 9,719 | 13,583 | ||||||||||||||||||||||||||
Hedge Funds | — | — | 25,034 | 25,034 | ||||||||||||||||||||||||||
Total investments measured at fair value | $ | — | $ | 264,780 | $ | 34,753 | $ | 299,533 | ||||||||||||||||||||||
Defined Benefit Pension Plans | 31-Dec-13 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
AXA Equitable General Fixed Income | $ | — | $ | 1,056 | $ | — | $ | 1,056 | ||||||||||||||||||||||
Common Collective Trust - Cash and Cash Equivalents | — | 1,253 | — | 1,253 | ||||||||||||||||||||||||||
Common Collective Trust - Equity | — | 73,726 | — | 73,726 | ||||||||||||||||||||||||||
Common Collective Trust - Fixed Income | — | 162,747 | — | 162,747 | ||||||||||||||||||||||||||
Common Collective Trust - Real Estate | — | 3,392 | 8,541 | 11,933 | ||||||||||||||||||||||||||
Hedge Funds | — | — | 29,647 | 29,647 | ||||||||||||||||||||||||||
Total investments measured at fair value | $ | — | $ | 242,174 | $ | 38,188 | $ | 280,362 | ||||||||||||||||||||||
Non-pension Defined Benefit Postretirement Healthcare Plans | 31-Dec-14 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
Registered Investment Company Trust - Money Market Mutual Fund | $ | — | $ | 4,705 | $ | — | $ | 4,705 | ||||||||||||||||||||||
Total investments measured at fair value | $ | — | 4,705 | $ | — | $ | 4,705 | |||||||||||||||||||||||
Non-pension Defined Benefit Postretirement Healthcare Plans | 31-Dec-13 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
Registered Investment Company Trust - Money Market Mutual Fund | $ | — | $ | 4,546 | $ | — | $ | 4,546 | ||||||||||||||||||||||
Total investments measured at fair value | $ | — | $ | 4,546 | $ | — | $ | 4,546 | ||||||||||||||||||||||
The following table sets forth a summary of changes in the fair value of the Defined Benefit Pension Plans’ Level 3 assets for the period ended December 31 (in thousands): | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 38,188 | $ | 7,770 | ||||||||||||||||||||||||||
Purchase | 454 | 29,000 | ||||||||||||||||||||||||||||
Unrealized gain (loss) | 1,789 | 1,508 | ||||||||||||||||||||||||||||
Realized gain (loss) | 322 | (77 | ) | |||||||||||||||||||||||||||
Settlements | (6,000 | ) | (13 | ) | ||||||||||||||||||||||||||
Balance, end of period | $ | 34,753 | $ | 38,188 | ||||||||||||||||||||||||||
The following table presents the quantitative information about Level 3 fair value measurements (dollars in thousands): | ||||||||||||||||||||||||||||||
Fair Value at | Valuation | Level 3 | Range (Weighted) | |||||||||||||||||||||||||||
31-Dec-14 | Technique | Input | Average | |||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||
Common Collective Trust - Real Estate (a) | $ | 9,719 | Market Approach | Redemption Restriction | N/A | |||||||||||||||||||||||||
Hedge Funds (b) | $ | 25,034 | Market Approach | Redemption Restriction | N/A | |||||||||||||||||||||||||
_____________ | ||||||||||||||||||||||||||||||
(a) | The underlying net asset value in the Common Collective Trust - Real Estate fund is determined by appraisal of the properties held in the Trust. As part of the Trustee's valuation process, properties are externally appraised generally on an annual basis. The appraisals are conducted by reputable independent appraisal firms and signed by appraisers that are members of the Appraisal Institute, with the professional designation of Member, Appraisal Institute. All external appraisals are performed in accordance with the Uniform Standards of Professional Appraisal Practices. We receive monthly statements from the Trustee along with the annual schedule of investments and rely on these reports for pricing the units of the fund. The fund does contain a participant withdrawal policy. | |||||||||||||||||||||||||||||
(b) | The fair value of the Hedge Funds is determined based on pricing provided or reviewed by the third-party administrator to our investment managers. While the input amounts used by the pricing vendor in determining fair value are not provided, and therefore, unavailable for our review, the asset results are reviewed and monitored to ensure the fair values are reasonable and in line with market experience in similar asset classes. Additionally, the audited financial statements of the funds are reviewed at the time they are issued. | |||||||||||||||||||||||||||||
Additional information about assets of the Pension Plans, including methods and assumptions used to estimate the fair value of these assets, is as follows: | ||||||||||||||||||||||||||||||
AXA Equitable General Fixed Income Fund: This fund is a diversified portfolio, primarily composed of fixed income instruments. Assets are invested in long-term holdings, such as commercial, agricultural and residential mortgages, publicly traded and privately place bonds and real estate as well as short-term bonds. Fair values of mortgage loans are measured by discounting future contractual cash flows to be received on the mortgage loans using interest rates at which loans with similar characteristics have. The discount rate is derived from taking the appropriate U.S. Treasury rate with a like term. The fair value of public fixed maturity securities are generally based on prices obtained from independent valuation service providers with reasonableness prices compared with directly observable market trades. The fair value of privately placed securities are determined using a discounted cash flow model. These models use observable inputs with a discount rate based upon the average of spread surveys collected from private market intermediaries and industry sector of the issuer. | ||||||||||||||||||||||||||||||
Common Collective Trust Funds: These funds are valued based upon the redemption price of units held by the Plan, which is based on the current fair value of the common collective trust funds’ underlying assets. Unit values are determined by the financial institution sponsoring such funds by dividing the fund’s net assets at fair value by its units outstanding at the valuation dates. The Plan’s investments in common collective trust funds, with the exception of shares of the common collective trust-real estate are categorized as Level 2. | ||||||||||||||||||||||||||||||
Common Collective Trust-Real Estate Fund: This fund is valued based on various factors of the underlying real estate properties, including market rent, market rent growth, occupancy levels, etc. As part of the trustee’s valuation process, properties are externally appraised generally on an annual basis. The appraisals are conducted by reputable independent appraisal firms and signed by appraisers that are members of the Appraisal Institute, with professional designation of Member, Appraisal Institute. All external appraisals are performed in accordance with the Uniform Standards of Professional Appraisal Practices. We receive monthly statements from the trustee, along with the annual schedule of investments, and rely on these reports for pricing the units of the fund. Certain of the funds’ assets contain participant withdrawal policy and, therefore, are categorized as Level 3. The funds without participant withdrawal limitations are categorized as Level 2. | ||||||||||||||||||||||||||||||
Hedge Funds: Hedge funds represent investments in other investment funds that seek a return utilizing a number of diverse investment strategies. The strategies, when combined aim to reduce volatility and risk while attempting to deliver positive returns under all market conditions. Amounts are reported on a one-month lag. The fair value of hedge funds is determined using net asset value per share based on the fair value of the hedge fund’s underlying investments. Generally, shares may be redeemed at the end of each quarter, with a 65 day notice and are limited to a percentage of total net asset value of the fund. The net asset values are based on the fair value of each fund’s underlying investments. There are no unfunded commitments related to these hedge funds. The Plan’s investment in the hedge fund is categorized as Level 3. | ||||||||||||||||||||||||||||||
Other Plan Information | ||||||||||||||||||||||||||||||
The following tables provide a reconciliation of the employee benefit plan obligations, fair value of assets and amounts recognized in the statement of financial position, components of the net periodic expense and elements of accumulated other comprehensive income (in thousands): | ||||||||||||||||||||||||||||||
Benefit Obligations | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Retirement Plans | Non-pension Defined Benefit Postretirement Plans | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 321,400 | 363,235 | $ | 32,960 | $ | 34,393 | $ | 45,778 | $ | 46,681 | |||||||||||||||||||
Service cost | 5,448 | 6,433 | 2,543 | 1,392 | 1,700 | 1,674 | ||||||||||||||||||||||||
Interest cost | 15,852 | 15,300 | 1,447 | 1,328 | 1,919 | 1,669 | ||||||||||||||||||||||||
Actuarial (gain) loss | (a) | 55,384 | (38,252 | ) | 5,814 | (2,808 | ) | 2,275 | (3,379 | ) | ||||||||||||||||||||
Amendments (b) | — | — | — | — | — | 1,585 | ||||||||||||||||||||||||
Benefits paid | (c) | (20,312 | ) | (25,316 | ) | (1,553 | ) | (1,345 | ) | (3,163 | ) | (5,123 | ) | |||||||||||||||||
Medicare Part D accrued | — | — | — | — | (99 | ) | 470 | |||||||||||||||||||||||
Plan participants’ contributions | — | — | — | — | 632 | 2,201 | ||||||||||||||||||||||||
Projected benefit obligation at end of year | $ | 377,772 | $ | 321,400 | $ | 41,211 | $ | 32,960 | $ | 49,042 | $ | 45,778 | ||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||
(a) | Change from 2013 reflects a decrease in the discount rate and a change in the mortality tables used in employee benefit plan estimates. | |||||||||||||||||||||||||||||
(b) | Reflects Board of Directors approval of an increase to Company’s contribution to RMSA accounts. | |||||||||||||||||||||||||||||
(c) Benefits paid include payments made to terminated vested employees who elected lump-sum offerings of $6.1 million in 2014 and $13 million in 2013. | ||||||||||||||||||||||||||||||
A reconciliation of the fair value of Plan assets was as follows (in thousands): | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Retirement Plans | Non-pension Defined Benefit Postretirement Plans (a) | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Beginning market value of plan assets | $ | 280,362 | $ | 268,816 | $ | — | $ | — | $ | 4,546 | $ | 4,351 | ||||||||||||||||||
Investment income (loss) | 29,283 | 24,362 | — | — | (43 | ) | 8 | |||||||||||||||||||||||
Employer contributions | 10,200 | 12,500 | — | — | 2,733 | 1,923 | ||||||||||||||||||||||||
Retiree contributions | — | — | — | — | 632 | 1,533 | ||||||||||||||||||||||||
Benefits paid | (20,312 | ) | (25,316 | ) | (b) | — | — | (3,163 | ) | (3,269 | ) | |||||||||||||||||||
Plan administrative expenses | — | — | — | — | — | — | ||||||||||||||||||||||||
Ending market value of plan assets | $ | 299,533 | $ | 280,362 | $ | — | $ | — | $ | 4,705 | $ | 4,546 | ||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||
(a) | Assets of VEBA. | |||||||||||||||||||||||||||||
(b) | Benefits paid include payments made to terminated vested employees who elected a lump-sum offering of $6.1 million in 2014 and $13 million in 2013. | |||||||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets at December 31 consist of (in thousands): | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Regulatory assets | $ | 78,864 | $ | 48,419 | $ | — | $ | — | $ | 7,137 | $ | 5,535 | ||||||||||||||||||
Current liabilities | $ | — | $ | — | $ | 1,486 | $ | 1,491 | $ | 3,273 | $ | 2,802 | ||||||||||||||||||
Non-current liabilities | $ | 78,239 | $ | 41,034 | $ | 39,725 | $ | 32,033 | $ | 41,002 | $ | 38,412 | ||||||||||||||||||
Regulatory liabilities | $ | — | $ | — | $ | — | $ | — | $ | 2,983 | $ | 3,141 | ||||||||||||||||||
Accumulated Benefit Obligation | ||||||||||||||||||||||||||||||
(in thousands) | Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Accumulated benefit obligation - Black Hills Corporation | $ | 135,582 | $ | 110,847 | $ | 29,843 | $ | 27,380 | $ | 12,809 | $ | 12,101 | ||||||||||||||||||
Accumulated benefit obligation - Black Hills Energy | 213,398 | 182,295 | 386 | 513 | 25,456 | 25,467 | ||||||||||||||||||||||||
Accumulated benefit obligation - Cheyenne Light | — | — | — | — | 10,777 | 8,210 | ||||||||||||||||||||||||
Total Accumulated Benefit Obligation | $ | 348,980 | $ | 293,142 | $ | 30,229 | $ | 27,893 | $ | 49,042 | $ | 45,778 | ||||||||||||||||||
Components of Net Periodic Expense | ||||||||||||||||||||||||||||||
(in thousands) | Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Service cost | $ | 5,448 | $ | 6,433 | $ | 5,720 | $ | 1,498 | $ | 1,392 | $ | 889 | $ | 1,700 | $ | 1,674 | $ | 1,610 | ||||||||||||
Interest cost | 15,852 | 15,300 | 14,747 | 1,447 | 1,328 | 1,410 | 1,919 | 1,669 | 2,093 | |||||||||||||||||||||
Expected return on assets | (18,065 | ) | (18,615 | ) | (16,334 | ) | — | — | — | (85 | ) | (79 | ) | (78 | ) | |||||||||||||||
Amortization of prior service cost | 62 | 63 | 89 | 2 | 2 | 3 | (428 | ) | (500 | ) | (500 | ) | ||||||||||||||||||
Recognized net actuarial loss (gain) | 4,806 | 12,250 | 9,630 | 498 | 793 | 807 | 160 | 482 | 887 | |||||||||||||||||||||
Net periodic expense | $ | 8,103 | $ | 15,431 | $ | 13,852 | $ | 3,445 | $ | 3,515 | $ | 3,109 | $ | 3,266 | $ | 3,246 | $ | 4,012 | ||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||||||||||||||||||
In accordance with accounting standards for defined benefit plans, amounts included in Accumulated other comprehensive income (loss), after-tax, that have not yet been recognized as components of net periodic benefit cost at December 31 were as follows (in thousands): | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Net (gain) loss | $ | 10,996 | $ | 4,842 | $ | 8,396 | $ | 4,939 | $ | 1,904 | $ | 1,648 | ||||||||||||||||||
Prior service cost (gain) | 51 | 64 | 8 | 9 | (1,218 | ) | (1,213 | ) | ||||||||||||||||||||||
Total accumulated other comprehensive (income) loss | $ | 11,047 | $ | 4,906 | $ | 8,404 | $ | 4,948 | $ | 686 | $ | 435 | ||||||||||||||||||
The amounts in Accumulated other comprehensive income (loss), Regulatory assets or Regulatory liabilities, after-tax, expected to be recognized as a component of net periodic benefit cost during calendar year 2015 are as follows (in thousands): | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||
Net loss | $ | 7,174 | $ | 703 | $ | 295 | ||||||||||||||||||||||||
Prior service cost (credit) | 38 | 1 | (278 | ) | ||||||||||||||||||||||||||
Total net periodic benefit cost expected to be recognized during calendar year 2015 | $ | 7,212 | $ | 704 | $ | 17 | ||||||||||||||||||||||||
Assumptions | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations: | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||
Discount rate | 4.2 | % | 5.05 | % | 4.3 | % | 3.64 | % | 4.21 | % | 3.44 | % | 3.92 | % | 4.62 | % | 3.85 | % | ||||||||||||
Rate of increase in compensation levels | 3.78 | % | 3.78 | % | 3.84 | % | 5 | % | 5 | % | 5 | % | N/A | N/A | N/A | |||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for plan year: | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||
Discount rate: | ||||||||||||||||||||||||||||||
Black Hills Corporation | 5.1 | % | 4.35 | % | 4.68 | % | 4.68 | % | 3.88 | % | 4.7 | % | 4.45 | % | 3.65 | % | 4.35 | % | ||||||||||||
Black Hills Energy | 5 | % | 4.25 | % | 4.6 | % | 3.75 | % | 3 | % | 3.9 | % | 4.25 | % | 3.5 | % | 4.35 | % | ||||||||||||
Cheyenne Light | N/A | N/A | N/A | N/A | N/A | N/A | 5.15 | % | 4.4 | % | 4.65 | % | ||||||||||||||||||
Expected long-term rate of return on assets (a) | 6.75 | % | 7.25 | % | 7.25 | % | N/A | N/A | N/A | 2 | % | 2 | % | 2 | % | |||||||||||||||
Rate of increase in compensation levels | 3.78 | % | 3.78 | % | 3.75 | % | 5 | % | 5 | % | 5 | % | N/A | N/A | N/A | |||||||||||||||
_____________________________ | ||||||||||||||||||||||||||||||
(a) | The expected rate of return on plan assets is 6.75% for the calculation of the 2015 net periodic pension cost. | |||||||||||||||||||||||||||||
The healthcare benefit obligation was determined at December 31 as follows: | ||||||||||||||||||||||||||||||
Black Hills Corporation | Black Hills Energy | Cheyenne Light | ||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||
Healthcare trend rate pre-65 | ||||||||||||||||||||||||||||||
Trend for next year | 7.5 | % | 7.5 | % | 7.5 | % | ||||||||||||||||||||||||
Ultimate trend rate | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||||||||||||||
Year Ultimate Trend Reached | 2027 | 2027 | 2027 | |||||||||||||||||||||||||||
Healthcare trend rate post-65 | ||||||||||||||||||||||||||||||
Trend for next year | 6.25 | % | 6.25 | % | 6.25 | % | ||||||||||||||||||||||||
Ultimate trend rate | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||||||||||||||
Year Ultimate Trend Reached | 2024 | 2024 | 2024 | |||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||
Healthcare trend rate pre-65 | ||||||||||||||||||||||||||||||
Trend for next year | 7.5 | % | 7.5 | % | 7.5 | % | ||||||||||||||||||||||||
Ultimate trend rate | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||||||||||||||
Year Ultimate Trend Reached | 2027 | 2027 | 2027 | |||||||||||||||||||||||||||
Healthcare trend rate post-65 | ||||||||||||||||||||||||||||||
Trend for next year | 6.25 | % | 6.25 | % | 6.25 | % | ||||||||||||||||||||||||
Ultimate trend rate | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||||||||||||||
Year Ultimate Trend Reached | 2026 | 2026 | 2026 | |||||||||||||||||||||||||||
We do not pre-fund our non-qualified pension plans or two of the three postretirement benefit plans. The table below shows the expected impacts of an increase or decrease to our healthcare trend rate for our Retiree Healthcare Plans (in thousands): | ||||||||||||||||||||||||||||||
Change in Assumed Trend Rate | Impact on December 31, 2014 Accumulated Postretirement | Impact on 2014 Service | ||||||||||||||||||||||||||||
Benefit Obligation | and Interest Cost | |||||||||||||||||||||||||||||
Increase 1% | $ | 2,635 | $ | 168 | ||||||||||||||||||||||||||
Decrease 1% | $ | (2,166 | ) | $ | (136 | ) | ||||||||||||||||||||||||
The following benefit payments, which reflect future service, are expected to be paid (in thousands): | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plan | Non-Pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||
2015 | $ | 14,712 | $ | 1,486 | $ | 3,921 | ||||||||||||||||||||||||
2016 | $ | 15,629 | $ | 1,573 | $ | 4,011 | ||||||||||||||||||||||||
2017 | $ | 16,561 | $ | 1,627 | $ | 4,057 | ||||||||||||||||||||||||
2018 | $ | 17,556 | $ | 1,670 | $ | 4,169 | ||||||||||||||||||||||||
2019 | $ | 18,741 | $ | 1,780 | $ | 4,236 | ||||||||||||||||||||||||
2020-2024 | $ | 109,147 | $ | 8,901 | $ | 19,877 | ||||||||||||||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies: | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES | |||||||||
Power Purchase and Transmission Services Agreements | ||||||||||
Through our subsidiaries, we have the following significant long-term power purchase contracts with non-affiliated third-parties: | ||||||||||
• | Black Hills 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 to operate CTII, provide use of shared facilities including a ground lease and dispatch generation services. In addition, the agreement includes a 20-year economy energy PPA that contains a sharing arrangement in which the parties share the savings of wholesale power purchases made when market power prices are less than the cost of operating the generating unit. | |||||||||
• | Black Hills Power’s PPA with PacifiCorp, expiring December 31, 2023, for the purchase of 50 MW of electric capacity and energy from PacifiCorp’s system. The price paid for the capacity and energy is based on the operating costs of one of PacifiCorp’s coal-fired electric generating plants. | |||||||||
• | Black Hills Power has a firm point-to-point transmission service agreement with PacifiCorp that expires December 31, 2023. The agreement provides 50 MW of capacity and energy to be transmitted annually by PacifiCorp. | |||||||||
• | Cheyenne Light’s PPA with Duke Energy’s Happy Jack wind site, expiring September 3, 2028, provides up to 30 MW of wind energy from Happy Jack to Cheyenne Light. Under a separate inter-company agreement, Cheyenne Light sells 50% of the facility output to Black Hills Power. | |||||||||
• | Cheyenne Light’s PPA with Duke Energy’s Silver Sage wind site, expiring September 30, 2029, provides up to 30 MW of wind energy. Under a separate inter-company agreement, Cheyenne Light has agreed to sell 20 MW of energy from Silver Sage to Black Hills Power. | |||||||||
• | Colorado Electric’s PPA with Cargill expiring on December 31, 2015, which provides for the purchase of 50 MW energy during heavy load timing intervals. | |||||||||
• | Colorado Electric’s PPA with Cargill expiring on December 31, 2016, which provides for the purchase of 50 MW energy during light load timing intervals. | |||||||||
• | Colorado Electric’s REPA with AltaGas expiring October 16, 2037, provides up to 14.5 MW of wind energy from the Busch Ranch Wind Project in which Colorado Electric owns a 50% undivided ownership interest. | |||||||||
Costs under these power purchase contracts for the years ended December 31 were as follows (in thousands): | ||||||||||
2014 | 2013 | 2012 | ||||||||
PPA with PacifiCorp | $ | 13,943 | $ | 13,026 | $ | 13,224 | ||||
Transmission services agreement with PacifiCorp | $ | 1,227 | $ | 1,384 | $ | 1,215 | ||||
PPA with Happy Jack | $ | 3,919 | $ | 3,772 | $ | 1,988 | ||||
PPA with Silver Sage | $ | 4,798 | $ | 4,809 | $ | 3,269 | ||||
Busch Ranch Wind Project | $ | 1,998 | $ | 1,856 | $ | 502 | ||||
PPAs with Cargill (a) | $ | 9,286 | $ | 12,291 | $ | 14,236 | ||||
____________________ | ||||||||||
(a) The 2013 and 2012 PPAs were one year contracts replaced by subsequent one year contracts upon expiration. | ||||||||||
Other Gas Supply Agreements | ||||||||||
Our Utilities also purchase natural gas, including transportation capacity to meet customers’ needs, under short-term and long-term purchase contracts. These contracts extend to 2017. | ||||||||||
Natural Gas Delivery Commitment | ||||||||||
In 2012, we entered into a ten-year gas gathering 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. This take or pay contract requires us to pay the fee on a minimum of 20,000 Mcf per day, regardless of the volume delivered. The ten-year agreement expiring in 2024 became effective in first quarter of 2014 upon completion of the processing infrastructure capable of handling the committed volumes. | ||||||||||
Future Minimum Payments | ||||||||||
The following is a schedule of future minimum payments required under the power purchase, transmission services, coal and gas supply agreements and natural gas delivery commitments (in thousands): | ||||||||||
2015 | $ | 183,116 | ||||||||
2016 | $ | 131,716 | ||||||||
2017 | $ | 121,867 | ||||||||
2018 | $ | 69,000 | ||||||||
2019 | $ | 35,905 | ||||||||
Thereafter | $ | 153,395 | ||||||||
Future Purchase Agreement - Related Party | ||||||||||
Cheyenne Light’s PPA for 60 MW of capacity and energy from Black Hills Wyoming’s Wygen I generating facility expiring on December 31, 2022, includes an option for Cheyenne Light to purchase Black Hills Wyoming’s ownership in the | ||||||||||
Wygen I facility. The purchase price related to the option is $2.6 million per MW which is the equivalent per MW of the pre-construction estimated cost of the Wygen III plant, which was completed in April 2010. This option purchase price is adjusted for capital additions and reduced by an amount equal to annual depreciation based on a 35-year life starting January 1, 2009. | ||||||||||
Power Sales Agreements | ||||||||||
Through our subsidiaries, we have the following significant long-term power sales contracts with non-affiliated third-parties: | ||||||||||
• | During periods of reduced production at Wygen III in which MDU owns a portion of the capacity, or during periods when Wygen III is off-line, MDU will be provided with 25 MW from our other generation facilities or from system purchases with reimbursement of costs by MDU. | |||||||||
• | Black Hills Power has an agreement to serve MDU capacity and energy up to a maximum of 50 MW in excess of Wygen III ownership. | |||||||||
• | During periods of reduced production at Wygen III in which the City of Gillette owns a portion of the capacity, or during periods when Wygen III is off-line, we will provide the City of Gillette with its first 23 MW from our other generating facilities or from system purchases with reimbursement of costs by the City of Gillette. Under this agreement, Black Hills Power will also provide the City of Gillette their operating component of spinning reserves. | |||||||||
• | Black Hills Power has a PPA with MEAN expiring April 1, 2015. Under this contract, MEAN purchases 5 MW of unit-contingent capacity from Neil Simpson II and 5 MW of unit-contingent capacity from Wygen III. | |||||||||
• | Black Hills Power has a PPA with MEAN expiring May 31, 2023. This contract is unit-contingent on up to 10 MW from Neil Simpson II and up to 10 MW from Wygen III based on the availability of these plants. The capacity purchase requirements decrease over the term of the agreement. | |||||||||
Purchase Commitment | ||||||||||
On October 14, 2014, we announced an agreement to acquire Energy West Wyoming, Inc., a Wyoming gas utility, and pipeline assets of Gas Natural, Inc. for $17 million. The gas utility serves approximately 6,700 customers, including service to Cody, Ralston and Meeteetse, Wyoming. The pipeline assets include a 30 mile gas transmission pipeline and a 42 mile gas gathering pipeline, both located near the utility service territory. This purchase is expected to be completed in 2015. | ||||||||||
Related Party Lease | ||||||||||
Colorado Electric’s PPA with Black Hills Colorado IPP expiring on December 31, 2031, provides 200 MW of power to Colorado Electric from Black Hills Colorado IPP’s combined-cycle turbines. This PPA is accounted for as a capital lease whereby Colorado Electric, as lessee, has included the combined-cycle turbines as property, plant and equipment along with the related lease obligation and Black Hills Colorado IPP, as lessor, has recorded a lease receivable. Segment revenue and expenses associated with the PPA have been impacted by the lease accounting. The effect of the lease accounting is eliminated in corporate consolidations. | ||||||||||
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. | ||||||||||
Environmental Matters | ||||||||||
We are subject to costs resulting from a number of federal, state and local laws and regulations which affect future planning and existing operations. They can result in increased capital expenditures, operating and other costs as a result of compliance, remediation and monitoring obligations. Due to the environmental issues discussed below, we may be required to modify, curtail, replace or cease operating certain facilities or operations to comply with statutes, regulations and other requirements of regulatory bodies. | ||||||||||
Air | ||||||||||
Our generation facilities are subject to federal, state and local laws and regulations relating to the protection of air quality. These laws and regulations cover, among other pollutants, carbon monoxide, SO2, NOx, mercury particulate matter and GHG. Power generating facilities burning fossil fuels emit each of the foregoing pollutants and, therefore, are subject to substantial regulation and enforcement oversight by various governmental agencies. | ||||||||||
Title IV of the Clean Air Act applies to several of our generation facilities, including the Neil Simpson II, Neil Simpson CT, Lange CT, Wygen I, Wygen II, Wygen III, Wyodak and Pueblo Airport Generating Station plants. Title IV of the Clean Air Act created an SO2 allowance trading program as part of the federal acid rain program. Without purchasing additional allowances, we currently hold sufficient allowances to satisfy Title IV at all such plants through 2044. | ||||||||||
The EPA issued the Industrial and Commercial Boiler Regulations for Area Sources of Hazardous Air Pollutants, with updates which impose emission limits, fuel requirements and monitoring requirements. The rule had a compliance deadline of March 21, 2014. In anticipation of this rule we suspended operations at the Osage plant in October 2010 and as a result of this rule, we suspended operations at the Ben French facility on August 31, 2012. We permanently retired Ben French, Osage and Neil Simpson I on March 21, 2014. In conjunction with the Colorado Clean Air Clean Jobs Act, the CPUC issued an order approving the closure of the W.N. Clark facility no later than December 31, 2013. This facility suspended operations December 31, 2012 and was retired on December 31, 2013. The net book value of these plants was allowed regulatory accounting treatment and is recorded as a Regulatory Asset on the Consolidated Balance Sheet. The CPUC also approved a CPCN for the retirement of Pueblo Units #5 and #6 effective December 31, 2013. | ||||||||||
Solid Waste Disposal | ||||||||||
Various materials used at our facilities are subject to disposal regulations. Our Osage plant, permanently retired on March 21, 2014, had an on-site ash impoundment that was near capacity. An application to close the impoundment was approved on April 13, 2012. Site closure work was completed in 2013 with the state providing closure certification in 2014. Post closure monitoring activities will continue for 30 years. | ||||||||||
In September 2013, Osage also received a permit to close the small industrial rubble landfill. Site work was completed with the state providing closure certification in 2014. Post closure monitoring will continue for 30 years. | ||||||||||
Our W.N. Clark plant, which has been retired, previously delivered coal ash to a permitted, privately-owned landfill. While we do not believe that any substances from our solid waste disposal activities will pollute underground water, we can provide no assurance that pollution will not occur over time. In this event, we could incur material costs to mitigate any resulting damages. | ||||||||||
Reclamation Liability | ||||||||||
For our Pueblo Airport Generation site, we posted a bond of $3.9 million with the State of Colorado to cover the costs of remediation for a waste water containment pond permitted to provide wastewater storage and processing for this zero discharge facility. The reclamation liability is recorded at the present value of the estimated future cost to reclaim the land. | ||||||||||
Under its land lease for Busch Ranch, Colorado Electric is required to reclaim all land where it has placed wind turbines. The reclamation liability is recorded at the present value of the estimated future cost to reclaim the land. | ||||||||||
Under its mining permit, WRDC is required to reclaim all land where it has mined coal reserves. The reclamation liability is recorded at the present value of the estimated future cost to reclaim the land. | ||||||||||
See Note 7 for additional information. | ||||||||||
Manufactured Gas Processing | ||||||||||
As a result of the Aquila Transaction, we acquired whole and partial liabilities for several former manufactured gas processing sites in Nebraska and Iowa which were previously used to convert coal to natural gas. The acquisition provided for an insurance recovery, now valued at $1.3 million recorded in Other assets, non-current on our Consolidated Balance Sheets, which will be used to help offset remediation costs. The remediation cost estimate could change materially due to results of further investigations, actions of environmental agencies or the financial viability of other responsible parties. | ||||||||||
In March 2011, Nebraska Gas executed an Allocation, Indemnification and Access Agreement with the successor to the former operator of the Nebraska MGPs. Under this agreement, Nebraska Gas agreed to remediate the Blair and Plattsmouth sites in Nebraska. Subsequent to this transaction, Nebraska Gas enrolled Blair and Plattsmouth in Nebraska's Voluntary Cleanup Program. Site remediation was completed in September 2012, however there is a potential for additional minimal remediation work at Plattsmouth where monitoring is required until 2015. Both Nebraska sites will be required to monitor groundwater quality for a minimum two year period, ending in 2015. | ||||||||||
As of December 31, 2014, our estimated liabilities for all of the MGP sites currently range from approximately $2.7 million to $6.3 million for which we had $2.7 million accrued for remediation of sites as of December 31, 2014 included in Other deferred credits and other liabilities on our Consolidated Balance Sheets. | ||||||||||
Prior to Black Hills Corporation's ownership, Aquila received rate orders that enabled recovery of environmental cleanup costs in certain jurisdictions. We anticipate recovery of these current and future costs would be allowed. Additionally, we may pursue recovery or agreements with other potentially responsible parties when and where permitted. | ||||||||||
Legal Proceedings | ||||||||||
In the normal course of business, we are subject to various lawsuits, actions, proceedings, claims and other matters asserted under laws and regulations. We believe the amounts provided in the consolidated financial statements to satisfy alleged liabilities are adequate in light of the probable and estimable contingencies. However, there can be no assurance that the actual amounts required to satisfy alleged liabilities from various legal proceedings, claims and other matters discussed, and to comply with applicable laws and regulations will not exceed the amounts reflected in the consolidated financial statements. | ||||||||||
In the normal course of business, we enter into agreements that include indemnification in favor of third parties, such as information technology agreements, purchase and sale agreements and lease contracts. We have also agreed to indemnify our directors, officers and employees in accordance with our articles of incorporation, as amended. Certain agreements do not contain any limits on our liability and therefore, it is not possible to estimate our potential liability under these indemnifications. In certain cases, we have recourse against third parties with respect to these indemnities. Further, we maintain insurance policies that may provide coverage against certain claims under these indemnities. | ||||||||||
Oil Creek Fire | ||||||||||
On June 29, 2012, a forest and grassland fire occurred in the western Black Hills of Wyoming. A fire investigator retained by the Weston County Fire Protection District 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 large group of private landowners filed suit in the United States District Court for the District of Wyoming. There are approximately 36 Plaintiff groups (including property jointly owned by multiple family members or entities), or approximately 73 individually named private plaintiffs. In addition, the State of Wyoming has intervened in the lawsuit. Both the private landowners and the State of Wyoming assert 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 compensatory damages, the lawsuit seeks recovery of punitive damages. We have denied and will vigorously defend all claims arising out of the fire. 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. We expect this coverage to limit our exposure and we will pursue recoveries to the maximum extent available under the policies. The deductible applicable to some types of claims arising out of this fire is $1.0 million. 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. 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 claimants and other parties. 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 $55 million. We are not yet able 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. |
Guarantees
Guarantees: | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Guarantees [Abstract] | |||||
Guarantees | 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 as of (in thousands): | |||||
Maximum Exposure at | |||||
Nature of Guarantee | 31-Dec-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 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. |
Oil_and_Gas_Reserves_Unaudited
Oil and Gas Reserves (Unaudited): | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |||||||||||||||||||||||
Oil and Gas Reserves (Unaudited) | OIL AND GAS RESERVES (Unaudited) | ||||||||||||||||||||||
BHEP has operating and non-operating interests in 1,205 gross developed oil and gas wells in 10 states and holds leases on approximately 240,816 net acres. | |||||||||||||||||||||||
Costs Incurred | |||||||||||||||||||||||
Following is a summary of costs incurred in oil and gas property acquisition, exploration and development during the years ended December 31 (in thousands): | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Acquisition of properties: | |||||||||||||||||||||||
Proved | $ | 4,881 | $ | 234 | $ | 2,437 | |||||||||||||||||
Unproved | 5,056 | 6,022 | 33,052 | ||||||||||||||||||||
Exploration costs | 54,355 | 12,817 | 115 | ||||||||||||||||||||
Development costs | 52,262 | 48,641 | 73,877 | ||||||||||||||||||||
Asset retirement obligations incurred | 68 | 143 | 158 | ||||||||||||||||||||
Total costs incurred | $ | 116,622 | $ | 67,857 | $ | 109,639 | |||||||||||||||||
Reserves | |||||||||||||||||||||||
The following table summarizes BHEP’s quantities of proved developed and undeveloped oil, natural gas and NGL reserves, estimated using SEC-defined product prices, as of December 31, 2014, 2013 and 2012 and a reconciliation of the changes between these dates. These estimates are based on reserve reports by CG&A. Such reserve estimates are inherently imprecise and may be subject to revisions as a result of numerous factors including, but not limited to, additional development activity, evolving production history and continual reassessment of the viability of production under varying economic conditions. | |||||||||||||||||||||||
Minor differences in amounts may result in the following tables relating to oil and gas reserves due to rounding. | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Oil | Gas | NGL | Oil | Gas | Oil | Gas | |||||||||||||||||
(in Mbbls of oil and NGL, and MMcf of gas) | |||||||||||||||||||||||
Proved developed and undeveloped reserves: | |||||||||||||||||||||||
Balance at beginning of year | 3,921 | 63,190 | — | 4,116 | 55,985 | 6,223 | 95,904 | ||||||||||||||||
Production (a) | (337 | ) | (7,156 | ) | (135 | ) | (336 | ) | (6,984 | ) | (560 | ) | (8,686 | ) | |||||||||
Additions - acquisitions (sales) (b) | (40 | ) | (61 | ) | — | (30 | ) | (46 | ) | (2,025 | ) | (3,070 | ) | ||||||||||
Additions - extensions and discoveries | 733 | 11,003 | 182 | 379 | 10,456 | 449 | 2,898 | ||||||||||||||||
Revisions to previous estimates | (1 | ) | (1,536 | ) | 1,673 | (208 | ) | 3,779 | 29 | (31,061 | ) | ||||||||||||
Balance at end of year | 4,276 | 65,440 | 1,720 | 3,921 | 63,190 | 4,116 | 55,985 | ||||||||||||||||
Proved developed reserves at end of year included above | 3,780 | 57,427 | 1,530 | 3,689 | 60,224 | 3,929 | 55,708 | ||||||||||||||||
Proved undeveloped reserves at the end of year included in above | 496 | 8,013 | 191 | 232 | 2,966 | 187 | 279 | ||||||||||||||||
NYMEX prices | $ | 94.99 | $ | 4.35 | $ | — | (c) | $ | 96.94 | $ | 3.67 | $ | 94.71 | $ | 2.76 | ||||||||
Well-head reserve prices | $ | 85.8 | $ | 3.33 | $ | 34.81 | $ | 89.79 | $ | 3.45 | $ | 85.31 | $ | 2.24 | |||||||||
________________________ | |||||||||||||||||||||||
(a) | Production for reserve calculations does not include volumes for natural gas liquids (NGLs) for historical periods. | ||||||||||||||||||||||
(b) | Reflects the sale of the majority of the Williston Basin assets during 2012. | ||||||||||||||||||||||
(c) | A specific NYMEX price for NGL is not available. Market prices for NGL are broken down by various liquid components, including ethane, propane, iso butane, normal butane, and natural gasoline. Each of these components is traded as an index. Presently, ethane is not being recovered at any of the facilities that process our natural gas production. | ||||||||||||||||||||||
Reserve additions totaled 16.5 Bcfe, replacing 165% of annual production. Reserve additions resulted from drilling in the Piceance, Powder River and Williston Basins. Drilling in the Piceance for Mancos Shale accounted for 12.3 Bcfe, Williston Basin (Bakken Shale) accounted for 0.5 Bcfe and Powder River Basin drilling accounted for 3.7 Bcfe. Capital spending in 2014 was primarily for evaluation drilling in the Piceance for Mancos Shale and development drilling in the Williston Bakken Shale play. Exploratory drilling investments were made to develop oil opportunities. Future capital spending rates are anticipated to be dependent on product prices and success in other future drilling. | |||||||||||||||||||||||
In 2014, we had positive revisions of 8.5 Bcfe to previous reserve estimates. Most of the positive revision was the result of reporting natural gas liquids (NGL) in reserves (4.0 Bcfe) and higher equivalent prices of liquids and gas received at the wellhead (2.9 Bcfe). Natural gas in 2013 and prior years was reported wet. We changed our process in 2014 to separate NGL from the wet gas stream, which resulted in an estimated equivalent volume change of 4.0 Bcfe. Most of this change from increased NGL recovery is from the Powder River Finn Field and the Piceance wells. The industry standard multiplication of liquid production by 6 to arrive at the equivalent gas volume results in higher overall equivalent volumes. This is offset by negative revisions of dry natural gas resulting from higher shrink factors during processing of the wet gas to dry gas and NGLs. We will continue to report oil, natural gas and NGL volumes in the future. | |||||||||||||||||||||||
Better wellhead performance resulted in an addition of 2.7 Bcfe, most of which was in the Powder River Basin Finn field and from our 2013 Piceance wells. Higher operating costs caused a minor negative revision of 0.1 Bcfe to 2014 year-end reserves. One proved-undeveloped location in the San Juan Basin was dropped (0.9 Bcfe) because of economics. We sold approximately 0.3 Bcfe of Williston Bakken properties in 2014. | |||||||||||||||||||||||
SEC regulations require that proved undeveloped (PUD) locations meet the test of being developed within five years of being categorized as proved. In 2014, we had no PUD locations that were required to be dropped because of the five year rule. | |||||||||||||||||||||||
Companies are required to include a narrative disclosure of the total quantity of PUD locations at year end, any material changes in PUD locations during the year and investment and progress made in converting the PUD locations to proved developed during the year. | |||||||||||||||||||||||
• | In 2013, we had 23 gross PUD locations for 4.7 Bcfe; all of the locations were in the Williston, Piceance and San Juan Basins. In 2014, seven locations in the Williston Bakken Shale were drilled and we invested $3.9 million and developed 0.6 Bcfe. One PUD in the San Juan Basin was dropped for economic reasons. Two PUD locations in the Williston Bakken were sold in 2014. | ||||||||||||||||||||||
• | Thirteen gross PUD locations remain undrilled as of December 31, 2014. The remaining 2013 PUD locations require approximately $10.5 million of future investment, and when drilled will develop approximately 3.2 Bcfe. Twelve locations are in the Williston Bakken and one location is in the Piceance Basin. | ||||||||||||||||||||||
• | In 2014, we added 21 gross PUD locations for future Williston Bakken, Piceance Mancos and Powder River Basin drilling. | ||||||||||||||||||||||
• | The number of locations and reconciliation of our proved undeveloped reserve and future development costs in our year-end proved undeveloped reserves as of December 31, 2014 were: | ||||||||||||||||||||||
Proved Reserves (in Bcfe) | Gross PUD Locations | Future Development Costs (in millions) | |||||||||||||||||||||
Existing 2013: | |||||||||||||||||||||||
Williston | 1.8 | 21 | $ | 8.6 | |||||||||||||||||||
Piceance | 2.3 | 1 | $ | 6.4 | |||||||||||||||||||
San Juan | 0.6 | 1 | $ | 0.9 | |||||||||||||||||||
Year End Total 2013 | 4.7 | 23 | $ | 15.9 | |||||||||||||||||||
Dropped 2013: | |||||||||||||||||||||||
San Juan | (0.6 | ) | (1 | ) | $ | (0.9 | ) | ||||||||||||||||
Drilled in 2014: | |||||||||||||||||||||||
Williston | (0.6 | ) | (7 | ) | $ | (3.9 | ) | ||||||||||||||||
Sold: | |||||||||||||||||||||||
Williston | (0.3 | ) | (2 | ) | $ | (0.7 | ) | ||||||||||||||||
Added in 2014: | |||||||||||||||||||||||
Williston | 0.2 | 18 | $ | 1 | |||||||||||||||||||
Powder River | 2 | 1 | $ | 13 | |||||||||||||||||||
Piceance | 6.7 | 2 | $ | 17.5 | |||||||||||||||||||
8.9 | 21 | $ | 31.5 | ||||||||||||||||||||
Total Proved Undeveloped | 12.1 | 34 | $ | 41.9 | |||||||||||||||||||
• | None of our PUD locations have been reflected in our reserves for five or more years. Consistent with SEC guidance, these PUD locations will be monitored and reported each year until either drilled or revised. | ||||||||||||||||||||||
Capitalized Costs | |||||||||||||||||||||||
Following is information concerning capitalized costs for the years ended December 31 (in thousands): | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Unproved oil and gas properties | $ | 75,329 | $ | 62,553 | $ | 59,526 | |||||||||||||||||
Proved oil and gas properties | 807,518 | 725,345 | 662,444 | ||||||||||||||||||||
Gross capitalized costs | 882,847 | 787,898 | 721,970 | ||||||||||||||||||||
Accumulated depreciation, depletion and amortization and valuation allowances (a) | (578,108 | ) | (555,263 | ) | (534,777 | ) | |||||||||||||||||
Net capitalized costs | $ | 304,739 | $ | 232,635 | $ | 187,193 | |||||||||||||||||
__________________ | |||||||||||||||||||||||
(a) | Reflects the sale of the majority of the Williston Basin assets during 2012 recorded under the full-cost method of accounting. | ||||||||||||||||||||||
Results of Operations | |||||||||||||||||||||||
Following is a summary of results of operations for producing activities for the years ended December 31 (in thousands): | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Revenue | $ | 55,114 | $ | 54,884 | $ | 79,072 | |||||||||||||||||
Production costs | 22,155 | 20,140 | 23,483 | ||||||||||||||||||||
Gain on sale of assets | — | — | (29,129 | ) | |||||||||||||||||||
Depreciation, depletion and amortization and valuation provisions | 26,626 | 20,611 | 37,323 | ||||||||||||||||||||
Impairment of long-lived assets | — | — | 26,868 | ||||||||||||||||||||
Total costs | 48,781 | 40,751 | 58,545 | ||||||||||||||||||||
Results of operations from producing activities before tax | 6,333 | 14,133 | 20,527 | ||||||||||||||||||||
Income tax benefit (expense) | (2,185 | ) | (4,876 | ) | (7,082 | ) | |||||||||||||||||
Results of operations from producing activities (excluding general and administrative costs and interest costs) | $ | 4,148 | $ | 9,257 | $ | 13,445 | |||||||||||||||||
Unproved Properties | |||||||||||||||||||||||
Unproved properties not subject to amortization at December 31, 2014, 2013 and 2012 consisted mainly of exploration cost on various existing work-in-progress projects as well as leasehold acquired through significant natural gas and oil property acquisitions and through direct purchases of leasehold. We capitalized approximately $1.0 million, $1.1 million and $0.7 million of interest during 2014, 2013 and 2012, respectively, on significant investments in unproved properties that were not yet included in the amortization base of the full-cost pool. We will continue to evaluate our unevaluated properties; however, the timing of the ultimate evaluation and disposition of the properties has not been determined. We expect the exploration cost listed below to be added to the cost pool in the next year. | |||||||||||||||||||||||
The table below sets forth the cost of unproved properties excluded from the amortization base as of December 31, 2014 and notes the year in which the associated costs were incurred (in thousands): | |||||||||||||||||||||||
2014 | 2013 | 2012 | Prior | Total | |||||||||||||||||||
Leasehold acquisition cost | $ | 16,077 | $ | 4,889 | $ | 35,823 | $ | 13,412 | $ | 70,201 | |||||||||||||
Exploration cost | 23,954 | 10,212 | — | — | 34,166 | ||||||||||||||||||
Capitalized interest | 207 | 748 | 360 | 3,813 | 5,128 | ||||||||||||||||||
Total | $ | 40,238 | $ | 15,849 | $ | 36,183 | $ | 17,225 | $ | 109,495 | |||||||||||||
Standardized Measure of Discounted Future Net Cash Flows | |||||||||||||||||||||||
Following is a summary of the standardized measure of discounted future net cash flows and changes relating to proved oil and gas reserves for the years ended December 31 (in thousands): | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Future cash inflows | $ | 675,973 | $ | 602,501 | $ | 502,769 | |||||||||||||||||
Future production costs | (245,180 | ) | (213,578 | ) | (186,695 | ) | |||||||||||||||||
Future development costs, including plugging and abandonment | (45,123 | ) | (40,557 | ) | (8,462 | ) | |||||||||||||||||
Future income tax expense | (29,523 | ) | (81,566 | ) | (69,877 | ) | |||||||||||||||||
Future net cash flows | 356,147 | 266,800 | 237,735 | ||||||||||||||||||||
10% annual discount for estimated timing of cash flows | (173,125 | ) | (107,375 | ) | (101,632 | ) | |||||||||||||||||
Standardized measure of discounted future net cash flows | $ | 183,022 | $ | 159,425 | $ | 136,103 | |||||||||||||||||
The following are the principal sources of change in the standardized measure of discounted future net cash flows during the years ended December 31 (in thousands): | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Standardized measure - beginning of year | $ | 159,425 | $ | 136,103 | $ | 203,357 | |||||||||||||||||
Sales and transfers of oil and gas produced, net of production costs | (32,139 | ) | (35,932 | ) | (48,905 | ) | |||||||||||||||||
Net changes in prices and production costs | (28,544 | ) | 15,126 | (42,639 | ) | ||||||||||||||||||
Extensions, discoveries and improved recovery, less related costs | 17,582 | 29,574 | 19,870 | ||||||||||||||||||||
Changes in future development costs | 3,195 | (12,216 | ) | 43,854 | |||||||||||||||||||
Development costs incurred during the period | 2,079 | 3,554 | 21,931 | ||||||||||||||||||||
Revisions of previous quantity estimates | 23,722 | 12,851 | (86,277 | ) | |||||||||||||||||||
Accretion of discount | 18,437 | 15,126 | 25,509 | ||||||||||||||||||||
Net change in income taxes | 19,265 | (3,892 | ) | 36,578 | |||||||||||||||||||
Purchases of reserves | — | — | — | ||||||||||||||||||||
Sales of reserves (a) | — | (869 | ) | (37,175 | ) | ||||||||||||||||||
Standardized measure - end of year | $ | 183,022 | $ | 159,425 | $ | 136,103 | |||||||||||||||||
________ | |||||||||||||||||||||||
(a) | Reflects sale of Williston Basin assets in 2012. | ||||||||||||||||||||||
Changes in the standardized measure from “revisions of previous quantity estimates” are driven by reserve revisions, modifications of production profiles and timing of future development. For all years presented, we had minimal net reserve revisions to prior estimates due to performance. Production forecast modifications are generally made at the well level each year through the reserve review process. These production profile modifications are based on incorporation of the most recent production information and applicable technical studies. Timing of future development investments are reviewed each year and are often modified in response to current market conditions for items such as permitting and service availability. |
Sale_Of_Operating_Assets_and_D
Sale Of Operating Assets and Discontinued Operations: | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||
Sale of Operating Assets and Discontinued Operations | SALE OF OPERATING ASSETS AND DISCONTINUED OPERATIONS | ||||||
Partial Sale of Electric Utilities Assets | |||||||
On September 18, 2012, Colorado Electric completed the sale of an undivided 50% ownership interest in the Busch Ranch Wind project for $25 million. Colorado Electric retains the remaining undivided interest and is the operator of this jointly owned facility. Commercial operation of the newly constructed wind farm commenced on October 16, 2012. Colorado Electric will purchase our partner’s interest in the energy produced by the wind farm through a REPA. See Note 18 for further information. | |||||||
Partial Sale of Oil and Gas Assets | |||||||
On September 27, 2012, our Oil and Gas segment sold a majority of its Bakken and Three Forks shale assets in the Williston Basin in North Dakota. An effective date of July 1, 2012, was used to determine the sales price. | |||||||
Our Oil and Gas segment follows the full-cost method of accounting for oil and gas activities. Typically, this methodology does not allow for gain or loss on sale and proceeds from sale are credited against the full cost pool. Gain or loss recognition is allowed when such adjustments would significantly alter the relationship between capitalized costs and proved reserves of oil and gas attributable to a cost center. The Williston Basin asset sale significantly altered the relationship and accordingly we recorded a gain of $29 million with the remainder of the proceeds recorded as a reduction in the full cost pool. As a result of the reduction in the full cost pool from the sale of these assets, the depreciation, depletion and amortization rate declined during 2013. | |||||||
Net cash proceeds, subsequent to the true-up of all post-closing adjustments, were as follows (in thousands): | |||||||
Cash proceeds received on date of sale | $ | 243,314 | |||||
Adjusted for: | |||||||
Post close adjustments | 2,793 | ||||||
Transaction adviser fees | (1,400 | ) | |||||
Estimated payment for contractual obligation related to “back-in” fee * | (16,847 | ) | |||||
Net cash proceeds | $ | 227,860 | |||||
_____________ | |||||||
* | Required payment, triggered by the sale of the property, arising from a contractual obligation contained in the original participation agreement with the property operator. | ||||||
Discontinued Operations | |||||||
Results of operations for discontinued operations have been classified as Income from discontinued operations, net of income taxes in the accompanying Consolidated Statements of Income and Consolidated Statements of Cash Flows. For comparative purposes, all prior periods presented have been restated to reflect the reclassification on a consistent basis. | |||||||
Energy Marketing Segment | |||||||
On February 29, 2012, we sold the outstanding stock of our Energy Marketing segment, Enserco Energy Inc. The transaction was completed through a stock purchase agreement and certain other ancillary agreements. Net cash proceeds at date of sale were approximately $165 million, subject to final post-closing adjustments. Those proceeds represented $108 million received from the buyer and $58 million of cash retained from Enserco before closing. | |||||||
The buyer asserted certain purchase price adjustments, some that we accepted, and several that we disputed. The disputed claims were resolved through a binding arbitration decision dated January 17, 2014. We expensed $1.4 million in 2012, relative to purchase price adjustments we accepted through a partial settlement agreement with the buyer, and an additional $1.1 million in 2013 relative to the claims assigned to arbitration. Loss from discontinued operations was $0.9 million for the twelve months ended December 31, 2013. Results for 2013 include the settlement of unresolved purchase price adjustments. | |||||||
Operating results of the Energy Marketing segment included in Income (loss) from discontinued operations, net of tax on the accompanying Consolidated Statements of Income were as follows (in thousands): | |||||||
For the Years Ended December 31, | 2013 | 2012 | |||||
Revenue | $ | — | $ | (604 | ) | ||
Pre-tax income (loss) from discontinued operations | — | (6,061 | ) | ||||
Pre-tax gain (loss) on sale | (1,391 | ) | (4,184 | ) | |||
Income tax (expense) benefit | 507 | 3,268 | |||||
Income (loss) from discontinued operations, net of tax (a) | $ | (884 | ) | $ | (6,977 | ) | |
________ | |||||||
(a) | 2012 includes transaction related costs, net of tax, of $2.5 million for the year ended December 31, 2012. | ||||||
Total indirect corporate costs and inter-segment interest expenses previously allocated to Enserco were not reclassified to discontinued operations in accordance with GAAP and instead have been reclassified to our Corporate segment. |
Quarterly_Historical_Data_Unau
Quarterly Historical Data (Unaudited): | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||
Quarterly Historical Data (Unaudited) | QUARTERLY HISTORICAL DATA (Unaudited) | ||||||||||||
The Company operates on a calendar year basis. The following tables set forth select unaudited historical operating results and market data for each quarter of 2014 and 2013. | |||||||||||||
First Quarter | Second Quarter | Third | Fourth Quarter | ||||||||||
Quarter | |||||||||||||
(in thousands, except per share amounts, dividends and common stock prices) | |||||||||||||
2014 | |||||||||||||
Revenue | $ | 460,169 | $ | 283,237 | $ | 272,087 | $ | 378,077 | |||||
Operating income | $ | 89,598 | $ | 46,577 | $ | 54,404 | $ | 69,951 | |||||
Income (loss) from continuing operations | $ | 48,118 | $ | 19,820 | $ | 26,836 | $ | 34,007 | |||||
Net income (loss) available for common stock | $ | 48,118 | $ | 19,820 | $ | 26,836 | $ | 34,007 | |||||
Income (loss) per share - Basic | $ | 1.09 | $ | 0.45 | $ | 0.6 | $ | 0.77 | |||||
Income (loss) per share - Diluted | $ | 1.08 | $ | 0.44 | $ | 0.6 | $ | 0.76 | |||||
Dividends paid per share | $ | 0.39 | $ | 0.39 | $ | 0.39 | $ | 0.39 | |||||
Common stock prices - High | $ | 59.05 | $ | 61.41 | $ | 62.13 | $ | 57.17 | |||||
Common stock prices - Low | $ | 51.09 | $ | 55.23 | $ | 47.87 | $ | 47.11 | |||||
First Quarter | Second Quarter | Third | Fourth | ||||||||||
Quarter | Quarter | ||||||||||||
(in thousands, except per share amounts, dividends and common stock prices) | |||||||||||||
2013 | |||||||||||||
Revenue | $ | 380,671 | $ | 279,826 | $ | 259,907 | $ | 355,448 | |||||
Operating income | $ | 79,846 | $ | 49,037 | $ | 55,566 | $ | 71,103 | |||||
Income (loss) from continuing operations (a) (b) | $ | 43,197 | $ | 30,518 | $ | 23,124 | $ | 19,007 | |||||
Income (loss) from discontinued operations | $ | — | $ | — | $ | — | $ | (884 | ) | ||||
Net income (loss) available for common stock (a) (b) | $ | 43,197 | $ | 30,518 | $ | 23,124 | $ | 18,123 | |||||
Income (loss) per share for continuing operations - Basic | $ | 0.98 | $ | 0.69 | $ | 0.52 | $ | 0.43 | |||||
Income (loss) per share for discontinued operations - Basic | — | — | — | (0.02 | ) | ||||||||
Income (loss) per share - Basic | $ | 0.98 | $ | 0.69 | $ | 0.52 | $ | 0.41 | |||||
Income (loss) per share for continuing operations - Diluted | $ | 0.97 | $ | 0.69 | $ | 0.52 | $ | 0.43 | |||||
Income (loss) per share for discontinued operations - Diluted | — | — | — | (0.02 | ) | ||||||||
Income (loss) per share - Diluted | $ | 0.97 | $ | 0.69 | $ | 0.52 | $ | 0.41 | |||||
Dividends paid per share | $ | 0.38 | $ | 0.38 | $ | 0.38 | $ | 0.38 | |||||
Common stock prices - High | $ | 44.32 | $ | 50.53 | $ | 55.09 | $ | 54.83 | |||||
Common stock prices - Low | $ | 36.89 | $ | 43.19 | $ | 46.62 | $ | 47 | |||||
__________________________ | |||||||||||||
(a) | Includes unrealized mark-to-market gain (loss) for interest rate swaps of $4.8 million, $12 million, $2.0 million and $0.5 million after-tax in the first, second, third and fourth quarters, respectively. | ||||||||||||
(b) | Fourth quarter 2013 includes $7.6 million after-tax for a make-whole premium and write-off of deferred financing costs relating to the early redemption of our $250 million notes and interest expense on new debt and a $6.6 million after-tax expense relating to the settlement of interest rate swaps in conjunction with the prepayment of Black Hills Wyoming’s project financing and write-off of deferred financing costs. |
Schedule_II_Consolidated_Valua
Schedule II Consolidated Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||
Schedule II Consolidated Valuation and Qualifying Accounts | SCHEDULE II | ||||||||||||||||||||||||
BLACK HILLS CORPORATION | |||||||||||||||||||||||||
CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||||||
YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012 | |||||||||||||||||||||||||
Description | Balance at Beginning of Year | Adjustments | Additions Charged to Costs and Expenses | Recoveries and Other Additions | Write-offs and Other Deductions | Balance at End of Year | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Allowance for doubtful accounts: | |||||||||||||||||||||||||
2014 | $ | 1,237 | $ | — | $ | 4,470 | $ | 4,233 | $ | (8,424 | ) | $ | 1,516 | ||||||||||||
2013 | $ | 768 | $ | — | $ | 2,780 | $ | 4,999 | $ | (7,310 | ) | $ | 1,237 | ||||||||||||
2012 | $ | 1,661 | $ | — | $ | 1,913 | $ | 3,822 | $ | (6,628 | ) | $ | 768 | ||||||||||||
Business_Description_And_Signi1
Business Description And Significant Accounting Policies: Business Description (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description | Business Description |
Black Hills Corporation is a diversified energy company headquartered in Rapid City, South Dakota. We are a holding company that, through our subsidiaries, operates in two primary business groups: Utilities and Non-regulated Energy. | |
The Utilities Group includes our Electric Utilities and Gas Utilities segments. Electric Utilities include the operating results of the regulated electric utility operations of Black Hills Power and Colorado Electric and the electric and natural gas utility operations of Cheyenne Light, which supply regulated electric utility services to areas in South Dakota, Wyoming, Colorado and Montana and natural gas utility services to Cheyenne, Wyoming and vicinity. Gas Utilities consist of the operating results of the regulated natural gas utility operations of Colorado Gas, Nebraska Gas, Iowa Gas and Kansas Gas. | |
The Non-regulated Energy Group includes our Power Generation, Coal Mining and Oil and Gas segments. Power Generation, which is conducted through Black Hills Electric Generation and its subsidiaries, engages in independent power generation activities in Wyoming and Colorado. Coal Mining, which is conducted through WRDC, engages in coal mining activities located near Gillette, Wyoming. Oil and Gas, which is conducted through BHEP and its subsidiaries, engages in crude oil and natural gas exploration and production activities in Colorado, Louisiana, Montana, Oklahoma, New Mexico, North Dakota, Wyoming, Texas and California. These businesses are aggregated for reporting purposes as Non-regulated Energy. | |
On February 29, 2012, we sold Enserco, our Energy Marketing segment, which resulted in this segment being reclassified as discontinued operations. See Note 21 for additional information. | |
Use of Estimates and Basis of Presentation | Use of Estimates and Basis of Presentation |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Changes in facts and circumstances or additional information may result in revised estimates and actual results could differ materially from those estimates. | |
Principles of Consolidation | Principles of Consolidation |
The consolidated financial statements include the accounts of Black Hills Corporation and its wholly-owned and majority-owned and controlled subsidiaries. Investment in non-controlled entities over which we have the ability to exercise significant influence over operating and financial policies are accounted for using the equity method of accounting. In applying the equity method of accounting, the investments are initially recognized at cost and subsequently adjusted for our proportionate share of earnings and losses and distributions. Under this method, a proportionate share of pretax income is recorded as Equity earnings (loss) of unconsolidated subsidiaries. All inter-company balances and transactions have been eliminated in consolidation. For additional information on inter-company revenues, see Note 4. | |
Our Consolidated Statements of Income include operating activity of acquired companies beginning with their acquisition date. We use the proportionate consolidation method to account for our working interests in oil and gas properties and for our ownership interest in any jointly-owned electric utility generating facility, wind project or transmission tie and the BHEP gas processing plant. See Note 3 for additional information. | |
As a result of the sale of our Energy Marketing segment, amounts associated with this segment have been reclassified as discontinued operations on the accompanying Consolidated Financial Statements. See Note 21 for additional information. | |
Cash and Cash Equivalents, Restricted Cash and Equivalents | Cash and Cash Equivalents |
We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. | |
Restricted Cash and Equivalents | |
We maintain cash accounts for various specified purposes. Therefore, we classify these amounts as restricted cash. | |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts |
Accounts receivable for our Utilities Group primarily consists of sales to residential, commercial, industrial, municipal and other customers, all of which do not bear interest. These accounts receivable are stated at billed and unbilled amounts net of write-offs and allowance for doubtful accounts. Accounts receivable for our Non-regulated Energy Group consists of amounts due from sales of coal, crude oil and natural gas, electric energy and capacity. | |
We maintain an allowance for doubtful accounts which reflects our estimate of uncollectible trade receivables. We regularly review our trade receivable allowance by considering such factors as historical experience, credit worthiness, the age of the receivable balances and current economic conditions that may affect collectibility. | |
In specific cases where we are aware of a customer’s inability or reluctance to pay, we record an allowance for doubtful accounts against amounts due to reduce the net receivable balance to the amount we reasonably expect to collect. However, if circumstances change, our estimate of the recoverability of accounts receivable could be affected. Circumstances which could affect our estimates include, but are not limited to, customer credit issues, the level of commodity prices, customer deposits and general economic conditions. Accounts are written off once they are deemed to be uncollectible or the time allowed for dispute under the contract has expired. | |
We utilize master netting agreements which consist of an agreement between two parties who have multiple contracts with each other that provide for the net settlement of all contracts in the event of default on or termination of any one contract. When the right of offset exists, accounting standards permit the netting of receivables and payables under a legally enforceable master netting agreement between counterparties. Accounting standards also permit offsetting of fair value amounts recognized for the right to reclaim, or the obligation to return, cash collateral against fair value amounts recognized for derivative instruments executed with the same counterparty. | |
Revenue Recognition | Revenue Recognition |
Revenue is recognized when there is persuasive evidence of an arrangement with a fixed or determinable price and delivery has occurred or services have been rendered. Sales tax collected from our customers is recorded on a net basis (excluded from Revenue). | |
Utility revenues are based on authorized rates approved by the state regulatory agencies and the FERC. Revenues related to the sale, transmission and distribution of energy, and delivery of service are generally recorded when service is rendered or energy is delivered to customers. To the extent that deliveries have occurred but a bill has not been issued, our utilities accrue an estimate of the revenue since the latest billing. This estimate is calculated based upon several factors including billings through the last billing cycle in a month and prices in effect in our jurisdictions. Each month the estimated unbilled revenue amounts are trued-up and recorded in Accounts receivable, net on the accompanying Consolidated Balance Sheets. | |
For long-term non-regulated power sales agreements, revenue is recognized either in accordance with accounting standards for revenue recognition, or in accordance with accounting standards for leases, as appropriate. Under accounting standards for revenue recognition, revenue is generally recognized as the lesser of the amount billed or the average rate expected over the life of the agreement. | |
Natural gas and crude oil sales are recognized when the products are sold to a purchaser at a fixed or determinable price, delivery has occurred, title has transferred and collectibility of the revenue is reasonably assured. Our Oil and Gas segment records its share of revenues based on production volumes and contracted sales prices. The sales price for natural gas, crude oil, condensate and NGLs is adjusted for transportation costs and other related deductions when applicable. The transportation costs and other deductions are based on contractual or historical data and do not require significant judgment. | |
Materials, Supplies and Fuel | Materials and supplies represent parts and supplies for all of our business segments. Fuel - Electric Utilities represents oil, gas and coal on hand used to produce power. Natural gas in storage primarily represents gas purchased for use by our gas customers. All of our Materials, supplies and fuel are valued using weighted-average cost. The value of our natural gas in storage fluctuates with seasonal volume requirements of our business and the commodity price of natural gas. |
Property, Plant and Equipment | Property, Plant and Equipment |
Additions to property, plant and equipment are recorded at cost. Included in the cost of regulated construction projects is AFUDC, when applicable, which represents the approximate composite cost of borrowed funds and a return on equity used to finance a regulated utility project. We also capitalize interest, when applicable, on undeveloped leasehold costs and certain non-regulated construction projects. In addition, asset retirement costs associated with tangible long-lived regulated utility assets are recognized as liabilities with an increase to the carrying amounts of the related long-lived regulated utility assets in the period incurred. The amounts capitalized are included in Property, plant and equipment on the accompanying Consolidated Balance Sheets. | |
The cost of regulated utility property, plant and equipment retired, or otherwise disposed of in the ordinary course of business, less salvage plus cost of removal, is charged to accumulated depreciation. Estimated removal costs associated with non-legal obligations related to our regulated properties are reclassified from accumulated depreciation and reflected as regulatory liabilities. Retirement or disposal of all other assets, except for crude oil and natural gas properties as described below, result in gains or losses recognized as a component of operating income. Ordinary repairs and maintenance of property, except as allowed under rate regulations, are charged to operations as incurred. | |
Depreciation provisions for property, plant and equipment are generally computed on a straight-line basis based on the applicable estimated service life of the various class of property. Capitalized coal mining costs and coal leases are amortized on a unit-of-production method based on volumes produced and estimated reserves. For certain non-utility power plant components, a unit-of-production methodology based on plant hours run is used. | |
Oil and Gas Operations | Oil and Gas Operations |
We account for our oil and gas activities under the full cost method. Under the full cost method, costs related to acquisition, exploration and estimated future expenditures to be incurred in developing proved reserves as well as estimated reclamation and abandonment costs, net of estimated salvage values are capitalized. These costs are amortized using a unit-of-production method based on volumes produced and proved reserves. Any conveyances of properties, including gains or losses on abandonment of properties, are typically treated as adjustments to the cost of the properties with no gain or loss recognized. However, we recognized a gain on the sale of a majority of our Williston Basin assets in 2012. See Note 21 for further discussion. | |
Costs directly associated with unproved properties and major development projects, if any, are excluded from the costs to be amortized. These excluded costs are subsequently included within the costs to be amortized when it is determined whether or not proved reserves can be assigned to the properties. The properties excluded from the costs to be amortized are assessed for impairment at least annually and any amount of impairment is added to the costs to be amortized. These costs are generally expected to be included in costs to be amortized within the term of the underlying lease agreement which varies in length. | |
Under the full cost method, net capitalized costs, less accumulated amortization and related deferred income taxes, are subject to a ceiling test which limits the pooled costs to the aggregate of the discounted value of future net revenue attributable to proved natural gas and crude oil reserves using a discount rate defined by the SEC, plus the lower of cost or market value of unevaluated properties. Future net cash flows are estimated based on SEC-defined end-of-period commodity prices adjusted for contracted price changes and held constant for the life of the reserves. An average price is calculated using the price at the first day of each month for each of the preceding 12 months. If the net capitalized costs exceed the full cost “ceiling” at period end, a permanent non-cash write-down would be charged to earnings in that period. As a result of lower natural gas prices, we recorded a non-cash ceiling test impairment of oil and gas long-lived assets included in the Oil and Gas segment in 2012. No ceiling test write-down was recorded in 2014 or 2013. See Note 12 for additional information. | |
The SEC definition of “reliable technology” permits the use of any reliable technology to establish reserve volumes in addition to those established by production and flow test data. This definition allows, but does not require us, to calculate PUDs to be booked at more than one location away from a producing well. We elected to include PUDs of only one location away from a producing well in our volume reserve estimate. See information on our oil and gas drilling activities in Note 20. | |
Companies are permitted but not required to disclose probable and possible reserves. We have elected not to report on these additional reserve categories. | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets |
Goodwill and intangible assets with indefinite lives are not amortized but the carrying values are reviewed upon an indicator of impairment or at least annually. Intangible assets with a finite life continue to be amortized over their estimated useful lives. We perform this annual review of goodwill and indefinite lived intangible assets as of November 30 each year (or more frequently if impairment indicators arise). | |
We performed our annual goodwill impairment tests as of November 30, 2014. We estimated the fair value of the goodwill using discounted cash flow methodology, EBITDA multiple method and an analysis of comparable transactions. This analysis required the input of several critical assumptions, including future growth rates, cash flow projections, operating cost escalation rates, rates of return, a risk-adjusted discount rate, timing and level of success in regulatory rate proceedings, the cost of debt and equity capital and long-term earnings and merger multiples for comparable companies. | |
Asset Retirement Obligations | Asset Retirement Obligations |
Accounting standards for asset retirement obligations associated with long-lived assets require that the present value of retirement costs for which we have a legal obligation be recorded as liabilities with an equivalent amount added to the asset cost and depreciated over an appropriate period. The associated ARO accretion expense for our non-regulated operations is included within Depreciation, depletion and amortization on the accompanying Consolidated Statements of Income. The accounting for the obligation for regulated operations has no income statement impact due to the deferral of the adjustments through the establishment of a regulatory asset or a regulatory liability. | |
We initially record liabilities for the present value of retirement costs for which we have a legal obligation, with an equivalent amount added to the asset cost. The asset is then depreciated or depleted over the appropriate useful life and the liability is accreted over time by applying an interest method of allocation. Any difference in the actual cost of the settlement of the liability and the recorded amount is recognized as a gain or loss in the results of operations at the time of settlement for our non-regulated operations, other than Oil and Gas. For the Oil and Gas segment, differences in the settlement of the liability and the recorded amount are generally reflected as adjustments to the capitalized cost of oil and gas properties and depleted pursuant to our use of the full cost method. | |
Fair Value Measurements | Fair Value Measurements |
Derivative Financial Instruments | |
Assets and liabilities are classified and disclosed in one of the following fair value categories: | |
Level 1 — Unadjusted quoted prices available in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities. This level primarily consists of financial instruments such as exchange-traded securities or listed derivatives. | |
Level 2 — Pricing inputs include quoted prices for identical or similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | |
Level 3 — Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs reflect management’s best estimate of fair value using its own assumptions about the assumptions a market participant would use in pricing the asset or liability. | |
Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement within the fair value hierarchy levels. We record transfers, if necessary, between levels at the end of the reporting period for all of our financial instruments. | |
Transfers into Level 3, if any, occur when significant inputs used to value the derivative instruments become less observable such as a significant decrease in the frequency and volume in which the instrument is traded, negatively impacting the availability of observable pricing inputs. Transfers out of Level 3, if any, occur when the significant inputs become more observable such as the time between the valuation date and the delivery date of a transaction becomes shorter, positively impacting the availability of observable pricing inputs. | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities |
The accounting standards for derivatives and hedging require that derivative instruments be recorded on the balance sheet as either an asset or liability measured at its fair value and that changes in the derivative instrument’s fair value be recognized currently in earnings unless specific hedge accounting criteria are met and designated accordingly, and if they qualify for certain exemptions, including the normal purchases and normal sales exemption. Each Consolidated Balance Sheet reflects the offsetting of net derivative positions with fair value amounts for cash collateral with the same counterparty when a legal right of offset exists. | |
Accounting standards for derivatives and hedging require that the unrealized gains or losses on a derivative instrument designated and qualifying as a fair value hedging instrument as well as the offsetting unrealized gain or loss on the hedged item attributable to the hedged risk be recognized currently in earnings in the same accounting period. Conversely, the effective portion of the unrealized gain or loss on a derivative instrument designated and qualifying as a cash flow hedging instrument must be reported as a component of other comprehensive income and be reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. The remaining gain or loss on the derivative instrument, if any, is recognized currently in earnings. | |
Revenues and expenses on contracts that qualify are designated as normal purchases and normal sales and are recognized when the underlying physical transaction is completed under the accrual basis of accounting. Normal purchases and normal sales are contracts where physical delivery is probable, quantities are expected to be used or sold in the normal course of business over a reasonable amount of time, and price is not tied to an unrelated underlying derivative. As part of our regulated electric and gas operations, we enter into contracts to buy and sell energy to meet the requirements of our customers. These contracts include short-term and long-term commitments to purchase and sell energy in the retail and wholesale markets with the intent and ability to deliver or take delivery. If it was determined that a transaction designated as a normal purchase or normal sale no longer met the exceptions, the fair value of the related contract would be reflected as either an asset or liability, under the accounting standards for derivatives and hedging. | |
Derivatives, Offsetting Fair Value Amounts | We utilize master netting agreements which consist of an agreement between two parties who have multiple contracts with each other that provide for the net settlement of all contracts in the event of default on or termination of any one contract. When the right of offset exists, accounting standards permit the netting of receivables and payables under a legally enforceable master netting agreement between counterparties. Accounting standards also permit offsetting of fair value amounts recognized for the right to reclaim, or the obligation to return, cash collateral against fair value amounts recognized for derivative instruments executed with the same counterparty. |
Deferred Financing Costs | Deferred Financing Costs |
Deferred financing costs are amortized using the effective interest method over the estimated useful life of the related debt. | |
Development Costs | Development Costs |
According to accounting standards for business combinations, we expense, when incurred, development and acquisition costs associated with corporate development activities prior to acquiring or beginning construction of a project. Expensed development costs are included in Other operating expenses on the accompanying Consolidated Statements of Income. | |
Legal Costs | Legal Costs |
Litigation liabilities, including potential settlements, are recorded when it is both probable that a liability or settlement has been incurred and the amount can be reasonably estimated. Legal costs related to ongoing litigation are expensed as incurred. | |
When a range of the probable loss exists and no amount within the range is a better estimate than any other amount, we record a loss contingency at the minimum amount in the range. If the loss contingency at issue is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. | |
Regulatory Accounting | Regulatory Accounting |
Our Utilities Group follows accounting standards for regulated operations and reflects the effects of the numerous rate-making principles followed by the various state and federal agencies regulating the utilities. The accounting policies followed are generally subject to the Uniform System of Accounts of the FERC. These accounting policies differ in some respects from those used by our non-regulated businesses. If rate recovery becomes unlikely or uncertain due to competition or regulatory action, these accounting standards may no longer apply which would require these net assets to be charged to current income or OCI. Our regulatory assets represent amounts for which we will recover the cost, but generally are not allowed a return, except as described below. In the event we determine that our regulated net assets no longer meet the criteria for following accounting standards for regulated operations, the accounting impact to us could be an extraordinary non-cash charge to operations, which could be material. | |
Income Taxes | Income Taxes |
The Company and its subsidiaries file consolidated federal income tax returns. Each tax paying entity records income taxes as if it were a separate taxpayer and consolidating adjustments are allocated to the subsidiaries based on separate company computations of taxable income or loss. | |
We use the liability method in accounting for income taxes. Under the liability method, deferred income taxes are recognized at currently enacted income tax rates, to reflect the tax effect of temporary differences between the financial and tax basis of assets and liabilities as well as operating loss and tax credit carry forwards. Such temporary differences are the result of provisions in the income tax law that either require or permit certain items to be reported on the income tax return in a different period than they are reported in the financial statements. We classify deferred tax assets and liabilities into current and non-current amounts based on the nature of the related assets and liabilities. | |
It is our policy to apply the flow-through method of accounting for investment tax credits as allowed by our rate-regulated jurisdictions. Under the flow-through method, investment tax credits are reflected in net income as a reduction to income tax expense in the year they qualify. Another acceptable accounting method and an exception to this general policy currently in our regulated businesses is to apply the deferral method whereby the credit is amortized as a reduction of income tax expense over the useful lives of the related property. | |
We recognize interest income or interest expense and penalties related to income tax matters in Income tax (expense) benefit on the Consolidated Statements of Income. | |
We account for uncertainty in income taxes recognized in the financial statements in accordance with the accounting standards for income taxes. The unrecognized tax benefit is classified in Other deferred credits and other liabilities on the accompanying Consolidated Balance Sheets. | |
Earnings per Share of Common Stock | Earnings per Share of Common Stock |
Basic earnings per share from continuing and discontinued operations is computed by dividing Income (loss) from continuing or discontinued operations by the weighted average number of common shares outstanding during each year. Diluted earnings per share is computed by including all dilutive common shares outstanding during each year. Diluted common shares are primarily due to outstanding stock options, restricted stock and performance shares under our equity compensation plans. | |
Discontinued Operations | Discontinued Operations |
On February 29, 2012, we sold the outstanding stock of our Energy Marketing segment, Enserco Energy Inc. The transaction was completed through a stock purchase agreement and certain other ancillary agreements. In accordance with GAAP, indirect corporate costs previously allocated to a disposal group cannot be reclassified to discontinued operations. See Note 21 for additional information. | |
Recently Issued and Adopted Accounting Standards | 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. | |
Recently Issued Accounting Pronouncements and Legislation | |
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforwards Exists, ASU 2013-11 | |
In July 2013, the FASB issued an amendment to accounting for income taxes which provides guidance on financial statement presentation of an unrecognized tax benefit when an NOL carryforward, a similar tax loss, or a tax credit carryforward exists. The objective in issuing this amendment is to eliminate diversity in practice resulting from a lack of guidance on this topic in current GAAP. Under the amendment, an entity must present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for an NOL carryforward, a similar tax loss, or a tax credit carryforward except under certain conditions. The amendment is effective for fiscal years beginning after December 15, 2013 and interim periods within those years, and should be applied to all unrecognized tax benefits that exist as of the effective date. The adoption of this standard did not have any impact on our financial position, results of operations or cash flows. | |
Final Tangible Property Regulations, Treasury Decision 9636 | |
In September 2013, the U.S. Treasury issued final regulations addressing the tax consequences associated with amounts paid to acquire, produce, or improve tangible property. The regulations had the effect of a change in law and as a result, the impact should be taken into account in the period of adoption. In general, such regulations apply to tax years beginning on or after January 1, 2014, with early adoption permitted. We implemented all of the provisions of the final regulations with the filing of the 2013 federal income tax return in September 2014. The adoption of the final regulations did not have a material impact on our consolidated financial statements. |
Business_Description_And_Signi2
Business Description And Significant Accounting Policies: Business Description (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | Following is a summary of accounts receivable as of December 31 (in thousands): | ||||||||||||
2014 | Accounts Receivable, Trade | Unbilled Revenue | Less Allowance for Doubtful Accounts | Accounts Receivable, net | |||||||||
Electric Utilities | $ | 59,714 | $ | 26,474 | $ | (722 | ) | $ | 85,466 | ||||
Gas Utilities | 47,394 | 45,546 | (781 | ) | 92,159 | ||||||||
Power Generation | 1,369 | — | — | 1,369 | |||||||||
Coal Mining | 3,151 | — | — | 3,151 | |||||||||
Oil and Gas | 5,305 | — | (13 | ) | 5,292 | ||||||||
Corporate | 2,555 | — | — | 2,555 | |||||||||
Total | $ | 119,488 | $ | 72,020 | $ | (1,516 | ) | $ | 189,992 | ||||
2013 | Accounts Receivable, Trade | Unbilled Revenue | Less Allowance for Doubtful Accounts | Accounts Receivable, net | |||||||||
Electric Utilities | $ | 52,437 | $ | 23,823 | $ | (666 | ) | $ | 75,594 | ||||
Gas Utilities | 49,162 | 41,195 | (558 | ) | 89,799 | ||||||||
Power Generation | 1,722 | — | — | 1,722 | |||||||||
Coal Mining | 1,711 | — | — | 1,711 | |||||||||
Oil and Gas | 8,156 | — | (13 | ) | 8,143 | ||||||||
Corporate | 604 | — | — | 604 | |||||||||
Total | $ | 113,792 | $ | 65,018 | $ | (1,237 | ) | $ | 177,573 | ||||
Materials, Supplies and Fuel | The following amounts by major classification are included in Materials, supplies and fuel on the accompanying Consolidated Balance Sheets as of (in thousands): | ||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||
Materials and supplies | $ | 49,555 | $ | 50,196 | |||||||||
Fuel - Electric Utilities | 6,637 | 6,213 | |||||||||||
Natural gas in storage held for distribution | 34,999 | 32,069 | |||||||||||
Total materials, supplies and fuel | $ | 91,191 | $ | 88,478 | |||||||||
Goodwill | Goodwill balances were as follows (in thousands): | ||||||||||||
Electric Utilities | Gas Utilities | Power Generation | Total | ||||||||||
Ending balance at December 31, 2012 | $ | 250,487 | $ | 94,144 | $ | 8,765 | $ | 353,396 | |||||
Additions (adjustments) | — | — | — | — | |||||||||
Ending balance at December 31, 2013 | $ | 250,487 | $ | 94,144 | $ | 8,765 | $ | 353,396 | |||||
Additions (adjustments) | — | — | — | — | |||||||||
Ending balance at December 31, 2014 | $ | 250,487 | $ | 94,144 | $ | 8,765 | $ | 353,396 | |||||
Intangible Assets | Changes to intangible assets for the years ended December 31, were as follows (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Intangible assets, net, beginning balance | $ | 3,397 | $ | 3,620 | $ | 3,843 | |||||||
Additions (adjustments) | — | — | — | ||||||||||
Amortization expense* | (221 | ) | (223 | ) | (223 | ) | |||||||
Intangible assets, net, ending balance | $ | 3,176 | $ | 3,397 | $ | 3,620 | |||||||
_________________ | |||||||||||||
* | Amortization expense for existing intangible assets is expected to be $0.2 million for each year of the next five years. | ||||||||||||
Regulatory Assets and Liabilities | We had the following regulatory assets and liabilities (in thousands): | ||||||||||||
Maximum | |||||||||||||
Amortization | As of | As of | |||||||||||
(in years) | 31-Dec-14 | 31-Dec-13 | |||||||||||
Regulatory assets | |||||||||||||
Deferred energy and fuel cost adjustments - current (a)(d) | 1 | $ | 23,820 | $ | 16,775 | ||||||||
Deferred gas cost adjustments (a)(d) | 2 | 37,471 | 4,799 | ||||||||||
Gas price derivatives (a) | 7 | 18,740 | 7,567 | ||||||||||
AFUDC (b) | 45 | 12,358 | 12,315 | ||||||||||
Employee benefit plans (c) (e) | 12 | 97,126 | 67,059 | ||||||||||
Environmental (a) | subject to approval | 1,314 | 1,800 | ||||||||||
Asset retirement obligations (a) | 44 | 3,287 | 3,266 | ||||||||||
Bond issue cost (a) | 23 | 3,276 | 3,419 | ||||||||||
Renewable energy standard adjustment (a) | 5 | 9,622 | 14,186 | ||||||||||
Flow through accounting (c) | 35 | 25,887 | 20,916 | ||||||||||
Decommissioning costs | 10 | 12,484 | — | ||||||||||
Other regulatory assets (a) | 15 | 12,454 | 10,546 | ||||||||||
$ | 257,839 | $ | 162,648 | ||||||||||
Regulatory liabilities | |||||||||||||
Deferred energy and gas costs (a) | 1 | $ | 6,496 | $ | 11,708 | ||||||||
Employee benefit plans (c) (e) | 12 | 53,139 | 34,431 | ||||||||||
Cost of removal (a) | 44 | 78,249 | 64,970 | ||||||||||
Other regulatory liabilities (c) | 25 | 10,947 | 9,047 | ||||||||||
$ | 148,831 | $ | 120,156 | ||||||||||
__________ | |||||||||||||
(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 December 31, 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. | ||||||||||||
(e) | Increases are due to a decrease in the discount rate and a change in the mortality tables used in employee benefit plan estimates. | ||||||||||||
Earnings Per Share Reconciliation | A reconciliation of share amounts used to compute earnings (loss) per share is as follows (in thousands): | ||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | |||||||||||
Income (loss) from continuing operations | $ | 128,781 | $ | 115,846 | $ | 88,505 | |||||||
Weighted average shares - basic | 44,394 | 44,163 | 43,820 | ||||||||||
Dilutive effect of: | |||||||||||||
Equity compensation | 204 | 256 | 250 | ||||||||||
Other | — | — | 3 | ||||||||||
Weighted average shares - diluted | 44,598 | 44,419 | 44,073 | ||||||||||
Income (loss) from continuing operations, per share - Diluted | $ | 2.89 | $ | 2.61 | $ | 2.01 | |||||||
Antidilutive Securities | The following outstanding securities were not included in the computation of diluted earnings per share as their effect would have been anti-dilutive (in thousands): | ||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | |||||||||||
Equity compensation | 81 | 22 | 163 | ||||||||||
Anti-dilutive shares excluded from computation of earnings (loss) per share | 81 | 22 | 163 | ||||||||||
Property_Plant_And_Equipment_P
Property, Plant And Equipment: Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||
Property, Plant and Equipment | Property, plant and equipment at December 31 consisted of the following (dollars in thousands): | ||||||||||||||||||
Utilities Group | 2014 | 2013 | Lives ( in years) | ||||||||||||||||
Electric Utilities | Property, Plant and Equipment | Weighted Average Useful Life (in years) | Property, Plant and Equipment | Weighted Average Useful Life (in years) | Minimum | Maximum | |||||||||||||
Electric plant: | |||||||||||||||||||
Production | $ | 1,125,845 | 45 | $ | 951,138 | 45 | 25 | 65 | |||||||||||
Electric transmission | 284,032 | 49 | 238,542 | 50 | 40 | 65 | |||||||||||||
Electric distribution | 718,342 | 44 | 666,589 | 44 | 15 | 65 | |||||||||||||
Plant acquisition adjustment (a) | 4,870 | 32 | 4,870 | 32 | 32 | 32 | |||||||||||||
General | 152,982 | 21 | 138,263 | 22 | 3 | 60 | |||||||||||||
Capital lease - plant in service (b) | 261,441 | 20 | 261,441 | 20 | 20 | 20 | |||||||||||||
Total electric plant in service | $ | 2,547,512 | $ | 2,260,843 | |||||||||||||||
Construction work in progress | 49,700 | 203,760 | |||||||||||||||||
Total electric plant | 2,597,212 | 2,464,603 | |||||||||||||||||
Less accumulated depreciation and amortization | 484,406 | 472,970 | |||||||||||||||||
Electric plant net of accumulated depreciation and amortization | $ | 2,112,806 | $ | 1,991,633 | |||||||||||||||
_____________ | |||||||||||||||||||
(a) The plant acquisition adjustment is included in rate base and is being recovered with 16 years remaining. | |||||||||||||||||||
(b) | Capital lease - plant in service represents the assets accounted for as a capital lease under the PPA between Colorado Electric and Black Hills Colorado IPP. The capital lease ends in conjunction with the expiration of the PPA on December 31, 2031. | ||||||||||||||||||
2014 | 2013 | Lives (in years) | |||||||||||||||||
Gas Utilities | Property, Plant and Equipment | Weighted Average Useful Life (in years) | Property, Plant and Equipment | Weighted Average Useful Life (in years) | Minimum | Maximum | |||||||||||||
Gas plant: | |||||||||||||||||||
Production | $ | 13 | 37 | $ | 13 | 37 | 37 | 37 | |||||||||||
Gas transmission | 24,090 | 54 | 24,984 | 54 | 53 | 57 | |||||||||||||
Gas distribution | 557,405 | 46 | 507,318 | 46 | 41 | 56 | |||||||||||||
General | 90,085 | 19 | 85,841 | 19 | 16 | 22 | |||||||||||||
Total gas plant in service | 671,593 | 618,156 | |||||||||||||||||
Construction work in progress | 16,072 | 9,417 | |||||||||||||||||
Total gas plant | 687,665 | 627,573 | |||||||||||||||||
Less accumulated depreciation and amortization | 92,035 | 84,679 | |||||||||||||||||
Gas plant net of accumulated depreciation and amortization | $ | 595,630 | $ | 542,894 | |||||||||||||||
2014 | Lives ( in years) | ||||||||||||||||||
Non-regulated Energy | Property, Plant and Equipment | Construction Work in Progress | Total Property Plant and Equipment | Less Accumulated Depreciation, Depletion and Amortization | Net Property, Plant and Equipment | Weighted Average Useful Life | Minimum | Maximum | |||||||||||
Power Generation | $ | 153,779 | $ | 2,262 | $ | 156,041 | $ | 47,704 | $ | 108,337 | 33 | 2 | 40 | ||||||
Coal Mining | 145,619 | 3,748 | 149,367 | 90,629 | 58,738 | 15 | 2 | 59 | |||||||||||
Oil and Gas | 962,395 | — | 962,395 | 612,736 | 349,659 | 24 | 3 | 25 | |||||||||||
$ | 1,261,793 | $ | 6,010 | $ | 1,267,803 | $ | 751,069 | $ | 516,734 | ||||||||||
2013 | Lives ( in years) | ||||||||||||||||||
Non-regulated Energy | Property, Plant and Equipment | Construction Work in Progress | Total Property Plant and Equipment | Less Accumulated Depreciation, Depletion and Amortization | Net Property, Plant and Equipment | Weighted Average Useful Life | Minimum | Maximum | |||||||||||
Power Generation | $ | 143,026 | $ | 10,491 | $ | 153,517 | $ | 43,069 | $ | 110,448 | 36 | 2 | 40 | ||||||
Coal Mining | 149,067 | 1,156 | 150,223 | 86,306 | 63,917 | 14 | 2 | 59 | |||||||||||
Oil and Gas | 852,384 | — | 852,384 | 585,334 | 267,050 | 24 | 3 | 25 | |||||||||||
$ | 1,144,477 | $ | 11,647 | $ | 1,156,124 | $ | 714,709 | $ | 441,415 | ||||||||||
2014 | Lives ( in years) | ||||||||||||||||||
Property, Plant and Equipment | Construction Work in Progress | Total Property Plant and Equipment | Less Accumulated Depreciation, Depletion and Amortization (a) | Net Property, Plant and Equipment | Weighted Average Useful Life | Minimum | Maximum | ||||||||||||
Corporate | $ | 5,524 | $ | 5,196 | $ | 10,720 | $ | (3,485 | ) | $ | 14,205 | 11 | 5 | 30 | |||||
___________ | |||||||||||||||||||
(a) | Accumulated depreciation, depletion and amortization at Corporate reflects the elimination of the capital lease accumulated depreciation difference between Colorado Electric and Colorado IPP. | ||||||||||||||||||
2013 | Lives (in years) | ||||||||||||||||||
Property, Plant and Equipment | Construction Work in Progress | Total Property Plant and Equipment | Less Accumulated Depreciation, Depletion and Amortization (a) | Net Property, Plant and Equipment | Weighted Average Useful Life | Minimum | Maximum | ||||||||||||
Corporate | $ | 5,498 | $ | 5,647 | $ | 11,145 | $ | (3,210 | ) | $ | 14,355 | 6 | 2 | 30 | |||||
___________ | |||||||||||||||||||
(a) | Accumulated depreciation, depletion and amortization at Corporate reflects the elimination of the capital lease accumulated depreciation difference between Colorado Electric and Colorado IPP. |
Jointly_Owned_Facilities_Table
Jointly Owned Facilities (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||
Schedule of Jointly Owned Utility Plants | At December 31, 2014, our interests in jointly-owned generating facilities and transmission systems were (in thousands): | |||||||||
Plant in Service | Construction Work in Progress | Accumulated Depreciation | ||||||||
Wyodak Plant | $ | 110,123 | $ | 1,201 | $ | 53,816 | ||||
Transmission Tie | $ | 19,648 | $ | — | $ | 4,976 | ||||
Wygen I | $ | 109,040 | $ | 1,765 | $ | 31,852 | ||||
Wygen III | $ | 136,220 | $ | 29 | $ | 13,811 | ||||
Busch Ranch Wind Project | $ | 18,590 | $ | — | $ | 1,573 | ||||
Business_Segments_Information_
Business Segments Information: Business Segments Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting Information, Additional Information [Abstract] | |||||||||||||||||||||||||
Segment information included in Condensed Consolidated Balance Sheets | Segment information was as follows (in thousands): | ||||||||||||||||||||||||
Total Assets (net of inter-company eliminations) as of December 31, | 2014 | 2013 | |||||||||||||||||||||||
Utilities: | |||||||||||||||||||||||||
Electric (a) | $ | 2,748,680 | $ | 2,525,947 | |||||||||||||||||||||
Gas | 906,922 | 805,617 | |||||||||||||||||||||||
Non-regulated Energy: | |||||||||||||||||||||||||
Power Generation (a) | 76,945 | 95,692 | |||||||||||||||||||||||
Coal Mining | 74,407 | 78,825 | |||||||||||||||||||||||
Oil and Gas | 366,247 | 288,366 | |||||||||||||||||||||||
Corporate | 106,605 | 80,731 | |||||||||||||||||||||||
Total assets | $ | 4,279,806 | $ | 3,875,178 | |||||||||||||||||||||
__________________ | |||||||||||||||||||||||||
(a) | The PPA under which Black Hills Colorado IPP provides generation to support Colorado Electric customers from the Pueblo Airport Generation station is accounted for as a capital lease. As such, assets owned by our Power Generation segment are recorded at Colorado Electric under accounting for a capital lease. | ||||||||||||||||||||||||
Capital Expenditures and Asset Acquisitions(a) for the years ended December 31, | 2014 | 2013 | |||||||||||||||||||||||
Utilities: | |||||||||||||||||||||||||
Electric Utilities | $ | 193,199 | $ | 222,262 | |||||||||||||||||||||
Gas Utilities | 70,528 | 63,205 | |||||||||||||||||||||||
Non-regulated Energy: | |||||||||||||||||||||||||
Power Generation | 2,379 | 13,533 | |||||||||||||||||||||||
Coal Mining | 6,676 | 5,528 | |||||||||||||||||||||||
Oil and Gas | 109,439 | 64,687 | |||||||||||||||||||||||
Corporate | 9,046 | 10,319 | |||||||||||||||||||||||
Total capital expenditures and asset acquisitions | $ | 391,267 | $ | 379,534 | |||||||||||||||||||||
_________________ | |||||||||||||||||||||||||
(a) | Includes accruals for property, plant and equipment. | ||||||||||||||||||||||||
Property, Plant and Equipment as of December 31, | 2014 | 2013 | |||||||||||||||||||||||
Utilities: | |||||||||||||||||||||||||
Electric Utilities (a) | $ | 2,597,212 | $ | 2,464,603 | |||||||||||||||||||||
Gas Utilities | 687,665 | 627,573 | |||||||||||||||||||||||
Non-regulated Energy: | |||||||||||||||||||||||||
Power Generation (a) | 156,041 | 153,517 | |||||||||||||||||||||||
Coal Mining | 149,367 | 150,223 | |||||||||||||||||||||||
Oil and Gas | 962,395 | 852,384 | |||||||||||||||||||||||
Corporate | 10,720 | 11,145 | |||||||||||||||||||||||
Total property, plant and equipment | $ | 4,563,400 | $ | 4,259,445 | |||||||||||||||||||||
_______________ | |||||||||||||||||||||||||
(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. | ||||||||||||||||||||||||
Segment information included in Condensed Consolidated Statements of Income | |||||||||||||||||||||||||
Consolidating Income Statement | |||||||||||||||||||||||||
Year ended December 31, 2014 | Electric Utilities | Gas Utilities | Power Generation | Coal Mining | Oil and Gas | Corporate | Inter-company Eliminations | Total | |||||||||||||||||
Revenue | $ | 683,201 | $ | 617,768 | $ | 6,401 | $ | 31,086 | $ | 55,114 | $ | — | $ | — | $ | 1,393,570 | |||||||||
Inter-company revenue | 14,110 | — | 81,157 | 32,272 | — | 222,460 | (349,999 | ) | — | ||||||||||||||||
Total revenue | 697,311 | 617,768 | 87,558 | 63,358 | 55,114 | 222,460 | (349,999 | ) | 1,393,570 | ||||||||||||||||
Fuel, purchased power and cost of natural gas sold | 314,573 | 380,852 | — | — | — | 116 | (113,759 | ) | 581,782 | ||||||||||||||||
Operations and maintenance | 165,641 | 132,635 | 33,126 | 41,172 | 42,659 | 213,415 | (225,473 | ) | 403,175 | ||||||||||||||||
Depreciation, depletion and amortization | 79,424 | 26,499 | 4,540 | 10,276 | 27,584 | 7,690 | (7,930 | ) | 148,083 | ||||||||||||||||
Operating income (loss) | 137,673 | 77,782 | 49,892 | 11,910 | (15,129 | ) | 1,239 | (2,837 | ) | 260,530 | |||||||||||||||
Interest expense | (53,402 | ) | (15,725 | ) | (4,351 | ) | (493 | ) | (2,603 | ) | (50,299 | ) | 55,913 | (70,960 | ) | ||||||||||
Interest income | 4,615 | 441 | 682 | 59 | 918 | 48,969 | (53,759 | ) | 1,925 | ||||||||||||||||
Other income (expense), net | 1,164 | 34 | (6 | ) | 2,275 | 183 | 61,605 | (62,574 | ) | 2,681 | |||||||||||||||
Income tax benefit (expense) | (30,498 | ) | (20,663 | ) | (17,701 | ) | (3,299 | ) | 5,998 | 24 | 744 | (65,395 | ) | ||||||||||||
Income (loss) from continuing operations | $ | 59,552 | $ | 41,869 | $ | 28,516 | $ | 10,452 | $ | (10,633 | ) | $ | 61,538 | $ | (62,513 | ) | $ | 128,781 | |||||||
Consolidating Income Statement | |||||||||||||||||||||||||
Year ended December 31, 2013 | Electric Utilities | Gas Utilities | Power Generation | Coal Mining | Oil and Gas | Corporate | Inter-company Eliminations | Total | |||||||||||||||||
Revenue | $ | 651,445 | $ | 539,689 | $ | 4,648 | $ | 25,186 | $ | 54,884 | $ | — | $ | — | $ | 1,275,852 | |||||||||
Inter-company revenue | 13,863 | — | 78,389 | 31,442 | — | 220,620 | (344,314 | ) | — | ||||||||||||||||
Total revenue | 665,308 | 539,689 | 83,037 | 56,628 | 54,884 | 220,620 | (344,314 | ) | 1,275,852 | ||||||||||||||||
Fuel, purchased power and cost of natural gas sold | 294,048 | 310,463 | — | — | — | 125 | (112,489 | ) | 492,147 | ||||||||||||||||
Operations and maintenance | 159,961 | 126,073 | 30,186 | 39,519 | 40,365 | 202,809 | (211,977 | ) | 386,936 | ||||||||||||||||
Depreciation, depletion and amortization | 77,704 | 26,381 | 5,091 | 11,523 | 21,770 | 11,624 | (12,876 | ) | 141,217 | ||||||||||||||||
Operating income (loss) | 133,595 | 76,772 | 47,760 | 5,586 | (7,251 | ) | 6,062 | (6,972 | ) | 255,552 | |||||||||||||||
Interest expense (a) | (61,537 | ) | (25,234 | ) | (21,178 | ) | (641 | ) | (2,253 | ) | (85,195 | ) | 84,250 | (111,788 | ) | ||||||||||
Unrealized gain (loss) on interest rate swaps, net | — | — | — | — | — | 30,169 | — | 30,169 | |||||||||||||||||
Interest income | 5,277 | 976 | 785 | 10 | 1,639 | 69,760 | (76,724 | ) | 1,723 | ||||||||||||||||
Other income (expense), net | 633 | (60 | ) | 1 | 2,304 | 108 | 41,453 | (42,641 | ) | 1,798 | |||||||||||||||
Income tax benefit (expense) | (25,834 | ) | (19,747 | ) | (11,080 | ) | (932 | ) | 3,545 | (7,778 | ) | 218 | (61,608 | ) | |||||||||||
Income (loss) from continuing operations | $ | 52,134 | $ | 32,707 | $ | 16,288 | $ | 6,327 | $ | (4,212 | ) | $ | 54,471 | $ | (41,869 | ) | $ | 115,846 | |||||||
________________ | |||||||||||||||||||||||||
(a) | Power Generation includes costs associated with interest rate swaps settled and write-off of deferred financing costs upon repayment of Black Hills Wyoming Project Financing and Corporate includes a write-off of deferred financing costs and a make-whole provision from early repayment of long-term debt (see Note 5). | ||||||||||||||||||||||||
Consolidating Income Statement | |||||||||||||||||||||||||
Year ended December 31, 2012 | Electric Utilities | Gas Utilities | Power Generation | Coal Mining | Oil and Gas | Corporate | Inter-company Eliminations | Total | |||||||||||||||||
Revenue | $ | 610,732 | $ | 454,081 | $ | 4,189 | $ | 25,810 | $ | 79,072 | $ | — | $ | — | $ | 1,173,884 | |||||||||
Inter-company revenue | 16,234 | — | 75,200 | 31,968 | — | 196,453 | (319,855 | ) | — | ||||||||||||||||
Total revenue | 626,966 | 454,081 | 79,389 | 57,778 | 79,072 | 196,453 | (319,855 | ) | 1,173,884 | ||||||||||||||||
Fuel, purchased power and cost of natural gas sold | 273,474 | 245,349 | — | — | — | — | (111,757 | ) | 407,066 | ||||||||||||||||
Operations and maintenance | 146,527 | 117,390 | 29,991 | 42,553 | 43,267 | 179,059 | (188,051 | ) | 370,736 | ||||||||||||||||
Gain on sale of operating assets (a) | — | — | — | — | (29,129 | ) | — | — | (29,129 | ) | |||||||||||||||
Depreciation, depletion and amortization | 75,244 | 25,163 | 4,599 | 13,060 | 38,494 | 10,936 | (12,864 | ) | 154,632 | ||||||||||||||||
Impairment of long-lived assets(b) | — | — | — | — | 26,868 | — | — | 26,868 | |||||||||||||||||
Operating income (loss) | 131,721 | 66,179 | 44,799 | 2,165 | (428 | ) | 6,458 | (7,183 | ) | 243,711 | |||||||||||||||
Interest expense(c) | (59,194 | ) | (26,746 | ) | (15,452 | ) | (238 | ) | (4,539 | ) | (92,650 | ) | 85,209 | (113,610 | ) | ||||||||||
Unrealized gain (loss) on interest rate swaps, net | — | — | — | — | — | 1,882 | — | 1,882 | |||||||||||||||||
Interest income | 8,153 | 2,765 | 695 | 1,168 | 604 | 64,695 | (76,123 | ) | 1,957 | ||||||||||||||||
Other income (expense), net | 1,182 | 105 | 7 | 2,616 | 207 | 48,769 | (49,921 | ) | 2,965 | ||||||||||||||||
Income tax benefit (expense) | (30,264 | ) | (14,313 | ) | (8,721 | ) | (85 | ) | 1,927 | 3,187 | (131 | ) | (48,400 | ) | |||||||||||
Income (loss) from continuing operations | $ | 51,598 | $ | 27,990 | $ | 21,328 | $ | 5,626 | $ | (2,229 | ) | $ | 32,341 | $ | (48,149 | ) | $ | 88,505 | |||||||
________________ | |||||||||||||||||||||||||
(a) | Oil and Gas includes gain on sale of the Williston Basin assets (see Note 21). | ||||||||||||||||||||||||
(b) | Oil and Gas includes a ceiling test impairment (see Note 12). | ||||||||||||||||||||||||
(c) | Corporate includes a make-whole provision from early repayment of long-term debt. |
LongTerm_Debt_LongTerm_Debt_Ta
Long-Term Debt: Long-Term Debt (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Long-term Debt, Unclassified [Abstract] | ||||||||||||||
Schedule of Long-term Debt Instruments | Long-term debt outstanding was as follows (dollars in thousands) as of: | |||||||||||||
Interest Rate at | ||||||||||||||
Due Date | 31-Dec-14 | 31-Dec-14 | 31-Dec-13 | |||||||||||
Corporate | ||||||||||||||
Senior unsecured notes due 2023 | 30-Nov-23 | 4.25% | $ | 525,000 | $ | 525,000 | ||||||||
Unamortized discount on Senior unsecured note due 2023 (a) | (2,164 | ) | — | |||||||||||
Senior unsecured notes due 2020 | July 15, 2020 | 5.88% | 200,000 | 200,000 | ||||||||||
Corporate term loan due 2015 (b) | June 19, 2015 | 1.31% | 275,000 | 275,000 | ||||||||||
Total Corporate Debt | 997,836 | 1,000,000 | ||||||||||||
Electric Utilities | ||||||||||||||
First Mortgage Bonds due 2044 | 20-Oct-44 | 4.43% | 85,000 | — | ||||||||||
First Mortgage Bonds due 2044 | 20-Oct-44 | 4.53% | 75,000 | — | ||||||||||
First Mortgage Bonds due 2032 | 15-Aug-32 | 7.23% | 75,000 | 75,000 | ||||||||||
First Mortgage Bonds due 2039 | 1-Nov-39 | 6.13% | 180,000 | 180,000 | ||||||||||
Unamortized discount on First Mortgage Bonds due 2039 | (102 | ) | (107 | ) | ||||||||||
Pollution control revenue bonds due 2024 | 1-Oct-24 | 5.35% | — | 12,200 | ||||||||||
First Mortgage Bonds due 2037 | 20-Nov-37 | 6.67% | 110,000 | 110,000 | ||||||||||
Industrial development revenue bonds due 2021, variable rate (c) | 1-Sep-21 | 0.09% | 7,000 | 7,000 | ||||||||||
Industrial development revenue bonds due 2027, variable rate (c) | March 1, 2027 | 0.09% | 10,000 | 10,000 | ||||||||||
Series 94A Debt, variable rate (c) | June 1, 2024 | 0.75% | 2,855 | 2,855 | ||||||||||
Total Electric Utilities | 544,753 | 396,948 | ||||||||||||
Total long-term debt | 1,542,589 | 1,396,948 | ||||||||||||
Less current maturities | 275,000 | — | ||||||||||||
Long-term debt, net of current maturities | $ | 1,267,589 | $ | 1,396,948 | ||||||||||
_______________ | ||||||||||||||
(a) | Discount on note initially reflected in deferred financing costs at December 31, 2013. | |||||||||||||
(b) | Variable interest rate, based on LIBOR plus a spread. | |||||||||||||
(c) | Variable interest rate. | |||||||||||||
Schedule of Maturities of Long-term Debt | Scheduled maturities of long-term debt, excluding amortization of premiums or discounts, for future years are (in thousands): | |||||||||||||
2015 | $ | 275,000 | ||||||||||||
2016 | $ | — | ||||||||||||
2017 | $ | — | ||||||||||||
2018 | $ | — | ||||||||||||
2019 | $ | — | ||||||||||||
Thereafter | $ | 1,269,855 | ||||||||||||
Deferred Financing Costs | Our deferred financing costs and associated amortization expense included in Interest expense on the accompanying Consolidated Statements of Income were as follows (in thousands): | |||||||||||||
Deferred Financing Costs Remaining in Other Assets, Non-current on Balance Sheets at | Amortization Expense for the years ended December 31, | |||||||||||||
31-Dec-14 | 2014 | 2013 | 2012 | |||||||||||
Senior unsecured notes due 2023 | $ | 3,908 | $ | 653 | $ | 86 | $ | — | ||||||
Senior unsecured notes due 2014 | $ | — | $ | — | $ | 635 | $ | 462 | ||||||
Senior unsecured notes due 2020 | $ | 926 | $ | 167 | $ | 167 | $ | 167 | ||||||
First mortgage bonds due 2044 (Black Hills Power) (a) | $ | 711 | $ | 6 | $ | — | $ | — | ||||||
First mortgage bonds due 2044 (Cheyenne Light) (a) | $ | 654 | $ | 6 | $ | — | $ | — | ||||||
First mortgage bonds due 2032 | $ | 584 | $ | 33 | $ | 33 | $ | 33 | ||||||
First mortgage bonds due 2039 | $ | 1,885 | $ | 76 | $ | 76 | $ | 76 | ||||||
First mortgage bonds due 2037 | $ | 705 | $ | 31 | $ | 31 | $ | 31 | ||||||
Black Hills Wyoming project financing due 2016 (b) | $ | — | $ | — | $ | 3,177 | $ | 1,037 | ||||||
Other | $ | 483 | $ | 53 | $ | 57 | $ | 57 | ||||||
_____________ | ||||||||||||||
(a) | Deferred financing costs on Cheyenne Prairie first mortgage bonds executed on October 1, 2014. | |||||||||||||
(b) | This project financing was repaid in 2013 and the deferred financing costs were written off. | |||||||||||||
The deferred financing costs on the new facility are being amortized as follows (in thousands): | ||||||||||||||
Deferred Financing Costs Remaining on Balance Sheets as of | Amortization Expense for the years ended December 31, | |||||||||||||
31-Dec-14 | 2014 | 2013 | 2012 | |||||||||||
Revolving Credit Facility | $ | 1,779 | $ | 616 | $ | 752 | $ | 2,187 | ||||||
Notes_Payable_Notes_Payable_Ta
Notes Payable: Notes Payable (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Notes Payable [Abstract] | ||||||||||||||
Schedule of Short-term Debt | We had the following short-term debt outstanding at the Consolidated Balance Sheets date (in thousands): | |||||||||||||
Balance Outstanding at | ||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||
Revolving Credit Facility | $ | 75,000 | $ | 82,500 | ||||||||||
Deferred Financing Costs | Our deferred financing costs and associated amortization expense included in Interest expense on the accompanying Consolidated Statements of Income were as follows (in thousands): | |||||||||||||
Deferred Financing Costs Remaining in Other Assets, Non-current on Balance Sheets at | Amortization Expense for the years ended December 31, | |||||||||||||
31-Dec-14 | 2014 | 2013 | 2012 | |||||||||||
Senior unsecured notes due 2023 | $ | 3,908 | $ | 653 | $ | 86 | $ | — | ||||||
Senior unsecured notes due 2014 | $ | — | $ | — | $ | 635 | $ | 462 | ||||||
Senior unsecured notes due 2020 | $ | 926 | $ | 167 | $ | 167 | $ | 167 | ||||||
First mortgage bonds due 2044 (Black Hills Power) (a) | $ | 711 | $ | 6 | $ | — | $ | — | ||||||
First mortgage bonds due 2044 (Cheyenne Light) (a) | $ | 654 | $ | 6 | $ | — | $ | — | ||||||
First mortgage bonds due 2032 | $ | 584 | $ | 33 | $ | 33 | $ | 33 | ||||||
First mortgage bonds due 2039 | $ | 1,885 | $ | 76 | $ | 76 | $ | 76 | ||||||
First mortgage bonds due 2037 | $ | 705 | $ | 31 | $ | 31 | $ | 31 | ||||||
Black Hills Wyoming project financing due 2016 (b) | $ | — | $ | — | $ | 3,177 | $ | 1,037 | ||||||
Other | $ | 483 | $ | 53 | $ | 57 | $ | 57 | ||||||
_____________ | ||||||||||||||
(a) | Deferred financing costs on Cheyenne Prairie first mortgage bonds executed on October 1, 2014. | |||||||||||||
(b) | This project financing was repaid in 2013 and the deferred financing costs were written off. | |||||||||||||
The deferred financing costs on the new facility are being amortized as follows (in thousands): | ||||||||||||||
Deferred Financing Costs Remaining on Balance Sheets as of | Amortization Expense for the years ended December 31, | |||||||||||||
31-Dec-14 | 2014 | 2013 | 2012 | |||||||||||
Revolving Credit Facility | $ | 1,779 | $ | 616 | $ | 752 | $ | 2,187 | ||||||
Schedule of Credit Facility Covenants | Our Revolving Credit Facility and our new Term Loan require compliance with the following financial covenant at the end of each quarter: | |||||||||||||
At December 31, 2014 | Covenant Requirement | |||||||||||||
Recourse leverage ratio | 55 | % | Less than | 65 | % |
Asset_Retirement_Obligations_A
Asset Retirement Obligations: Asset Retirement Obligations (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||
Schedule of Change in Asset Retirement Obligation | The following tables present the details of ARO which are included on the accompanying Consolidated Balance Sheets in Other deferred credits and other liabilities (in thousands): | ||||||||||||||||||
31-Dec-13 | Liabilities Incurred | Liabilities Settled | Accretion | Revisions to Prior Estimates (a) (b) | 31-Dec-14 | ||||||||||||||
Electric Utilities | $ | 6,922 | $ | — | $ | (85 | ) | $ | 175 | $ | — | $ | 7,012 | ||||||
Gas Utilities | 274 | — | — | 17 | — | 291 | |||||||||||||
Coal Mining | 20,627 | 345 | — | 951 | (2,785 | ) | 19,138 | ||||||||||||
Oil and Gas | 24,028 | 68 | (932 | ) | 1,043 | (3,262 | ) | 20,945 | |||||||||||
Total | $ | 51,851 | $ | 413 | $ | (1,017 | ) | $ | 2,186 | $ | (6,047 | ) | $ | 47,386 | |||||
31-Dec-12 | Liabilities Incurred | Liabilities Settled | Accretion | Revisions to Prior Estimates | 31-Dec-13 | ||||||||||||||
Electric Utilities | $ | 6,981 | $ | — | $ | — | $ | 168 | $ | (227 | ) | $ | 6,922 | ||||||
Gas Utilities | 259 | — | — | 15 | — | 274 | |||||||||||||
Coal Mining | 20,286 | 3 | (714 | ) | 1,052 | — | 20,627 | ||||||||||||
Oil and Gas | 23,022 | 143 | (1,903 | ) | 1,450 | 1,316 | 24,028 | ||||||||||||
Total | $ | 50,548 | $ | 146 | $ | (2,617 | ) | $ | 2,685 | $ | 1,089 | $ | 51,851 | ||||||
_____________________ | |||||||||||||||||||
(a) | The Coal Mining Revision to Prior Estimates reflects the change in backfill yards and disturbed acreage used in calculating the estimated liability. | ||||||||||||||||||
(b) | The Oil and Gas Revision to Prior Estimates was due to a change in useful well lives used in calculating the estimated liability. |
Risk_Management_Activities_Ris
Risk Management Activities: Risk Management Activities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Derivative [Line Items] | |||||||||||||
Schedule of Derivative Instruments | The contract or notional amounts, terms of our interest rate swaps and the interest rate swaps balances reflected on the Consolidated Balance Sheets were as follows (dollars in thousands) as of: | ||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||
Interest Rate Swaps (a) | Interest Rate Swaps (a) | ||||||||||||
Notional | $ | 75,000 | $ | 75,000 | |||||||||
Weighted average fixed interest rate | 4.97 | % | 4.97 | % | |||||||||
Maximum terms in years | 2 | 3 | |||||||||||
Derivative liabilities, current | $ | 3,340 | $ | 3,474 | |||||||||
Derivative liabilities, non-current | $ | 2,680 | $ | 5,614 | |||||||||
___________________ | |||||||||||||
(a) | These swaps are designated to borrowings on our Revolving Credit Facility. These swaps are priced using three-month LIBOR, matching the floating portion of the related borrowings. | ||||||||||||
Derivative Instruments, Gain (Loss) | The impact of cash flow hedges on our Consolidated Statements of Income (Loss) for years ended were as follows (in thousands): | ||||||||||||
31-Dec-14 | |||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain/(Loss) Recognized in AOCI Derivative (Effective Portion) | Location of Gain/ (Loss) Reclassified from AOCI into Income (Effective Portion) | Amount of Gain/(Loss) Reclassified from AOCI into Income (Effective Portion) | Location of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||||||
Interest rate swaps | $ | (536 | ) | Interest expense | $ | 3,669 | $ | — | |||||
Commodity derivatives | 14,681 | Revenue | 1,995 | — | |||||||||
Total | $ | 14,145 | $ | 5,664 | $ | — | |||||||
31-Dec-13 | |||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain/(Loss) Recognized in AOCI Derivative (Effective Portion) | Location of Gain/ (Loss) Reclassified from AOCI into Income (Effective Portion) | Amount of Gain/(Loss) Reclassified from AOCI into Income (Effective Portion) | Location of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||||||
Interest rate swaps | $ | 7,935 | Interest expense | $ | 6,989 | $ | — | ||||||
Commodity derivatives | (956 | ) | Revenue | (927 | ) | — | |||||||
Total | $ | 6,979 | $ | 6,062 | $ | — | |||||||
31-Dec-12 | |||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain/(Loss) Recognized in AOCI Derivative (Effective Portion) | Location of Gain/ (Loss) Reclassified from AOCI into Income (Effective Portion) | Amount of Gain/(Loss) Reclassified from AOCI into Income (Effective Portion) | Location of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||||||
Interest rate swaps | $ | (4,794 | ) | Interest expense | $ | (7,607 | ) | $ | — | ||||
Commodity derivatives | 2,639 | Revenue | 8,784 | — | |||||||||
Total | $ | (2,155 | ) | $ | 1,177 | $ | — | ||||||
Derivatives Not Designated as Hedge Instruments | |||||||||||||
The impacts of derivative instruments not designated as hedge instruments on our Consolidated Statements of Income (Loss) for the years ended December 31 were as follows (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | |||||||||
Interest rate swaps - unrealized (a) | Unrealized gain (loss) on interest rate swap, net | $ | — | $ | 30,169 | $ | 1,882 | ||||||
Interest rate swaps - realized (a) | Interest expense | — | (12,902 | ) | (12,959 | ) | |||||||
$ | — | $ | 17,267 | $ | (11,077 | ) | |||||||
_______________ | |||||||||||||
(a) | These interest rate swaps were settled in the fourth quarter of 2013. | ||||||||||||
Oil and Gas [Member] | |||||||||||||
Derivative [Line Items] | |||||||||||||
Schedule of Derivative Instruments | The contract or notional amounts, terms of our commodity derivatives and the derivative balances for our Oil and Gas segment reflected on the Consolidated Balance Sheets were as follows (dollars in thousands) as of: | ||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||
Crude oil futures, swaps and options | Natural gas futures, swaps and options | Crude oil futures, swaps and options | Natural gas futures, swaps and options | ||||||||||
Notional (a) | 334,500 | 6,582,500 | 412,500 | 7,082,500 | |||||||||
Maximum terms in months (b) | 1 | 1 | 3 | 1 | |||||||||
Derivative assets, current | $ | — | $ | — | $ | 55 | $ | — | |||||
Derivative assets, non-current | $ | — | $ | — | $ | — | $ | — | |||||
Derivative liabilities, current | $ | — | $ | — | $ | — | $ | — | |||||
Derivative liabilities, non-current | $ | — | $ | — | $ | — | $ | — | |||||
________________________ | |||||||||||||
(a) | Crude in Bbls, gas in MMBtu. | ||||||||||||
(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 | We had the following derivative balances related to the hedges in our Utilities reflected in our Consolidated Balance Sheets as of (in thousands): | ||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||
Derivative assets, current | $ | — | $ | 662 | |||||||||
Derivative assets, non-current | $ | — | $ | — | |||||||||
Derivative liabilities, current | $ | — | $ | — | |||||||||
Derivative liabilities, non-current | $ | — | $ | — | |||||||||
Net unrealized (gain) loss included in Regulatory assets or Regulatory liabilities | $ | 18,740 | $ | 7,567 | |||||||||
Contract or notional amounts and terms of marketing activities and derivative commodity instruments | The contract or notional amounts and terms of the natural gas derivative commodity instruments held by our Gas Utilities were as follows, as of: | ||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||
Notional (MMBtus) | Maximum Term (months) (a) | Notional (MMBtus) | Maximum Term (months) (a) | ||||||||||
Natural gas futures purchased | 19,370,000 | 72 | 17,930,000 | 84 | |||||||||
Natural gas options purchased | 4,020,000 | 8 | 3,890,000 | 8 | |||||||||
Natural gas basis swaps purchased | 12,005,000 | 60 | 14,785,000 | 60 | |||||||||
__________ | |||||||||||||
(a) Term reflects the maximum forward period hedged. |
Fair_Value_Measurements_Fair_V
Fair Value Measurements: Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | A discussion of fair value of financial instruments is included in Note 10. The following tables set forth, by level within the fair value hierarchy, our gross assets and gross liabilities and related offsetting as permitted by GAAP that were accounted for at fair value on a recurring basis for derivative instruments (in thousands): | ||||||||||||||||
As of December 31, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting | Total | |||||||||||||
Assets: | |||||||||||||||||
Commodity derivatives - Oil and Gas: | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | 8,599 | — | (8,599 | ) | — | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 6,558 | — | (6,558 | ) | — | |||||||||||
Commodity derivatives - Utilities | — | 2,389 | — | (2,389 | ) | — | |||||||||||
Total | $ | — | $ | 17,546 | $ | — | $ | (17,546 | ) | $ | — | ||||||
Liabilities: | |||||||||||||||||
Commodity derivatives - Oil and Gas: | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | — | — | — | — | ||||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 473 | — | (473 | ) | — | |||||||||||
Commodity derivatives - Utilities | — | 19,303 | — | (19,303 | ) | — | |||||||||||
Interest rate swaps | — | 6,020 | — | — | 6,020 | ||||||||||||
Total | $ | — | $ | 25,796 | $ | — | $ | (19,776 | ) | $ | 6,020 | ||||||
As of December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting | Total | |||||||||||||
Assets: | |||||||||||||||||
Commodity derivatives - Oil and Gas: | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | 130 | — | (75 | ) | 55 | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 815 | — | (815 | ) | — | |||||||||||
Commodity derivatives - Utilities | — | 3,030 | — | (2,368 | ) | 662 | |||||||||||
Total | $ | — | $ | 3,975 | $ | — | $ | (3,258 | ) | $ | 717 | ||||||
Liabilities: | |||||||||||||||||
Commodity derivatives - Oil and Gas: | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | 1,229 | — | (1,229 | ) | — | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 531 | — | (531 | ) | — | |||||||||||
Commodity derivatives - Utilities | — | 9,100 | — | (9,100 | ) | — | |||||||||||
Interest rate swaps | — | 9,088 | — | — | 9,088 | ||||||||||||
Total | $ | — | $ | 19,948 | $ | — | $ | (10,860 | ) | $ | 9,088 | ||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables present the fair value and balance sheet classification of our derivative instruments as of December 31, (in thousands): | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Balance Sheet Location | Fair Value of Asset Derivatives | Fair Value of Liability Derivatives | Fair Value of Asset Derivatives | Fair Value of Liability Derivatives | |||||||||||||
Derivatives designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets - current | $ | 10,391 | $ | — | $ | 248 | $ | — | ||||||||
Commodity derivatives | Derivative assets - non-current | 4,766 | — | 698 | — | ||||||||||||
Commodity derivatives | Derivative liabilities - current | — | 185 | — | 1,541 | ||||||||||||
Commodity derivatives | Derivative liabilities - non-current | — | 288 | — | 219 | ||||||||||||
Interest rate swaps | Derivative liabilities - current | — | 3,340 | — | 3,474 | ||||||||||||
Interest rate swaps | Derivative liabilities - non-current | — | 2,680 | — | 5,614 | ||||||||||||
Total derivatives designated as hedges | $ | 15,157 | $ | 6,493 | $ | 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 | — | 8,032 | — | — | ||||||||||||
Commodity derivatives | Derivative liabilities - non-current | — | 8,882 | — | 6,732 | ||||||||||||
Interest rate swaps | Derivative liabilities - current | — | — | — | — | ||||||||||||
Interest rate swaps | Derivative liabilities - non-current | — | — | — | — | ||||||||||||
Total derivatives not designated as hedges | $ | — | $ | 16,914 | $ | 662 | $ | 6,732 | |||||||||
Schedule of Derivative Offsetting on Balance Sheet | Offsetting of derivative assets and derivative liabilities on our Consolidated Balance Sheets at December 31, 2014 was as follows (in thousands): | ||||||||||||||||
Derivative Assets | Gross Amounts of Derivative Assets | Gross Amounts Offset on Consolidated Balance Sheets | Net Amount of Total Derivative Assets on Consolidated Balance Sheets | ||||||||||||||
Subject to master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | $ | 8,599 | $ | (8,599 | ) | $ | — | ||||||||||
Oil and Gas - Crude Options | — | — | — | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | 6,558 | (6,558 | ) | — | |||||||||||||
Utilities | 2,389 | (2,389 | ) | — | |||||||||||||
Total derivative assets subject to a master netting agreement or similar arrangement | 17,546 | (17,546 | ) | — | |||||||||||||
Not subject to a master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | — | — | — | ||||||||||||||
Oil and Gas - Crude Options | — | — | — | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | — | — | — | ||||||||||||||
Utilities | — | — | — | ||||||||||||||
Total derivative assets not subject to a master netting agreement or similar arrangement | — | — | — | ||||||||||||||
Total derivative assets | $ | 17,546 | $ | (17,546 | ) | $ | — | ||||||||||
Derivative Liabilities | Gross Amounts of Derivative Liabilities | Gross Amounts Offset on Consolidated Balance Sheets | Net Amount of Total Derivative Liabilities on Consolidated Balance Sheets | ||||||||||||||
Subject to a master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | $ | — | $ | — | $ | — | |||||||||||
Oil and Gas - Crude Options | — | — | — | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | 473 | (473 | ) | — | |||||||||||||
Utilities | 19,303 | (19,303 | ) | — | |||||||||||||
Interest Rate Swaps | — | — | — | ||||||||||||||
Total derivative liabilities subject to a master netting agreement or similar arrangement | 19,776 | (19,776 | ) | — | |||||||||||||
Not subject to a master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | — | — | — | ||||||||||||||
Oil and Gas - Crude Options | — | — | — | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | — | — | — | ||||||||||||||
Utilities | — | — | — | ||||||||||||||
Interest Rate Swaps | 6,020 | — | 6,020 | ||||||||||||||
Total derivative liabilities not subject to a master netting agreement or similar arrangement | 6,020 | — | 6,020 | ||||||||||||||
Total derivative liabilities | $ | 25,796 | $ | (19,776 | ) | $ | 6,020 | ||||||||||
Offsetting of derivative assets and derivative liabilities on our Consolidated Balance Sheets as of December 31, 2013 were as follows (in thousands): | |||||||||||||||||
Derivative Assets | Gross Amounts of Derivative Assets | Gross Amounts Offset on Consolidated Balance Sheets | Net Amount of Total Derivative Assets on Consolidated Balance Sheets | ||||||||||||||
Subject to master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | $ | 75 | $ | (75 | ) | $ | — | ||||||||||
Oil and Gas - Crude Options | — | — | — | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | 815 | (815 | ) | — | |||||||||||||
Utilities | 3,030 | (2,368 | ) | 662 | |||||||||||||
Total derivative assets subject to a master netting agreement or similar arrangement | 3,920 | (3,258 | ) | 662 | |||||||||||||
Not subject to a master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | 55 | — | 55 | ||||||||||||||
Oil and Gas - Crude Options | — | — | — | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | — | — | — | ||||||||||||||
Utilities | — | — | — | ||||||||||||||
Total derivative assets not subject to a master netting agreement or similar arrangement | 55 | — | 55 | ||||||||||||||
Total derivative assets | $ | 3,975 | $ | (3,258 | ) | $ | 717 | ||||||||||
Derivative Liabilities | Gross Amounts of Derivative Liabilities | Gross Amounts Offset on Consolidated Balance Sheets | Net Amount of Total Derivative Liabilities on Consolidated Balance Sheets | ||||||||||||||
Subject to a master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | $ | 1,229 | $ | (1,229 | ) | $ | — | ||||||||||
Oil and Gas - Crude Options | — | — | — | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | 531 | (531 | ) | — | |||||||||||||
Utilities | 9,100 | (9,100 | ) | — | |||||||||||||
Interest Rate Swaps | — | — | — | ||||||||||||||
Total derivative liabilities subject to a master netting agreement or similar arrangement | 10,860 | (10,860 | ) | — | |||||||||||||
Not subject to a master netting agreement or similar arrangement: | |||||||||||||||||
Commodity derivative: | |||||||||||||||||
Oil and Gas - Crude Basis Swaps | — | — | — | ||||||||||||||
Oil and Gas - Crude Options | — | — | — | ||||||||||||||
Oil and Gas - Natural Gas Basis Swaps | — | — | — | ||||||||||||||
Utilities | — | — | — | ||||||||||||||
Interest Rate Swaps | 9,088 | — | 9,088 | ||||||||||||||
Total derivative liabilities not subject to a master netting agreement or similar arrangement | 9,088 | — | 9,088 | ||||||||||||||
Total derivative liabilities | $ | 19,948 | $ | (10,860 | ) | $ | 9,088 | ||||||||||
Derivative assets and derivative liabilities and collateral held by counterparty included in our Consolidated Balance Sheets as of December 31, 2014 were (in thousands): | |||||||||||||||||
Gross Amounts Not Offset on Consolidated Balance Sheets | |||||||||||||||||
Contract Type | Net Amount of Total Derivative Assets | Cash Collateral Received | Net Amount with Counterparty | ||||||||||||||
Assets: | |||||||||||||||||
Oil and Gas | Counterparty A | $ | — | $ | — | $ | — | ||||||||||
Oil and Gas | Counterparty B | — | — | — | |||||||||||||
Utilities | Counterparty A | — | — | — | |||||||||||||
$ | — | $ | — | $ | — | ||||||||||||
Gross Amounts Not Offset on Consolidated Balance Sheets | |||||||||||||||||
Contract Type | Net Amount of Total Derivative Liabilities | Cash Collateral Paid | Net Amount with Counterparty | ||||||||||||||
Liabilities: | |||||||||||||||||
Oil and Gas | Counterparty A | $ | — | $ | (4,392 | ) | $ | (4,392 | ) | ||||||||
Oil and Gas | Counterparty B | — | — | — | |||||||||||||
Utilities | Counterparty A | — | (3,093 | ) | (3,093 | ) | |||||||||||
Interest Rate Swaps | Counterparty F | 6,020 | — | 6,020 | |||||||||||||
$ | 6,020 | $ | (7,485 | ) | $ | (1,465 | ) | ||||||||||
Derivative assets and derivative liabilities and collateral held by counterparty included in our Consolidated Balance Sheets as of December 31, 2013 were (in thousands): | |||||||||||||||||
Gross Amounts Not Offset on Consolidated Balance Sheets | |||||||||||||||||
Contract Type | Net Amount of Total Derivative Assets | Cash Collateral Received | Net Amount with Counterparty | ||||||||||||||
Assets: | |||||||||||||||||
Oil and Gas | Counterparty A | $ | — | $ | — | $ | — | ||||||||||
Oil and Gas | Counterparty B | 55 | — | 55 | |||||||||||||
Utilities | Counterparty A | 662 | — | 662 | |||||||||||||
$ | 717 | $ | — | $ | 717 | ||||||||||||
Gross Amounts Not Offset on Consolidated Balance Sheets | |||||||||||||||||
Contract Type | Net Amount of Total Derivative Liabilities | Cash Collateral Paid | Net Amount with Counterparty | ||||||||||||||
Liabilities: | |||||||||||||||||
Oil and Gas | Counterparty A | $ | — | $ | (1,631 | ) | $ | (1,631 | ) | ||||||||
Oil and Gas | Counterparty B | — | — | — | |||||||||||||
Utilities | Counterparty A | — | (3,390 | ) | (3,390 | ) | |||||||||||
Interest Rate Swap | Counterparty F | 9,088 | — | 9,088 | |||||||||||||
$ | 9,088 | $ | (5,021 | ) | $ | 4,067 | |||||||||||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments: Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
Fair value of financial instruments | The estimated fair values of our financial instruments, excluding derivatives which are presented in Note 9, were as follows at December 31 (in thousands): | ||||||||||||
2014 | 2013 | ||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||
Cash and cash equivalents (a) | $ | 21,218 | $ | 21,218 | $ | 7,841 | $ | 7,841 | |||||
Restricted cash and equivalents (a) | $ | 2,056 | $ | 2,056 | $ | 2 | $ | 2 | |||||
Notes payable (a) | $ | 75,000 | $ | 75,000 | $ | 82,500 | $ | 82,500 | |||||
Long-term debt, including current maturities (b) | $ | 1,542,589 | $ | 1,734,555 | $ | 1,396,948 | $ | 1,491,422 | |||||
_______________ | |||||||||||||
(a) | Carrying value approximates fair value due to either short-term length of maturity or variable interest rates that approximate prevailing market rates and therefore is classified in Level 1 in the fair value hierarchy. | ||||||||||||
(b) | Long-term debt is valued based on observable inputs available either directly or indirectly for similar liabilities in active markets and therefore is classified in Level 2 in the fair value hierarchy. |
Stock_Stock_Tables
Stock: Stock (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Stock-based compensation expense included in Operations and maintenance on the accompanying Consolidated Statements of Income was as follows for the years ended December 31 (in thousands): | ||||||||||
2014 | 2013 | 2012 | |||||||||
Stock-based compensation expense | $ | 9,329 | $ | 12,595 | $ | 8,271 | |||||
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity | A summary of the DRSPP for the years ended December 31 is as follows (shares in thousands): | ||||||||||
2014 | 2013 | ||||||||||
Shares Issued | 52 | 67 | |||||||||
Weighted Average Price | $ | 54.99 | $ | 46.78 | |||||||
Unissued Shares Available | 474 | 286 | |||||||||
Employee Stock Option [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the status of the stock options at December 31, 2014 was as follows: | ||||||||||
Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||
(in thousands) | (in years) | (in thousands) | |||||||||
Balance at beginning of period | 61 | $ | 33.25 | ||||||||
Granted (a) | 81 | 54.29 | |||||||||
Forfeited/canceled | — | — | |||||||||
Expired | — | — | |||||||||
Exercised | (8 | ) | 30.87 | ||||||||
Balance at end of period | 134 | $ | 46.12 | 8.2 | $ | 1,027 | |||||
Exercisable at end of period | 46 | $ | 32.63 | 6.5 | $ | 944 | |||||
___________________________ | |||||||||||
(a) | The grant date fair value of the 2014 awards was $12.58 based on a Black-Scholes option pricing model. Assumptions used to estimate the fair value were a 2.1% risk free interest rate, 29.4% expected price volatility, 2.9% expected dividend yield and a 7 year expected life. | ||||||||||
The table below provides details of our option plans at December 31 (in thousands): | |||||||||||
2014 | 2013 | 2012 | |||||||||
Summary of Stock Options | |||||||||||
Unrecognized compensation expense | $ | 816 | $ | 130 | $ | 218 | |||||
Intrinsic value of options exercised (a) | $ | 199 | $ | 789 | $ | 623 | |||||
Net cash received from exercise of options | $ | 237 | $ | 2,046 | $ | 2,839 | |||||
Tax benefit realized from exercise of shares (b) | $ | 70 | $ | 276 | $ | 218 | |||||
_____________________ | |||||||||||
(a) | The intrinsic value represents the amount by which the market price of the stock on the date of exercise exceeded the exercise price of the option. | ||||||||||
(b) | The tax benefit realized from the exercise of shares granted was recorded as an increase in equity. | ||||||||||
Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of the status of the restricted stock at December 31, 2014, was as follows: | ||||||||||
Restricted Stock | Weighted-Average Grant Date Fair Value | ||||||||||
(in thousands) | |||||||||||
Restricted Stock at beginning of period | 262 | $ | 36.76 | ||||||||
Granted | 99 | 54.34 | |||||||||
Vested | (114 | ) | 35.25 | ||||||||
Forfeited | (14 | ) | 43.17 | ||||||||
Restricted Stock at end of period | 233 | $ | 44.6 | ||||||||
The weighted-average grant-date fair value of restricted stock granted and the total fair value of shares vested during the years ended December 31, was as follows: | |||||||||||
Weighted-Average Grant Date Fair Value | Total Fair Value of Shares Vested | ||||||||||
(in thousands) | |||||||||||
2014 | $ | 54.34 | $ | 6,114 | |||||||
2013 | $ | 40.56 | $ | 5,842 | |||||||
2012 | $ | 34.99 | $ | 3,781 | |||||||
Performance Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | Outstanding performance periods at December 31 were as follows (shares in thousands): | ||||||||||
Possible Payout Range of Target | |||||||||||
Grant Date | Performance Period | Target Grant of Shares | Minimum | Maximum | |||||||
1-Jan-12 | January 1, 2012 - December 31, 2014 | 64 | 0% | 200% | |||||||
1-Jan-13 | January 1, 2013 - December 31, 2015 | 61 | 0% | 200% | |||||||
1-Jan-14 | January 1, 2014 - December 31, 2016 | 44 | 0% | 200% | |||||||
A summary of the status of the Performance Share Plan at December 31 was as follows: | |||||||||||
Equity Portion | Liability Portion | ||||||||||
Weighted-Average Grant Date Fair Value (a) | Weighted-Average Fair Value at (b) | ||||||||||
Shares | Shares | 31-Dec-14 | |||||||||
(in thousands) | (in thousands) | ||||||||||
Performance Shares balance at beginning of period | 93 | $ | 31.34 | 93 | |||||||
Granted | 23 | 55.18 | 23 | ||||||||
Forfeited | (1 | ) | 40.12 | (1 | ) | ||||||
Vested | (31 | ) | 25.92 | (31 | ) | ||||||
Performance Shares balance at end of period | 84 | $ | 39.58 | 84 | $ | 82.42 | |||||
_____________________ | |||||||||||
(a) | The grant date fair values for the performance shares granted in 2014, 2013 and 2012 were determined by Monte Carlo simulation using a blended volatility of 23%, 20% and 21%, respectively, comprised of 50% historical volatility and 50% implied volatility and the average risk-free interest rate of the three-year United States Treasury security rate in effect as of the grant date. | ||||||||||
(b) | The weighted-average fair value for the liability portion at December 31, 2014 was determined by the actual performance for the 2012 to 2014 performance period at the top of the peer group resulting in a 200% of target payout, and determined by Monte Carlo simulations for the 2013 to 2015 performance period and 2014 to 2016 performance period projecting a 157% and 51% of target payouts, respectively. | ||||||||||
The weighted-average grant-date fair value of performance share awards granted in the years ended was as follows: | |||||||||||
Weighted Average Grant Date Fair Value | |||||||||||
31-Dec-14 | $ | 55.18 | |||||||||
31-Dec-13 | $ | 35.85 | |||||||||
31-Dec-12 | $ | 32.26 | |||||||||
Performance plan payouts have been as follows (dollars and shares in thousands): | |||||||||||
Performance Period | Year of Payment | Shares Issued | Cash Paid | Total Intrinsic Value | |||||||
January 1, 2011 to December 31, 2013 | 2014 | 59 | $ | 3,011 | $ | 6,020 | |||||
January 1, 2010 to December 31, 2012 | 2013 | 63 | $ | 2,267 | $ | 4,533 | |||||
January 1, 2009 to December 31, 2011 | 2012 | — | $ | — | $ | — | |||||
Operating_Leases_Operating_Lea
Operating Leases: Operating Leases (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Leases, Operating [Abstract] | ||||||||||
Operating Leases of Lessor Disclosure | We have entered into lease agreements for vehicles, equipment and office facilities. Rental expense incurred under these operating leases, including month to month leases, for the years ended December 31 was as follows (in thousands): | |||||||||
2014 | 2013 | 2012 | ||||||||
Rent expense | $ | 6,932 | $ | 7,169 | $ | 6,839 | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | The following is a schedule of future minimum payments required under the operating lease agreements (in thousands): | |||||||||
2015 | $ | 9,962 | ||||||||
2016 | $ | 2,045 | ||||||||
2017 | $ | 1,852 | ||||||||
2018 | $ | 1,829 | ||||||||
2019 | $ | 1,632 | ||||||||
Thereafter | $ | 3,735 | ||||||||
Income_Taxes_Income_Taxes_Tabl
Income Taxes: Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Operating Loss Carryforwards [Line Items] | ||||||||||
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) from continuing operations for the years ended December 31 was (in thousands): | |||||||||
2014 | 2013 | 2012 | ||||||||
Current: | ||||||||||
Federal | $ | (2,319 | ) | $ | (2,003 | ) | $ | 4,972 | ||
State | (1,288 | ) | (173 | ) | 3,712 | |||||
(3,607 | ) | (2,176 | ) | 8,684 | ||||||
Deferred: | ||||||||||
Federal | 63,645 | 56,963 | 39,876 | |||||||
State | 5,563 | 7,033 | 68 | |||||||
Tax credit amortization | (206 | ) | (212 | ) | (228 | ) | ||||
69,002 | 63,784 | 39,716 | ||||||||
$ | 65,395 | $ | 61,608 | $ | 48,400 | |||||
Schedule of Deferred Tax Assets and Liabilities | The temporary differences, which gave rise to the net deferred tax liability, for the years ended December 31 were as follows (in thousands): | |||||||||
2014 | 2013 | |||||||||
Deferred tax assets: | ||||||||||
Regulatory liabilities | $ | 49,243 | $ | 33,172 | ||||||
Employee benefits | 26,714 | 28,724 | ||||||||
Federal net operating loss | 213,466 | 166,095 | ||||||||
Asset impairment | 55,067 | 55,124 | ||||||||
Other deferred tax assets(a) | 76,005 | 59,078 | ||||||||
Less: Valuation allowance | (5,017 | ) | (1,806 | ) | ||||||
Total deferred tax assets | 415,478 | 340,387 | ||||||||
Deferred tax liabilities: | ||||||||||
Accelerated depreciation, amortization and other plant-related differences | (679,911 | ) | (598,415 | ) | ||||||
Regulatory assets | (25,340 | ) | (24,581 | ) | ||||||
Mining development and oil exploration | (97,198 | ) | (69,799 | ) | ||||||
State deferred tax liability | (37,489 | ) | (30,293 | ) | ||||||
Deferred costs | (35,284 | ) | (15,593 | ) | ||||||
Other deferred tax liabilities | (15,684 | ) | (15,104 | ) | ||||||
Total deferred tax liabilities | (890,906 | ) | (753,785 | ) | ||||||
Net deferred tax liability | $ | (475,428 | ) | $ | (413,398 | ) | ||||
_______________ | ||||||||||
(a) | Other deferred tax assets consist primarily of state tax credits, state net operating loss, alternative minimum tax credit and federal research and development credits. No single item exceeds 5% of the total net deferred tax liability. | |||||||||
Schedule of Effective Income Tax Rate Reconciliation | The effective tax rate differs from the federal statutory rate for the years ended December 31, as follows: | |||||||||
2014 | 2013 | 2012 | ||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||
State income tax (net of federal tax effect) | 1.1 | 2.4 | 2 | |||||||
Amortization of excess deferred income taxes and investment tax credits | (0.1 | ) | (0.1 | ) | (0.2 | ) | ||||
Percentage depletion in excess of cost | (1.0 | ) | (1.0 | ) | (1.3 | ) | ||||
Equity AFUDC | (0.1 | ) | — | — | ||||||
Tax credits | (0.1 | ) | (0.5 | ) | — | |||||
Accounting for uncertain tax positions adjustment | (0.1 | ) | 0.7 | 0.8 | ||||||
Flow-through adjustments (a) | (0.9 | ) | (0.9 | ) | (1.3 | ) | ||||
Other tax differences | (0.1 | ) | (0.9 | ) | 0.4 | |||||
33.7 | % | 34.7 | % | 35.4 | % | |||||
_________________________ | ||||||||||
(a) | The flow-through adjustments relate primarily to an accounting method change for tax purposes that allows us to take a current tax deduction for repair costs that continue to be capitalized for book purposes. We recorded a deferred income tax liability in recognition of the temporary difference created between book and tax treatment and flowed the tax benefit through to our customers in the form of lower rates as a result of a rate case settlement that occurred in 2010. A regulatory asset was established to reflect the recovery of future increases in taxes payable from customers as the temporary differences reverse. As a result of this regulatory treatment, we continue to record a tax benefit consistent with the flow-through method. | |||||||||
Summary of Operating Loss Carryforwards | At December 31, 2014, we have federal and gross state NOL carryforwards that will expire at various dates as follows (in thousands): | |||||||||
Amounts | Expiration Dates | |||||||||
Federal Net Operating Loss Carryforward | $ | 618,195 | 2019 | to | 2034 | |||||
State Net Operating Loss Carryforward | $ | 513,418 | 2015 | to | 2034 | |||||
Summary of Income Tax Contingencies | The following table reconciles the total amounts of unrecognized tax benefits, without interest, at the beginning and end of the period included in Other deferred credits and other liabilities on the accompanying Consolidated Balance Sheets (in thousands): | |||||||||
Changes in Uncertain Tax Positions | ||||||||||
Beginning balance at January 1, 2012 | $ | 49,327 | ||||||||
Additions for prior year tax positions | 111 | |||||||||
Reductions for prior year tax positions | (8,906 | ) | ||||||||
Additions for current year tax positions | 151 | |||||||||
Settlements | — | |||||||||
Ending balance at December 31, 2012 | 40,683 | |||||||||
Additions for prior year tax positions | 1,526 | |||||||||
Reductions for prior year tax positions | (4,578 | ) | ||||||||
Additions for current year tax positions | — | |||||||||
Settlements | — | |||||||||
Ending balance at December 31, 2013 | 37,631 | |||||||||
Additions for prior year tax positions | 1,253 | |||||||||
Reductions for prior year tax positions | (6,692 | ) | ||||||||
Additions for current year tax positions | — | |||||||||
Settlements | — | |||||||||
Ending balance at December 31, 2014 | $ | 32,192 | ||||||||
State and Local Jurisdiction [Member] | ||||||||||
Operating Loss Carryforwards [Line Items] | ||||||||||
Summary of State Tax Carryforwards | State tax credits have been generated and are available to offset future state income taxes. At December 31, 2014, we had the following state tax credit carryforwards (in thousands): | |||||||||
State Tax Credit Carryforwards | Expiration Year | |||||||||
Investment tax credit | $ | 14,793 | 2023 | to | 2025 | |||||
Research and development | $ | 155 | No expiration | |||||||
Other_Comprehensive_Income_Com
Other Comprehensive Income: Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Statement of Comprehensive Income [Abstract] | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | The components of the reclassification adjustments for the period, net of tax, included in Other comprehensive income were as follows (in thousands): | ||||||||||||
Location on the Consolidated Statements of Income | Amount Reclassified from AOCI | ||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||
Gains and losses on cash flow hedges: | |||||||||||||
Interest rate swaps | Interest expense | $ | 3,669 | $ | 6,989 | ||||||||
Commodity contracts | Revenue | 1,995 | (927 | ) | |||||||||
5,664 | 6,062 | ||||||||||||
Income tax | Income tax benefit (expense) | (2,344 | ) | (2,016 | ) | ||||||||
Total reclassification adjustments related to cash flow hedges, net of tax | $ | 3,320 | $ | 4,046 | |||||||||
Amortization of defined benefit plans: | |||||||||||||
Prior service cost | Utilities - Operations and maintenance | $ | (102 | ) | $ | (125 | ) | ||||||
Non-regulated energy operations and maintenance | (115 | ) | (128 | ) | |||||||||
Actuarial gain (loss) | Utilities - Operations and maintenance | 630 | 1,693 | ||||||||||
Non-regulated energy operations and maintenance | 364 | 1,098 | |||||||||||
777 | 2,538 | ||||||||||||
Income tax | Income tax benefit (expense) | (272 | ) | (883 | ) | ||||||||
Total reclassification adjustments related to defined benefit plans, net of tax | $ | 505 | $ | 1,655 | |||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Balances by classification included within Accumulated other comprehensive income (loss) on the accompanying Consolidated Balance Sheets were as follows (in thousands): | ||||||||||||
Derivatives Designated as Cash Flow Hedges | |||||||||||||
Interest Rate Swaps | Commodity Derivatives | Employee Benefit Plans | Total | ||||||||||
As of December 31, 2013 | $ | (6,625 | ) | $ | (508 | ) | $ | (10,289 | ) | $ | (17,422 | ) | |
Other comprehensive income (loss) | 1,695 | 10,531 | (9,848 | ) | 2,378 | ||||||||
As of December 31, 2014 | $ | (4,930 | ) | $ | 10,023 | $ | (20,137 | ) | $ | (15,044 | ) | ||
Derivatives Designated as Cash Flow Hedges | |||||||||||||
Interest Rate Swaps | Commodity Derivatives | Employee Benefit Plans | Total | ||||||||||
As of December 31, 2012 | $ | (16,313 | ) | $ | 600 | $ | (19,775 | ) | $ | (35,488 | ) | ||
Other comprehensive income (loss) | 9,688 | (1,108 | ) | 9,486 | 18,066 | ||||||||
As of December 31, 2013 | $ | (6,625 | ) | $ | (508 | ) | $ | (10,289 | ) | $ | (17,422 | ) |
Supplemental_Disclosure_of_Cas1
Supplemental Disclosure of Cash flow Information: Supplemental Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||||
Supplemental Disclosure of Cash Flow Information | ||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||
(in thousands) | ||||||||||||
Non-cash investing activities and financing from continuing operations - | ||||||||||||
Property, plant and equipment acquired with accrued liabilities | $ | 52,584 | $ | 59,811 | $ | 35,556 | ||||||
Increase (decrease) in capitalized assets associated with asset retirement obligations | $ | (5,634 | ) | $ | 1,235 | $ | 5,743 | |||||
Cash (paid) refunded during the period for continuing operations- | ||||||||||||
Interest (net of amount capitalized) | $ | (69,239 | ) | $ | (108,361 | ) | $ | (116,593 | ) | |||
Income taxes, net | $ | (413 | ) | $ | (4,573 | ) | $ | (3,027 | ) |
Employee_Benefit_Plans_Employe
Employee Benefit Plans: Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets | The percentages of total plan asset fair value by investment category for our Pension Plans at December 31 were as follows: | |||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
Equity | 27 | % | 26 | % | ||||||||||||||||||||||||||
Real estate | 5 | 4 | ||||||||||||||||||||||||||||
Fixed income | 58 | 58 | ||||||||||||||||||||||||||||
Cash | 2 | 1 | ||||||||||||||||||||||||||||
Hedge funds | 8 | 11 | ||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||||||||
Schedule of Defined Contribution Plans Contributions | Contributions for the years ended December 31 were as follows (in thousands): | |||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
Defined Contribution Plan | ||||||||||||||||||||||||||||||
Company Retirement Contribution | $ | 4,187 | $ | 2,775 | ||||||||||||||||||||||||||
Matching contributions - Defined Contribution Plans | $ | 9,254 | $ | 8,524 | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
Defined Benefit Plans | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | $ | 10,200 | $ | 12,500 | ||||||||||||||||||||||||||
Non-Pension Defined Benefit Postretirement Healthcare Plans | $ | 3,163 | $ | 5,123 | ||||||||||||||||||||||||||
Supplemental Non-Qualified Defined Benefit Plans | $ | 1,553 | $ | 1,345 | ||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table sets forth a summary of changes in the fair value of the Defined Benefit Pension Plans’ Level 3 assets for the period ended December 31 (in thousands): | |||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 38,188 | $ | 7,770 | ||||||||||||||||||||||||||
Purchase | 454 | 29,000 | ||||||||||||||||||||||||||||
Unrealized gain (loss) | 1,789 | 1,508 | ||||||||||||||||||||||||||||
Realized gain (loss) | 322 | (77 | ) | |||||||||||||||||||||||||||
Settlements | (6,000 | ) | (13 | ) | ||||||||||||||||||||||||||
Balance, end of period | $ | 34,753 | $ | 38,188 | ||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis | The following table presents the quantitative information about Level 3 fair value measurements (dollars in thousands): | |||||||||||||||||||||||||||||
Fair Value at | Valuation | Level 3 | Range (Weighted) | |||||||||||||||||||||||||||
31-Dec-14 | Technique | Input | Average | |||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||
Common Collective Trust - Real Estate (a) | $ | 9,719 | Market Approach | Redemption Restriction | N/A | |||||||||||||||||||||||||
Hedge Funds (b) | $ | 25,034 | Market Approach | Redemption Restriction | N/A | |||||||||||||||||||||||||
_____________ | ||||||||||||||||||||||||||||||
(a) | The underlying net asset value in the Common Collective Trust - Real Estate fund is determined by appraisal of the properties held in the Trust. As part of the Trustee's valuation process, properties are externally appraised generally on an annual basis. The appraisals are conducted by reputable independent appraisal firms and signed by appraisers that are members of the Appraisal Institute, with the professional designation of Member, Appraisal Institute. All external appraisals are performed in accordance with the Uniform Standards of Professional Appraisal Practices. We receive monthly statements from the Trustee along with the annual schedule of investments and rely on these reports for pricing the units of the fund. The fund does contain a participant withdrawal policy. | |||||||||||||||||||||||||||||
(b) | The fair value of the Hedge Funds is determined based on pricing provided or reviewed by the third-party administrator to our investment managers. While the input amounts used by the pricing vendor in determining fair value are not provided, and therefore, unavailable for our review, the asset results are reviewed and monitored to ensure the fair values are reasonable and in line with market experience in similar asset classes. Additionally, the audited financial statements of the funds are reviewed at the time they are issued. | |||||||||||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations | The following tables provide a reconciliation of the employee benefit plan obligations, fair value of assets and amounts recognized in the statement of financial position, components of the net periodic expense and elements of accumulated other comprehensive income (in thousands): | |||||||||||||||||||||||||||||
Benefit Obligations | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Retirement Plans | Non-pension Defined Benefit Postretirement Plans | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 321,400 | 363,235 | $ | 32,960 | $ | 34,393 | $ | 45,778 | $ | 46,681 | |||||||||||||||||||
Service cost | 5,448 | 6,433 | 2,543 | 1,392 | 1,700 | 1,674 | ||||||||||||||||||||||||
Interest cost | 15,852 | 15,300 | 1,447 | 1,328 | 1,919 | 1,669 | ||||||||||||||||||||||||
Actuarial (gain) loss | (a) | 55,384 | (38,252 | ) | 5,814 | (2,808 | ) | 2,275 | (3,379 | ) | ||||||||||||||||||||
Amendments (b) | — | — | — | — | — | 1,585 | ||||||||||||||||||||||||
Benefits paid | (c) | (20,312 | ) | (25,316 | ) | (1,553 | ) | (1,345 | ) | (3,163 | ) | (5,123 | ) | |||||||||||||||||
Medicare Part D accrued | — | — | — | — | (99 | ) | 470 | |||||||||||||||||||||||
Plan participants’ contributions | — | — | — | — | 632 | 2,201 | ||||||||||||||||||||||||
Projected benefit obligation at end of year | $ | 377,772 | $ | 321,400 | $ | 41,211 | $ | 32,960 | $ | 49,042 | $ | 45,778 | ||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||
(a) | Change from 2013 reflects a decrease in the discount rate and a change in the mortality tables used in employee benefit plan estimates. | |||||||||||||||||||||||||||||
(b) | Reflects Board of Directors approval of an increase to Company’s contribution to RMSA accounts. | |||||||||||||||||||||||||||||
(c) Benefits paid include payments made to terminated vested employees who elected lump-sum offerings of $6.1 million in 2014 and $13 million in 2013. | ||||||||||||||||||||||||||||||
Schedule of Changes in Fair Value of Plan Assets | A reconciliation of the fair value of Plan assets was as follows (in thousands): | |||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Retirement Plans | Non-pension Defined Benefit Postretirement Plans (a) | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Beginning market value of plan assets | $ | 280,362 | $ | 268,816 | $ | — | $ | — | $ | 4,546 | $ | 4,351 | ||||||||||||||||||
Investment income (loss) | 29,283 | 24,362 | — | — | (43 | ) | 8 | |||||||||||||||||||||||
Employer contributions | 10,200 | 12,500 | — | — | 2,733 | 1,923 | ||||||||||||||||||||||||
Retiree contributions | — | — | — | — | 632 | 1,533 | ||||||||||||||||||||||||
Benefits paid | (20,312 | ) | (25,316 | ) | (b) | — | — | (3,163 | ) | (3,269 | ) | |||||||||||||||||||
Plan administrative expenses | — | — | — | — | — | — | ||||||||||||||||||||||||
Ending market value of plan assets | $ | 299,533 | $ | 280,362 | $ | — | $ | — | $ | 4,705 | $ | 4,546 | ||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||
(a) | Assets of VEBA. | |||||||||||||||||||||||||||||
(b) | Benefits paid include payments made to terminated vested employees who elected a lump-sum offering of $6.1 million in 2014 and $13 million in 2013. | |||||||||||||||||||||||||||||
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the Consolidated Balance Sheets at December 31 consist of (in thousands): | |||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Regulatory assets | $ | 78,864 | $ | 48,419 | $ | — | $ | — | $ | 7,137 | $ | 5,535 | ||||||||||||||||||
Current liabilities | $ | — | $ | — | $ | 1,486 | $ | 1,491 | $ | 3,273 | $ | 2,802 | ||||||||||||||||||
Non-current liabilities | $ | 78,239 | $ | 41,034 | $ | 39,725 | $ | 32,033 | $ | 41,002 | $ | 38,412 | ||||||||||||||||||
Regulatory liabilities | $ | — | $ | — | $ | — | $ | — | $ | 2,983 | $ | 3,141 | ||||||||||||||||||
Schedule of Accumulated and Projected Benefit Obligations | Accumulated Benefit Obligation | |||||||||||||||||||||||||||||
(in thousands) | Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Accumulated benefit obligation - Black Hills Corporation | $ | 135,582 | $ | 110,847 | $ | 29,843 | $ | 27,380 | $ | 12,809 | $ | 12,101 | ||||||||||||||||||
Accumulated benefit obligation - Black Hills Energy | 213,398 | 182,295 | 386 | 513 | 25,456 | 25,467 | ||||||||||||||||||||||||
Accumulated benefit obligation - Cheyenne Light | — | — | — | — | 10,777 | 8,210 | ||||||||||||||||||||||||
Total Accumulated Benefit Obligation | $ | 348,980 | $ | 293,142 | $ | 30,229 | $ | 27,893 | $ | 49,042 | $ | 45,778 | ||||||||||||||||||
Components of net periodic benefit cost | Components of Net Periodic Expense | |||||||||||||||||||||||||||||
(in thousands) | Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Service cost | $ | 5,448 | $ | 6,433 | $ | 5,720 | $ | 1,498 | $ | 1,392 | $ | 889 | $ | 1,700 | $ | 1,674 | $ | 1,610 | ||||||||||||
Interest cost | 15,852 | 15,300 | 14,747 | 1,447 | 1,328 | 1,410 | 1,919 | 1,669 | 2,093 | |||||||||||||||||||||
Expected return on assets | (18,065 | ) | (18,615 | ) | (16,334 | ) | — | — | — | (85 | ) | (79 | ) | (78 | ) | |||||||||||||||
Amortization of prior service cost | 62 | 63 | 89 | 2 | 2 | 3 | (428 | ) | (500 | ) | (500 | ) | ||||||||||||||||||
Recognized net actuarial loss (gain) | 4,806 | 12,250 | 9,630 | 498 | 793 | 807 | 160 | 482 | 887 | |||||||||||||||||||||
Net periodic expense | $ | 8,103 | $ | 15,431 | $ | 13,852 | $ | 3,445 | $ | 3,515 | $ | 3,109 | $ | 3,266 | $ | 3,246 | $ | 4,012 | ||||||||||||
Schedule of Net Periodic Benefit Cost Not yet Recognized | In accordance with accounting standards for defined benefit plans, amounts included in Accumulated other comprehensive income (loss), after-tax, that have not yet been recognized as components of net periodic benefit cost at December 31 were as follows (in thousands): | |||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Net (gain) loss | $ | 10,996 | $ | 4,842 | $ | 8,396 | $ | 4,939 | $ | 1,904 | $ | 1,648 | ||||||||||||||||||
Prior service cost (gain) | 51 | 64 | 8 | 9 | (1,218 | ) | (1,213 | ) | ||||||||||||||||||||||
Total accumulated other comprehensive (income) loss | $ | 11,047 | $ | 4,906 | $ | 8,404 | $ | 4,948 | $ | 686 | $ | 435 | ||||||||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | The amounts in Accumulated other comprehensive income (loss), Regulatory assets or Regulatory liabilities, after-tax, expected to be recognized as a component of net periodic benefit cost during calendar year 2015 are as follows (in thousands): | |||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||
Net loss | $ | 7,174 | $ | 703 | $ | 295 | ||||||||||||||||||||||||
Prior service cost (credit) | 38 | 1 | (278 | ) | ||||||||||||||||||||||||||
Total net periodic benefit cost expected to be recognized during calendar year 2015 | $ | 7,212 | $ | 704 | $ | 17 | ||||||||||||||||||||||||
Schedule of Assumptions Used | Assumptions | |||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations: | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||
Discount rate | 4.2 | % | 5.05 | % | 4.3 | % | 3.64 | % | 4.21 | % | 3.44 | % | 3.92 | % | 4.62 | % | 3.85 | % | ||||||||||||
Rate of increase in compensation levels | 3.78 | % | 3.78 | % | 3.84 | % | 5 | % | 5 | % | 5 | % | N/A | N/A | N/A | |||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for plan year: | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||
Discount rate: | ||||||||||||||||||||||||||||||
Black Hills Corporation | 5.1 | % | 4.35 | % | 4.68 | % | 4.68 | % | 3.88 | % | 4.7 | % | 4.45 | % | 3.65 | % | 4.35 | % | ||||||||||||
Black Hills Energy | 5 | % | 4.25 | % | 4.6 | % | 3.75 | % | 3 | % | 3.9 | % | 4.25 | % | 3.5 | % | 4.35 | % | ||||||||||||
Cheyenne Light | N/A | N/A | N/A | N/A | N/A | N/A | 5.15 | % | 4.4 | % | 4.65 | % | ||||||||||||||||||
Expected long-term rate of return on assets (a) | 6.75 | % | 7.25 | % | 7.25 | % | N/A | N/A | N/A | 2 | % | 2 | % | 2 | % | |||||||||||||||
Rate of increase in compensation levels | 3.78 | % | 3.78 | % | 3.75 | % | 5 | % | 5 | % | 5 | % | N/A | N/A | N/A | |||||||||||||||
_____________________________ | ||||||||||||||||||||||||||||||
(a) | The expected rate of return on plan assets is 6.75% for the calculation of the 2015 net periodic pension cost. | |||||||||||||||||||||||||||||
Schedule of Health Care Cost Trend Rates | The healthcare benefit obligation was determined at December 31 as follows: | |||||||||||||||||||||||||||||
Black Hills Corporation | Black Hills Energy | Cheyenne Light | ||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||
Healthcare trend rate pre-65 | ||||||||||||||||||||||||||||||
Trend for next year | 7.5 | % | 7.5 | % | 7.5 | % | ||||||||||||||||||||||||
Ultimate trend rate | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||||||||||||||
Year Ultimate Trend Reached | 2027 | 2027 | 2027 | |||||||||||||||||||||||||||
Healthcare trend rate post-65 | ||||||||||||||||||||||||||||||
Trend for next year | 6.25 | % | 6.25 | % | 6.25 | % | ||||||||||||||||||||||||
Ultimate trend rate | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||||||||||||||
Year Ultimate Trend Reached | 2024 | 2024 | 2024 | |||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||
Healthcare trend rate pre-65 | ||||||||||||||||||||||||||||||
Trend for next year | 7.5 | % | 7.5 | % | 7.5 | % | ||||||||||||||||||||||||
Ultimate trend rate | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||||||||||||||
Year Ultimate Trend Reached | 2027 | 2027 | 2027 | |||||||||||||||||||||||||||
Healthcare trend rate post-65 | ||||||||||||||||||||||||||||||
Trend for next year | 6.25 | % | 6.25 | % | 6.25 | % | ||||||||||||||||||||||||
Ultimate trend rate | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||||||||||||||
Year Ultimate Trend Reached | 2026 | 2026 | 2026 | |||||||||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | The table below shows the expected impacts of an increase or decrease to our healthcare trend rate for our Retiree Healthcare Plans (in thousands): | |||||||||||||||||||||||||||||
Change in Assumed Trend Rate | Impact on December 31, 2014 Accumulated Postretirement | Impact on 2014 Service | ||||||||||||||||||||||||||||
Benefit Obligation | and Interest Cost | |||||||||||||||||||||||||||||
Increase 1% | $ | 2,635 | $ | 168 | ||||||||||||||||||||||||||
Decrease 1% | $ | (2,166 | ) | $ | (136 | ) | ||||||||||||||||||||||||
Schedule of Expected Benefit Payments | The following benefit payments, which reflect future service, are expected to be paid (in thousands): | |||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Supplemental Non-qualified Defined Benefit Plan | Non-Pension Defined Benefit Postretirement Healthcare Plans | ||||||||||||||||||||||||||||
2015 | $ | 14,712 | $ | 1,486 | $ | 3,921 | ||||||||||||||||||||||||
2016 | $ | 15,629 | $ | 1,573 | $ | 4,011 | ||||||||||||||||||||||||
2017 | $ | 16,561 | $ | 1,627 | $ | 4,057 | ||||||||||||||||||||||||
2018 | $ | 17,556 | $ | 1,670 | $ | 4,169 | ||||||||||||||||||||||||
2019 | $ | 18,741 | $ | 1,780 | $ | 4,236 | ||||||||||||||||||||||||
2020-2024 | $ | 109,147 | $ | 8,901 | $ | 19,877 | ||||||||||||||||||||||||
Pension Plans, Defined Benefit [Member] | ||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets | The following tables set forth, by level within the fair value hierarchy, the assets that were accounted for at fair value on a recurring basis (in thousands): | |||||||||||||||||||||||||||||
Defined Benefit Pension Plans | 31-Dec-14 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
AXA Equitable General Fixed Income | $ | — | $ | 541 | $ | — | $ | 541 | ||||||||||||||||||||||
Common Collective Trust - Cash and Cash Equivalents | — | 4,013 | — | 4,013 | ||||||||||||||||||||||||||
Common Collective Trust - Equity | — | 81,636 | — | 81,636 | ||||||||||||||||||||||||||
Common Collective Trust - Fixed Income | — | 174,726 | — | 174,726 | ||||||||||||||||||||||||||
Common Collective Trust - Real Estate | — | 3,864 | 9,719 | 13,583 | ||||||||||||||||||||||||||
Hedge Funds | — | — | 25,034 | 25,034 | ||||||||||||||||||||||||||
Total investments measured at fair value | $ | — | $ | 264,780 | $ | 34,753 | $ | 299,533 | ||||||||||||||||||||||
Defined Benefit Pension Plans | 31-Dec-13 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
AXA Equitable General Fixed Income | $ | — | $ | 1,056 | $ | — | $ | 1,056 | ||||||||||||||||||||||
Common Collective Trust - Cash and Cash Equivalents | — | 1,253 | — | 1,253 | ||||||||||||||||||||||||||
Common Collective Trust - Equity | — | 73,726 | — | 73,726 | ||||||||||||||||||||||||||
Common Collective Trust - Fixed Income | — | 162,747 | — | 162,747 | ||||||||||||||||||||||||||
Common Collective Trust - Real Estate | — | 3,392 | 8,541 | 11,933 | ||||||||||||||||||||||||||
Hedge Funds | — | — | 29,647 | 29,647 | ||||||||||||||||||||||||||
Total investments measured at fair value | $ | — | $ | 242,174 | $ | 38,188 | $ | 280,362 | ||||||||||||||||||||||
Postretirement Health Coverage [Member] | ||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets | ||||||||||||||||||||||||||||||
Non-pension Defined Benefit Postretirement Healthcare Plans | 31-Dec-14 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
Registered Investment Company Trust - Money Market Mutual Fund | $ | — | $ | 4,705 | $ | — | $ | 4,705 | ||||||||||||||||||||||
Total investments measured at fair value | $ | — | 4,705 | $ | — | $ | 4,705 | |||||||||||||||||||||||
Non-pension Defined Benefit Postretirement Healthcare Plans | 31-Dec-13 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
Registered Investment Company Trust - Money Market Mutual Fund | $ | — | $ | 4,546 | $ | — | $ | 4,546 | ||||||||||||||||||||||
Total investments measured at fair value | $ | — | $ | 4,546 | $ | — | $ | 4,546 | ||||||||||||||||||||||
Commitments_And_Contingencies_
Commitments And Contingencies: Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||
Long-term Purchase Commitment | Costs under these power purchase contracts for the years ended December 31 were as follows (in thousands): | |||||||||
2014 | 2013 | 2012 | ||||||||
PPA with PacifiCorp | $ | 13,943 | $ | 13,026 | $ | 13,224 | ||||
Transmission services agreement with PacifiCorp | $ | 1,227 | $ | 1,384 | $ | 1,215 | ||||
PPA with Happy Jack | $ | 3,919 | $ | 3,772 | $ | 1,988 | ||||
PPA with Silver Sage | $ | 4,798 | $ | 4,809 | $ | 3,269 | ||||
Busch Ranch Wind Project | $ | 1,998 | $ | 1,856 | $ | 502 | ||||
PPAs with Cargill (a) | $ | 9,286 | $ | 12,291 | $ | 14,236 | ||||
____________________ | ||||||||||
(a) The 2013 and 2012 PPAs were one year contracts replaced by subsequent one year contracts upon expiration. | ||||||||||
Unrecorded Unconditional Purchase Obligations Disclosure | The following is a schedule of future minimum payments required under the power purchase, transmission services, coal and gas supply agreements and natural gas delivery commitments (in thousands): | |||||||||
2015 | $ | 183,116 | ||||||||
2016 | $ | 131,716 | ||||||||
2017 | $ | 121,867 | ||||||||
2018 | $ | 69,000 | ||||||||
2019 | $ | 35,905 | ||||||||
Thereafter | $ | 153,395 | ||||||||
Guarantees_Guarantees_Tables
Guarantees: Guarantees (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Guarantees [Abstract] | |||||
Schedule of Guarantor Obligations | We had the following guarantees in place as of (in thousands): | ||||
Maximum Exposure at | |||||
Nature of Guarantee | 31-Dec-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 Consolidated Balance Sheets. |
Oil_and_Gas_Reserves_Unaudited1
Oil and Gas Reserves (Unaudited): Oil and Gas Exploration and Production Industries Disclosure (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |||||||||||||||||||||||
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure | Following is a summary of costs incurred in oil and gas property acquisition, exploration and development during the years ended December 31 (in thousands): | ||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Acquisition of properties: | |||||||||||||||||||||||
Proved | $ | 4,881 | $ | 234 | $ | 2,437 | |||||||||||||||||
Unproved | 5,056 | 6,022 | 33,052 | ||||||||||||||||||||
Exploration costs | 54,355 | 12,817 | 115 | ||||||||||||||||||||
Development costs | 52,262 | 48,641 | 73,877 | ||||||||||||||||||||
Asset retirement obligations incurred | 68 | 143 | 158 | ||||||||||||||||||||
Total costs incurred | $ | 116,622 | $ | 67,857 | $ | 109,639 | |||||||||||||||||
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities | The following table summarizes BHEP’s quantities of proved developed and undeveloped oil, natural gas and NGL reserves, estimated using SEC-defined product prices, as of December 31, 2014, 2013 and 2012 and a reconciliation of the changes between these dates. These estimates are based on reserve reports by CG&A. Such reserve estimates are inherently imprecise and may be subject to revisions as a result of numerous factors including, but not limited to, additional development activity, evolving production history and continual reassessment of the viability of production under varying economic conditions. | ||||||||||||||||||||||
Minor differences in amounts may result in the following tables relating to oil and gas reserves due to rounding. | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Oil | Gas | NGL | Oil | Gas | Oil | Gas | |||||||||||||||||
(in Mbbls of oil and NGL, and MMcf of gas) | |||||||||||||||||||||||
Proved developed and undeveloped reserves: | |||||||||||||||||||||||
Balance at beginning of year | 3,921 | 63,190 | — | 4,116 | 55,985 | 6,223 | 95,904 | ||||||||||||||||
Production (a) | (337 | ) | (7,156 | ) | (135 | ) | (336 | ) | (6,984 | ) | (560 | ) | (8,686 | ) | |||||||||
Additions - acquisitions (sales) (b) | (40 | ) | (61 | ) | — | (30 | ) | (46 | ) | (2,025 | ) | (3,070 | ) | ||||||||||
Additions - extensions and discoveries | 733 | 11,003 | 182 | 379 | 10,456 | 449 | 2,898 | ||||||||||||||||
Revisions to previous estimates | (1 | ) | (1,536 | ) | 1,673 | (208 | ) | 3,779 | 29 | (31,061 | ) | ||||||||||||
Balance at end of year | 4,276 | 65,440 | 1,720 | 3,921 | 63,190 | 4,116 | 55,985 | ||||||||||||||||
Proved developed reserves at end of year included above | 3,780 | 57,427 | 1,530 | 3,689 | 60,224 | 3,929 | 55,708 | ||||||||||||||||
Proved undeveloped reserves at the end of year included in above | 496 | 8,013 | 191 | 232 | 2,966 | 187 | 279 | ||||||||||||||||
NYMEX prices | $ | 94.99 | $ | 4.35 | $ | — | (c) | $ | 96.94 | $ | 3.67 | $ | 94.71 | $ | 2.76 | ||||||||
Well-head reserve prices | $ | 85.8 | $ | 3.33 | $ | 34.81 | $ | 89.79 | $ | 3.45 | $ | 85.31 | $ | 2.24 | |||||||||
________________________ | |||||||||||||||||||||||
(a) | Production for reserve calculations does not include volumes for natural gas liquids (NGLs) for historical periods. | ||||||||||||||||||||||
(b) | Reflects the sale of the majority of the Williston Basin assets during 2012. | ||||||||||||||||||||||
(c) | A specific NYMEX price for NGL is not available. Market prices for NGL are broken down by various liquid components, including ethane, propane, iso butane, normal butane, and natural gasoline. Each of these components is traded as an index. Presently, ethane is not being recovered at any of the facilities that process our natural gas production. | ||||||||||||||||||||||
Schedule of Oil and Gas In Process Activities | The number of locations and reconciliation of our proved undeveloped reserve and future development costs in our year-end proved undeveloped reserves as of December 31, 2014 were: | ||||||||||||||||||||||
Proved Reserves (in Bcfe) | Gross PUD Locations | Future Development Costs (in millions) | |||||||||||||||||||||
Existing 2013: | |||||||||||||||||||||||
Williston | 1.8 | 21 | $ | 8.6 | |||||||||||||||||||
Piceance | 2.3 | 1 | $ | 6.4 | |||||||||||||||||||
San Juan | 0.6 | 1 | $ | 0.9 | |||||||||||||||||||
Year End Total 2013 | 4.7 | 23 | $ | 15.9 | |||||||||||||||||||
Dropped 2013: | |||||||||||||||||||||||
San Juan | (0.6 | ) | (1 | ) | $ | (0.9 | ) | ||||||||||||||||
Drilled in 2014: | |||||||||||||||||||||||
Williston | (0.6 | ) | (7 | ) | $ | (3.9 | ) | ||||||||||||||||
Sold: | |||||||||||||||||||||||
Williston | (0.3 | ) | (2 | ) | $ | (0.7 | ) | ||||||||||||||||
Added in 2014: | |||||||||||||||||||||||
Williston | 0.2 | 18 | $ | 1 | |||||||||||||||||||
Powder River | 2 | 1 | $ | 13 | |||||||||||||||||||
Piceance | 6.7 | 2 | $ | 17.5 | |||||||||||||||||||
8.9 | 21 | $ | 31.5 | ||||||||||||||||||||
Total Proved Undeveloped | 12.1 | 34 | $ | 41.9 | |||||||||||||||||||
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure | Following is information concerning capitalized costs for the years ended December 31 (in thousands): | ||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Unproved oil and gas properties | $ | 75,329 | $ | 62,553 | $ | 59,526 | |||||||||||||||||
Proved oil and gas properties | 807,518 | 725,345 | 662,444 | ||||||||||||||||||||
Gross capitalized costs | 882,847 | 787,898 | 721,970 | ||||||||||||||||||||
Accumulated depreciation, depletion and amortization and valuation allowances (a) | (578,108 | ) | (555,263 | ) | (534,777 | ) | |||||||||||||||||
Net capitalized costs | $ | 304,739 | $ | 232,635 | $ | 187,193 | |||||||||||||||||
__________________ | |||||||||||||||||||||||
(a) | Reflects the sale of the majority of the Williston Basin assets during 2012 recorded under the full-cost method of accounting. | ||||||||||||||||||||||
Results of Operations for Oil and Gas Producing Activities Disclosure | Following is a summary of results of operations for producing activities for the years ended December 31 (in thousands): | ||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Revenue | $ | 55,114 | $ | 54,884 | $ | 79,072 | |||||||||||||||||
Production costs | 22,155 | 20,140 | 23,483 | ||||||||||||||||||||
Gain on sale of assets | — | — | (29,129 | ) | |||||||||||||||||||
Depreciation, depletion and amortization and valuation provisions | 26,626 | 20,611 | 37,323 | ||||||||||||||||||||
Impairment of long-lived assets | — | — | 26,868 | ||||||||||||||||||||
Total costs | 48,781 | 40,751 | 58,545 | ||||||||||||||||||||
Results of operations from producing activities before tax | 6,333 | 14,133 | 20,527 | ||||||||||||||||||||
Income tax benefit (expense) | (2,185 | ) | (4,876 | ) | (7,082 | ) | |||||||||||||||||
Results of operations from producing activities (excluding general and administrative costs and interest costs) | $ | 4,148 | $ | 9,257 | $ | 13,445 | |||||||||||||||||
Schedule of Capitalized Costs of Unproved Properties Excluded from Amortization | The table below sets forth the cost of unproved properties excluded from the amortization base as of December 31, 2014 and notes the year in which the associated costs were incurred (in thousands): | ||||||||||||||||||||||
2014 | 2013 | 2012 | Prior | Total | |||||||||||||||||||
Leasehold acquisition cost | $ | 16,077 | $ | 4,889 | $ | 35,823 | $ | 13,412 | $ | 70,201 | |||||||||||||
Exploration cost | 23,954 | 10,212 | — | — | 34,166 | ||||||||||||||||||
Capitalized interest | 207 | 748 | 360 | 3,813 | 5,128 | ||||||||||||||||||
Total | $ | 40,238 | $ | 15,849 | $ | 36,183 | $ | 17,225 | $ | 109,495 | |||||||||||||
Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure | Following is a summary of the standardized measure of discounted future net cash flows and changes relating to proved oil and gas reserves for the years ended December 31 (in thousands): | ||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Future cash inflows | $ | 675,973 | $ | 602,501 | $ | 502,769 | |||||||||||||||||
Future production costs | (245,180 | ) | (213,578 | ) | (186,695 | ) | |||||||||||||||||
Future development costs, including plugging and abandonment | (45,123 | ) | (40,557 | ) | (8,462 | ) | |||||||||||||||||
Future income tax expense | (29,523 | ) | (81,566 | ) | (69,877 | ) | |||||||||||||||||
Future net cash flows | 356,147 | 266,800 | 237,735 | ||||||||||||||||||||
10% annual discount for estimated timing of cash flows | (173,125 | ) | (107,375 | ) | (101,632 | ) | |||||||||||||||||
Standardized measure of discounted future net cash flows | $ | 183,022 | $ | 159,425 | $ | 136,103 | |||||||||||||||||
Changes In Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserve Disclosures | The following are the principal sources of change in the standardized measure of discounted future net cash flows during the years ended December 31 (in thousands): | ||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Standardized measure - beginning of year | $ | 159,425 | $ | 136,103 | $ | 203,357 | |||||||||||||||||
Sales and transfers of oil and gas produced, net of production costs | (32,139 | ) | (35,932 | ) | (48,905 | ) | |||||||||||||||||
Net changes in prices and production costs | (28,544 | ) | 15,126 | (42,639 | ) | ||||||||||||||||||
Extensions, discoveries and improved recovery, less related costs | 17,582 | 29,574 | 19,870 | ||||||||||||||||||||
Changes in future development costs | 3,195 | (12,216 | ) | 43,854 | |||||||||||||||||||
Development costs incurred during the period | 2,079 | 3,554 | 21,931 | ||||||||||||||||||||
Revisions of previous quantity estimates | 23,722 | 12,851 | (86,277 | ) | |||||||||||||||||||
Accretion of discount | 18,437 | 15,126 | 25,509 | ||||||||||||||||||||
Net change in income taxes | 19,265 | (3,892 | ) | 36,578 | |||||||||||||||||||
Purchases of reserves | — | — | — | ||||||||||||||||||||
Sales of reserves (a) | — | (869 | ) | (37,175 | ) | ||||||||||||||||||
Standardized measure - end of year | $ | 183,022 | $ | 159,425 | $ | 136,103 | |||||||||||||||||
________ | |||||||||||||||||||||||
(a) | Reflects sale of Williston Basin assets in 2012. |
Sale_Of_Operating_Assets_and_D1
Sale Of Operating Assets and Discontinued Operations: Sale of Operating Assets and Discontinued Operations (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Williston Basin Assets [Member] | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Cash proceeds from sale of operating assets | Net cash proceeds, subsequent to the true-up of all post-closing adjustments, were as follows (in thousands): | ||||||
Cash proceeds received on date of sale | $ | 243,314 | |||||
Adjusted for: | |||||||
Post close adjustments | 2,793 | ||||||
Transaction adviser fees | (1,400 | ) | |||||
Estimated payment for contractual obligation related to “back-in” fee * | (16,847 | ) | |||||
Net cash proceeds | $ | 227,860 | |||||
_____________ | |||||||
* | Required payment, triggered by the sale of the property, arising from a contractual obligation contained in the original participation agreement with the property operator. | ||||||
Energy Marketing [Member] | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | Operating results of the Energy Marketing segment included in Income (loss) from discontinued operations, net of tax on the accompanying Consolidated Statements of Income were as follows (in thousands): | ||||||
For the Years Ended December 31, | 2013 | 2012 | |||||
Revenue | $ | — | $ | (604 | ) | ||
Pre-tax income (loss) from discontinued operations | — | (6,061 | ) | ||||
Pre-tax gain (loss) on sale | (1,391 | ) | (4,184 | ) | |||
Income tax (expense) benefit | 507 | 3,268 | |||||
Income (loss) from discontinued operations, net of tax (a) | $ | (884 | ) | $ | (6,977 | ) | |
________ | |||||||
(a) | 2012 includes transaction related costs, net of tax, of $2.5 million for the year ended December 31, 2012. |
Quarterly_Historical_Data_Unau1
Quarterly Historical Data (Unaudited): Quarterly Historical Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||
Schedule of Quarterly Financial Information | The Company operates on a calendar year basis. The following tables set forth select unaudited historical operating results and market data for each quarter of 2014 and 2013. | ||||||||||||
First Quarter | Second Quarter | Third | Fourth Quarter | ||||||||||
Quarter | |||||||||||||
(in thousands, except per share amounts, dividends and common stock prices) | |||||||||||||
2014 | |||||||||||||
Revenue | $ | 460,169 | $ | 283,237 | $ | 272,087 | $ | 378,077 | |||||
Operating income | $ | 89,598 | $ | 46,577 | $ | 54,404 | $ | 69,951 | |||||
Income (loss) from continuing operations | $ | 48,118 | $ | 19,820 | $ | 26,836 | $ | 34,007 | |||||
Net income (loss) available for common stock | $ | 48,118 | $ | 19,820 | $ | 26,836 | $ | 34,007 | |||||
Income (loss) per share - Basic | $ | 1.09 | $ | 0.45 | $ | 0.6 | $ | 0.77 | |||||
Income (loss) per share - Diluted | $ | 1.08 | $ | 0.44 | $ | 0.6 | $ | 0.76 | |||||
Dividends paid per share | $ | 0.39 | $ | 0.39 | $ | 0.39 | $ | 0.39 | |||||
Common stock prices - High | $ | 59.05 | $ | 61.41 | $ | 62.13 | $ | 57.17 | |||||
Common stock prices - Low | $ | 51.09 | $ | 55.23 | $ | 47.87 | $ | 47.11 | |||||
First Quarter | Second Quarter | Third | Fourth | ||||||||||
Quarter | Quarter | ||||||||||||
(in thousands, except per share amounts, dividends and common stock prices) | |||||||||||||
2013 | |||||||||||||
Revenue | $ | 380,671 | $ | 279,826 | $ | 259,907 | $ | 355,448 | |||||
Operating income | $ | 79,846 | $ | 49,037 | $ | 55,566 | $ | 71,103 | |||||
Income (loss) from continuing operations (a) (b) | $ | 43,197 | $ | 30,518 | $ | 23,124 | $ | 19,007 | |||||
Income (loss) from discontinued operations | $ | — | $ | — | $ | — | $ | (884 | ) | ||||
Net income (loss) available for common stock (a) (b) | $ | 43,197 | $ | 30,518 | $ | 23,124 | $ | 18,123 | |||||
Income (loss) per share for continuing operations - Basic | $ | 0.98 | $ | 0.69 | $ | 0.52 | $ | 0.43 | |||||
Income (loss) per share for discontinued operations - Basic | — | — | — | (0.02 | ) | ||||||||
Income (loss) per share - Basic | $ | 0.98 | $ | 0.69 | $ | 0.52 | $ | 0.41 | |||||
Income (loss) per share for continuing operations - Diluted | $ | 0.97 | $ | 0.69 | $ | 0.52 | $ | 0.43 | |||||
Income (loss) per share for discontinued operations - Diluted | — | — | — | (0.02 | ) | ||||||||
Income (loss) per share - Diluted | $ | 0.97 | $ | 0.69 | $ | 0.52 | $ | 0.41 | |||||
Dividends paid per share | $ | 0.38 | $ | 0.38 | $ | 0.38 | $ | 0.38 | |||||
Common stock prices - High | $ | 44.32 | $ | 50.53 | $ | 55.09 | $ | 54.83 | |||||
Common stock prices - Low | $ | 36.89 | $ | 43.19 | $ | 46.62 | $ | 47 | |||||
__________________________ | |||||||||||||
(a) | Includes unrealized mark-to-market gain (loss) for interest rate swaps of $4.8 million, $12 million, $2.0 million and $0.5 million after-tax in the first, second, third and fourth quarters, respectively. | ||||||||||||
(b) | Fourth quarter 2013 includes $7.6 million after-tax for a make-whole premium and write-off of deferred financing costs relating to the early redemption of our $250 million notes and interest expense on new debt and a $6.6 million after-tax expense relating to the settlement of interest rate swaps in conjunction with the prepayment of Black Hills Wyoming’s project financing and write-off of deferred financing costs. |
Business_Description_And_Signi3
Business Description And Significant Accounting Policies: Business Description (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Business_Group | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Business Groups | 2 |
Business_Description_And_Signi4
Business Description And Significant Accounting Policies: Accounts Receivable (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Receivable [Line Items] | ||
Allowance for Doubtful Accounts | ($1,516) | ($1,237) |
Accounts receivable, net | 189,992 | 177,573 |
Corporate, Non-Segment [Member] | ||
Accounts Receivable [Line Items] | ||
Allowance for Doubtful Accounts | 0 | 0 |
Accounts receivable, net | 2,555 | 604 |
Electric Utilities [Member] | ||
Accounts Receivable [Line Items] | ||
Allowance for Doubtful Accounts | -722 | -666 |
Accounts receivable, net | 85,466 | 75,594 |
Gas Utilities [Member] | ||
Accounts Receivable [Line Items] | ||
Allowance for Doubtful Accounts | -781 | -558 |
Accounts receivable, net | 92,159 | 89,799 |
Power Generation [Member] | ||
Accounts Receivable [Line Items] | ||
Allowance for Doubtful Accounts | 0 | 0 |
Accounts receivable, net | 1,369 | 1,722 |
Coal Mining [Member] | ||
Accounts Receivable [Line Items] | ||
Allowance for Doubtful Accounts | 0 | 0 |
Accounts receivable, net | 3,151 | 1,711 |
Oil and Gas [Member] | ||
Accounts Receivable [Line Items] | ||
Allowance for Doubtful Accounts | -13 | -13 |
Accounts receivable, net | 5,292 | 8,143 |
Billed Revenues [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts Receivable, Trade | 119,488 | 113,792 |
Billed Revenues [Member] | Corporate, Non-Segment [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts Receivable, Trade | 2,555 | 604 |
Billed Revenues [Member] | Electric Utilities [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts Receivable, Trade | 59,714 | 52,437 |
Billed Revenues [Member] | Gas Utilities [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts Receivable, Trade | 47,394 | 49,162 |
Billed Revenues [Member] | Power Generation [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts Receivable, Trade | 1,369 | 1,722 |
Billed Revenues [Member] | Coal Mining [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts Receivable, Trade | 3,151 | 1,711 |
Billed Revenues [Member] | Oil and Gas [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts Receivable, Trade | 5,305 | 8,156 |
Unbilled Revenues [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts Receivable, Trade | 72,020 | 65,018 |
Unbilled Revenues [Member] | Corporate, Non-Segment [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts Receivable, Trade | 0 | 0 |
Unbilled Revenues [Member] | Electric Utilities [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts Receivable, Trade | 26,474 | 23,823 |
Unbilled Revenues [Member] | Gas Utilities [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts Receivable, Trade | 45,546 | 41,195 |
Unbilled Revenues [Member] | Power Generation [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts Receivable, Trade | 0 | 0 |
Unbilled Revenues [Member] | Coal Mining [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts Receivable, Trade | 0 | 0 |
Unbilled Revenues [Member] | Oil and Gas [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts Receivable, Trade | $0 | $0 |
Business_Description_And_Signi5
Business Description And Significant Accounting Policies: Materials, Supplies and Fuel (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Materials and supplies | $49,555 | $50,196 |
Fuel - Electric Utilities | 6,637 | 6,213 |
Natural gas in storage held for distribution | 34,999 | 32,069 |
Total materials, supplies and fuel | $91,191 | $88,478 |
Business_Description_And_Signi6
Business Description And Significant Accounting Policies: Goodwill (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | $353,396 | $353,396 | |
Goodwill, Additions (adjustments) | 0 | 0 | |
Goodwill, Ending Balance | 353,396 | 353,396 | |
Electric Utilities [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 250,487 | 250,487 | |
Goodwill, Additions (adjustments) | 0 | 0 | |
Goodwill, Ending Balance | 250,487 | 250,487 | |
Gas Utilities [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Additions (adjustments) | 0 | 0 | |
Power Generation [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 8,765 | 8,765 | |
Goodwill, Additions (adjustments) | 0 | 0 | |
Goodwill, Ending Balance | 8,765 | 8,765 | |
Aquila Transaction [Member] | Electric Utilities [Member] | |||
Goodwill [Line Items] | |||
Goodwill Allocation by Segment (percentage) | 72.00% | ||
Goodwill [Roll Forward] | |||
Goodwill, Ending Balance | 246,000 | ||
Aquila Transaction [Member] | Gas Utilities [Member] | |||
Goodwill [Line Items] | |||
Goodwill Allocation by Segment (percentage) | 28.00% | ||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 94,144 | ||
Goodwill, Ending Balance | $94,144 | $94,144 | $94,144 |
Business_Description_And_Signi7
Business Description And Significant Accounting Policies: Schedule of Intangible Assets (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Finite-Lived Intangible Assets, Useful Life, Maximum (years) | 20 years | |||
Finite-Lived Intangible Assets [Roll Forward] | ||||
Intangible assets, net, beginning balance | $3,397,000 | $3,620,000 | $3,843,000 | |
Intangible assets, additions (adjustments) | 0 | 0 | 0 | |
Intangible assets, amortization expense | -221,000 | [1] | -223,000 | -223,000 |
Intangible assets, net, ending balance | 3,176,000 | 3,397,000 | 3,620,000 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
Future Amortization Expense, Year One | 200,000 | |||
Future Amortization Expense, Year Two | 200,000 | |||
Future Amortization Expense, Year Three | 200,000 | |||
Future Amortization Expense, Year Four | 200,000 | |||
Future Amortization Expense, Year Five | $200,000 | |||
[1] | Amortization expense for existing intangible assets is expected to be $0.2 million for each year of the next five years. |
Business_Description_And_Signi8
Business Description And Significant Accounting Policies: Regulatory Assets and Liabilities (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Schedule of Regulatory Assets and Liabilities [line items] | ||||
Regulatory assets | $257,839 | $162,648 | ||
Regulatory liabilities | 148,831 | 120,156 | ||
Deferred energy, fuel and gas cost adjustments [Member] | ||||
Schedule of Regulatory Assets and Liabilities [line items] | ||||
Regulatory liabilities maximum amortization period | 1 year | |||
Regulatory liabilities | 6,496 | [1] | 11,708 | [1] |
Cost of removal [Member] | ||||
Schedule of Regulatory Assets and Liabilities [line items] | ||||
Regulatory liabilities maximum amortization period | 44 years | |||
Regulatory liabilities | 78,249 | [1] | 64,970 | [1] |
Other regulatory liabilities [Member] | ||||
Schedule of Regulatory Assets and Liabilities [line items] | ||||
Regulatory liabilities maximum amortization period | 25 years | |||
Regulatory liabilities | 10,947 | [2] | 9,047 | [2] |
Deferred energy, fuel and gas cost adjustments [Member] | ||||
Schedule of Regulatory Assets and Liabilities [line items] | ||||
Regulatory assets maximum amortization period | 1 year | |||
Regulatory assets | 23,820 | [1],[3] | 16,775 | [1],[3] |
Deferred gas cost adjustments and gas price derivatives [Member] | ||||
Schedule of Regulatory Assets and Liabilities [line items] | ||||
Regulatory assets maximum amortization period | 2 years | |||
Regulatory assets | 37,471 | [1],[3] | 4,799 | [1],[3] |
Price Risk Derivative [Member] | ||||
Schedule of Regulatory Assets and Liabilities [line items] | ||||
Regulatory assets maximum amortization period | 7 years | |||
Regulatory assets | 18,740 | [1] | 7,567 | [1] |
Allowance For Funds Used During Construction [Member] | ||||
Schedule of Regulatory Assets and Liabilities [line items] | ||||
Regulatory assets maximum amortization period | 45 years | |||
Regulatory assets | 12,358 | [4] | 12,315 | [4] |
Employee benefit plans [Member] | ||||
Schedule of Regulatory Assets and Liabilities [line items] | ||||
Regulatory assets maximum amortization period | 12 years | |||
Regulatory liabilities maximum amortization period | 12 years | |||
Regulatory assets | 97,126 | [2],[5] | 67,059 | [2] |
Regulatory liabilities | 53,139 | [2],[5] | 34,431 | [2] |
Environmental [Member] | ||||
Schedule of Regulatory Assets and Liabilities [line items] | ||||
Regulatory assets | 1,314 | [1] | 1,800 | [1] |
Asset retirement obligations [Member] | ||||
Schedule of Regulatory Assets and Liabilities [line items] | ||||
Regulatory assets maximum amortization period | 44 years | |||
Regulatory assets | 3,287 | [1] | 3,266 | [1] |
Bond issuance cost [Member] | ||||
Schedule of Regulatory Assets and Liabilities [line items] | ||||
Regulatory assets maximum amortization period | 23 years | |||
Regulatory assets | 3,276 | [1] | 3,419 | [1] |
Renewable energy standard adjustment [Member] | ||||
Schedule of Regulatory Assets and Liabilities [line items] | ||||
Regulatory assets maximum amortization period | 5 years | |||
Regulatory assets | 9,622 | [1] | 14,186 | [1] |
Flow through accounting [Member] | ||||
Schedule of Regulatory Assets and Liabilities [line items] | ||||
Regulatory assets maximum amortization period | 35 years | |||
Regulatory assets | 25,887 | [2] | 20,916 | [2] |
Decommissioning costs [Member] | ||||
Schedule of Regulatory Assets and Liabilities [line items] | ||||
Regulatory assets maximum amortization period | 10 years | |||
Regulatory assets | 12,484 | 0 | ||
Other regulatory assets [Member] | ||||
Schedule of Regulatory Assets and Liabilities [line items] | ||||
Regulatory assets maximum amortization period | 15 years | |||
Regulatory assets | $12,454 | [1] | $10,546 | [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 December 31, 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. | |||
[5] | Increases are due to a decrease in the discount rate and a change in the mortality tables used in employee benefit plan estimates. |
Business_Description_And_Signi9
Business Description And Significant Accounting Policies: Earnings per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||
Income (loss) from continuing operations | $34,007 | $26,836 | $19,820 | $48,118 | $19,007 | [1],[2] | $23,124 | [1] | $30,518 | [1] | $43,197 | [1] | $128,781 | $115,846 | $88,505 |
Weighted average shares - Basic | 44,394 | 44,163 | 43,820 | ||||||||||||
Dilutive effect of: | |||||||||||||||
Equity compensation | 204 | 256 | 250 | ||||||||||||
Other diluted effects, shares | 0 | 0 | 3 | ||||||||||||
Weighted average shares - diluted | 44,598 | 44,419 | 44,073 | ||||||||||||
Income (loss) from continuing operations - Diluted (usd per share) | $0.43 | $0.52 | $0.69 | $0.97 | $2.89 | $2.61 | $2.01 | ||||||||
[1] | Includes unrealized mark-to-market gain (loss) for interest rate swaps of $4.8 million, $12 million, $2.0 million and $0.5 million after-tax in the first, second, third and fourth quarters, respectively. | ||||||||||||||
[2] | Fourth quarter 2013 includes $7.6 million after-tax for a make-whole premium and write-off of deferred financing costs relating to the early redemption of our $250 million notes and interest expense on new debt and a $6.6 million after-tax expense relating to the settlement of interest rate swaps in conjunction with the prepayment of Black Hills Wyoming’s project financing and write-off of deferred financing costs. |
Recovered_Sheet1
Business Description And Significant Accounting Policies: Anti-dilutive shares (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||
Anti-dilutive Shares Excluded from Computation of Earnings Per Share, Shares Amount | 81 | 22 | 163 |
Equity Compensation [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||
Anti-dilutive Shares Excluded from Computation of Earnings Per Share, Shares Amount | 81 | 22 | 163 |
Property_Plant_And_Equipment_P1
Property, Plant And Equipment: Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 4,563,400 | 4,259,445 | ||
Less: accumulated depreciation, depletion and amortization | 1,324,025 | 1,269,148 | ||
Total property, plant and equipment, net | 3,239,375 | 2,990,297 | ||
Corporate, Non-Segment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment | 5,524 | 5,498 | ||
Construction in progress, gross | 5,196 | 5,647 | ||
Property, plant and equipment, gross | 10,720 | 11,145 | ||
Total property, plant and equipment, net | 14,205 | 14,355 | ||
Corporate, Non-Segment [Member] | Weighted Average [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 11 years | 6 years | ||
Corporate, Non-Segment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 5 years | 2 years | ||
Corporate, Non-Segment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 30 years | 30 years | ||
Intercompany Eliminations [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Less: accumulated depreciation, depletion and amortization | -3,485 | [1] | -3,210 | [1] |
Electric Utilities [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Production | 1,125,845 | 951,138 | ||
Transmission | 284,032 | 238,542 | ||
Distribution | 718,342 | 666,589 | ||
Plant acquisition adjustment | 4,870 | [2] | 4,870 | [2] |
General | 152,982 | 138,263 | ||
Capital lease - plant in service | 261,441 | [3] | 261,441 | [3] |
Total plant in service before construction work in progress | 2,547,512 | 2,260,843 | ||
Construction work in progress | 49,700 | 203,760 | ||
Property, plant and equipment, gross | 2,597,212 | [4] | 2,464,603 | [4] |
Less: accumulated depreciation, depletion and amortization | 484,406 | 472,970 | ||
Total property, plant and equipment, net | 2,112,806 | 1,991,633 | ||
Depreciation, depletion and amortization, remaining amortization period | 16 years | |||
Electric Utilities [Member] | Weighted Average [Member] | Production, Electric [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 45 years | 45 years | ||
Electric Utilities [Member] | Weighted Average [Member] | Electric transmission [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 49 years | 50 years | ||
Electric Utilities [Member] | Weighted Average [Member] | Electric distribution [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 44 years | 44 years | ||
Electric Utilities [Member] | Weighted Average [Member] | Plant acquisition adjustment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 32 years | 32 years | ||
Electric Utilities [Member] | Weighted Average [Member] | General [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 21 years | 22 years | ||
Electric Utilities [Member] | Weighted Average [Member] | Assets Held under Capital Leases [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 20 years | 20 years | ||
Electric Utilities [Member] | Minimum [Member] | Production, Electric [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 25 years | |||
Electric Utilities [Member] | Minimum [Member] | Electric transmission [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 40 years | |||
Electric Utilities [Member] | Minimum [Member] | Electric distribution [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 15 years | |||
Electric Utilities [Member] | Minimum [Member] | Plant acquisition adjustment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 32 years | |||
Electric Utilities [Member] | Minimum [Member] | General [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 3 years | |||
Electric Utilities [Member] | Minimum [Member] | Assets Held under Capital Leases [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 20 years | |||
Electric Utilities [Member] | Maximum [Member] | Production, Electric [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 65 years | |||
Electric Utilities [Member] | Maximum [Member] | Electric transmission [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 65 years | |||
Electric Utilities [Member] | Maximum [Member] | Electric distribution [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 65 years | |||
Electric Utilities [Member] | Maximum [Member] | Plant acquisition adjustment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 32 years | |||
Electric Utilities [Member] | Maximum [Member] | General [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 60 years | |||
Electric Utilities [Member] | Maximum [Member] | Assets Held under Capital Leases [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 20 years | |||
Gas Utilities [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Production | 13 | 13 | ||
Transmission | 24,090 | 24,984 | ||
Distribution | 557,405 | 507,318 | ||
General | 90,085 | 85,841 | ||
Total plant in service before construction work in progress | 671,593 | 618,156 | ||
Construction work in progress | 16,072 | 9,417 | ||
Property, plant and equipment, gross | 687,665 | 627,573 | ||
Less: accumulated depreciation, depletion and amortization | 92,035 | 84,679 | ||
Total property, plant and equipment, net | 595,630 | 542,894 | ||
Gas Utilities [Member] | Weighted Average [Member] | General [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 19 years | 19 years | ||
Gas Utilities [Member] | Weighted Average [Member] | Production, Gas [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 37 years | 37 years | ||
Gas Utilities [Member] | Weighted Average [Member] | Gas transmission [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 54 years | 54 years | ||
Gas Utilities [Member] | Weighted Average [Member] | Gas distribution [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 46 years | 46 years | ||
Gas Utilities [Member] | Minimum [Member] | General [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 16 years | |||
Gas Utilities [Member] | Minimum [Member] | Production, Gas [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 37 years | |||
Gas Utilities [Member] | Minimum [Member] | Gas transmission [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 53 years | |||
Gas Utilities [Member] | Minimum [Member] | Gas distribution [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 41 years | |||
Gas Utilities [Member] | Maximum [Member] | General [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 22 years | |||
Gas Utilities [Member] | Maximum [Member] | Production, Gas [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 37 years | |||
Gas Utilities [Member] | Maximum [Member] | Gas transmission [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 57 years | |||
Gas Utilities [Member] | Maximum [Member] | Gas distribution [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 56 years | |||
Power Generation [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment | 153,779 | 143,026 | ||
Construction in progress, gross | 2,262 | 10,491 | ||
Property, plant and equipment, gross | 156,041 | [4] | 153,517 | [4] |
Less: accumulated depreciation, depletion and amortization | 47,704 | 43,069 | ||
Total property, plant and equipment, net | 108,337 | 110,448 | ||
Power Generation [Member] | Weighted Average [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 33 years | 36 years | ||
Power Generation [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 2 years | 2 years | ||
Power Generation [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 40 years | 40 years | ||
Coal Mining [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment | 145,619 | 149,067 | ||
Construction in progress, gross | 3,748 | 1,156 | ||
Property, plant and equipment, gross | 149,367 | 150,223 | ||
Less: accumulated depreciation, depletion and amortization | 90,629 | 86,306 | ||
Total property, plant and equipment, net | 58,738 | 63,917 | ||
Coal Mining [Member] | Weighted Average [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 15 years | 14 years | ||
Coal Mining [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 2 years | 2 years | ||
Coal Mining [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 59 years | 59 years | ||
Oil and Gas [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment | 962,395 | 852,384 | ||
Construction in progress, gross | 0 | 0 | ||
Property, plant and equipment, gross | 962,395 | 852,384 | ||
Less: accumulated depreciation, depletion and amortization | 612,736 | 585,334 | ||
Total property, plant and equipment, net | 349,659 | 267,050 | ||
Oil and Gas [Member] | Weighted Average [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 24 years | 24 years | ||
Oil and Gas [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 3 years | 3 years | ||
Oil and Gas [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average useful life | 25 years | 25 years | ||
Non Regulated Energy Group [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment | 1,261,793 | 1,144,477 | ||
Construction in progress, gross | 6,010 | 11,647 | ||
Property, plant and equipment, gross | 1,267,803 | 1,156,124 | ||
Less: accumulated depreciation, depletion and amortization | 751,069 | 714,709 | ||
Total property, plant and equipment, net | 516,734 | 441,415 | ||
[1] | Accumulated depreciation, depletion and amortization at Corporate reflects the elimination of the capital lease accumulated depreciation difference between Colorado Electric and Colorado IPP. | |||
[2] | The plant acquisition adjustment is included in rate base and is being recovered with 16 years remaining. | |||
[3] | Capital lease - plant in service represents the assets accounted for as a capital lease under the PPA between Colorado Electric and Black Hills Colorado IPP. The capital lease ends in conjunction with the expiration of the PPA on December 31, 2031. | |||
[4] | The PPA under which Black Hills Colorado IPP provides generation to support Colorado Electric customers from the Pueblo Airport Generation station is accounted for as a capital lease. As such, assets owned by our Power Generation segment are recorded at Colorado Electric under accounting for a capital lease. |
Jointly_Owned_Facilities_Detai
Jointly Owned Facilities (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Electric Utilities [Member] | Wyodak Plant [Member] | |
Jointly Owned Utility Plant Interests [Line Items] | |
Ownership Share Percentage | 20.00% |
Ownership Amount of Plant in Service | $110,123 |
Ownership Amount of Construction Work in Progress | 1,201 |
Ownership Amount of Plant Accumulated Depreciation | 53,816 |
Electric Utilities [Member] | Transmission Tie [Member] | |
Jointly Owned Utility Plant Interests [Line Items] | |
Ownership Share Percentage | 35.00% |
Ownership Amount of Plant in Service | 19,648 |
Ownership Amount of Construction Work in Progress | 0 |
Ownership Amount of Plant Accumulated Depreciation | 4,976 |
Electric Utilities [Member] | Wygen I I I Generating Facility [Member] | |
Jointly Owned Utility Plant Interests [Line Items] | |
Ownership Share Percentage | 52.00% |
Ownership Amount of Plant in Service | 136,220 |
Ownership Amount of Construction Work in Progress | 29 |
Ownership Amount of Plant Accumulated Depreciation | 13,811 |
Electric Utilities [Member] | Busch Ranch Wind Farm [Member] | |
Jointly Owned Utility Plant Interests [Line Items] | |
Ownership Share Percentage | 50.00% |
Ownership Amount of Plant in Service | 18,590 |
Ownership Amount of Construction Work in Progress | 0 |
Ownership Amount of Plant Accumulated Depreciation | 1,573 |
Power Generation [Member] | Wygen I Generating Facility [Member] | |
Jointly Owned Utility Plant Interests [Line Items] | |
Ownership Share Percentage | 76.50% |
Ownership Amount of Plant in Service | 109,040 |
Ownership Amount of Construction Work in Progress | 1,765 |
Ownership Amount of Plant Accumulated Depreciation | $31,852 |
Business_Segments_Information_1
Business Segments Information: Segment Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Segment Reporting, Asset Reconciling Item | ||||
Total Assets | $4,279,806 | $3,875,178 | ||
Corporate, Non-Segment [Member] | ||||
Segment Reporting, Asset Reconciling Item | ||||
Total Assets | 106,605 | 80,731 | ||
Electric Utilities [Member] | ||||
Segment Reporting, Asset Reconciling Item | ||||
Total Assets | 2,748,680 | [1] | 2,525,947 | [1] |
Gas Utilities [Member] | ||||
Segment Reporting, Asset Reconciling Item | ||||
Total Assets | 906,922 | 805,617 | ||
Power Generation [Member] | ||||
Segment Reporting, Asset Reconciling Item | ||||
Total Assets | 76,945 | [1] | 95,692 | [1] |
Coal Mining [Member] | ||||
Segment Reporting, Asset Reconciling Item | ||||
Total Assets | 74,407 | 78,825 | ||
Oil and Gas [Member] | ||||
Segment Reporting, Asset Reconciling Item | ||||
Total Assets | $366,247 | $288,366 | ||
[1] | The PPA under which Black Hills Colorado IPP provides generation to support Colorado Electric customers from the Pueblo Airport Generation station is accounted for as a capital lease. As such, assets owned by our Power Generation segment are recorded at Colorado Electric under accounting for a capital lease. |
Business_Segments_Information_2
Business Segments Information: Capital Expenditures and Asset Acquisitions (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Segment Reporting Information [Line Items] | ||||
Capital Expenditures and Asset Acquisitions | $391,267 | [1] | $379,534 | [1] |
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital Expenditures and Asset Acquisitions | 9,046 | [1] | 10,319 | [1] |
Electric Utilities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital Expenditures and Asset Acquisitions | 193,199 | [1] | 222,262 | [1] |
Gas Utilities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital Expenditures and Asset Acquisitions | 70,528 | [1] | 63,205 | [1] |
Power Generation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital Expenditures and Asset Acquisitions | 2,379 | [1] | 13,533 | [1] |
Coal Mining [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital Expenditures and Asset Acquisitions | 6,676 | [1] | 5,528 | [1] |
Oil and Gas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital Expenditures and Asset Acquisitions | $109,439 | [1] | $64,687 | [1] |
[1] | Includes accruals for property, plant and equipment. |
Business_Segments_Information_3
Business Segments Information: Property, Plant and Equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ||||
Property, plant and equipment, gross | $4,563,400 | $4,259,445 | ||
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Property, plant and equipment, gross | 10,720 | 11,145 | ||
Electric Utilities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Property, plant and equipment, gross | 2,597,212 | [1] | 2,464,603 | [1] |
Gas Utilities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Property, plant and equipment, gross | 687,665 | 627,573 | ||
Power Generation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Property, plant and equipment, gross | 156,041 | [1] | 153,517 | [1] |
Coal Mining [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Property, plant and equipment, gross | 149,367 | 150,223 | ||
Oil and Gas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Property, plant and equipment, gross | $962,395 | $852,384 | ||
[1] | The PPA under which Black Hills Colorado IPP provides generation to support Colorado Electric customers from the Pueblo Airport Generation station is accounted for as a capital lease. As such, assets owned by our Power Generation segment are recorded at Colorado Electric under accounting for a capital lease. |
Business_Segments_Information_4
Business Segments Information: Information Relating to Segments Statement of Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Segment Reporting Information | |||||||||||||
Revenue | $378,077 | $272,087 | $283,237 | $460,169 | $355,448 | $259,907 | $279,826 | $380,671 | $1,393,570 | $1,275,852 | $1,173,884 | ||
Fuel, purchased power and cost of natural gas sold | 581,782 | 492,147 | 407,066 | ||||||||||
Operations and maintenance | 403,175 | 386,936 | 370,736 | ||||||||||
Gain on sale of operating assets | 0 | 0 | -29,129 | [1] | |||||||||
Depreciation, depletion and amortization | 148,083 | 141,217 | 154,632 | ||||||||||
Impairment of long-lived assets | 0 | 0 | 26,868 | [2] | |||||||||
Operating income | 69,951 | 54,404 | 46,577 | 89,598 | 71,103 | 55,566 | 49,037 | 79,846 | 260,530 | 255,552 | 243,711 | ||
Interest expense | -70,960 | -111,788 | [3] | -113,610 | [4] | ||||||||
Unrealized gain (loss) on interest rate swaps, net | 0 | 30,169 | 1,882 | ||||||||||
Interest income | 1,925 | 1,723 | 1,957 | ||||||||||
Other income (expense), net | 2,681 | 1,798 | 2,965 | ||||||||||
Income tax benefit (expense) | -65,395 | -61,608 | -48,400 | ||||||||||
Income (loss) from continuing operations | 128,781 | 115,846 | 88,505 | ||||||||||
Electric Utilities [Member] | |||||||||||||
Segment Reporting Information | |||||||||||||
Revenue | 683,201 | 651,445 | 610,732 | ||||||||||
Fuel, purchased power and cost of natural gas sold | 314,573 | 294,048 | 273,474 | ||||||||||
Operations and maintenance | 165,641 | 159,961 | 146,527 | ||||||||||
Gain on sale of operating assets | 0 | ||||||||||||
Depreciation, depletion and amortization | 79,424 | 77,704 | 75,244 | ||||||||||
Impairment of long-lived assets | 0 | ||||||||||||
Operating income | 137,673 | 133,595 | 131,721 | ||||||||||
Interest expense | -53,402 | -61,537 | -59,194 | ||||||||||
Unrealized gain (loss) on interest rate swaps, net | 0 | 0 | |||||||||||
Interest income | 4,615 | 5,277 | 8,153 | ||||||||||
Other income (expense), net | 1,164 | 633 | 1,182 | ||||||||||
Income tax benefit (expense) | -30,498 | -25,834 | -30,264 | ||||||||||
Income (loss) from continuing operations | 59,552 | 52,134 | 51,598 | ||||||||||
Gas Utilities [Member] | |||||||||||||
Segment Reporting Information | |||||||||||||
Revenue | 617,768 | 539,689 | 454,081 | ||||||||||
Fuel, purchased power and cost of natural gas sold | 380,852 | 310,463 | 245,349 | ||||||||||
Operations and maintenance | 132,635 | 126,073 | 117,390 | ||||||||||
Gain on sale of operating assets | 0 | ||||||||||||
Depreciation, depletion and amortization | 26,499 | 26,381 | 25,163 | ||||||||||
Impairment of long-lived assets | 0 | ||||||||||||
Operating income | 77,782 | 76,772 | 66,179 | ||||||||||
Interest expense | -15,725 | -25,234 | -26,746 | ||||||||||
Unrealized gain (loss) on interest rate swaps, net | 0 | 0 | |||||||||||
Interest income | 441 | 976 | 2,765 | ||||||||||
Other income (expense), net | 34 | -60 | 105 | ||||||||||
Income tax benefit (expense) | -20,663 | -19,747 | -14,313 | ||||||||||
Income (loss) from continuing operations | 41,869 | 32,707 | 27,990 | ||||||||||
Power Generation [Member] | |||||||||||||
Segment Reporting Information | |||||||||||||
Revenue | 6,401 | 4,648 | 4,189 | ||||||||||
Fuel, purchased power and cost of natural gas sold | 0 | 0 | 0 | ||||||||||
Operations and maintenance | 33,126 | 30,186 | 29,991 | ||||||||||
Gain on sale of operating assets | 0 | ||||||||||||
Depreciation, depletion and amortization | 4,540 | 5,091 | 4,599 | ||||||||||
Impairment of long-lived assets | 0 | ||||||||||||
Operating income | 49,892 | 47,760 | 44,799 | ||||||||||
Interest expense | -4,351 | -21,178 | [3] | -15,452 | |||||||||
Unrealized gain (loss) on interest rate swaps, net | 0 | 0 | |||||||||||
Interest income | 682 | 785 | 695 | ||||||||||
Other income (expense), net | -6 | 1 | 7 | ||||||||||
Income tax benefit (expense) | -17,701 | -11,080 | -8,721 | ||||||||||
Income (loss) from continuing operations | 28,516 | 16,288 | 21,328 | ||||||||||
Coal Mining [Member] | |||||||||||||
Segment Reporting Information | |||||||||||||
Revenue | 31,086 | 25,186 | 25,810 | ||||||||||
Fuel, purchased power and cost of natural gas sold | 0 | 0 | 0 | ||||||||||
Operations and maintenance | 41,172 | 39,519 | 42,553 | ||||||||||
Gain on sale of operating assets | 0 | ||||||||||||
Depreciation, depletion and amortization | 10,276 | 11,523 | 13,060 | ||||||||||
Impairment of long-lived assets | 0 | ||||||||||||
Operating income | 11,910 | 5,586 | 2,165 | ||||||||||
Interest expense | -493 | -641 | -238 | ||||||||||
Unrealized gain (loss) on interest rate swaps, net | 0 | 0 | |||||||||||
Interest income | 59 | 10 | 1,168 | ||||||||||
Other income (expense), net | 2,275 | 2,304 | 2,616 | ||||||||||
Income tax benefit (expense) | -3,299 | -932 | -85 | ||||||||||
Income (loss) from continuing operations | 10,452 | 6,327 | 5,626 | ||||||||||
Oil and Gas [Member] | |||||||||||||
Segment Reporting Information | |||||||||||||
Revenue | 55,114 | 54,884 | 79,072 | ||||||||||
Fuel, purchased power and cost of natural gas sold | 0 | 0 | 0 | ||||||||||
Operations and maintenance | 42,659 | 40,365 | 43,267 | ||||||||||
Gain on sale of operating assets | -29,129 | [1] | |||||||||||
Depreciation, depletion and amortization | 27,584 | 21,770 | 38,494 | ||||||||||
Impairment of long-lived assets | 26,868 | [2] | |||||||||||
Operating income | -15,129 | -7,251 | -428 | ||||||||||
Interest expense | -2,603 | -2,253 | -4,539 | ||||||||||
Unrealized gain (loss) on interest rate swaps, net | 0 | 0 | |||||||||||
Interest income | 918 | 1,639 | 604 | ||||||||||
Other income (expense), net | 183 | 108 | 207 | ||||||||||
Income tax benefit (expense) | 5,998 | 3,545 | 1,927 | ||||||||||
Income (loss) from continuing operations | -10,633 | -4,212 | -2,229 | ||||||||||
Intercompany Eliminations [Member] | |||||||||||||
Segment Reporting Information | |||||||||||||
Revenue | -349,999 | -344,314 | -319,855 | ||||||||||
Fuel, purchased power and cost of natural gas sold | -113,759 | -112,489 | -111,757 | ||||||||||
Operations and maintenance | -225,473 | -211,977 | -188,051 | ||||||||||
Gain on sale of operating assets | 0 | ||||||||||||
Depreciation, depletion and amortization | -7,930 | -12,876 | -12,864 | ||||||||||
Impairment of long-lived assets | 0 | ||||||||||||
Operating income | -2,837 | -6,972 | -7,183 | ||||||||||
Interest expense | 55,913 | 84,250 | 85,209 | ||||||||||
Unrealized gain (loss) on interest rate swaps, net | 0 | 0 | |||||||||||
Interest income | -53,759 | -76,724 | -76,123 | ||||||||||
Other income (expense), net | -62,574 | -42,641 | -49,921 | ||||||||||
Income tax benefit (expense) | 744 | 218 | -131 | ||||||||||
Income (loss) from continuing operations | -62,513 | -41,869 | -48,149 | ||||||||||
Intercompany Eliminations [Member] | Electric Utilities [Member] | |||||||||||||
Segment Reporting Information | |||||||||||||
Revenue | 14,110 | 13,863 | 16,234 | ||||||||||
Intercompany Eliminations [Member] | Gas Utilities [Member] | |||||||||||||
Segment Reporting Information | |||||||||||||
Revenue | 0 | 0 | 0 | ||||||||||
Intercompany Eliminations [Member] | Power Generation [Member] | |||||||||||||
Segment Reporting Information | |||||||||||||
Revenue | 81,157 | 78,389 | 75,200 | ||||||||||
Intercompany Eliminations [Member] | Coal Mining [Member] | |||||||||||||
Segment Reporting Information | |||||||||||||
Revenue | 32,272 | 31,442 | 31,968 | ||||||||||
Intercompany Eliminations [Member] | Oil and Gas [Member] | |||||||||||||
Segment Reporting Information | |||||||||||||
Revenue | 0 | 0 | 0 | ||||||||||
Operating Segments [Member] | Electric Utilities [Member] | |||||||||||||
Segment Reporting Information | |||||||||||||
Revenue | 697,311 | 665,308 | 626,966 | ||||||||||
Operating Segments [Member] | Gas Utilities [Member] | |||||||||||||
Segment Reporting Information | |||||||||||||
Revenue | 617,768 | 539,689 | 454,081 | ||||||||||
Operating Segments [Member] | Power Generation [Member] | |||||||||||||
Segment Reporting Information | |||||||||||||
Revenue | 87,558 | 83,037 | 79,389 | ||||||||||
Operating Segments [Member] | Coal Mining [Member] | |||||||||||||
Segment Reporting Information | |||||||||||||
Revenue | 63,358 | 56,628 | 57,778 | ||||||||||
Operating Segments [Member] | Oil and Gas [Member] | |||||||||||||
Segment Reporting Information | |||||||||||||
Revenue | 55,114 | 54,884 | 79,072 | ||||||||||
Corporate, Non-Segment [Member] | |||||||||||||
Segment Reporting Information | |||||||||||||
Revenue | 222,460 | 220,620 | 196,453 | ||||||||||
Fuel, purchased power and cost of natural gas sold | 116 | 125 | 0 | ||||||||||
Operations and maintenance | 213,415 | 202,809 | 179,059 | ||||||||||
Gain on sale of operating assets | 0 | ||||||||||||
Depreciation, depletion and amortization | 7,690 | 11,624 | 10,936 | ||||||||||
Impairment of long-lived assets | 0 | ||||||||||||
Operating income | 1,239 | 6,062 | 6,458 | ||||||||||
Interest expense | -50,299 | -85,195 | [3] | -92,650 | [4] | ||||||||
Unrealized gain (loss) on interest rate swaps, net | 30,169 | 1,882 | |||||||||||
Interest income | 48,969 | 69,760 | 64,695 | ||||||||||
Other income (expense), net | 61,605 | 41,453 | 48,769 | ||||||||||
Income tax benefit (expense) | 24 | -7,778 | 3,187 | ||||||||||
Income (loss) from continuing operations | 61,538 | 54,471 | 32,341 | ||||||||||
Consolidation, Eliminations [Member] | |||||||||||||
Segment Reporting Information | |||||||||||||
Revenue | $0 | $0 | $0 | ||||||||||
[1] | Oil and Gas includes gain on sale of the Williston Basin assets (see Note 21). | ||||||||||||
[2] | Oil and Gas includes a ceiling test impairment (see Note 12). | ||||||||||||
[3] | Power Generation includes costs associated with interest rate swaps settled and write-off of deferred financing costs upon repayment of Black Hills Wyoming Project Financing and Corporate includes a write-off of deferred financing costs and a make-whole provision from early repayment of long-term debt (see Note 5). | ||||||||||||
[4] | Corporate includes a make-whole provision from early repayment of long-term debt. |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt: Long-Term Debt (Details) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 01, 2014 | Nov. 19, 2013 | Jun. 21, 2013 | ||
Debt Instrument [Line Items] | |||||||
Long-term Debt, including current maturities | $1,542,589 | $1,396,948 | |||||
Long-term Debt, Current Maturities | -275,000 | 0 | |||||
Long-term debt, net of current maturities | 1,267,589 | 1,396,948 | |||||
First Mortgage Bonds Due 2044 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Fixed Interest Rate | 4.43% | ||||||
Long-term Debt | 85,000 | 160,000 | |||||
Polution Control Revenue Bonds Due 2024 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Fixed Interest Rate | 5.35% | ||||||
Electric Utilities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | 544,753 | 396,948 | |||||
Electric Utilities [Member] | First Mortgage Bonds Due 2032 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Maturity Date | 15-Aug-32 | ||||||
Long-term Debt, Fixed Interest Rate | 7.23% | ||||||
Long-term Debt | 75,000 | 75,000 | |||||
Electric Utilities [Member] | First Mortgage Bonds Due 2039 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Maturity Date | 1-Nov-39 | ||||||
Long-term Debt, Fixed Interest Rate | 6.13% | ||||||
Long-term Debt | 180,000 | 180,000 | |||||
Debt Instrument, Unamortized Discount | -102 | -107 | |||||
Electric Utilities [Member] | Polution Control Revenue Bonds Due 2024 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Maturity Date | 1-Oct-24 | ||||||
Long-term Debt, Fixed Interest Rate | 5.35% | ||||||
Long-term Debt | 0 | 12,200 | |||||
Electric Utilities [Member] | First Mortgage Bonds Due 2037 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Maturity Date | 20-Nov-37 | ||||||
Long-term Debt, Fixed Interest Rate | 6.67% | ||||||
Long-term Debt | 110,000 | 110,000 | |||||
Electric Utilities [Member] | Industrial Development Revenue Bonds Due 2021 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Maturity Date | 1-Sep-21 | ||||||
Long-term Debt, Variable Interest Rate | 0.09% | [1] | |||||
Long-term Debt | 7,000 | [1] | 7,000 | [1] | |||
Electric Utilities [Member] | Industrial Development Revenue Bonds Due 2027 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Maturity Date | 1-Mar-27 | ||||||
Long-term Debt, Variable Interest Rate | 0.09% | [1] | |||||
Long-term Debt | 10,000 | [1] | 10,000 | [1] | |||
Electric Utilities [Member] | Series 94 A Debt, Due 2024 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Maturity Date | 1-Jun-24 | ||||||
Long-term Debt, Variable Interest Rate | 0.75% | [1] | |||||
Long-term Debt | 2,855 | [1] | 2,855 | [1] | |||
Black Hills Corporation [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | 997,836 | 1,000,000 | |||||
Black Hills Corporation [Member] | Senior Unsecured Notes Due 2023 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Maturity Date | 30-Nov-23 | ||||||
Long-term Debt, Fixed Interest Rate | 4.25% | ||||||
Long-term Debt | 525,000 | 525,000 | 525,000 | ||||
Debt Instrument, Unamortized Discount | -2,164 | [2] | 0 | [2] | |||
Black Hills Corporation [Member] | Senior Unsecured Notes Due 2020 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Maturity Date | 15-Jul-20 | ||||||
Long-term Debt, Fixed Interest Rate | 5.88% | ||||||
Long-term Debt | 200,000 | 200,000 | |||||
Black Hills Power [Member] | Electric Utilities [Member] | First Mortgage Bonds Due 2044 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Maturity Date | 20-Oct-44 | ||||||
Long-term Debt, Fixed Interest Rate | 4.43% | ||||||
Long-term Debt | 85,000 | 0 | |||||
Cheyenne Light [Member] | Electric Utilities [Member] | First Mortgage Bonds Due 2044 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Maturity Date | 20-Oct-44 | ||||||
Long-term Debt, Fixed Interest Rate | 4.53% | ||||||
Long-term Debt | 75,000 | 0 | 75,000 | ||||
London Interbank Offered Rate (LIBOR) [Member] | Black Hills Corporation [Member] | Corporate Term Loan due June 2015 [Member] [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Maturity Date | 19-Jun-15 | 19-Jun-15 | |||||
Long-term Debt, Variable Interest Rate | 1.31% | [3] | |||||
Long-term Debt | $275,000 | $275,000 | $275,000 | ||||
[1] | Variable interest rate. | ||||||
[2] | Discount on note initially reflected in deferred financing costs at December 31, 2013. | ||||||
[3] | Variable interest rate, based on LIBOR plus a spread. |
LongTerm_Debt_Aggregate_Maturi
Long-Term Debt: Aggregate Maturities of Long Term Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-term Debt, Unclassified [Abstract] | ||
2015 | $275,000 | $0 |
2016 | 0 | |
2017 | 0 | |
2018 | 0 | |
2019 | 0 | |
After 2019 | $1,269,855 |
LongTerm_Debt_Debt_Transaction
Long-Term Debt: Debt Transactions (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 19, 2013 | Jun. 21, 2013 | Dec. 19, 2013 | Oct. 01, 2014 | ||
Debt Instrument [Line Items] | ||||||||
Derivative Liability | $6,020,000 | $9,088,000 | ||||||
Repayments of Lines of Credit | 403,750,000 | 532,150,000 | 271,753,000 | |||||
Loans Payable [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Extinguishment of Debt, Amount | 150,000,000 | |||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of Lines of Credit | 55,000,000 | 25,000,000 | ||||||
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notional Amount | 250,000,000 | |||||||
Electric Utilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | 544,753,000 | 396,948,000 | ||||||
Black Hills Corporation [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | 997,836,000 | 1,000,000,000 | ||||||
Black Hills Corporation [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Derivative Liability | 64,000,000 | |||||||
First Mortgage Bonds Due 2044 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | 85,000,000 | 160,000,000 | ||||||
Long-term Debt, Fixed Interest Rate | 4.43% | |||||||
First Mortgage Bonds Due 2044 [Member] | Black Hills Power [Member] | Electric Utilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | 85,000,000 | 0 | ||||||
Long-term Debt, Fixed Interest Rate | 4.43% | |||||||
Long-term Debt, Maturity Date | 20-Oct-44 | |||||||
First Mortgage Bonds Due 2044 [Member] | Cheyenne Light [Member] | Electric Utilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | 75,000,000 | 0 | 75,000,000 | |||||
Long-term Debt, Fixed Interest Rate | 4.53% | |||||||
Long-term Debt, Maturity Date | 20-Oct-44 | |||||||
Polution Control Revenue Bonds Due 2024 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Fixed Interest Rate | 5.35% | |||||||
Extinguishment of Debt, Amount | 12,000,000 | |||||||
Polution Control Revenue Bonds Due 2024 [Member] | Electric Utilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | 0 | 12,200,000 | ||||||
Long-term Debt, Fixed Interest Rate | 5.35% | |||||||
Long-term Debt, Maturity Date | 1-Oct-24 | |||||||
Senior Unsecured Notes Due 2023 [Member] | Black Hills Corporation [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | 525,000,000 | 525,000,000 | 525,000,000 | |||||
Long-term Debt, Fixed Interest Rate | 4.25% | |||||||
Long-term Debt, Maturity Date | 30-Nov-23 | |||||||
Senior Unsecured Notes Due 2014 [Member] | Black Hills Corporation [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Fixed Interest Rate | 9.00% | |||||||
Extinguishment of Debt, Amount | 250,000,000 | |||||||
Long-term Debt, Maturity Date | 15-May-14 | |||||||
Early Repayment of Senior Debt | 261,000,000 | |||||||
Interest Expense, Prepayment of Debt | 8,500,000 | |||||||
Project Financing Debt Due 2016 [Member] | Power Generation [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Extinguishment of Debt, Amount | 87,000,000 | |||||||
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 8,500,000 | |||||||
Corporate Term Loan due June 2015 [Member] [Member] | Black Hills Corporation [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | 275,000,000 | 275,000,000 | 275,000,000 | |||||
Long-term Debt, Maturity Date | 19-Jun-15 | 19-Jun-15 | ||||||
Long-term Debt, Variable Interest Rate | 1.31% | [1] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.13% | |||||||
Corporate Term Loan due September 2013 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Extinguishment of Debt, Amount | $100,000,000 | |||||||
[1] | Variable interest rate, based on LIBOR plus a spread. |
LongTerm_Debt_Deferred_Financi
Long-Term Debt: Deferred Financing Costs (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Senior Unsecured Notes Due 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Deferred Finance Costs Remaining, Noncurrent | $3,908 | ||||
Amortization Expense for Deferred Financing Costs | 653 | 86 | 0 | ||
Senior Unsecured Notes Due 2014 [Member] | |||||
Debt Instrument [Line Items] | |||||
Deferred Finance Costs Remaining, Noncurrent | 0 | ||||
Amortization Expense for Deferred Financing Costs | 0 | 635 | 462 | ||
Senior Unsecured Notes Due 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Deferred Finance Costs Remaining, Noncurrent | 926 | ||||
Amortization Expense for Deferred Financing Costs | 167 | 167 | 167 | ||
First Mortgage Bonds Due 2032 [Member] | |||||
Debt Instrument [Line Items] | |||||
Deferred Finance Costs Remaining, Noncurrent | 584 | ||||
Amortization Expense for Deferred Financing Costs | 33 | 33 | 33 | ||
First Mortgage Bonds Due 2039 [Member] | |||||
Debt Instrument [Line Items] | |||||
Deferred Finance Costs Remaining, Noncurrent | 1,885 | ||||
Amortization Expense for Deferred Financing Costs | 76 | 76 | 76 | ||
First Mortgage Bonds Due 2037 [Member] | |||||
Debt Instrument [Line Items] | |||||
Deferred Finance Costs Remaining, Noncurrent | 705 | ||||
Amortization Expense for Deferred Financing Costs | 31 | 31 | 31 | ||
Project Financing Debt Due 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Amortization Expense for Deferred Financing Costs | 0 | 3,177 | [1] | 1,037 | |
Deferred Financing Costs, Other [Member] | |||||
Debt Instrument [Line Items] | |||||
Deferred Finance Costs Remaining, Noncurrent | 483 | ||||
Amortization Expense for Deferred Financing Costs | 53 | 57 | 57 | ||
Black Hills Power [Member] | First Mortgage Bonds Due 2044 [Member] | |||||
Debt Instrument [Line Items] | |||||
Deferred Finance Costs Remaining, Noncurrent | 711 | ||||
Amortization Expense for Deferred Financing Costs | 6 | [2] | 0 | 0 | |
Cheyenne Light [Member] | First Mortgage Bonds Due 2044 [Member] | |||||
Debt Instrument [Line Items] | |||||
Deferred Finance Costs Remaining, Noncurrent | 654 | ||||
Amortization Expense for Deferred Financing Costs | $6 | [2] | $0 | $0 | |
[1] | This project financing was repaid in 2013 and the deferred financing costs were written off. | ||||
[2] | Deferred financing costs on Cheyenne Prairie first mortgage bonds executed on October 1, 2014. |
LongTerm_Debt_Dividend_Restric
Long-Term Debt: Dividend Restrictions (Details) (Utilities Group [Member], USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Utilities Group [Member] | |
Debt Instrument [Line Items] | |
Restricted Net Assets for Subsidiaries | $315 |
Notes_Payable_Notes_Payable_De
Notes Payable: Notes Payable (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revolving Credit Facility [Line Items] | |||
Balance Outstanding | $75,000,000 | $82,500,000 | |
Deferred Finance Costs [Abstract] | |||
Write off of Deferred Debt Issuance Cost | 1,500,000 | ||
Revolving Credit Facility [Member] | |||
Revolving Credit Facility [Line Items] | |||
Balance Outstanding | 75,000,000 | 82,500,000 | |
Current Borrowing Capacity | 500,000,000 | ||
Expiration Date | 29-May-19 | ||
Maximum Borrowing Capacity | 750,000,000 | ||
Commitment Fee Percentage | 0.18% | ||
Commitment Fee Percentage Decrease | 0.03% | ||
Letters of Credit Outstanding | 35,000,000 | 22,000,000 | |
Deferred Finance Costs [Abstract] | |||
Deferred Finance Costs, Noncurrent, Gross | 3,800,000 | ||
Deferred Finance Costs, Noncurrent, Net | 1,779,000 | ||
Amortization Expense for Deferred Financing Costs | $616,000 | $752,000 | $2,187,000 |
Debt Covenants Disclosure [Abstract] | |||
Covenant Requirement - Recourse Leverage Ratio, Actual | 55.00% | ||
Covenant Requirement - Recourse Leverage Ratio, Maximum | 65.00% | ||
Revolving Credit Facility [Member] | Base Rate Borrowings [Member] | |||
Revolving Credit Facility [Line Items] | |||
Interest Rate at Period End | 0.13% | ||
Interest Rate Decrease | 0.25% | ||
Revolving Credit Facility [Member] | Eurodollar Borrowings [Member] | |||
Revolving Credit Facility [Line Items] | |||
Interest Rate at Period End | 1.13% | ||
Interest Rate Decrease | 0.25% | ||
Revolving Credit Facility [Member] | Letters of Credit [Member] | |||
Revolving Credit Facility [Line Items] | |||
Interest Rate at Period End | 1.13% | ||
Interest Rate Decrease | 0.25% |
Asset_Retirement_Obligations_A1
Asset Retirement Obligations: Asset Retirement Obligations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Balance on January 1, | $51,851 | $50,548 | |
Liabilities Incurred | 413 | 146 | |
Liabilities Settled | -1,017 | -2,617 | |
Accretion Expense | 2,186 | 2,685 | |
Revision of Prior Estimate | -6,047 | [1],[2] | 1,089 |
Balance on December 31, | 47,386 | 51,851 | |
Electric Utilities [Member] | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Balance on January 1, | 6,922 | 6,981 | |
Liabilities Incurred | 0 | 0 | |
Liabilities Settled | -85 | 0 | |
Accretion Expense | 175 | 168 | |
Revision of Prior Estimate | 0 | -227 | |
Balance on December 31, | 7,012 | 6,922 | |
Gas Utilities [Member] | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Balance on January 1, | 274 | 259 | |
Liabilities Incurred | 0 | 0 | |
Liabilities Settled | 0 | 0 | |
Accretion Expense | 17 | 15 | |
Revision of Prior Estimate | 0 | 0 | |
Balance on December 31, | 291 | 274 | |
Coal Mining [Member] | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Balance on January 1, | 20,627 | 20,286 | |
Liabilities Incurred | 345 | 3 | |
Liabilities Settled | 0 | -714 | |
Accretion Expense | 951 | 1,052 | |
Revision of Prior Estimate | -2,785 | [1] | 0 |
Balance on December 31, | 19,138 | 20,627 | |
Oil and Gas [Member] | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Balance on January 1, | 24,028 | 23,022 | |
Liabilities Incurred | 68 | 143 | |
Liabilities Settled | -932 | -1,903 | |
Accretion Expense | 1,043 | 1,450 | |
Revision of Prior Estimate | -3,262 | [2] | 1,316 |
Balance on December 31, | $20,945 | $24,028 | |
[1] | The Coal Mining Revision to Prior Estimates reflects the change in backfill yards and disturbed acreage used in calculating the estimated liability. | ||
[2] | The Oil and Gas Revision to Prior Estimates was due to a change in useful well lives used in calculating the estimated liability. |
Risk_Management_Activities_Ris1
Risk Management Activities: Risk Management Activities (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Derivative [Line Items] | ||||
Derivative assets, current | 0 | 717,000 | ||
Derivative assets, non-current | 0 | 0 | ||
Derivative liabilities, current | 3,340,000 | 3,474,000 | ||
Derivative liabilities, non-current | 2,680,000 | 5,614,000 | ||
Oil and Gas [Member] | ||||
Derivative [Line Items] | ||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 10,000,000 | |||
Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Maximum Term | 2 years | 3 years | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative liabilities, current | 3,340,000 | 3,474,000 | ||
Derivative liabilities, non-current | 2,680,000 | 5,614,000 | ||
Notional Amount | 75,000,000 | [1] | 75,000,000 | [1] |
Weighted average fixed interest rate | 4.97% | 4.97% | ||
Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 3,300,000 | |||
Crude Oil [Member] | Swaps and Options [Member] | Oil and Gas [Member] | ||||
Derivative [Line Items] | ||||
Notional amount - commodities | 334,500 | [2] | 412,500 | [2] |
MaximumTerm Hedged in Cash Flow Hedge | 1 month | [3] | 3 months | [3] |
Derivative assets, current | 0 | 55,000 | ||
Derivative assets, non-current | 0 | 0 | ||
Derivative liabilities, current | 0 | 0 | ||
Derivative liabilities, non-current | 0 | 0 | ||
Natural Gas [Member] | Swap [Member] | Oil and Gas [Member] | ||||
Derivative [Line Items] | ||||
Notional amount - commodities | 6,582,500 | [2] | 7,082,500 | [2] |
MaximumTerm Hedged in Cash Flow Hedge | 1 month | [3] | 1 month | [3] |
Derivative assets, current | 0 | 0 | ||
Derivative assets, non-current | 0 | 0 | ||
Derivative liabilities, current | 0 | 0 | ||
Derivative liabilities, non-current | 0 | 0 | ||
External Credit Rating, Non Investment Grade [Member] | ||||
Derivative [Line Items] | ||||
Credit Exposure, Non-investment Grade Company | 600,000 | |||
Utilities Group [Member] | Natural Gas, Distribution [Member] | ||||
Derivative [Line Items] | ||||
Derivative assets, current | 0 | 662,000 | ||
Derivative assets, non-current | 0 | 0 | ||
Derivative liabilities, current | 0 | 0 | ||
Derivative liabilities, non-current | 0 | 0 | ||
Net Unrealized Gain (Loss) Included in Regulatory assets or Regulatory liabilities | 18,740,000 | 7,567,000 | ||
Utilities Group [Member] | Natural Gas, Distribution [Member] | Future [Member] | Purchase Contract [Member] | ||||
Derivative [Line Items] | ||||
Notional amount - commodities | 19,370,000 | 17,930,000 | ||
Maximum Term | 72 months | [4] | 84 months | [4] |
Utilities Group [Member] | Natural Gas, Distribution [Member] | Commodity Option [Member] | Purchase Contract [Member] | ||||
Derivative [Line Items] | ||||
Notional amount - commodities | 4,020,000 | 3,890,000 | ||
Maximum Term | 8 months | [4] | 8 months | [4] |
Utilities Group [Member] | Natural Gas, Distribution [Member] | Basis Swap [Member] | Purchase Contract [Member] | ||||
Derivative [Line Items] | ||||
Notional amount - commodities | 12,005,000 | 14,785,000 | ||
Maximum Term | 60 months | [4] | 60 months | [4] |
[1] | These swaps are designated to borrowings on our Revolving Credit Facility. These swaps are priced using three-month LIBOR, matching the floating portion of the related borrowings. | |||
[2] | Crude in Bbls, gas in MMBtu. | |||
[3] | 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. | |||
[4] | Term reflects the maximum forward period hedged. |
Risk_Management_Activities_Hed
Risk Management Activities: Hedging Activities (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||||
Amount of Gain/(Loss) on Derivatives Recognized in Income | $0 | $17,267 | ($11,077) | |
Cash Flow Hedging [Member] | ||||
Summary of Cash Flow Hedge Activity [Abstract] | ||||
Derivative Instruments, Gain Recognized in Other Comprehensive Income (Loss), Effective Portion | 14,145 | 6,979 | -2,155 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 5,664 | 6,062 | 1,177 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||
Summary of Cash Flow Hedge Activity [Abstract] | ||||
Derivative Instruments, Gain Recognized in Other Comprehensive Income (Loss), Effective Portion | -536 | 7,935 | -4,794 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Interest Expense [Member] | ||||
Summary of Cash Flow Hedge Activity [Abstract] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 3,669 | 6,989 | -7,607 | |
Cash Flow Hedging [Member] | Commodity derivatives [Member] | ||||
Summary of Cash Flow Hedge Activity [Abstract] | ||||
Derivative Instruments, Gain Recognized in Other Comprehensive Income (Loss), Effective Portion | 14,681 | -956 | 2,639 | |
Cash Flow Hedging [Member] | Commodity derivatives [Member] | Sales Revenue, Goods, Net [Member] | ||||
Summary of Cash Flow Hedge Activity [Abstract] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1,995 | -927 | 8,784 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Unrealized Gain Loss on Interest Rate Swaps [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||||
Amount of Gain/(Loss) on Derivatives Recognized in Income | 0 | 30,169 | [1] | 1,882 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Interest Expense [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||||
Amount of Gain/(Loss) on Derivatives Recognized in Income | $0 | ($12,902) | [1] | ($12,959) |
[1] | These interest rate swaps were settled in the fourth quarter of 2013. |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements: Fair Value Measurements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | $0 | $717 |
Derivative, Liabilities, Fair Value Disclosure | 6,020 | 9,088 |
Fair Value, Transfers Between Level 1 and Level 2, Description and Policy [Abstract] | ||
Assets-Transfers out of level 1 to 2 | 0 | 0 |
Assets -Transfers out of level 2 to 1 | 0 | 0 |
Liabilities -Transfers out of level 1 to 2 | 0 | 0 |
Liabilities -Transfers out of level 2 to 1 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | -17,546 | -3,258 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | -19,776 | -10,860 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Total | 0 | 0 |
Derivative Liabilities, Total | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Total | 17,546 | 3,975 |
Derivative Liabilities, Total | 25,796 | 19,948 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Total | 0 | 0 |
Derivative Liabilities, Total | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Liabilities, Fair Value Disclosure | 6,020 | 9,088 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Liabilities, Fair Value Disclosure | 6,020 | 9,088 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 |
Crude Oil [Member] | Commodity Option [Member] | Fair Value, Measurements, Recurring [Member] | Oil and Gas [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 0 | 0 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 0 | 0 |
Crude Oil [Member] | Commodity Option [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Oil and Gas [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 0 | 0 |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 |
Crude Oil [Member] | Commodity Option [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Oil and Gas [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 0 | 0 |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 |
Crude Oil [Member] | Commodity Option [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Oil and Gas [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 0 | 0 |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 |
Crude Oil [Member] | Basis Swap [Member] | Fair Value, Measurements, Recurring [Member] | Oil and Gas [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | -8,599 | -75 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 0 | -1,229 |
Crude Oil [Member] | Basis Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Oil and Gas [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 0 | 0 |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 |
Crude Oil [Member] | Basis Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Oil and Gas [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 8,599 | 130 |
Derivative, Liabilities, Fair Value Disclosure | 0 | 1,229 |
Crude Oil [Member] | Basis Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Oil and Gas [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 0 | 0 |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 |
Natural Gas [Member] | Commodity Option [Member] | Fair Value, Measurements, Recurring [Member] | Oil and Gas [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 0 | 0 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 0 | 0 |
Natural Gas [Member] | Commodity Option [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Oil and Gas [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 0 | 0 |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 |
Natural Gas [Member] | Commodity Option [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Oil and Gas [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 0 | 0 |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 |
Natural Gas [Member] | Commodity Option [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Oil and Gas [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 0 | 0 |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 |
Natural Gas [Member] | Basis Swap [Member] | Fair Value, Measurements, Recurring [Member] | Oil and Gas [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | -6,558 | -815 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | -473 | -531 |
Natural Gas [Member] | Basis Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Oil and Gas [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 0 | 0 |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 |
Natural Gas [Member] | Basis Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Oil and Gas [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 6,558 | 815 |
Derivative, Liabilities, Fair Value Disclosure | 473 | 531 |
Natural Gas [Member] | Basis Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Oil and Gas [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 0 | 0 |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 |
Natural Gas, Distribution [Member] | Fair Value, Measurements, Recurring [Member] | Utilities Group [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | -2,389 | -2,368 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | -19,303 | -9,100 |
Natural Gas, Distribution [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Utilities Group [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 0 | 0 |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 |
Natural Gas, Distribution [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Utilities Group [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 2,389 | 3,030 |
Derivative, Liabilities, Fair Value Disclosure | 19,303 | 9,100 |
Natural Gas, Distribution [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Utilities Group [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 0 | 0 |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Total | 0 | 717 |
Derivative Liabilities, Total | 6,020 | 9,088 |
Estimate of Fair Value Measurement [Member] | Crude Oil [Member] | Commodity Option [Member] | Fair Value, Measurements, Recurring [Member] | Oil and Gas [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 0 | 0 |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Crude Oil [Member] | Basis Swap [Member] | Fair Value, Measurements, Recurring [Member] | Oil and Gas [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 0 | 55 |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Natural Gas [Member] | Commodity Option [Member] | Fair Value, Measurements, Recurring [Member] | Oil and Gas [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 0 | 0 |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Natural Gas [Member] | Basis Swap [Member] | Fair Value, Measurements, Recurring [Member] | Oil and Gas [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 0 | 0 |
Derivative, Liabilities, Fair Value Disclosure | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Natural Gas, Distribution [Member] | Fair Value, Measurements, Recurring [Member] | Utilities Group [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 0 | 662 |
Derivative, Liabilities, Fair Value Disclosure | $0 | $0 |
Fair_Value_Measurements_Balanc
Fair Value Measurements: Balance Sheet Location (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Carrying Amount and Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $17,546 | $3,975 |
Derivative Liability, Fair Value, Gross Liability | 25,796 | 19,948 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Carrying Amount and Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 15,157 | 946 |
Derivative Liability, Fair Value, Net | 6,493 | 10,848 |
Derivatives Not Designated as Hedge Instruments [Member] | ||
Derivatives, Carrying Amount and Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 0 | 662 |
Derivative Liability, Fair Value, Net | 16,914 | 6,732 |
Commodity derivatives [Member] | Designated as Hedging Instrument [Member] | Derivative Assets, Current [Member] | ||
Derivatives, Carrying Amount and Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 10,391 | 248 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Commodity derivatives [Member] | Designated as Hedging Instrument [Member] | Derivative Assets, Noncurrent [Member] | ||
Derivatives, Carrying Amount and Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 4,766 | 698 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Commodity derivatives [Member] | Designated as Hedging Instrument [Member] | Derivative Liabilities, Current [Member] | ||
Derivatives, Carrying Amount and Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 185 | 1,541 |
Commodity derivatives [Member] | Designated as Hedging Instrument [Member] | Derivative Liabilities, Noncurrent [Member] | ||
Derivatives, Carrying Amount and Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 288 | 219 |
Commodity derivatives [Member] | Derivatives Not Designated as Hedge Instruments [Member] | Derivative Assets, Current [Member] | ||
Derivatives, Carrying Amount and Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 662 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Commodity derivatives [Member] | Derivatives Not Designated as Hedge Instruments [Member] | Derivative Assets, Noncurrent [Member] | ||
Derivatives, Carrying Amount and Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Commodity derivatives [Member] | Derivatives Not Designated as Hedge Instruments [Member] | Derivative Liabilities, Current [Member] | ||
Derivatives, Carrying Amount and Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 8,032 | 0 |
Commodity derivatives [Member] | Derivatives Not Designated as Hedge Instruments [Member] | Derivative Liabilities, Noncurrent [Member] | ||
Derivatives, Carrying Amount and Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 8,882 | 6,732 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Derivative Liabilities, Current [Member] | ||
Derivatives, Carrying Amount and Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 3,340 | 3,474 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Derivative Liabilities, Noncurrent [Member] | ||
Derivatives, Carrying Amount and Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 2,680 | 5,614 |
Interest Rate Swap [Member] | Derivatives Not Designated as Hedge Instruments [Member] | Derivative Liabilities, Current [Member] | ||
Derivatives, Carrying Amount and Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Interest Rate Swap [Member] | Derivatives Not Designated as Hedge Instruments [Member] | Derivative Liabilities, Noncurrent [Member] | ||
Derivatives, Carrying Amount and Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | $0 | $0 |
Fair_Value_Measurements_Balanc1
Fair Value Measurements: Balance Sheet Offsetting (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | $17,546 | $3,975 |
Gross Amounts Offset In Statement Of Financial Position Assets | -17,546 | -3,258 |
Derivative Asset | 0 | 717 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 25,796 | 19,948 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | -19,776 | -10,860 |
Derivative Liability | 6,020 | 9,088 |
Contract Subject to Master Netting Arrangement [Member] | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 17,546 | 3,920 |
Gross Amounts Offset In Statement Of Financial Position Assets | -17,546 | -3,258 |
Derivative Asset | 0 | 662 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 19,776 | 10,860 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | -19,776 | -10,860 |
Derivative Liability | 0 | 0 |
Contract Subject to Master Netting Arrangement [Member] | Interest Rate Swap [Member] | ||
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | 0 | 0 |
Derivative Liability | 0 | 0 |
Contract Not Subject to Master Netting Arrangement [Member] | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 55 |
Gross Amounts Offset In Statement Of Financial Position Assets | 0 | 0 |
Derivative Asset | 0 | 55 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 6,020 | 9,088 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | 0 | 0 |
Derivative Liability | 6,020 | 9,088 |
Contract Not Subject to Master Netting Arrangement [Member] | Interest Rate Swap [Member] | ||
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 6,020 | 9,088 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | 0 | 0 |
Derivative Liability | 6,020 | 9,088 |
Crude Oil [Member] | Contract Subject to Master Netting Arrangement [Member] | Basis Swap [Member] | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 8,599 | 75 |
Gross Amounts Offset In Statement Of Financial Position Assets | -8,599 | -75 |
Derivative Asset | 0 | 0 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 1,229 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | 0 | -1,229 |
Derivative Liability | 0 | 0 |
Crude Oil [Member] | Contract Subject to Master Netting Arrangement [Member] | Commodity Option [Member] | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Gross Amounts Offset In Statement Of Financial Position Assets | 0 | 0 |
Derivative Asset | 0 | 0 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | 0 | 0 |
Derivative Liability | 0 | 0 |
Crude Oil [Member] | Contract Not Subject to Master Netting Arrangement [Member] | Basis Swap [Member] | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 55 |
Gross Amounts Offset In Statement Of Financial Position Assets | 0 | 0 |
Derivative Asset | 0 | 55 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | 0 | 0 |
Derivative Liability | 0 | 0 |
Crude Oil [Member] | Contract Not Subject to Master Netting Arrangement [Member] | Commodity Option [Member] | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Gross Amounts Offset In Statement Of Financial Position Assets | 0 | 0 |
Derivative Asset | 0 | 0 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | 0 | 0 |
Derivative Liability | 0 | 0 |
Natural Gas [Member] | Contract Subject to Master Netting Arrangement [Member] | Basis Swap [Member] | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 6,558 | 815 |
Gross Amounts Offset In Statement Of Financial Position Assets | -6,558 | -815 |
Derivative Asset | 0 | 0 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 473 | 531 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | -473 | -531 |
Derivative Liability | 0 | 0 |
Natural Gas [Member] | Contract Not Subject to Master Netting Arrangement [Member] | Basis Swap [Member] | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Gross Amounts Offset In Statement Of Financial Position Assets | 0 | 0 |
Derivative Asset | 0 | 0 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | 0 | 0 |
Derivative Liability | 0 | 0 |
Natural Gas, Distribution [Member] | Contract Subject to Master Netting Arrangement [Member] | Purchase Contract [Member] | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 2,389 | 3,030 |
Gross Amounts Offset In Statement Of Financial Position Assets | -2,389 | -2,368 |
Derivative Asset | 0 | 662 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 19,303 | 9,100 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | -19,303 | -9,100 |
Derivative Liability | 0 | 0 |
Natural Gas, Distribution [Member] | Contract Not Subject to Master Netting Arrangement [Member] | Purchase Contract [Member] | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Gross Amounts Offset In Statement Of Financial Position Assets | 0 | 0 |
Derivative Asset | 0 | 0 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Gross Amounts Offset In Statement Of Financial Position Liabilities | 0 | 0 |
Derivative Liability | $0 | $0 |
Fair_Value_Measurements_Balanc2
Fair Value Measurements: Balance Sheet Offsetting by Counterparty (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative Asset [Abstract] | ||
Derivative Asset | $0 | $717 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, after Netting and Cash Collateral Not Offset Withing Derivative Assets | 0 | 717 |
Derivative Liability [Abstract] | ||
Derivative Liability | 6,020 | 9,088 |
Derivative, Collateral, Right to Reclaim Cash | -7,485 | -5,021 |
Derivative Liability, After Netting and Cash Collateral Not Offset Within Derivative Liabilities | -1,465 | 4,067 |
Counterparty F [Member] | ||
Derivative Liability [Abstract] | ||
Derivative Liability | 6,020 | 9,088 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability, After Netting and Cash Collateral Not Offset Within Derivative Liabilities | 6,020 | 9,088 |
Utilities Group [Member] | Counterparty A [Member] | ||
Derivative Asset [Abstract] | ||
Derivative Asset | 0 | 662 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, after Netting and Cash Collateral Not Offset Withing Derivative Assets | 0 | 662 |
Derivative Liability [Abstract] | ||
Derivative Liability | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | -3,093 | -3,390 |
Derivative Liability, After Netting and Cash Collateral Not Offset Within Derivative Liabilities | -3,093 | -3,390 |
Oil and Gas [Member] | Counterparty A [Member] | ||
Derivative Asset [Abstract] | ||
Derivative Asset | 0 | 0 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, after Netting and Cash Collateral Not Offset Withing Derivative Assets | 0 | 0 |
Derivative Liability [Abstract] | ||
Derivative Liability | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | -4,392 | -1,631 |
Derivative Liability, After Netting and Cash Collateral Not Offset Within Derivative Liabilities | -4,392 | -1,631 |
Oil and Gas [Member] | Counterparty B [Member] | ||
Derivative Asset [Abstract] | ||
Derivative Asset | 0 | 55 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, after Netting and Cash Collateral Not Offset Withing Derivative Assets | 0 | 55 |
Derivative Liability [Abstract] | ||
Derivative Liability | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability, After Netting and Cash Collateral Not Offset Within Derivative Liabilities | $0 | $0 |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments: Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents - carrying amount | $21,218 | $7,841 | ||
Restricted cash - carrying amount | 2,056 | 2 | ||
Notes payable | 75,000 | 82,500 | ||
Long-term debt, including current maturities - carrying amount | 1,542,589 | 1,396,948 | ||
Carrying Amount | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents - carrying amount | 21,218 | 7,841 | ||
Restricted cash - carrying amount | 2,056 | 2 | ||
Notes payable | 75,000 | 82,500 | ||
Long-term debt, including current maturities - carrying amount | 1,542,589 | 1,396,948 | ||
Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents - fair value | 21,218 | [1] | 7,841 | [1] |
Restricted Cash - fair value | 2,056 | [1] | 2 | [1] |
Notes payable - fair value | 75,000 | [1] | 82,500 | [1] |
Long-term debt, including current maturities - fair value | $1,734,555 | [2] | $1,491,422 | [2] |
[1] | Carrying value approximates fair value due to either short-term length of maturity or variable interest rates that approximate prevailing market rates and therefore is classified in Level 1 in the fair value hierarchy. | |||
[2] | Long-term debt is valued based on observable inputs available either directly or indirectly for similar liabilities in active markets and therefore is classified in Level 2 in the fair value hierarchy. |
Stock_Equity_Compensation_Plan
Stock: Equity Compensation Plans Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Shares available for grant | 522,831 | ||
Unrecognized compensation expense | $9,400,000 | ||
Weighted-average recognition period | 1 year 7 months | ||
Stock-based compensation expense | $9,329,000 | $12,595,000 | $8,271,000 |
Stock_Stock_Option_Activity_De
Stock: Stock Option Activity (Details) (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | ||||||
Weighted-average recognition period | 1 year 7 months | |||||
Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 years | |||||
Stock option award, effective term | 10 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||||||
Options, Shares - Beginning | 61 | |||||
Granted | 81 | [1] | ||||
Forfeited/canceled | 0 | |||||
Expired | 0 | |||||
Exercised | -8 | |||||
Options, Shares - Ending | 134 | 61 | ||||
Exercisable at end of period | 46 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||||
Options, Outstanding (usd per share) (Beginning) | $33.25 | |||||
Granted (usd per share) | $54.29 | [1] | ||||
Forfeited/canceled (usd per share) | $0 | |||||
Expired (usd per share) | $0 | |||||
Exercised (usd per share) | $30.87 | |||||
Options, Outstanding (usd per share) (Ending) | $46.12 | $33.25 | ||||
Exercisable at end of period (usd per share) | $32.63 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||||
Options, Weighted average remaining contractual term | 8 years 2 months 6 days | |||||
Exercisable at end of period, weighted average remaining contractual term | 6 years 6 months | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | ||||||
Options, aggregate intrinsic value | $1,027 | |||||
Exercisable at end of period, aggregate intrinsic value | 944 | |||||
Grant date fair value of awards (usd per share) | $12.58 | [1] | ||||
Risk free interest rate assumption | 2.10% | |||||
Expected price volatility assumption | 29.40% | |||||
Expected dividend yield assumption | 2.90% | |||||
Expected term assumption | 7 years | |||||
Unrecognized compensation expense | 816 | 130 | 218 | |||
Intrinsic value of options exercised | 199 | [2] | 789 | [2] | 623 | [2] |
Net cash received from exercise of options | 237 | 2,046 | 2,839 | |||
Tax benefit realized from exercise of shares | $70 | [3] | $276 | [3] | $218 | [3] |
Weighted-average recognition period | 2 years 1 month | |||||
[1] | The grant date fair value of the 2014 awards was $12.58 based on a Black-Scholes option pricing model. Assumptions used to estimate the fair value were a 2.1% risk free interest rate, 29.4% expected price volatility, 2.9% expected dividend yield and a 7 year expected life. | |||||
[2] | The intrinsic value represents the amount by which the market price of the stock on the date of exercise exceeded the exercise price of the option. | |||||
[3] | The tax benefit realized from the exercise of shares granted was recorded as an increase in equity. |
Stock_Restricted_Stock_Details
Stock: Restricted Stock (Details) (USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | |||
Unrecognized compensation expense | $9,400,000 | ||
Weighted-average recognition period | 1 year 7 months | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested Number of Shares [Roll Forward] | |||
Restricted Stock balance at beginning of period | 262 | ||
Granted | 99 | ||
Vested | -114 | ||
Forfeited | -14 | ||
Restricted Stock at end of period | 233 | 262 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | |||
Balance at beginning of period (usd per share) | $36.76 | ||
Granted (usd per share) | $54.34 | $40.56 | $34.99 |
Vested (usd per share) | $35.25 | ||
Forfeited (usd per share) | $43.17 | ||
Balance at end of period (usd per share) | $44.60 | $36.76 | |
Restricted Stock and RSUs, total fair value of shares vested | 6,114,000 | 5,842,000 | 3,781,000 |
Unrecognized compensation expense | $6,100,000 | ||
Weighted-average recognition period | 1 year 8 months 12 days |
Stock_Performance_Shares_Detai
Stock: Performance Shares (Details) (USD $) | 12 Months Ended | |||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $9,400,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Shares, Outstanding [Roll Forward] | ||||
Weighted-average recognition period | 1 year 7 months | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance Share Award Payout, Cash Percentage | 50.00% | |||
Performance Share Award Payout, Shares of Common Stock Percentage | 50.00% | |||
Performance Share Award, Payout, Change Of Control | 100.00% | |||
Unrecognized compensation expense | 2,100,000 | |||
Performance Share Award, Percentage of Target | 200.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Shares, Outsanding [Roll Forward] | ||||
Performance Shares, Number of Shares Authorized, Beginning of Period | 61 | 64 | ||
Performance Shares, Number of Shares Authorized, End of Period | 44 | 61 | 64 | |
Share-based Compensation Arrangement by Share-based Payment Award, Performance Shares, Outstanding [Roll Forward] | ||||
Granted (usd per share) | $35.85 | $32.26 | ||
Blended volatility | 23.00% | 20.00% | 21.00% | |
Historical volatility | 50.00% | |||
Implied volatility | 50.00% | |||
Performance Shares Issued During Period, Shares, Treasury Stock Reissued | 59 | 63 | 0 | |
Performance Shares, Total Share-based Liabilities Paid | 3,011,000 | 2,267,000 | 0 | |
Performance Shares, Vested in Period, Total Intrinsic Value | 6,020,000 | 4,533,000 | 0 | |
Peer Percentile | 1 | |||
Target shares, value | 7,300,000 | |||
Unrecognized compensation expense | $2,500,000 | |||
Weighted-average recognition period | 1 year 6 months | |||
Performance Shares, Liability Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Shares, Outsanding [Roll Forward] | ||||
Performance Shares, Number of Shares Authorized, Beginning of Period | 93 | |||
Performance Shares, Granted in Period | 23 | |||
Performance Shares, Forfeited in Period | -1 | |||
Performance Shares, Vested in Period | -31 | |||
Performance Shares, Number of Shares Authorized, End of Period | 84 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Shares, Outstanding [Roll Forward] | ||||
Balance at end of period (usd per share) | $82.42 | [1] | ||
Performance Shares, Equity Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Shares, Outsanding [Roll Forward] | ||||
Performance Shares, Number of Shares Authorized, Beginning of Period | 93 | |||
Performance Shares, Granted in Period | 23 | |||
Performance Shares, Forfeited in Period | -1 | |||
Performance Shares, Vested in Period | -31 | |||
Performance Shares, Number of Shares Authorized, End of Period | 84 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Shares, Outstanding [Roll Forward] | ||||
Balance at beginning of period (usd per share) | $31.34 | [2] | ||
Granted (usd per share) | $55.18 | [2] | ||
Forfeited (usd per share) | $40.12 | [2] | ||
Vested (usd per share) | $25.92 | [2] | ||
Balance at end of period (usd per share) | $39.58 | [2] | ||
Minimum [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance Share Award, Percentage of Target | 0.00% | 0.00% | 0.00% | |
Maximum [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance Share Award, Percentage of Target | 200.00% | 200.00% | 200.00% | |
Maximum [Member] | Performance Shares, Liability Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance Share Award, Percentage of Target | 200.00% | |||
Performance Period, 2013 To 2015 [Member] | Performance Shares, Liability Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance Share Award, Percentage of Target | 157.00% | |||
Performance Period, 2014 To 2016 [Member] | Performance Shares, Liability Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance Share Award, Percentage of Target | 51.00% | |||
[1] | The weighted-average fair value for the liability portion at December 31, 2014 was determined by the actual performance for the 2012 to 2014 performance period at the top of the peer group resulting in a 200% of target payout, and determined by Monte Carlo simulations for the 2013 to 2015 performance period and 2014 to 2016 performance period projecting a 157% and 51% of target payouts, respectively. | |||
[2] | The grant date fair values for the performance shares granted in 2014, 2013 and 2012 were determined by Monte Carlo simulation using a blended volatility of 23%, 20% and 21%, respectively, comprised of 50% historical volatility and 50% implied volatility and the average risk-free interest rate of the three-year United States Treasury security rate in effect as of the grant date. |
Stock_Dividend_Reinvestment_an
Stock: Dividend Reinvestment and Stock Purchase Plan (Details) (Dividend Reinvestment Plan [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Dividend Reinvestment Plan [Member] | ||
Class of Stock [Line Items] | ||
Percent of recent average market price | 100.00% | |
Shares Issued | 52,000 | 67,000 |
Weighted Average Price | $54.99 | $46.78 |
Unissued Shares Available | 474,000 | 286,000 |
Stock_Preferred_Stock_Details
Stock: Preferred Stock (Details) | Dec. 31, 2014 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Preferred Stock, Shares Authorized | 25,000,000 |
Preferred Stock, Shares Outstanding | 0 |
Impairment_Of_LongLived_Assets1
Impairment Of Long-Lived Assets: Impairment of Long-Lived Assets (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment of long-lived assets | $0 | $0 | $26,868 | [1] | |
Average Natural Gas Price Per MCF, NYMEX | 4.35 | 3.67 | 2.76 | ||
Average Natural Gas Price Per MCF, Wellhead | 3.33 | 3.45 | 2.24 | ||
Average Crude Oil Price, Per Barrel, NYMEX | 94.99 | 96.94 | 94.71 | ||
Average Crude Oil Price Per Barrel, Wellhead | 85.8 | 89.79 | 85.31 | ||
Oil and Gas [Member] | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment of long-lived assets | $26,868 | [1] | |||
Average Natural Gas Price Per MCF, NYMEX | 3.15 | ||||
Average Natural Gas Price Per MCF, Wellhead | 2.66 | ||||
Average Crude Oil Price, Per Barrel, NYMEX | 95.67 | ||||
Average Crude Oil Price Per Barrel, Wellhead | 85.36 | ||||
[1] | Oil and Gas includes a ceiling test impairment (see Note 12). |
Operating_Leases_Operating_Lea1
Operating Leases: Operating Lease (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Leases, Rent Expense, Net [Abstract] | |||
Rent expense | $6,932 | $7,169 | $6,839 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2015 | 9,962 | ||
2016 | 2,045 | ||
2017 | 1,852 | ||
2018 | 1,829 | ||
2019 | 1,632 | ||
Thereafter | $3,735 |
Income_Taxes_Current_and_Defer
Income Taxes: Current and Deferred Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal | ($2,319) | ($2,003) | $4,972 |
State | -1,288 | -173 | 3,712 |
Total Current | -3,607 | -2,176 | 8,684 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal | 63,645 | 56,963 | 39,876 |
State | 5,563 | 7,033 | 68 |
Tax credit amortization | -206 | -212 | -228 |
Total Deferred | 69,002 | 63,784 | 39,716 |
Total | $65,395 | $61,608 | $48,400 |
Income_Taxes_Deferred_Income_T
Income Taxes: Deferred Income Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Deferred Tax Assets, Net [Abstract] | ||||
Regulatory liabilities | $49,243 | $33,172 | ||
Employee benefits | 26,714 | 28,724 | ||
Federal net operating loss | 213,466 | 166,095 | ||
Asset impairment | 55,067 | 55,124 | ||
Other deferred tax assets | 76,005 | [1] | 59,078 | [1] |
Less: Valuation allowance | -5,017 | -1,806 | ||
Total deferred tax assets | 415,478 | 340,387 | ||
Deferred Tax Liabilities, Net [Abstract] | ||||
Accelerated depreciation, amortization and other plant-related differences | -679,911 | -598,415 | ||
Regulatory assets | -25,340 | -24,581 | ||
Mining development and oil exploration | -97,198 | -69,799 | ||
State deferred tax liability | -37,489 | -30,293 | ||
Deferred costs | -35,284 | -15,593 | ||
Other deferred tax liabilities | -15,684 | -15,104 | ||
Total deferred tax liabilities | -890,906 | -753,785 | ||
Net deferred tax liability | ($475,428) | ($413,398) | ||
[1] | Other deferred tax assets consist primarily of state tax credits, state net operating loss, alternative minimum tax credit and federal research and development credits. No single item exceeds 5% of the total net deferred tax liability. |
Income_Taxes_Effective_Tax_Rat
Income Taxes: Effective Tax Rate Differences From Statutory Tax Rates (Details) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Income Tax Disclosure [Abstract] | ||||||
Federal Statutory Rate | 35.00% | 35.00% | 35.00% | |||
State Income Tax (net of federal tax effect) | 1.10% | 2.40% | 2.00% | |||
Amortization Of Excess Deferred and Investment Tax Credits | -0.10% | -0.10% | -0.20% | |||
Percentage Depletion In Excess of Cost | -1.00% | -1.00% | -1.30% | |||
Equity AFUDC | -0.10% | 0.00% | 0.00% | |||
Tax Credits | -0.10% | -0.50% | 0.00% | |||
Accounting for Uncertain Tax Positions Adjustment | -0.10% | 0.70% | 0.80% | |||
Flow Through Adjustments | -0.90% | [1] | -0.90% | [1] | -1.30% | [1] |
Other Tax Differences | -0.10% | -0.90% | 0.40% | |||
Effective Income Tax Rate, Continuing Operations | 33.70% | 34.70% | 35.40% | |||
[1] | The flow-through adjustments relate primarily to an accounting method change for tax purposes that allows us to take a current tax deduction for repair costs that continue to be capitalized for book purposes. We recorded a deferred income tax liability in recognition of the temporary difference created between book and tax treatment and flowed the tax benefit through to our customers in the form of lower rates as a result of a rate case settlement that occurred in 2010. A regulatory asset was established to reflect the recovery of future increases in taxes payable from customers as the temporary differences reverse. As a result of this regulatory treatment, we continue to record a tax benefit consistent with the flow-through method. |
Income_Taxes_Net_Operating_Los
Income Taxes: Net Operating Loss Carryforwards (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Loss Carryforwards [Line Items] | |||
Income Tax Expense (Benefit) | $65,395,000 | $61,608,000 | $48,400,000 |
Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | 618,195,000 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | 513,418,000 | ||
State and Local Jurisdiction [Member] | Valuation Allowance, Operating Loss Carryforwards [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Income Tax Expense (Benefit) | 500,000 | ||
Operating Loss Carryforwards Valuation Allowance | 1,000,000 | ||
Valuation Allowance, Deferred Tax Asset, Change in Amount | $500,000 | ||
Minimum [Member] | Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Expiration Dates | 31-Dec-19 | ||
Minimum [Member] | State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Expiration Dates | 31-Dec-15 | ||
Maximum [Member] | Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Expiration Dates | 31-Dec-34 | ||
Maximum [Member] | State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Expiration Dates | 31-Dec-34 |
Income_Taxes_Reconciliation_of
Income Taxes: Reconciliation of unrecognized tax benefits (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Liability for Uncertain Tax Positions, Noncurrent, Period Start | $37,631,000 | $40,683,000 | $49,327,000 |
Additions for prior year tax positions | 1,253,000 | 1,526,000 | 111,000 |
Reductions for prior year tax positions | -6,692,000 | -4,578,000 | -8,906,000 |
Additions for current year tax positions | 0 | 0 | 151,000 |
Settlements | 0 | 0 | 0 |
Liability for Uncertain Tax Positions, Noncurrent, Period End | 32,192,000 | 37,631,000 | 40,683,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $1,800,000 |
Income_Taxes_Interest_Penaltie
Income Taxes: Interest, Penalties and Audits (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Examination [Line Items] | |||
Unrecognized Tax Benefits, Interest Expense Included in Income Tax Expense | $1,600,000 | $1,600,000 | $1,400,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 11,500,000 | 9,900,000 | |
Deferred Income Tax Expense (Benefit) | 69,002,000 | 63,784,000 | 39,716,000 |
Like-Kind Exchange, Aquila and IPP Transactions [Member] | |||
Income Tax Examination [Line Items] | |||
Deferred Income Tax Expense (Benefit) | $125,000,000 |
Income_Taxes_Carryforwards_Sta
Income Taxes: Carryforwards, State and Foreign Tax Credits (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Tax Credit Carryforward [Line Items] | |||
Income Tax Expense (Benefit) | $65,395,000 | $61,608,000 | $48,400,000 |
Minimum [Member] | Foreign Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Expiration Date | 31-Dec-15 | ||
Maximum [Member] | Foreign Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Expiration Date | 31-Dec-17 | ||
Foreign Tax Authority [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Other Tax Carryforward, Gross Amount | 500,000 | ||
Tax Credit Carryforward, Valuation Allowance | 500,000 | ||
Internal Revenue Service (IRS) [Member] | Minimum [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Income Tax Examination, Year under Examination | 2007 | ||
Internal Revenue Service (IRS) [Member] | Maximum [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Income Tax Examination, Year under Examination | 2009 | ||
Internal Revenue Service (IRS) [Member] | Settlement with Taxing Authority [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Other Tax Carryforward, Gross Amount | 1,800,000 | ||
State and Local Jurisdiction [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Valuation Allowance | 3,500,000 | ||
State and Local Jurisdiction [Member] | Investment Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, State Tax Credits | 14,793,000 | ||
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, State Tax Credits | 155,000 | ||
State and Local Jurisdiction [Member] | Deferred Tax Asset [Domain] | |||
Tax Credit Carryforward [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 2,700,000 | ||
Income Tax Expense (Benefit) | 1,500,000 | ||
State and Local Jurisdiction [Member] | Deferred Tax Asset [Domain] | Utilities Group [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Change in Amount | $1,200,000 | ||
State and Local Jurisdiction [Member] | Minimum [Member] | Investment Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Expiration Date | 31-Dec-23 | ||
State and Local Jurisdiction [Member] | Maximum [Member] | Investment Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Expiration Date | 31-Dec-25 |
Other_Comprehensive_Income_Oth
Other Comprehensive Income: Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Interest expense | $73,017 | $113,979 | $117,754 | ||||||||
Revenue | 378,077 | 272,087 | 283,237 | 460,169 | 355,448 | 259,907 | 279,826 | 380,671 | 1,393,570 | 1,275,852 | 1,173,884 |
Income (loss) from continuing operations before earnings (loss) of unconsolidated subsidiaries and income taxes | 194,177 | 177,540 | 136,895 | ||||||||
Utilities - Operations and maintenance | 270,954 | 261,919 | 242,367 | ||||||||
Non-regulated energy operations and maintenance | 88,141 | 83,762 | 85,830 | ||||||||
Income tax benefit (expense) | -65,395 | -61,608 | -48,400 | ||||||||
Cash Flow Hedging | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Income (loss) from continuing operations before earnings (loss) of unconsolidated subsidiaries and income taxes | 5,664 | 6,062 | |||||||||
Income tax benefit (expense) | -2,344 | -2,016 | |||||||||
Net income (loss) available for common stock | 3,320 | 4,046 | |||||||||
Cash Flow Hedging | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Contract [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Interest expense | 3,669 | 6,989 | |||||||||
Cash Flow Hedging | Reclassification out of Accumulated Other Comprehensive Income [Member] | Commodity Contract [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Revenue | 1,995 | -927 | |||||||||
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 on Derivatives [Line Items] | |||||||||||
Utilities - Operations and maintenance | -102 | -125 | |||||||||
Non-regulated energy operations and maintenance | -115 | -128 | |||||||||
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 on Derivatives [Line Items] | |||||||||||
Utilities - Operations and maintenance | 630 | 1,693 | |||||||||
Non-regulated energy operations and maintenance | 364 | 1,098 | |||||||||
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Income (loss) from continuing operations before earnings (loss) of unconsolidated subsidiaries and income taxes | 777 | 2,538 | |||||||||
Income tax benefit (expense) | -272 | -883 | |||||||||
Net income (loss) available for common stock | $505 | $1,655 |
Other_Comprehensive_Income_Acc
Other Comprehensive Income: Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | ($17,422) | ($35,488) | |
Other comprehensive income (loss), net of tax | 2,378 | 18,066 | -2,610 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | -15,044 | -17,422 | -35,488 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Rate Swap [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | -6,625 | -16,313 | |
Other comprehensive income (loss), net of tax | 1,695 | 9,688 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | -4,930 | -6,625 | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Commodity Contract [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | -508 | 600 | |
Other comprehensive income (loss), net of tax | 10,531 | -1,108 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | 10,023 | -508 | |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | -10,289 | -19,775 | |
Other comprehensive income (loss), net of tax | -9,848 | 9,486 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | ($20,137) | ($10,289) |
Supplemental_Disclosure_of_Cas2
Supplemental Disclosure of Cash flow Information: Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Non-cash Investing and Financing Activities from Continuing Operations [Abstract] | |||
Property, plant and equipment acquired with accrued liabilities | $52,584 | $59,811 | $35,556 |
Increase (decrease) in capitalized assets associated with asset retirement obligations | -5,634 | 1,235 | 5,743 |
Cash (paid) refunded during the period for continuing operations [Abstract] | |||
Interest (net of amounts capitalized) | -69,239 | -108,361 | -116,593 |
Income taxes, net | ($413) | ($4,573) | ($3,027) |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans: Narrative (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ||||||
Maximum Annual Contribution Per Employee, Percent | 50.00% | |||||
Employers Matching Contribution, Annual Vesting Percentage | 20.00% | |||||
Employee Vesting Period | 5 years | |||||
Pension and Other Postretirement Defined Benefit Plans, Liabilities [Abstract] | ||||||
Defined Benefit Plan, Measurement Date | 31-Dec | |||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.75% | 7.25% | ||||
Pension Plans, Defined Benefit [Member] | ||||||
Pension and Other Postretirement Defined Benefit Plans, Liabilities [Abstract] | ||||||
Defined Benefit Plan, Funded Status of Plan | ($78) | |||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.75% | [1] | 7.25% | [1] | 7.25% | [1] |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||||||
Pension and Other Postretirement Defined Benefit Plans, Liabilities [Abstract] | ||||||
Defined Benefit Plan, Funded Status of Plan | -41 | |||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||||
Pension and Other Postretirement Defined Benefit Plans, Liabilities [Abstract] | ||||||
Defined Benefit Plan, Funded Status of Plan | ($44) | |||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 2.00% | 2.00% | 2.00% | |||
Maximum [Member] | ||||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ||||||
Employers Matching Contribution, Annual Vesting Percentage | 100.00% | |||||
Cheyenne Light [Member] | ||||||
Pension and Other Postretirement Defined Benefit Plans, Liabilities [Abstract] | ||||||
Defined Benefit Plan Curtailment Effective Date | 1-Jan-12 | |||||
[1] | The expected rate of return on plan assets is 6.75% for the calculation of the 2015 net periodic pension cost. |
Employee_Benefit_Plans_Target_
Employee Benefit Plans: Target Plan Assets Allocation (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Target Allocation Percentage of Assets | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Target Allocation Percentage of Assets | 27.00% | 26.00% |
Real Estate [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Target Allocation Percentage of Assets | 5.00% | 4.00% |
Fixed Income Funds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Target Allocation Percentage of Assets | 58.00% | 58.00% |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Target Allocation Percentage of Assets | 2.00% | 1.00% |
Hedge Funds | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Target Allocation Percentage of Assets | 8.00% | 11.00% |
Employee_Benefit_Plans_Plan_Co
Employee Benefit Plans: Plan Contributions (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $10,000,000 | |
Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement Benefit Contributions | 10,200,000 | 12,500,000 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement Benefit Contributions | 3,163,000 | 5,123,000 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement Benefit Contributions | 1,553,000 | 1,345,000 |
Defined Contribution Plan, Company Retirement [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Employer Contributions | 4,187,000 | 2,775,000 |
Defined Contribution Plan, 401K [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Employer Contributions | $9,254,000 | $8,524,000 |
Employee_Benefit_Plans_Employe1
Employee Benefit Plans: Employee Benefit Plans Fair Value Measurements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
In Thousands, unless otherwise specified | ||||||
Pension Plans, Defined Benefit [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | $299,533 | $280,362 | $268,816 | |||
Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 264,780 | 242,174 | ||||
Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 34,753 | 38,188 | ||||
Pension Plans, Defined Benefit [Member] | AXA Equitable General Fixed Income | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 541 | 1,056 | ||||
Pension Plans, Defined Benefit [Member] | AXA Equitable General Fixed Income | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Pension Plans, Defined Benefit [Member] | AXA Equitable General Fixed Income | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 541 | 1,056 | ||||
Pension Plans, Defined Benefit [Member] | AXA Equitable General Fixed Income | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Pension Plans, Defined Benefit [Member] | Common Collective Trust - Cash and Cash Equivalents | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 4,013 | 1,253 | ||||
Pension Plans, Defined Benefit [Member] | Common Collective Trust - Cash and Cash Equivalents | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Pension Plans, Defined Benefit [Member] | Common Collective Trust - Cash and Cash Equivalents | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 4,013 | 1,253 | ||||
Pension Plans, Defined Benefit [Member] | Common Collective Trust - Cash and Cash Equivalents | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Pension Plans, Defined Benefit [Member] | Common Collective Trust - Equity | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 81,636 | 73,726 | ||||
Pension Plans, Defined Benefit [Member] | Common Collective Trust - Equity | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Pension Plans, Defined Benefit [Member] | Common Collective Trust - Equity | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 81,636 | 73,726 | ||||
Pension Plans, Defined Benefit [Member] | Common Collective Trust - Equity | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Pension Plans, Defined Benefit [Member] | Common Collective Trust - Fixed Income | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 174,726 | 162,747 | ||||
Pension Plans, Defined Benefit [Member] | Common Collective Trust - Fixed Income | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Pension Plans, Defined Benefit [Member] | Common Collective Trust - Fixed Income | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 174,726 | 162,747 | ||||
Pension Plans, Defined Benefit [Member] | Common Collective Trust - Fixed Income | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Pension Plans, Defined Benefit [Member] | Common Collective Trust - Real Estate | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 13,583 | 11,933 | ||||
Pension Plans, Defined Benefit [Member] | Common Collective Trust - Real Estate | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Pension Plans, Defined Benefit [Member] | Common Collective Trust - Real Estate | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 3,864 | 3,392 | ||||
Pension Plans, Defined Benefit [Member] | Common Collective Trust - Real Estate | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 9,719 | [1] | 8,541 | |||
Pension Plans, Defined Benefit [Member] | Hedge Funds | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 25,034 | 29,647 | ||||
Pension Plans, Defined Benefit [Member] | Hedge Funds | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Pension Plans, Defined Benefit [Member] | Hedge Funds | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Pension Plans, Defined Benefit [Member] | Hedge Funds | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 25,034 | [2] | 29,647 | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 4,705 | [3] | 4,546 | [3] | 4,351 | [3] |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 4,705 | 4,546 | ||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Common Collective Trust - Cash and Cash Equivalents | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 4,705 | 4,546 | ||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Common Collective Trust - Cash and Cash Equivalents | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Common Collective Trust - Cash and Cash Equivalents | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 4,705 | 4,546 | ||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Common Collective Trust - Cash and Cash Equivalents | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | $0 | $0 | ||||
[1] | The underlying net asset value in the Common Collective Trust - Real Estate fund is determined by appraisal of the properties held in the Trust. As part of the Trustee's valuation process, properties are externally appraised generally on an annual basis. The appraisals are conducted by reputable independent appraisal firms and signed by appraisers that are members of the Appraisal Institute, with the professional designation of Member, Appraisal Institute. All external appraisals are performed in accordance with the Uniform Standards of Professional Appraisal Practices. We receive monthly statements from the Trustee along with the annual schedule of investments and rely on these reports for pricing the units of the fund. The fund does contain a participant withdrawal policy. | |||||
[2] | The fair value of the Hedge Funds is determined based on pricing provided or reviewed by the third-party administrator to our investment managers. While the input amounts used by the pricing vendor in determining fair value are not provided, and therefore, unavailable for our review, the asset results are reviewed and monitored to ensure the fair values are reasonable and in line with market experience in similar asset classes. Additionally, the audited financial statements of the funds are reviewed at the time they are issued. | |||||
[3] | Assets of VEBA |
Employee_Benefit_Plans_Changes
Employee Benefit Plans: Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis, Employee Benefits (Details) (Pension Plans, Defined Benefit [Member], USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $299,533 | $280,362 | $268,816 | |
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 38,188 | 7,770 | ||
Purchase | 454 | 29,000 | ||
Unrealized gain (loss) | 1,789 | 1,508 | ||
Realized gain (loss) | 322 | -77 | ||
Settlements | -6,000 | -13 | ||
Balance, end of period | 34,753 | 38,188 | ||
Defined Benefit Plan, Fair Value of Plan Assets | 34,753 | 38,188 | ||
Common Collective Trust - Real Estate | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 13,583 | 11,933 | ||
Common Collective Trust - Real Estate | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 9,719 | [1] | 8,541 | |
Hedge Funds | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 25,034 | 29,647 | ||
Hedge Funds | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $25,034 | [2] | $29,647 | |
[1] | The underlying net asset value in the Common Collective Trust - Real Estate fund is determined by appraisal of the properties held in the Trust. As part of the Trustee's valuation process, properties are externally appraised generally on an annual basis. The appraisals are conducted by reputable independent appraisal firms and signed by appraisers that are members of the Appraisal Institute, with the professional designation of Member, Appraisal Institute. All external appraisals are performed in accordance with the Uniform Standards of Professional Appraisal Practices. We receive monthly statements from the Trustee along with the annual schedule of investments and rely on these reports for pricing the units of the fund. The fund does contain a participant withdrawal policy. | |||
[2] | The fair value of the Hedge Funds is determined based on pricing provided or reviewed by the third-party administrator to our investment managers. While the input amounts used by the pricing vendor in determining fair value are not provided, and therefore, unavailable for our review, the asset results are reviewed and monitored to ensure the fair values are reasonable and in line with market experience in similar asset classes. Additionally, the audited financial statements of the funds are reviewed at the time they are issued. |
Employee_Benefit_Plans_Changes1
Employee Benefit Plans: Changes in Benefit Obligation (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Pension Plans, Defined Benefit [Member] | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Projected Benefit Obligation at Beginning of Year | $321,400,000 | $363,235,000 | |||
Service Cost | 5,448,000 | 6,433,000 | 5,720,000 | ||
Interest Cost | 15,852,000 | 15,300,000 | 14,747,000 | ||
Actuarial (Gain) Loss | 55,384,000 | [1] | -38,252,000 | ||
Plan Amendments | 0 | 0 | |||
Benefits Paid | -20,312,000 | [2],[3] | -25,316,000 | [2],[3] | |
Medicare Part D Accrued | 0 | 0 | |||
Plan Participants' Contributions | 0 | 0 | |||
Projected Benefit Obligation at End of Year | 377,772,000 | 321,400,000 | 363,235,000 | ||
Defined Benefit Plan, One Time Lump Sum Benefit Paid | 6,100,000 | 13,000,000 | |||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Projected Benefit Obligation at Beginning of Year | 32,960,000 | 34,393,000 | |||
Service Cost | 2,543,000 | 1,392,000 | |||
Interest Cost | 1,447,000 | 1,328,000 | |||
Actuarial (Gain) Loss | 5,814,000 | [1] | -2,808,000 | ||
Plan Amendments | 0 | 0 | |||
Benefits Paid | 0 | 0 | |||
Benefits Paid | -1,553,000 | -1,345,000 | |||
Medicare Part D Accrued | 0 | 0 | |||
Plan Participants' Contributions | 0 | 0 | |||
Projected Benefit Obligation at End of Year | 41,211,000 | 32,960,000 | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Projected Benefit Obligation at Beginning of Year | 45,778,000 | 46,681,000 | |||
Service Cost | 1,700,000 | 1,674,000 | 1,610,000 | ||
Interest Cost | 1,919,000 | 1,669,000 | 2,093,000 | ||
Actuarial (Gain) Loss | 2,275,000 | [1] | -3,379,000 | ||
Plan Amendments | 0 | 1,585,000 | [4] | ||
Benefits Paid | -3,163,000 | [5] | -3,269,000 | [5] | |
Benefits Paid | -3,163,000 | -5,123,000 | |||
Medicare Part D Accrued | -99,000 | 470,000 | |||
Plan Participants' Contributions | 632,000 | 2,201,000 | |||
Projected Benefit Obligation at End of Year | $49,042,000 | $45,778,000 | $46,681,000 | ||
[1] | Change from 2013 reflects a decrease in the discount rate and a change in the mortality tables used in employee benefit plan estimates. | ||||
[2] | Benefits paid include payments made to terminated vested employees who elected lump-sum offerings of $6.1 million in 2014 and $13 million in 2013. | ||||
[3] | Benefits paid include payments made to terminated vested employees who elected a lump-sum offering of $6.1 million in 2014 and $13 million in 2013. | ||||
[4] | Reflects Board of Directors approval of an increase to Company’s contribution to RMSA accounts. | ||||
[5] | Assets of VEBA |
Employee_Benefit_Plans_Changes2
Employee Benefit Plans: Changes in Plan Assets (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Beginning market value of plan assets | $280,362,000 | $268,816,000 | ||
Investment income (loss) | 29,283,000 | 24,362,000 | ||
Employer contributions | 10,200,000 | 12,500,000 | ||
Retiree contributions | 0 | 0 | ||
Benefits paid | -20,312,000 | [1],[2] | -25,316,000 | [1],[2] |
Plan administrative expenses | 0 | 0 | ||
Ending market value of plan assets | 299,533,000 | 280,362,000 | ||
Lump Sum Payment | 6,100,000 | 13,000,000 | ||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Beginning market value of plan assets | 0 | 0 | ||
Investment income (loss) | 0 | 0 | ||
Employer contributions | 0 | 0 | ||
Retiree contributions | 0 | 0 | ||
Benefits paid | 0 | 0 | ||
Plan administrative expenses | 0 | 0 | ||
Ending market value of plan assets | 0 | 0 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Beginning market value of plan assets | 4,546,000 | [3] | 4,351,000 | [3] |
Investment income (loss) | -43,000 | [3] | 8,000 | [3] |
Employer contributions | 2,733,000 | [3] | 1,923,000 | [3] |
Retiree contributions | 632,000 | [3] | 1,533,000 | [3] |
Benefits paid | -3,163,000 | [3] | -3,269,000 | [3] |
Plan administrative expenses | 0 | [3] | 0 | [3] |
Ending market value of plan assets | $4,705,000 | [3] | $4,546,000 | [3] |
[1] | Benefits paid include payments made to terminated vested employees who elected lump-sum offerings of $6.1 million in 2014 and $13 million in 2013. | |||
[2] | Benefits paid include payments made to terminated vested employees who elected a lump-sum offering of $6.1 million in 2014 and $13 million in 2013. | |||
[3] | Assets of VEBA |
Employee_Benefit_Plans_Amounts
Employee Benefit Plans: Amounts Recognized in the Consolidated Balance Sheet (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Regulatory assets | $257,839 | $162,648 |
Non-current liabilities | 158,966 | 111,479 |
Regulatory liabilities | 148,831 | 120,156 |
Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Regulatory assets | 78,864 | 48,419 |
Current liabilities | 0 | 0 |
Non-current liabilities | 78,239 | 41,034 |
Regulatory liabilities | 0 | 0 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Regulatory assets | 0 | 0 |
Current liabilities | 1,486 | 1,491 |
Non-current liabilities | 39,725 | 32,033 |
Regulatory liabilities | 0 | 0 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Regulatory assets | 7,137 | 5,535 |
Current liabilities | 3,273 | 2,802 |
Non-current liabilities | 41,002 | 38,412 |
Regulatory liabilities | $2,983 | $3,141 |
Employee_Benefit_Plans_Accumul
Employee Benefit Plans: Accumulated Benefit Obligation (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated Benefit Obligation | $348,980 | $293,142 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated Benefit Obligation | 30,229 | 27,893 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated Benefit Obligation | 49,042 | 45,778 |
Black Hills Corporation [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated Benefit Obligation | 135,582 | 110,847 |
Black Hills Corporation [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated Benefit Obligation | 29,843 | 27,380 |
Black Hills Corporation [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated Benefit Obligation | 12,809 | 12,101 |
Black Hills Utility Holdings [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated Benefit Obligation | 213,398 | 182,295 |
Black Hills Utility Holdings [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated Benefit Obligation | 386 | 513 |
Black Hills Utility Holdings [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated Benefit Obligation | 25,456 | 25,467 |
Cheyenne Light [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated Benefit Obligation | 0 | 0 |
Cheyenne Light [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated Benefit Obligation | 0 | 0 |
Cheyenne Light [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated Benefit Obligation | $10,777 | $8,210 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans: Components of Net Periodic Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | $5,448 | $6,433 | $5,720 |
Interest Cost | 15,852 | 15,300 | 14,747 |
Expected return on plan assets | -18,065 | -18,615 | -16,334 |
Amortization of prior service cost | 62 | 63 | 89 |
Recognition of net actuarial loss (gain) | 4,806 | 12,250 | 9,630 |
Net periodic benefit expense | 8,103 | 15,431 | 13,852 |
Supplemental Non-qualified Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 1,498 | 1,392 | 889 |
Interest Cost | 1,447 | 1,328 | 1,410 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | 2 | 2 | 3 |
Recognition of net actuarial loss (gain) | 498 | 793 | 807 |
Net periodic benefit expense | 3,445 | 3,515 | 3,109 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 1,700 | 1,674 | 1,610 |
Interest Cost | 1,919 | 1,669 | 2,093 |
Expected return on plan assets | -85 | -79 | -78 |
Amortization of prior service cost | -428 | -500 | -500 |
Recognition of net actuarial loss (gain) | 160 | 482 | 887 |
Net periodic benefit expense | $3,266 | $3,246 | $4,012 |
Employee_Benefit_Plans_Accumul1
Employee Benefit Plans: Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Plans, Defined Benefit [Member] | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax [Abstract] | ||
Net (gain) loss | $10,996 | $4,842 |
Prior service cost (gain) | 51 | 64 |
Total accumulated other comprehensive (income) loss | 11,047 | 4,906 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | ||
Net loss | 7,174 | |
Prior service cost (credit) | 38 | |
Total net periodic benefit cost expected to be recognized during calendar year 2015 | 7,212 | |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax [Abstract] | ||
Net (gain) loss | 8,396 | 4,939 |
Prior service cost (gain) | 8 | 9 |
Total accumulated other comprehensive (income) loss | 8,404 | 4,948 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | ||
Net loss | 703 | |
Prior service cost (credit) | 1 | |
Total net periodic benefit cost expected to be recognized during calendar year 2015 | 704 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax [Abstract] | ||
Net (gain) loss | 1,904 | 1,648 |
Prior service cost (gain) | -1,218 | -1,213 |
Total accumulated other comprehensive (income) loss | 686 | 435 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | ||
Net loss | 295 | |
Prior service cost (credit) | -278 | |
Total net periodic benefit cost expected to be recognized during calendar year 2015 | $17 |
Employee_Benefit_Plans_Defined
Employee Benefit Plans: Defined Benefit Plans Assumptions (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||||
Expected Long-term Return on Assets | 6.75% | 7.25% | ||||
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ||||||
Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 2,635 | |||||
Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | -2,166 | |||||
Effect of One Percentage Point Increase on Service and Interest Cost Components | 168 | |||||
Effect of One Percentage Point Decrease on Service and Interest Cost Components | -136 | |||||
Healthcare trend rate pre-65 | Black Hills Corporation [Member] | ||||||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||||||
Trend for next year | 7.50% | 7.50% | ||||
Ultimate trend rate | 4.50% | 4.50% | ||||
Year Ultimate Trend Reached | 2027 | 2027 | ||||
Healthcare trend rate pre-65 | Black Hills Utility Holdings [Member] | ||||||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||||||
Trend for next year | 7.50% | 7.50% | ||||
Ultimate trend rate | 4.50% | 4.50% | ||||
Year Ultimate Trend Reached | 2027 | 2027 | ||||
Healthcare trend rate pre-65 | Cheyenne Light [Member] | ||||||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||||||
Trend for next year | 7.50% | 7.50% | ||||
Ultimate trend rate | 4.50% | 4.50% | ||||
Year Ultimate Trend Reached | 2027 | 2027 | ||||
Healthcare trend rate post-65 | Black Hills Corporation [Member] | ||||||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||||||
Trend for next year | 6.25% | 6.25% | ||||
Ultimate trend rate | 4.50% | 4.50% | ||||
Year Ultimate Trend Reached | 2024 | 2026 | ||||
Healthcare trend rate post-65 | Black Hills Utility Holdings [Member] | ||||||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||||||
Trend for next year | 6.25% | 6.25% | ||||
Ultimate trend rate | 4.50% | 4.50% | ||||
Year Ultimate Trend Reached | 2024 | 2026 | ||||
Healthcare trend rate post-65 | Cheyenne Light [Member] | ||||||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||||||
Trend for next year | 6.25% | 6.25% | ||||
Ultimate trend rate | 4.50% | 4.50% | ||||
Year Ultimate Trend Reached | 2024 | 2026 | ||||
Supplemental Employee Retirement Plan [Member] | ||||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||||
Discount Rate, Benefit Obligation | 3.64% | 4.21% | 3.44% | |||
Rate of Increase in Compensation Levels | 5.00% | 5.00% | 5.00% | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||||
Rate of Compensation Increase | 5.00% | 5.00% | 5.00% | |||
Supplemental Employee Retirement Plan [Member] | Black Hills Corporation [Member] | ||||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||||
Discount Rate, Net Periodic Cost | 4.68% | 3.88% | 4.70% | |||
Supplemental Employee Retirement Plan [Member] | Black Hills Utility Holdings [Member] | ||||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||||
Discount Rate, Net Periodic Cost | 3.75% | 3.00% | 3.90% | |||
Other Postretirement Benefit Plan [Member] | ||||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||||
Discount Rate, Benefit Obligation | 3.92% | 4.62% | 3.85% | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||||
Expected Long-term Return on Assets | 2.00% | 2.00% | 2.00% | |||
Other Postretirement Benefit Plan [Member] | Black Hills Corporation [Member] | ||||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||||
Discount Rate, Net Periodic Cost | 4.45% | 3.65% | 4.35% | |||
Other Postretirement Benefit Plan [Member] | Black Hills Utility Holdings [Member] | ||||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||||
Discount Rate, Net Periodic Cost | 4.25% | 3.50% | 4.35% | |||
Other Postretirement Benefit Plan [Member] | Cheyenne Light [Member] | ||||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||||
Discount Rate, Net Periodic Cost | 5.15% | 4.40% | 4.65% | |||
Pension Plans, Defined Benefit [Member] | ||||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||||
Discount Rate, Benefit Obligation | 4.20% | 5.05% | 4.30% | |||
Rate of Increase in Compensation Levels | 3.78% | 3.78% | 3.84% | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||||
Expected Long-term Return on Assets | 6.75% | [1] | 7.25% | [1] | 7.25% | [1] |
Rate of Compensation Increase | 3.78% | 3.78% | 3.75% | |||
Defined Benefit Plan Assumptions Used In Calculating Net Periodic Benefit Cost Expected Rate of Return On Assets For Next Fiscal Year | 6.75% | |||||
Pension Plans, Defined Benefit [Member] | Black Hills Corporation [Member] | ||||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||||
Discount Rate, Net Periodic Cost | 5.10% | 4.35% | 4.68% | |||
Pension Plans, Defined Benefit [Member] | Black Hills Utility Holdings [Member] | ||||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||||
Discount Rate, Net Periodic Cost | 5.00% | 4.25% | 4.60% | |||
[1] | The expected rate of return on plan assets is 6.75% for the calculation of the 2015 net periodic pension cost. |
Employee_Benefit_Plans_Project
Employee Benefit Plans: Projected Benefit Plan Payments (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | $14,712 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 15,629 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 16,561 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 17,556 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 18,741 |
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | 109,147 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | 1,486 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 1,573 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 1,627 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 1,670 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 1,780 |
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | 8,901 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | 3,921 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 4,011 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 4,057 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 4,169 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 4,236 |
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | $19,877 |
Commitments_And_Contingencies_1
Commitments And Contingencies: Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
MW | ||||||
Contractual Obligation, Fiscal Year Maturity [Abstract] | ||||||
2015 | $183,116 | |||||
2016 | 131,716 | |||||
2017 | 121,867 | |||||
2018 | 69,000 | |||||
2019 | 35,905 | |||||
Thereafter | 153,395 | |||||
Purchase Commitment [Member] | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Long Term Contract For Purchase of Fuel, Date of Contract Expiration | 31-Dec-17 | |||||
Purchase Option, Property [Member] | Wygen I Generating Facility [Member] | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Megawatts of Capacity Purchased | 60 | |||||
Long-term Contract for Purchase of Electric Power, Date of Contract Expiration | 31-Dec-22 | |||||
Busch Ranch Wind Farm [Member] | Electric Utilities [Member] | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Jointly Owned Utility Plant, Proportionate Ownership Share Percentage | 50.00% | |||||
PacifiCorp Purchase Power Agreement [Member] | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Megawatts of Capacity Purchased | 50 | |||||
Cost of Purchased Power | 13,943 | 13,026 | 13,224 | |||
Long-term Contract for Purchase of Electric Power, Date of Contract Expiration | 31-Dec-23 | |||||
PacifiCorp Transmission [Member] | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Megawatts of Capacity Purchased | 50 | |||||
Cost of Purchased Power | 1,227 | 1,384 | 1,215 | |||
Long-term Contract for Purchase of Electric Power, Date of Contract Expiration | 31-Dec-23 | |||||
Happy Jack Wind Purchase Power Agreeement [Member] | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Megawatts of Capacity Purchased | 30 | |||||
Long-term Contract for Purchase of Electric Power, Date of Contract Expiration | 3-Sep-28 | |||||
Happy Jack Wind Purchase Power Agreeement [Member] | Renewable Wind Energy, Cheyenne Light [Member] | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Cost of Purchased Power | 3,919 | 3,772 | 1,988 | |||
Silver Sage Wind Power Purchase Agreement [Member] | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Megawatts of Capacity Purchased | 30 | |||||
Long-term Contract for Purchase of Electric Power, Date of Contract Expiration | 30-Sep-29 | |||||
Silver Sage Wind Power Purchase Agreement [Member] | Renewable Wind Energy, Cheyenne Light [Member] | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Cost of Purchased Power | 4,798 | 4,809 | 3,269 | |||
Cargill Power Purchase Agreement [Member] | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Megawatts of Capacity Purchased | 50 | |||||
Cost of Purchased Power | 9,286 | [1] | 12,291 | [1] | 14,236 | [1] |
Long-term Contract for Purchase of Electric Power, Date of Contract Expiration | 31-Dec-16 | |||||
Busch Ranch Wind Farm [Member] | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Megawatts of Capacity Purchased | 14.5 | |||||
Cost of Purchased Power | $1,998 | $1,856 | $502 | |||
Long-term Contract for Purchase of Electric Power, Date of Contract Expiration | 16-Oct-37 | |||||
[1] | The 2013 and 2012 PPAs were one year contracts replaced by subsequent one year contracts upon expiration. |
Commitments_And_Contingencies_2
Commitments And Contingencies: Short-term Purchase Agreement (Details) (Cargill Power Purchase Agreement [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
MW | |
Cargill Power Purchase Agreement [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Short-term Contract for Purchase of Electric Power, Date of Contract Expiration | 31-Dec-15 |
Megawatts of Capacity Purchased | 50 |
Commitments_And_Contingencies_3
Commitments And Contingencies: Related Party (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
MW | |
Purchase Option, Property [Member] | Wygen I Generating Facility [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Megawatts of Capacity Purchased | 60 |
Long-term Contract for Purchase of Electric Power, Date of Contract Expiration | 31-Dec-22 |
Asset Purchase Option | $2.60 |
Power purchased [Member] | Pueblo Airport Generation [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Megawatts of Capacity Purchased | 200 |
Lease Expiration Date | 31-Dec-31 |
Commitments_And_Contingencies_4
Commitments And Contingencies: Power Sales Agreements (Details) | 12 Months Ended |
Dec. 31, 2014 | |
MW | |
M D U, Montana Dakota Utilities [Member] | |
Long-term Purchase Commitment [Line Items] | |
Megawatts Sold Under Long-Term Contract | 25 |
City Of Gillette [Member] | |
Long-term Purchase Commitment [Line Items] | |
Megawatts Sold Under Long-Term Contract | 23 |
Purchase Power Contract, MEAN, 5 Megawatts [Member] | |
Long-term Purchase Commitment [Line Items] | |
Long-term Contract To Sell Electric Power, Date of Contract Expiration | 1-Apr-15 |
Purchase Power Contract, MEAN, 5 Megawatts [Member] | Neil Simpson I I [Member] | |
Long-term Purchase Commitment [Line Items] | |
Megawatts Sold Under Long-Term Contract | 5 |
Purchase Power Contract, MEAN, 5 Megawatts [Member] | Wygen I I I Generating Facility [Member] | |
Long-term Purchase Commitment [Line Items] | |
Megawatts Sold Under Long-Term Contract | 5 |
Purchase Power Contract, MEAN, 10 Megawatts [Member] | |
Long-term Purchase Commitment [Line Items] | |
Long-term Contract To Sell Electric Power, Date of Contract Expiration | 31-May-23 |
Purchase Power Contract, MEAN, 10 Megawatts [Member] | Neil Simpson I I [Member] | |
Long-term Purchase Commitment [Line Items] | |
Megawatts Sold Under Long-Term Contract | 10 |
Purchase Power Contract, MEAN, 10 Megawatts [Member] | Wygen I I I Generating Facility [Member] | |
Long-term Purchase Commitment [Line Items] | |
Megawatts Sold Under Long-Term Contract | 10 |
Maximum [Member] | M D U, Montana Dakota Utilities [Member] | |
Long-term Purchase Commitment [Line Items] | |
Megawatts Sold Under Long-Term Contract | 50 |
Commitments_And_Contingencies_5
Commitments And Contingencies: Purchase Commitment (Details) (Capital Addition Purchase Commitments [Member], USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Capital Addition Purchase Commitments [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Purchase Price of Acquisition | $17 |
Commitments_And_Contingencies_6
Commitments And Contingencies: Reimbursement Agreement (Details) (Electric Utilities [Member], USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Debt Instrument [Line Items] | ||||
Long-term Debt | $544,753 | $396,948 | ||
Industrial Development Revenue Bonds Due 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 10,000 | [1] | 10,000 | [1] |
Long-term Debt, Maturity Date | 1-Mar-27 | |||
Industrial Development Revenue Bonds Due 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $7,000 | [1] | $7,000 | [1] |
Long-term Debt, Maturity Date | 1-Sep-21 | |||
[1] | Variable interest rate. |
Commitments_And_Contingencies_7
Commitments And Contingencies: Environmental Contingencies (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Electric Utilities [Member] | |
Loss Contingencies [Line Items] | |
Accrual for Environmental Loss Contingencies | $3.90 |
Manufactured Gas Plant [Member] | Gas Utilities [Member] | |
Loss Contingencies [Line Items] | |
Insurance Settlements Receivable, Noncurrent | 1.3 |
Loss Contingency, Range of Possible Loss, Minimum | 2.7 |
Loss Contingency, Range of Possible Loss, Maximum | 6.3 |
Accrual for Environmental Loss Contingencies, Gross | $2.70 |
Commitments_And_Contingencies_8
Commitments And Contingencies: Legal Proceedings (Details) (Oil Creek Fire [Member], Loss from Catastrophes [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Minimum [Member] | |
Loss Contingencies [Line Items] | |
Insurance Coverage Deductible Per Occurrence | $1 |
Maximum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | $55 |
Guarantees_Guarantees_Details
Guarantees: Guarantees (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | |
Coal Mining [Member] | Surety Bond [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor, Maximum Exposure | $63,900 | [1] |
Guarantor Obligations, Term | Ongoing | |
Gas Utilities [Member] | Payment Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor, Maximum Exposure | $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 Consolidated Balance Sheets. |
Oil_and_Gas_Reserves_Unaudited2
Oil and Gas Reserves (Unaudited): Oil and Gas Narrative (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Mcfe | Mcfe | |
PUD_Location | PUD_Location | |
Reserve Quantities [Line Items] | ||
Wells in Process of Drilling | 1,205 | |
Gas and Oil Acreage, Leased | 240,816 | |
Proved Undeveloped Reserves, Extensions, Discoveries, and Additions | 16,500,000 | |
Reserves Replaced | 165.00% | |
Proved Undeveloped Reserves, Revisions of Previous Estimates | 8,500,000 | |
Proved Undeveloped Reserve Locations | 34 | |
Proved Undeveloped Reserves | 12,100,000 | |
Estimated Future Development Costs of Proved Undeveloped Wells | $41.90 | |
PUD Locations in Reserves for Five Or More Years | 0 | |
Prior Year [Member] | ||
Reserve Quantities [Line Items] | ||
Proved Undeveloped Reserve Locations | 13 | 23 |
Proved Undeveloped Reserves | 3,200,000 | 4,700,000 |
Estimated Future Development Costs of Proved Undeveloped Wells | 10.5 | 15.9 |
Added Reserves [Member] | ||
Reserve Quantities [Line Items] | ||
Proved Undeveloped Reserve Locations | 21 | |
Proved Undeveloped Reserves | 8,900,000 | |
Estimated Future Development Costs of Proved Undeveloped Wells | 31.5 | |
Natural Gas Liquids [Member] | ||
Reserve Quantities [Line Items] | ||
Proved Undeveloped Reserves, Revisions of Previous Estimates | 4,000,000 | |
Commodity Prices [Member] | ||
Reserve Quantities [Line Items] | ||
Proved Undeveloped Reserves, Revisions of Previous Estimates | 2,900,000 | |
Oil and Gas Well Performance [Member] | ||
Reserve Quantities [Line Items] | ||
Proved Undeveloped Reserves, Revisions of Previous Estimates | 2,700,000 | |
Oil and Gas Reserve Revisions, Five Year Reserve Aging Limit [Member] | ||
Reserve Quantities [Line Items] | ||
Proved Undeveloped Reserve Locations | 0 | |
Piceance Basin [Member] | ||
Reserve Quantities [Line Items] | ||
Proved Undeveloped Reserves, Extensions, Discoveries, and Additions | 12,300,000 | |
Piceance Basin [Member] | Prior Year [Member] | ||
Reserve Quantities [Line Items] | ||
Proved Undeveloped Reserve Locations | 1 | 1 |
Proved Undeveloped Reserves | 2,300,000 | |
Estimated Future Development Costs of Proved Undeveloped Wells | 6.4 | |
Piceance Basin [Member] | Added Reserves [Member] | ||
Reserve Quantities [Line Items] | ||
Proved Undeveloped Reserve Locations | 2 | |
Proved Undeveloped Reserves | 6,700,000 | |
Estimated Future Development Costs of Proved Undeveloped Wells | 17.5 | |
Williston Basin [Member] | ||
Reserve Quantities [Line Items] | ||
Proved Undeveloped Reserves, Extensions, Discoveries, and Additions | 500,000 | |
PUD Developed, PUD location | 7 | |
Capital Expenditure for Proved Undeveloped Reserve | 3.9 | |
Proved Developed Reserves (Energy) | 600,000 | |
Williston Basin [Member] | Prior Year [Member] | ||
Reserve Quantities [Line Items] | ||
Proved Undeveloped Reserve Locations | 12 | 21 |
Proved Undeveloped Reserves | 1,800,000 | |
Estimated Future Development Costs of Proved Undeveloped Wells | 8.6 | |
Williston Basin [Member] | Added Reserves [Member] | ||
Reserve Quantities [Line Items] | ||
Proved Undeveloped Reserve Locations | 18 | |
Proved Undeveloped Reserves | 200,000 | |
Estimated Future Development Costs of Proved Undeveloped Wells | 1 | |
Williston Basin [Member] | Oil and Gas Reserve Revisions, Reserves Sold [Member] | ||
Reserve Quantities [Line Items] | ||
Proved Undeveloped Reserve Locations | 2 | |
Proved Undeveloped Reserves | 300,000 | |
Estimated Future Development Costs of Proved Undeveloped Wells | 0.7 | |
Powder River Basin [Member] | ||
Reserve Quantities [Line Items] | ||
Proved Undeveloped Reserves, Extensions, Discoveries, and Additions | 3,700,000 | |
Powder River Basin [Member] | Added Reserves [Member] | ||
Reserve Quantities [Line Items] | ||
Proved Undeveloped Reserve Locations | 1 | |
Proved Undeveloped Reserves | 2,000,000 | |
Estimated Future Development Costs of Proved Undeveloped Wells | 13 | |
Powder River Basin [Member] | Oil and Gas Reserve Revisions, Operating Costs [Member] | ||
Reserve Quantities [Line Items] | ||
Proved Undeveloped Reserves, Revisions of Previous Estimates | -100,000 | |
San Juan Basin [Member] | Prior Year [Member] | ||
Reserve Quantities [Line Items] | ||
Proved Undeveloped Reserve Locations | 1 | |
Proved Undeveloped Reserves | 600,000 | |
Estimated Future Development Costs of Proved Undeveloped Wells | 0.9 | |
San Juan Basin [Member] | Reserves Dropped [Member] | ||
Reserve Quantities [Line Items] | ||
Proved Undeveloped Reserve Locations | 1 | |
Proved Undeveloped Reserves | 600,000 | |
Estimated Future Development Costs of Proved Undeveloped Wells | $0.90 | |
San Juan Basin [Member] | Oil and Gas Reserve Revisions, Economics [Member] | ||
Reserve Quantities [Line Items] | ||
Proved Undeveloped Reserves, Revisions of Previous Estimates | 900,000 | |
Proved Undeveloped Reserve Locations | 1 | |
Oil and Gas [Member] | ||
Reserve Quantities [Line Items] | ||
Number of States in which Entity Operates | 10 |
Oil_and_Gas_Reserves_Unaudited3
Oil and Gas Reserves (Unaudited): Costs Incurred Oil and Gas (Details) (Oil and Gas [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Oil and Gas [Member] | |||
Costs Incurred, Acquisition of Oil and Gas Properties [Abstract] | |||
Proved Reserves | $4,881 | $234 | $2,437 |
Unproved Reserves | 5,056 | 6,022 | 33,052 |
Exploration Costs | 54,355 | 12,817 | 115 |
Development Costs | 52,262 | 48,641 | 73,877 |
Asset Retirement Obligation Incurred | 68 | 143 | 158 |
Oil and Gas Property Acquisition, Exploration, and Development Activities | $116,622 | $67,857 | $109,639 |
Oil_and_Gas_Reserves_Unaudited4
Oil and Gas Reserves (Unaudited): Proved Developed and Undeveloped Oil and Gas Reserve (Details) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Proved Developed And Undevleoped Reserves [Roll Forward] | ||||||
Average Crude Oil Price, Per Barrel, NYMEX | 94.99 | 96.94 | 94.71 | |||
Average Natural Gas Price Per MCF, NYMEX | 4.35 | 3.67 | 2.76 | |||
Average Natural Gas Liquids Price Per MCF, NYMEX | 0 | [1] | ||||
Average Crude Oil Price Per Barrel, Wellhead | 85.8 | 89.79 | 85.31 | |||
Average Natural Gas Price Per MCF, Wellhead | 3.33 | 3.45 | 2.24 | |||
Average Natural Gas Liquids Price Per MCF, Wellhead | 34.81 | |||||
Oil [Member] | ||||||
Proved Developed And Undevleoped Reserves [Roll Forward] | ||||||
Balance at Beginning of Year | 3,921 | 4,116 | 6,223 | |||
Production | -337 | [2] | -336 | [2] | -560 | [2] |
Additions, Acquisitions (Sales) | -40 | -30 | -2,025 | [3] | ||
Additions, Extensions, Discoveries (bcfe) | 733 | 379 | 449 | |||
Reserves, Revisions of Previous Estimates | -1 | -208 | 29 | |||
Balance at End of Year | 4,276 | 3,921 | 4,116 | |||
Proved Developed Reserves (Volume) | 3,780 | 3,689 | 3,929 | |||
Proved Undeveloped Reserve (Volume) | 496 | 232 | 187 | |||
Natural Gas [Member] | ||||||
Proved Developed And Undevleoped Reserves [Roll Forward] | ||||||
Balance at Beginning of Year | 63,190 | 55,985 | 95,904 | |||
Production | -7,156 | [2] | -6,984 | [2] | -8,686 | [2] |
Additions, Acquisitions (Sales) | -61 | -46 | -3,070 | [3] | ||
Additions, Extensions, Discoveries (bcfe) | 11,003 | 10,456 | 2,898 | |||
Reserves, Revisions of Previous Estimates | -1,536 | 3,779 | -31,061 | |||
Balance at End of Year | 65,440 | 63,190 | 55,985 | |||
Proved Developed Reserves (Volume) | 57,427 | 60,224 | 55,708 | |||
Proved Undeveloped Reserve (Volume) | 8,013 | 2,966 | 279 | |||
Natural Gas Liquids [Member] | ||||||
Proved Developed And Undevleoped Reserves [Roll Forward] | ||||||
Balance at Beginning of Year | 0 | |||||
Production | -135 | [2] | ||||
Additions, Acquisitions (Sales) | 0 | |||||
Additions, Extensions, Discoveries (bcfe) | 182 | |||||
Reserves, Revisions of Previous Estimates | 1,673 | |||||
Balance at End of Year | 1,720 | |||||
Proved Developed Reserves (Volume) | 1,530 | |||||
Proved Undeveloped Reserve (Volume) | 191 | |||||
[1] | A specific NYMEX price for NGL is not available. Market prices for NGL are broken down by various liquid components, including ethane, propane, iso butane, normal butane, and natural gasoline. Each of these components is traded as an index. Presently, ethane is not being recovered at any of the facilities that process our natural gas production. | |||||
[2] | Production for reserve calculations does not include volumes for natural gas liquids (NGLs) for historical periods. | |||||
[3] | Reflects the sale of the majority of the Williston Basin assets during 2012. |
Oil_and_Gas_Reserves_Unaudited5
Oil and Gas Reserves (Unaudited): Capitalized Costs (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | ||||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||||
Unproved oil and gas properties | $75,329 | $62,553 | $59,526 | |
Proved oil and gas properties | 807,518 | 725,345 | 662,444 | |
Gross capitalized costs | 882,847 | 787,898 | 721,970 | |
Accumulated depreciation, depletion and amortization and valuation allowances | -578,108 | -555,263 | -534,777 | [1] |
Net capitalized costs | $304,739 | $232,635 | $187,193 | |
[1] | Reflects the sale of the majority of the Williston Basin assets during 2012 recorded under the full-cost method of accounting. |
Oil_and_Gas_Reserves_Unaudited6
Oil and Gas Reserves (Unaudited): Results of Operations Oil and Gas (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |||
Revenue | $55,114 | $54,884 | $79,072 |
Production costs | 22,155 | 20,140 | 23,483 |
Gain on sale of assets | 0 | 0 | -29,129 |
Depreciation, depletion and amortization and valuation provisions | 26,626 | 20,611 | 37,323 |
Impairment of long-lived assets | 0 | 0 | 26,868 |
Total costs | 48,781 | 40,751 | 58,545 |
Results of operations from producing activities before tax | 6,333 | 14,133 | 20,527 |
Income tax benefit (expense) | -2,185 | -4,876 | -7,082 |
Results of operations from producing activities (excluding general and administrative costs and interest costs) | $4,148 | $9,257 | $13,445 |
Oil_and_Gas_Reserves_Unaudited7
Oil and Gas Reserves (Unaudited): Unproved Properties Excluded from Amortization (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | |||
Leasehold acquisition cost | $70,201,000 | ||
Exploration cost | 34,166,000 | ||
Capitalized interest | 5,128,000 | ||
Total | 109,495,000 | ||
Current Year [Member] | |||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | |||
Leasehold acquisition cost | 16,077,000 | ||
Exploration cost | 23,954,000 | ||
Capitalized interest | 207,000 | ||
Total | 40,238,000 | ||
Prior Year [Member] | |||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | |||
Leasehold acquisition cost | 4,889,000 | ||
Exploration cost | 10,212,000 | ||
Capitalized interest | 748,000 | ||
Total | 15,849,000 | ||
More Than One Year, Less Than Two Years Prior [Member] | |||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | |||
Leasehold acquisition cost | 35,823,000 | ||
Exploration cost | 0 | ||
Capitalized interest | 360,000 | ||
Total | 36,183,000 | ||
More Than Two Years Prior [Member] | |||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | |||
Leasehold acquisition cost | 13,412,000 | ||
Exploration cost | 0 | ||
Capitalized interest | 3,813,000 | ||
Total | 17,225,000 | ||
Oil and Gas [Member] | |||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | |||
Interest Costs, Capitalized During Period | $1,000,000 | $1,100,000 | $700,000 |
Oil_and_Gas_Reserves_Unaudited8
Oil and Gas Reserves (Unaudited): Standard Measure of Discounted Future Net Cash Flows (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | ||||
Future cash inflows | $675,973 | $602,501 | $502,769 | |
Future production costs | -245,180 | -213,578 | -186,695 | |
Future development costs, including plugging and abandonment | -45,123 | -40,557 | -8,462 | |
Future income tax expense | -29,523 | -81,566 | -69,877 | |
Future net cash flows | 356,147 | 266,800 | 237,735 | |
10% annual discount for estimated timing of cash flows | -173,125 | -107,375 | -101,632 | |
Standardized measure of discounted future net cash flows | $183,022 | $159,425 | $136,103 | $203,357 |
Oil_and_Gas_Reserves_Unaudited9
Oil and Gas Reserves (Unaudited): Change in Standard Measure of Discounted Future Cash Net Flows (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Increase (Decrease) in Standardized Measure of Discounted Future Net Cash Flow Relating to Proved Oil and Gas Reserves [Roll Forward] | ||||
Standardized measure - beginning of year | $159,425 | $136,103 | $203,357 | |
Sales and transfers of oil and gas produced, net of production costs | -32,139 | -35,932 | -48,905 | |
Net changes in prices and production costs | -28,544 | 15,126 | -42,639 | |
Extensions, discoveries and improved recovery, less related costs | 17,582 | 29,574 | 19,870 | |
Changes in future development costs | 3,195 | -12,216 | 43,854 | |
Development costs incurred during the period | 2,079 | 3,554 | 21,931 | |
Revisions of previous quantity estimates | 23,722 | 12,851 | -86,277 | |
Accretion of discount | 18,437 | 15,126 | 25,509 | |
Net change in income taxes | 19,265 | -3,892 | 36,578 | |
Purchases of reserves | 0 | 0 | 0 | |
Sales of reserves | 0 | -869 | -37,175 | [1] |
Standardized measure - end of year | $183,022 | $159,425 | $136,103 | |
[1] | Reflects sale of Williston Basin assets in 2012. |
Sale_Of_Operating_Assets_and_D2
Sale Of Operating Assets and Discontinued Operations: Sale of Operating Assets (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 18, 2012 | Sep. 27, 2012 | Dec. 31, 2012 | |||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Gain (Loss) on Sale of Assets | $0 | $0 | $29,129,000 | [1] | ||||
Electric Utilities [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Gain (Loss) on Sale of Assets | 0 | |||||||
Electric Utilities [Member] | Busch Ranch Wind Farm [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Jointly Owned Utility Plant, Proportionate Ownership Share Percentage | 50.00% | |||||||
Proceeds from Sale of Property, Plant, and Equipment | 25,000,000 | |||||||
Oil and Gas [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Gain (Loss) on Sale of Assets | 29,129,000 | [1] | ||||||
Oil and Gas [Member] | Williston Basin Assets [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Effective Date, Disposal | 1-Jul-12 | |||||||
Gain (Loss) on Sale of Assets | 29,000,000 | |||||||
Proceeds from Sale of Productive Assets [Abstract] | ||||||||
Post Close Adjustment | 2,793,000 | |||||||
Transaction Costs | -1,400,000 | |||||||
Back-in Contract Termination Fee | -16,847,000 | [2] | ||||||
Oil and Gas [Member] | Cash Proceeds Received on Date of Sale [Member] | Williston Basin Assets [Member] | ||||||||
Proceeds from Sale of Productive Assets [Abstract] | ||||||||
Proceeds from Sale of Oil and Gas Property and Equipment | 243,314,000 | |||||||
Net Cash Proceeds from Sale of Oil and Gas Property and Equipment | 243,314,000 | |||||||
Oil and Gas [Member] | Net Cash Proceeds [Member] | Williston Basin Assets [Member] | ||||||||
Proceeds from Sale of Productive Assets [Abstract] | ||||||||
Proceeds from Sale of Oil and Gas Property and Equipment | 227,860,000 | |||||||
Net Cash Proceeds from Sale of Oil and Gas Property and Equipment | $227,860,000 | |||||||
[1] | Oil and Gas includes gain on sale of the Williston Basin assets (see Note 21). | |||||||
[2] | Required payment, triggered by the sale of the property, arising from a contractual obligation contained in the original participation agreement with the property operator. |
Sale_Of_Operating_Assets_and_D3
Sale Of Operating Assets and Discontinued Operations: Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Proceeds from sale of business operations | $0 | $0 | $107,511,000 | |||||
Income (loss) from discontinued operations, net of tax | -884,000 | 0 | 0 | 0 | 0 | -884,000 | -6,977,000 | |
Business Exit Costs | 2,500,000 | |||||||
Energy Marketing [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Disposal Date | 29-Feb-12 | |||||||
Proceeds from sale of business operations | 108,000,000 | |||||||
Funds Retained, Sale of Business | 58,000,000 | |||||||
Disposal Group, Including Discontinued Operation, Revenue | 0 | -604,000 | ||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 0 | -6,061,000 | ||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | -1,391,000 | -4,184,000 | ||||||
Discontinued Operation, Tax Effect of Discontinued Operation | 507,000 | 3,268,000 | ||||||
Income (loss) from discontinued operations, net of tax | -884,000 | -6,977,000 | [1] | |||||
Minimum [Member] | Energy Marketing [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||
Post Close Adjustment | $1,100,000 | $1,400,000 | ||||||
[1] | 2012 includes transaction related costs, net of tax, of $2.5 million for the year ended December 31, 2012. |
Quarterly_Historical_Data_Unau2
Quarterly Historical Data (Unaudited): Quarterly Historical Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 19, 2013 | |||||
Selected Quarterly Financial Information [Line Items] | ||||||||||||||||
Revenue | $378,077,000 | $272,087,000 | $283,237,000 | $460,169,000 | $355,448,000 | $259,907,000 | $279,826,000 | $380,671,000 | $1,393,570,000 | $1,275,852,000 | $1,173,884,000 | |||||
Operating income | 69,951,000 | 54,404,000 | 46,577,000 | 89,598,000 | 71,103,000 | 55,566,000 | 49,037,000 | 79,846,000 | 260,530,000 | 255,552,000 | 243,711,000 | |||||
Income (loss) from continuing operations | 34,007,000 | 26,836,000 | 19,820,000 | 48,118,000 | 19,007,000 | [1],[2] | 23,124,000 | [1] | 30,518,000 | [1] | 43,197,000 | [1] | 128,781,000 | 115,846,000 | 88,505,000 | |
Income (loss) from discontinued operations | -884,000 | 0 | 0 | 0 | 0 | -884,000 | -6,977,000 | |||||||||
Net income (loss) available for common stock | 34,007,000 | 26,836,000 | 19,820,000 | 48,118,000 | 18,123,000 | [1],[2] | 23,124,000 | [1] | 30,518,000 | [1] | 43,197,000 | [1] | 128,781,000 | 114,962,000 | 81,528,000 | |
Income (loss) from continuing operations, Basic (usd per share) | $0.43 | $0.52 | $0.69 | $0.98 | $2.90 | $2.62 | $2.02 | |||||||||
Income (loss) from discontinued operations, Basic (usd per share) | ($0.02) | $0 | $0 | $0 | $0 | ($0.02) | ($0.16) | |||||||||
Total income (loss) per share, Basic (usd per share) | $0.77 | $0.60 | $0.45 | $1.09 | $0.41 | $0.52 | $0.69 | $0.98 | $2.90 | $2.60 | $1.86 | |||||
Income (loss) from continuing operations - Diluted (usd per share) | $0.43 | $0.52 | $0.69 | $0.97 | $2.89 | $2.61 | $2.01 | |||||||||
Income (loss) from discontinued operations - Diluted (usd per share) | ($0.02) | $0 | $0 | $0 | $0 | ($0.02) | ($0.16) | |||||||||
Total income (loss) per share, Diluted (usd per share) | $0.76 | $0.60 | $0.44 | $1.08 | $0.41 | $0.52 | $0.69 | $0.97 | $2.89 | $2.59 | $1.85 | |||||
Dividends paid per share | $0.39 | $0.39 | $0.39 | $0.39 | $0.38 | $0.38 | $0.38 | $0.38 | $1.56 | $1.52 | $1.48 | |||||
Unrealized Gain (Loss) Unhedged Derivative Instrument, Net of Tax | 500,000 | 2,000,000 | 12,000,000 | 4,800,000 | ||||||||||||
Black Hills Corporation [Member] | Senior Unsecured Notes Due 2014 [Member] | ||||||||||||||||
Selected Quarterly Financial Information [Line Items] | ||||||||||||||||
Interest Expense, Prepayment of Debt, Net of Tax | 7,600,000 | |||||||||||||||
Extinguishment of Debt, Amount | 250,000,000 | |||||||||||||||
Power Generation [Member] | ||||||||||||||||
Selected Quarterly Financial Information [Line Items] | ||||||||||||||||
Revenue | 6,401,000 | 4,648,000 | 4,189,000 | |||||||||||||
Operating income | 49,892,000 | 47,760,000 | 44,799,000 | |||||||||||||
Power Generation [Member] | Project Financing Debt Due 2016 [Member] | ||||||||||||||||
Selected Quarterly Financial Information [Line Items] | ||||||||||||||||
Interest Expense, Prepayment of Debt, Net of Tax | 6,600,000 | |||||||||||||||
Extinguishment of Debt, Amount | $87,000,000 | |||||||||||||||
Common Stock [Member] | Maximum [Member] | ||||||||||||||||
Selected Quarterly Financial Information [Line Items] | ||||||||||||||||
Share Price | $57.17 | $62.13 | $61.41 | $59.05 | $54.83 | $55.09 | $50.53 | $44.32 | ||||||||
Common Stock [Member] | Minimum [Member] | ||||||||||||||||
Selected Quarterly Financial Information [Line Items] | ||||||||||||||||
Share Price | $47.11 | $47.87 | $55.23 | $51.09 | $47 | $46.62 | $43.19 | $36.89 | ||||||||
[1] | Includes unrealized mark-to-market gain (loss) for interest rate swaps of $4.8 million, $12 million, $2.0 million and $0.5 million after-tax in the first, second, third and fourth quarters, respectively. | |||||||||||||||
[2] | Fourth quarter 2013 includes $7.6 million after-tax for a make-whole premium and write-off of deferred financing costs relating to the early redemption of our $250 million notes and interest expense on new debt and a $6.6 million after-tax expense relating to the settlement of interest rate swaps in conjunction with the prepayment of Black Hills Wyoming’s project financing and write-off of deferred financing costs. |
Schedule_II_Consolidated_Valua1
Schedule II Consolidated Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Allowance for Doubtful Accounts, Balance at Beginning of Year | $1,237 | $768 | $1,661 |
Allowance for Doubtful Accounts, Adjustments | 0 | 0 | 0 |
Allowance for Doubtful Accounts, Charged to Cost and Expense | 4,470 | 2,780 | 1,913 |
Allowance for Doubtful Accounts, Recoveries and Other Additions | 4,233 | 4,999 | 3,822 |
Allowance for Doubtful Accounts, Write-Offs and Other Deductions | -8,424 | -7,310 | -6,628 |
Allowance for Doubtful Accounts, Balance at End of Year | $1,516 | $1,237 | $768 |