Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | BLACK HILLS CORP /SD/ | |
Entity Central Index Key | 1130464 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | -19 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 44,821,847 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Loss) (unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Revenue | $441,987 | $460,169 |
Utilities - | ||
Fuel, purchased power and cost of natural gas sold | 205,327 | 230,468 |
Operations and maintenance | 71,084 | 71,227 |
Non-regulated energy operations and maintenance | 22,050 | 22,332 |
Depreciation, depletion and amortization | 39,586 | 36,083 |
Taxes - property, production and severance | 11,936 | 10,336 |
Other operating expenses | 52 | 125 |
Total operating expenses | 350,035 | 370,571 |
Operating income | 91,952 | 89,598 |
Interest charges - | ||
Interest expense incurred (including amortization of debt issuance costs, premiums and discounts and realized settlements on interest rate swaps) | -19,910 | -17,860 |
Allowance for funds used during construction - borrowed | 158 | 270 |
Capitalized interest | 276 | 257 |
Interest income | 448 | 390 |
Allowance for funds used during construction - equity | 56 | 238 |
Other income (expense), net | 331 | 592 |
Total other income (expense), net | -18,641 | -16,113 |
Income (loss) before earnings (loss) of unconsolidated subsidiaries and income taxes | 73,311 | 73,485 |
Equity in earnings (loss) of unconsolidated subsidiaries | -297 | -1 |
Income tax benefit (expense) | -25,120 | -25,366 |
Net income (loss) available for common stock | $47,894 | $48,118 |
Earnings (loss) per share of common stock: | ||
Total income (loss) per share, Basic | $1.08 | $1.09 |
Total income (loss) per share, Diluted | $1.07 | $1.08 |
Weighted average common shares outstanding: | ||
Basic | 44,541 | 44,330 |
Diluted | 44,660 | 44,554 |
Dividends declared per share of common stock | $0.41 | $0.39 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Comprehensive Income (unaudited) Statement (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) available for common stock | $47,894 | $48,118 |
Other comprehensive income (loss), net of tax: | ||
Fair value adjustments on derivatives designated as cash flow hedges (net of tax (expense) benefit of $(1,042) and $1,307 for the three months ended 2015 and 2014, respectively) | 1,836 | -2,257 |
Reclassification adjustments for cash flow hedges settled and included in net income (loss) (net of tax (expense) benefit of $1,254 and $(425) for the three months ended 2015 and 2014, respectively) | -1,241 | 780 |
Benefit plan liability adjustments - net gain (loss) (net of tax (expense) benefit of $15 and $2 for the three months ended 2015 and 2014, respectively) | -27 | -2 |
Benefit plan liability adjustments - prior service cost (net of tax (expense) benefit of $(90) for the three months ended 2014 | 0 | 164 |
Reclassification adjustments of benefit plan liability - prior service cost (net of tax (expense) benefit of $19 and $4 for the three months ended 2015 and 2014, respectively) | -36 | -9 |
Reclassification adjustments of benefit plan liability - net gain (loss) (net of tax (expense) benefit of $(247) and $(85) for the three months ended 2015 and 2014, respectively) | 458 | 157 |
Other comprehensive income (loss), net of tax | 990 | -1,167 |
Comprehensive income (loss) available for common stock | 48,884 | 46,951 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent, Parenthetical Disclosures | ||
Fair value adjustment on derivatives designated as cash flow hedges, (tax) benefit | -1,043 | 1,307 |
Reclassification adjustments of cash flow hedges settled and included in net income, (tax) benefit | 1,254 | -425 |
Benefit plan liability adjustments net gain, (tax) benefit | 15 | 2 |
Benefit plan liability adjustments prior service cost, (tax) benefit | 0 | -90 |
Reclassification adjustment of benefit plan prior service cost included in net income, (tax) benefit | 19 | 4 |
Reclassification adjustment of benefit plan liabilities actuarial gain (loss), (tax) benefit | ($247) | ($85) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (unaudited) Statement (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Current assets: | |||
Cash and cash equivalents | $63,385 | $21,218 | $17,641 |
Restricted cash and equivalents | 2,191 | 2,056 | 2 |
Accounts receivable, net | 178,421 | 189,992 | 203,625 |
Materials, supplies and fuel | 66,626 | 91,191 | 66,187 |
Derivative assets, current | 0 | 0 | 1,846 |
Income tax receivable, net | 159 | 2,053 | 1,826 |
Deferred income tax assets, net, current | 23,913 | 48,288 | 25,780 |
Regulatory assets, current | 56,542 | 74,396 | 62,946 |
Other current assets | 47,448 | 24,842 | 24,563 |
Total current assets | 438,685 | 454,036 | 404,416 |
Investments | 17,210 | 17,294 | 16,916 |
Property, plant and equipment | 4,652,058 | 4,563,400 | 4,318,194 |
Less: accumulated depreciation and depletion | -1,351,857 | -1,324,025 | -1,298,398 |
Total property, plant and equipment, net | 3,300,201 | 3,239,375 | 3,019,796 |
Other assets: | |||
Goodwill | 353,396 | 353,396 | 353,396 |
Intangible assets, net | 3,121 | 3,176 | 3,342 |
Regulatory assets, non-current | 178,935 | 183,443 | 138,173 |
Other assets, non-current | 28,280 | 29,086 | 28,925 |
Total other assets, non-current | 563,732 | 569,101 | 523,836 |
TOTAL ASSETS | 4,319,828 | 4,279,806 | 3,964,964 |
Current liabilities: | |||
Accounts payable | 88,770 | 124,139 | 149,681 |
Accrued liabilities | 166,781 | 170,115 | 145,973 |
Derivative liabilities, current | 3,342 | 3,340 | 3,498 |
Regulatory liabilities, current | 17,621 | 3,687 | 583 |
Notes payable | 102,600 | 75,000 | 100,000 |
Current maturities of long-term debt | 0 | 275,000 | 0 |
Total current liabilities | 379,114 | 651,281 | 399,735 |
Long-term debt, net of current maturities | 1,542,658 | 1,267,589 | 1,396,949 |
Deferred credits and other liabilities: | |||
Deferred income tax liabilities, net, non-current | 522,290 | 523,716 | 466,856 |
Derivative liabilities, non-current | 2,143 | 2,680 | 4,805 |
Regulatory liabilities, non-current | 148,918 | 145,144 | 116,793 |
Benefit plan liabilities | 162,334 | 158,966 | 113,324 |
Other deferred credits and other liabilities | 154,604 | 154,406 | 129,083 |
Total deferred credits and other liabilities | 990,289 | 984,912 | 830,861 |
Commitments and contingencies (See Notes 7, 8, 13, 14) | |||
Stockholders’ equity: | |||
Common stock $1 par value; 100,000,000 shares authorized; issued 44,856,790; 44,714,072; and 44,666,953 shares, respectively | 44,857 | 44,714 | 44,667 |
Additional Paid in Capital | 749,517 | 748,840 | 742,016 |
Retained earnings | 629,135 | 599,389 | 570,963 |
Treasury stock, at cost – 33,755; 42,226; and 37,038 shares, respectively | -1,688 | -1,875 | -1,638 |
Accumulated other comprehensive income (loss) | -14,054 | -15,044 | -18,589 |
Total stockholders’ equity | 1,407,767 | 1,376,024 | 1,337,419 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $4,319,828 | $4,279,806 | $3,964,964 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (unaudited) Condensed Consolidated Balance Sheets (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Statement of Financial Position [Abstract] | |||
Common Stock, Par Per Share | $1 | $1 | $1 |
Common Stock, Shares Issued | 44,856,790 | 44,714,072 | 44,666,953 |
Treasury Stock, Shares | 33,755 | 42,226 | 37,038 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | 100,000,000 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities: | ||
Net income (loss) available for common stock | $47,894 | $48,118 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 39,586 | 36,083 |
Deferred financing cost amortization | 519 | 568 |
Stock compensation | 2,083 | 3,716 |
Deferred income taxes | 22,048 | 25,953 |
Employee benefit plans | 5,283 | 3,703 |
Other adjustments, net | 6,748 | 5,190 |
Changes in certain operating assets and liabilities: | ||
Materials, supplies and fuel | 25,689 | 22,291 |
Accounts receivable, unbilled revenues and other operating assets | 47,947 | -78,576 |
Accounts payable and other operating liabilities | -44,652 | 29,074 |
Other operating activities, net | -1,658 | 1,978 |
Net Cash Provided by (Used in) Operating Activities | 151,487 | 98,098 |
Investing activities: | ||
Property, plant and equipment additions | -117,523 | -83,609 |
Other investing activities | -348 | -3,220 |
Net Cash Provided by (Used in) Investing Activities | -117,871 | -86,829 |
Financing activities: | ||
Dividends paid on common stock | -18,148 | -17,399 |
Common stock issued | 999 | 881 |
Short-term borrowings - issuances | 77,700 | 86,800 |
Short-term borrowings - repayments | -50,100 | -69,300 |
Other financing activities | -1,900 | -2,451 |
Net Cash Provided by (Used in) Financing Activities | 8,551 | -1,469 |
Net change in cash and cash equivalents | 42,167 | 9,800 |
Cash and Cash Equivalents | ||
Cash and cash equivalents, beginning of period | 21,218 | 7,841 |
Cash and cash equivalents, end of period | $63,385 | $17,641 |
Managements_Statement
Management's Statement: | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Management's Statement | MANAGEMENT’S STATEMENT |
The unaudited Condensed Consolidated Financial Statements included herein have been prepared by Black Hills Corporation (together with our subsidiaries the “Company,” “us,” “we,” or “our”), pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations; however, we believe that the footnotes adequately disclose the information presented. These Condensed Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and the notes thereto included in our 2014 Annual Report on Form 10-K filed with the SEC. | |
We conduct our operations through the following reportable segments: Electric Utilities, Gas Utilities, Power Generation, Coal Mining and Oil and Gas. Our reportable segments are based on our method of internal reporting, which generally segregates the strategic business groups due to differences in products, services and regulation. All of our operations and assets are located within the United States. | |
Accounting methods historically employed require certain estimates as of interim dates. The information furnished in the accompanying Condensed Consolidated Financial Statements reflects all adjustments, including accruals, which are, in the opinion of management, necessary for a fair presentation of the March 31, 2015, December 31, 2014, and March 31, 2014 financial information and are of a normal recurring nature. Certain industries in which we operate are highly seasonal, and revenue from, and certain expenses for, such operations may fluctuate significantly among quarterly periods. Demand for electricity and natural gas is sensitive to seasonal cooling, heating and industrial load requirements, as well as changes in market price. In particular, the normal peak usage season for electric utilities is June through August while the normal peak usage season for gas utilities is November through March. Significant earnings variances can be expected between the Gas Utilities segment’s peak and off-peak seasons. Due to this seasonal nature, our results of operations for the three months ended March 31, 2015 and March 31, 2014, and our financial condition as of March 31, 2015, December 31, 2014, and March 31, 2014, are not necessarily indicative of the results of operations and financial condition to be expected as of or for any other period. All earnings per share amounts discussed refer to diluted earnings per share unless otherwise noted. | |
Recently Issued and Adopted Accounting Standards | |
We have implemented all new accounting pronouncements that are in effect and may impact our financial statements. We are currently assessing the impact any other new accounting pronouncements that have been issued may have on our financial position, results of operations, or cash flows. | |
Simplifying the Presentation of Debt Issuance Costs, ASU 2015-03 | |
In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. Debt issuance costs related to a recognized debt liability will be presented on the balance sheet as a direct deduction from the debt liability, similar to the presentation of debt discounts, rather than as an asset. Amortization of these costs will continue to be reported as interest expense. ASU 2015-03 is effective for annual and interim reporting periods beginning after December 15, 2015. Early adoption is permitted. We are currently evaluating the impact of adoption that ASU 2015-03 will have 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. On April 1, 2015, FASB voted to propose to defer the effective date of ASU 2014-09 by one year. The proposed guidance would be effective for annual and interim reporting periods beginning after December 15, 2017 and early adoption is permitted. We are currently assessing the impact, if any, that ASU 2014-09 will have on our financial position, results of operations or cash flows. |
Business_Segment_Information
Business Segment Information: | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Segment Reporting Information, Additional Information [Abstract] | |||||||||||||
Business Segment Information | BUSINESS SEGMENT INFORMATION | ||||||||||||
Segment information and Corporate activities included in the accompanying Condensed Consolidated Statements of Income (Loss) were as follows (in thousands): | |||||||||||||
Three Months Ended March 31, 2015 | External | Inter-company | Net Income (Loss) | ||||||||||
Operating | Operating | ||||||||||||
Revenue | Revenue | ||||||||||||
Utilities: | |||||||||||||
Electric | $ | 182,974 | $ | 3,424 | $ | 18,929 | |||||||
Gas | 237,651 | — | 22,212 | ||||||||||
Non-regulated Energy: | |||||||||||||
Power Generation | 1,953 | 20,721 | 8,145 | ||||||||||
Coal Mining | 8,142 | 7,792 | 3,010 | ||||||||||
Oil and Gas | 11,267 | — | (5,071 | ) | |||||||||
Corporate activities | — | — | 669 | ||||||||||
Inter-company eliminations | — | (31,937 | ) | — | |||||||||
Total | $ | 441,987 | $ | — | $ | 47,894 | |||||||
Three Months Ended March 31, 2014 | External | Inter-company | Net Income (Loss) | ||||||||||
Operating | Operating | ||||||||||||
Revenue | Revenue | ||||||||||||
Utilities: | |||||||||||||
Electric | $ | 178,095 | $ | 4,007 | $ | 14,575 | |||||||
Gas | 259,337 | — | 24,698 | ||||||||||
Non-regulated Energy: | |||||||||||||
Power Generation | 1,269 | 21,079 | 8,073 | ||||||||||
Coal Mining | 6,618 | 8,880 | 2,464 | ||||||||||
Oil and Gas | 14,850 | — | (2,022 | ) | |||||||||
Corporate activities | — | — | 330 | ||||||||||
Inter-company eliminations | — | (33,966 | ) | — | |||||||||
Total | $ | 460,169 | $ | — | $ | 48,118 | |||||||
Segment information and Corporate balances included in the accompanying Condensed Consolidated Balance Sheets were as follows (in thousands): | |||||||||||||
Total Assets (net of inter-company eliminations) as of: | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | ||||||||||
Utilities: | |||||||||||||
Electric (a) | $ | 2,817,423 | $ | 2,748,680 | $ | 2,572,616 | |||||||
Gas | 839,802 | 906,922 | 842,660 | ||||||||||
Non-regulated Energy: | |||||||||||||
Power Generation (a) | 75,945 | 76,945 | 90,643 | ||||||||||
Coal Mining | 77,399 | 74,407 | 74,523 | ||||||||||
Oil and Gas | 403,657 | 366,247 | 295,083 | ||||||||||
Corporate activities | 105,602 | 106,605 | 89,439 | ||||||||||
Total assets | $ | 4,319,828 | $ | 4,279,806 | $ | 3,964,964 | |||||||
__________ | |||||||||||||
(a) | The PPA under which Black Hills Colorado IPP provides generation to support Colorado Electric customers from the Pueblo Airport Generation Station is accounted for as a capital lease. As such, assets owned by our Power Generation segment are recorded at Colorado Electric under accounting for a capital lease. |
Accounts_Receivable
Accounts Receivable: | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Receivables [Abstract] | |||||||||||||
Accounts Receivable | ACCOUNTS RECEIVABLE | ||||||||||||
Following is a summary of Accounts receivable, net included in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: | |||||||||||||
Accounts | Unbilled | Less Allowance for | Accounts | ||||||||||
31-Mar-15 | Receivable, Trade | Revenue | Doubtful Accounts | Receivable, net | |||||||||
Electric Utilities | $ | 53,862 | $ | 24,540 | $ | (834 | ) | $ | 77,568 | ||||
Gas Utilities | 63,252 | 28,785 | (1,588 | ) | 90,449 | ||||||||
Power Generation | 1,152 | — | — | 1,152 | |||||||||
Coal Mining | 3,638 | — | — | 3,638 | |||||||||
Oil and Gas | 4,646 | — | (13 | ) | 4,633 | ||||||||
Corporate | 981 | — | — | 981 | |||||||||
Total | $ | 127,531 | $ | 53,325 | $ | (2,435 | ) | $ | 178,421 | ||||
Accounts | Unbilled | Less Allowance for | Accounts | ||||||||||
31-Dec-14 | Receivable, Trade | Revenue | Doubtful 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 | ||||
Accounts | Unbilled | Less Allowance for | Accounts | ||||||||||
31-Mar-14 | Receivable, Trade | Revenue | Doubtful Accounts | Receivable, net | |||||||||
Electric Utilities | $ | 53,733 | $ | 20,063 | $ | (690 | ) | $ | 73,106 | ||||
Gas Utilities | 77,982 | 35,791 | (814 | ) | 112,959 | ||||||||
Power Generation | 1,340 | — | — | 1,340 | |||||||||
Coal Mining | 2,616 | — | — | 2,616 | |||||||||
Oil and Gas | 10,920 | — | (13 | ) | 10,907 | ||||||||
Corporate | 2,697 | — | — | 2,697 | |||||||||
Total | $ | 149,288 | $ | 55,854 | $ | (1,517 | ) | $ | 203,625 | ||||
Regulatory_Accounting
Regulatory Accounting: | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | |||||||||||
Regulatory Accounting | REGULATORY ACCOUNTING | ||||||||||
We had the following regulatory assets and liabilities (in thousands): | |||||||||||
Maximum | As of | As of | As of | ||||||||
Amortization (in years) | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | ||||||||
Regulatory assets | |||||||||||
Deferred energy and fuel cost adjustments - current (a) (d) | 1 | $ | 30,833 | $ | 23,820 | $ | 23,935 | ||||
Deferred gas cost adjustments (a)(d) | 2 | 6,138 | 37,471 | 38,505 | |||||||
Gas price derivatives (a) | 7 | 21,606 | 18,740 | 4,420 | |||||||
AFUDC (b) | 45 | 12,114 | 12,358 | 12,349 | |||||||
Employee benefit plans (c) (e) | 12 | 97,700 | 97,126 | 65,833 | |||||||
Environmental (a) | subject to approval | 1,240 | 1,314 | 1,317 | |||||||
Asset retirement obligations (a) | 44 | 3,237 | 3,287 | 3,271 | |||||||
Bond issue cost (a) | 23 | 3,240 | 3,276 | 3,383 | |||||||
Renewable energy standard adjustment (a) | 5 | 5,590 | 9,622 | 16,088 | |||||||
Flow through accounting (c) | 35 | 26,835 | 25,887 | 21,837 | |||||||
Decommissioning costs | 10 | 13,702 | 12,484 | — | |||||||
Other regulatory assets (a) | 15 | 13,242 | 12,454 | 10,181 | |||||||
$ | 235,477 | $ | 257,839 | $ | 201,119 | ||||||
Regulatory liabilities | |||||||||||
Deferred energy and gas costs (a) (d) | 1 | $ | 18,094 | $ | 6,496 | $ | 6,485 | ||||
Employee benefit plans (c) (e) | 12 | 53,151 | 53,139 | 34,355 | |||||||
Cost of removal (a) | 44 | 81,449 | 78,249 | 67,640 | |||||||
Other regulatory liabilities (c) | 25 | 13,845 | 10,947 | 8,896 | |||||||
$ | 166,539 | $ | 148,831 | $ | 117,376 | ||||||
__________ | |||||||||||
(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. Fluctuations in deferred gas cost adjustments compared to the same period in the prior year are primarily due to higher natural gas prices driven by demand and market conditions from the peak winter heating season in the first part of 2014. 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) | Increase compared to March 31, 2014 is due to a decrease in the discount rate and a change in the mortality tables used in employee benefit plan estimates. |
Materials_Supplies_and_Fuel
Materials, Supplies and Fuel: | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Inventory, Net [Abstract] | ||||||||||||
Materials, Supplies and Fuel | MATERIALS, SUPPLIES AND FUEL | |||||||||||
The following amounts by major classification are included in Materials, supplies and fuel in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: | ||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-14 | ||||||||||
Materials and supplies | $ | 52,429 | $ | 49,555 | $ | 50,727 | ||||||
Fuel - Electric Utilities | 6,780 | 6,637 | 7,218 | |||||||||
Natural gas in storage held for distribution | 7,417 | 34,999 | 8,242 | |||||||||
Total materials, supplies and fuel | $ | 66,626 | $ | 91,191 | $ | 66,187 | ||||||
Earnings_Per_Share
Earnings Per Share: | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Earnings Per Share [Abstract] | |||||||
Earnings Per Share | EARNINGS PER SHARE | ||||||
A reconciliation of share amounts used to compute Earnings (loss) per share in the accompanying Condensed Consolidated Statements of Income (loss) is as follows (in thousands): | |||||||
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Net income (loss) available for common stock | $ | 47,894 | $ | 48,118 | |||
Weighted average shares - basic | 44,541 | 44,330 | |||||
Dilutive effect of: | |||||||
Equity compensation | 119 | 224 | |||||
Weighted average shares - diluted | 44,660 | 44,554 | |||||
The following outstanding securities were not included in the computation of diluted earnings per share as their effect would have been anti-dilutive (in thousands): | |||||||
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Equity compensation | 107 | 46 | |||||
Anti-dilutive shares | 107 | 46 | |||||
Notes_Payable_and_Longterm_Deb
Notes Payable and Long-term Debt: | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||
Notes Payable and Long-term debt | NOTES PAYABLE AND LONG-TERM DEBT | ||||||||||||||||||
We had the following short-term debt outstanding in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: | |||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||
Balance Outstanding | Letters of Credit | Balance Outstanding | Letters of Credit | Balance Outstanding | Letters of Credit | ||||||||||||||
Revolving Credit Facility | $ | 102,600 | $ | 22,300 | $ | 75,000 | $ | 35,000 | $ | 100,000 | $ | 27,700 | |||||||
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 at March 31, 2015. A commitment fee is charged on the unused amount of the Revolving Credit Facility and was 0.175% based on our credit rating. | |||||||||||||||||||
Replacement of Corporate Term Loan | |||||||||||||||||||
On April 13, 2015, we entered into a new $300 million Corporate term loan expiring April 12, 2017. This new term loan replaced the $275 million Corporate term loan due on June 19, 2015. In accordance with the terms of the agreement, the $275 million Corporate term loan is classified as Long-Term Debt as of March 31, 2015. The additional $25 million, less interest and fees, will be used for general corporate purposes. The cost of the borrowing under the new term loan is LIBOR plus a margin of 0.9%. The covenants on the new term loan are substantially the same as the revolving credit facility. | |||||||||||||||||||
Debt Covenants | |||||||||||||||||||
Our Revolving Credit Facility and our Term Loan require compliance with the following financial covenant at the end of each quarter: | |||||||||||||||||||
As of March 31, 2015 | Covenant Requirement | ||||||||||||||||||
Recourse Leverage Ratio | 55% | Less than | 65% | ||||||||||||||||
As of March 31, 2015, we were in compliance with this covenant. |
Risk_Management_Activities
Risk Management Activities: | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||
Risk Management Activities | RISK MANAGEMENT ACTIVITIES | ||||||||||||||||||||
Our activities in the regulated and non-regulated energy sectors expose us to a number of risks in the normal operation of our businesses. Depending on the activity, we are exposed to varying degrees of market risk and credit risk. To manage and mitigate these identified risks, we have adopted the Black Hills Corporation Risk Policies and Procedures as discussed in our 2014 Annual Report on Form 10-K. | |||||||||||||||||||||
Market Risk | |||||||||||||||||||||
Market risk is the potential loss that might occur as a result of an adverse change in market price or rate. We are exposed to the following market risks including, but not limited to: | |||||||||||||||||||||
• | Commodity price risk associated with our natural long position in crude oil and natural gas reserves and production; and our fuel procurement for certain of our gas-fired generation assets; and | ||||||||||||||||||||
• | Interest rate risk associated with our variable-rate debt. | ||||||||||||||||||||
Credit Risk | |||||||||||||||||||||
Credit risk is the risk of financial loss resulting from non-performance of contractual obligations by a counterparty. | |||||||||||||||||||||
For production and generation activities, we attempt to mitigate our credit exposure by conducting business primarily with high credit quality entities, setting tenor and credit limits commensurate with counterparty financial strength, obtaining master netting agreements, and mitigating credit exposure with less creditworthy counterparties through parental guarantees, prepayments, letters of credit, and other security agreements. | |||||||||||||||||||||
We perform ongoing credit evaluations of our customers and adjust credit limits based upon payment history and the customer’s current creditworthiness, as determined by review of their current credit information. We maintain a provision for estimated credit losses based upon historical experience and any specific customer collection issue that is identified. | |||||||||||||||||||||
Our derivative and hedging activities recorded in the accompanying Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Income (Loss) and Condensed Consolidated Statements of Comprehensive Income (Loss) are detailed below and in Note 9. | |||||||||||||||||||||
Oil and Gas | |||||||||||||||||||||
We produce natural gas, 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 Condensed Consolidated Balance Sheets, net of balance sheet offsetting as permitted by GAAP. The effective portion of the gain or loss on these derivatives for which we have elected cash flow hedge accounting is reported in AOCI in the accompanying Condensed Consolidated Balance Sheets and the ineffective portion, if any, is reported in Revenue in the accompanying Condensed Consolidated Statements of Income (Loss). | |||||||||||||||||||||
The contract or notional amounts, terms of our commodity derivatives, and the derivative balances for our Oil and Gas segment reflected on the Condensed Consolidated Balance Sheets were as follows (dollars in thousands) as of: | |||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||||
Crude Oil Futures, Swaps and Options | Natural Gas Futures and Swaps | Crude Oil Futures, Swaps and Options | Natural Gas Futures and Swaps | Crude Oil Futures, Swaps and Options | Natural Gas Futures and Swaps | ||||||||||||||||
Notional (a) | 305,000 | 5,367,500 | 334,500 | 6,582,500 | 442,500 | 8,296,250 | |||||||||||||||
Maximum terms in months (b) | 1 | 1 | 1 | 1 | 1 | 1 | |||||||||||||||
Derivative assets, current | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Derivative assets, non-current | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Derivative liabilities, current | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Derivative liabilities, non-current | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
__________ | |||||||||||||||||||||
(a) | Crude oil in Bbls, natural gas in MMBtus. | ||||||||||||||||||||
(b) | Refers to the tenor of the derivative instrument. Assets and liabilities are classified as current/non-current based on the production month hedged and the corresponding settlement of the derivative instrument. | ||||||||||||||||||||
Based on March 31, 2015, prices a $9.9 million gain would be reclassified from AOCI over the next 12 months. Estimated and actual realized gains or losses will change during future periods as market prices fluctuate. | |||||||||||||||||||||
Utilities | |||||||||||||||||||||
The operations of our utilities, including natural gas sold by our Gas Utilities and natural gas used for Electric Utility generation plants or those plants under PPAs where our Electric Utilities must provide the generation fuel (tolling agreements), expose our utility customers to volatility in natural gas prices. Therefore, as allowed or required by state utility commissions, we have entered into commission approved hedging programs utilizing natural gas futures, options and basis swaps to reduce our customers’ underlying exposure to these fluctuations. These transactions are considered derivatives, and in accordance with accounting standards for derivatives and hedging, mark-to-market adjustments are recorded as Derivative assets or Derivative liabilities on the accompanying Condensed Consolidated Balance Sheets, net of balance sheet offsetting as permitted by GAAP. Unrealized and realized gains and losses, as well as option premiums and commissions on these transactions are recorded as Regulatory assets or Regulatory liabilities in the accompanying Condensed Consolidated Balance Sheets in accordance with state commission guidelines. When the related costs are recovered through our rates, the hedging activity is recognized in the Condensed Consolidated Statements of Income (Loss), or the Condensed Consolidated Statements of Comprehensive Income (Loss). | |||||||||||||||||||||
The contract or notional amounts and terms of the natural gas derivative commodity instruments held at our Utilities were as follows, as of: | |||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||||
Notional | Maximum | Notional | Maximum | Notional | Maximum | ||||||||||||||||
(MMBtus) | Term | (MMBtus) | Term | (MMBtus) | Term | ||||||||||||||||
(months) (a) | (months) (a) | (months) (a) | |||||||||||||||||||
Natural gas futures purchased | 17,280,000 | 69 | 19,370,000 | 72 | 16,140,000 | 80 | |||||||||||||||
Natural gas options purchased | 1,320,000 | 12 | 4,020,000 | 8 | 1,320,000 | 12 | |||||||||||||||
Natural gas basis swaps purchased | 15,735,000 | 57 | 12,005,000 | 60 | 14,575,000 | 69 | |||||||||||||||
__________ | |||||||||||||||||||||
(a) Term reflects the maximum forward period hedged. | |||||||||||||||||||||
We had the following derivative balances related to the hedges in our Utilities reflected in our Condensed Consolidated Balance Sheets as of (in thousands): | |||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||||
Derivative assets, current | $ | — | $ | — | $ | 1,846 | |||||||||||||||
Derivative assets, non-current | $ | — | $ | — | $ | — | |||||||||||||||
Derivative liabilities, non-current | $ | — | $ | — | $ | — | |||||||||||||||
Net unrealized (gain) loss included in Regulatory assets or Regulatory liabilities | $ | 21,606 | $ | 18,740 | $ | 4,420 | |||||||||||||||
Financing Activities | |||||||||||||||||||||
We entered into floating-to-fixed interest rate swap agreements to reduce our exposure to interest rate fluctuations associated with our floating rate debt obligations. The contract or notional amounts, terms of our interest rate swaps and the interest rate swaps balances reflected on the Condensed Consolidated Balance Sheets were as follows (dollars in thousands) as of: | |||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||||
Interest Rate | Interest Rate | Interest Rate | |||||||||||||||||||
Swaps (a) | Swaps (a) | Swaps (a) | |||||||||||||||||||
Notional | $ | 75,000 | $ | 75,000 | $ | 75,000 | |||||||||||||||
Weighted average fixed interest rate | 4.97 | % | 4.97 | % | 4.97 | % | |||||||||||||||
Maximum terms in years | 1.75 | 2 | 2.75 | ||||||||||||||||||
Derivative liabilities, current | $ | 3,342 | $ | 3,340 | $ | 3,498 | |||||||||||||||
Derivative liabilities, non-current | $ | 2,143 | $ | 2,680 | $ | 4,805 | |||||||||||||||
__________ | |||||||||||||||||||||
(a) | These swaps are designated to borrowings on our Revolving Credit Facility, and are priced using three-month LIBOR, matching the floating portion of the related borrowings. | ||||||||||||||||||||
Based on March 31, 2015, market interest rates and balances related to our 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 actual realized gains or losses will change during future periods as market interest rates change. | |||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||
The impacts of cash flow hedges on our Condensed Consolidated Statements of Income (Loss) were as follows (in thousands): | |||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of | Location | Amount of | Location of | Amount of | ||||||||||||||||
Gain/(Loss) | of Gain/(Loss) | Reclassified | Gain/(Loss) | Gain/(Loss) | |||||||||||||||||
Recognized | Reclassified | Gain/(Loss) | Recognized | Recognized in | |||||||||||||||||
in AOCI | from AOCI | from AOCI | in Income | Income on | |||||||||||||||||
Derivative | into Income | into Income | on Derivative | Derivative | |||||||||||||||||
(Effective | (Effective | (Effective | (Ineffective | (Ineffective | |||||||||||||||||
Portion) | Portion) | Portion) | Portion) | Portion) | |||||||||||||||||
Interest rate swaps | $ | (886 | ) | Interest expense | $ | 1,437 | $ | — | |||||||||||||
Commodity derivatives | 3,764 | Revenue | (3,932 | ) | — | ||||||||||||||||
Total | $ | 2,878 | $ | (2,495 | ) | $ | — | ||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of | Location | Amount of | Location of | Amount of | ||||||||||||||||
Gain/(Loss) | of Gain/(Loss) | Reclassified | Gain/(Loss) | Gain/(Loss) | |||||||||||||||||
Recognized | Reclassified | Gain/(Loss) | Recognized | Recognized in | |||||||||||||||||
in AOCI | from AOCI | from AOCI | in Income | Income on | |||||||||||||||||
Derivative | into Income | into Income | on Derivative | Derivative | |||||||||||||||||
(Effective | (Effective | (Effective | (Ineffective | (Ineffective | |||||||||||||||||
Portion) | Portion) | Portion) | Portion) | Portion) | |||||||||||||||||
Interest rate swaps | $ | (91 | ) | Interest expense | $ | (894 | ) | $ | — | ||||||||||||
Commodity derivatives | (3,473 | ) | Revenue | (311 | ) | — | |||||||||||||||
Total | $ | (3,564 | ) | $ | (1,205 | ) | $ | — | |||||||||||||
Fair_Value_Measurements
Fair Value Measurements: | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS | ||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||
The accounting guidance for fair value measurements requires certain disclosures about assets and liabilities measured at fair value. This guidance establishes a hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement within the fair value hierarchy levels. We record transfers, if necessary, between levels at the end of the reporting period for all of our financial instruments. For additional information see Notes 1, 8, 9 and 10 to the Consolidated Financial Statements included in our 2014 Annual Report on Form 10-K filed with the SEC. | |||||||||||||||||
Transfers into Level 3, if any, occur when significant inputs used to value the derivative instruments become less observable such as a significant decrease in the frequency and volume in which the instrument is traded, negatively impacting the availability of observable pricing inputs. Transfers out of Level 3, if any, occur when the significant inputs become more observable, such as when the time between the valuation date and the delivery date of a transaction becomes shorter, positively impacting the availability of observable pricing inputs. | |||||||||||||||||
Valuation Methodologies for Derivatives | |||||||||||||||||
Oil and Gas Segment: | |||||||||||||||||
• | The commodity contracts for our Oil and Gas segment are valued using 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 Segments: | |||||||||||||||||
• | The commodity contracts for our Utilities Segments, valued using the market approach, include exchange-traded futures, options and basis swaps (Level 2) 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. | ||||||||||||||||
Corporate Activities: | |||||||||||||||||
• | The interest rate swaps are valued using the market approach. We establish fair value by obtaining price quotes directly from the counterparty which are based on the floating three-month LIBOR curve for the term of the contract. The fair value obtained from the counterparty is then validated by utilizing a nationally recognized service that obtains observable inputs to compute fair value for the same instrument. In addition, the fair value for the interest rate swap derivatives includes a CVA component. The CVA considers the fair value of the interest rate swap and the probability of default based on the life of the contract. For the probability of a default component, we utilize observable inputs supporting a Level 2 disclosure by using our credit default spread, if available, or a generic credit default spread curve that takes into account our credit ratings. | ||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||
There have been no significant transfers between Level 1 and Level 2 derivative balances. Amounts included in cash collateral and counterparty netting in the following tables represent the impact of legally enforceable master netting agreements that allow us to settle positive and negative positions, netting of asset and liability positions permitted in accordance with accounting standards for offsetting as well as cash collateral posted with the same counterparties. | |||||||||||||||||
The following tables set forth by level within the fair value hierarchy our gross assets and gross liabilities and related offsetting as permitted by GAAP that were accounted for at fair value on a recurring basis for derivative instruments. A discussion of fair value of financial instruments is included in Note 10: | |||||||||||||||||
As of March 31, 2015 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty | Total | |||||||||||||
Netting | |||||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Commodity derivatives — Oil and Gas | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | 8,096 | — | (8,096 | ) | — | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 6,526 | — | (6,526 | ) | — | |||||||||||
Commodity derivatives — Utilities | — | 1,184 | — | (1,184 | ) | — | |||||||||||
Total | $ | — | $ | 15,806 | $ | — | $ | (15,806 | ) | $ | — | ||||||
Liabilities: | |||||||||||||||||
Commodity derivatives — Oil and Gas | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | 2 | — | (2 | ) | — | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 256 | — | (256 | ) | — | |||||||||||
Commodity derivatives — Utilities | — | 22,002 | — | (22,002 | ) | — | |||||||||||
Interest rate swaps | — | 5,485 | — | — | 5,485 | ||||||||||||
Total | $ | — | $ | 27,745 | $ | — | $ | (22,260 | ) | $ | 5,485 | ||||||
As of December 31, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty | Total | |||||||||||||
Netting | |||||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Commodity derivatives — Oil and Gas | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | 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 March 31, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty | Total | |||||||||||||
Netting | |||||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Commodity derivatives — Oil and Gas | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | 7 | — | (7 | ) | — | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 490 | — | (490 | ) | — | |||||||||||
Commodity derivatives — Utilities | — | 3,226 | — | (1,380 | ) | 1,846 | |||||||||||
Total | $ | — | $ | 3,723 | $ | — | $ | (1,877 | ) | $ | 1,846 | ||||||
Liabilities: | |||||||||||||||||
Commodity derivatives — Oil and Gas | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | 1,983 | — | (1,983 | ) | — | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 2,114 | — | (2,114 | ) | — | |||||||||||
Commodity derivatives — Utilities | — | 6,919 | — | (6,919 | ) | — | |||||||||||
Interest rate swaps | — | 8,303 | — | — | 8,303 | ||||||||||||
Total | $ | — | $ | 19,319 | $ | — | $ | (11,016 | ) | $ | 8,303 | ||||||
Fair Value Measures by Balance Sheet Classification | |||||||||||||||||
As required by accounting standards for derivatives and hedges, fair values within the following tables are presented on a gross basis reflecting the netting of asset and liability positions permitted in accordance with accounting standards for offsetting and under terms of our master netting agreements and the impact of legally enforceable master netting agreements that allow us to settle positive and negative positions; however, the amounts do not include net cash collateral on deposit in margin accounts at March 31, 2015, December 31, 2014, and March 31, 2014, to collateralize certain financial instruments, which are included in Derivative assets and/or Derivative liabilities. Therefore, the balances are not indicative of either our actual credit exposure or net economic exposure. Additionally, the amounts below will not agree with the amounts presented on our Condensed Consolidated Balance Sheets, nor will they correspond to the fair value measurements presented in Note 8. | |||||||||||||||||
The following tables present the fair value and balance sheet classification of our derivative instruments (in thousands): | |||||||||||||||||
As of March 31, 2015 | |||||||||||||||||
Balance Sheet Location | Fair Value | Fair Value | |||||||||||||||
of Asset | of Liability | ||||||||||||||||
Derivatives | Derivatives | ||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets — current | $ | 9,989 | $ | — | ||||||||||||
Commodity derivatives | Derivative assets — non-current | 4,633 | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — current | — | 126 | ||||||||||||||
Commodity derivatives | Derivative liabilities — non-current | — | 132 | ||||||||||||||
Interest rate swaps | Derivative liabilities — current | — | 3,342 | ||||||||||||||
Interest rate swaps | Derivative liabilities — non-current | — | 2,143 | ||||||||||||||
Total derivatives designated as hedges | $ | 14,622 | $ | 5,743 | |||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets — current | $ | — | $ | — | ||||||||||||
Commodity derivatives | Derivative assets — non-current | — | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — current | — | 7,530 | ||||||||||||||
Commodity derivatives | Derivative liabilities — non-current | — | 13,288 | ||||||||||||||
Total derivatives not designated as hedges | $ | — | $ | 20,818 | |||||||||||||
As of December 31, 2014 | |||||||||||||||||
Balance Sheet Location | Fair Value | Fair Value | |||||||||||||||
of Asset | of Liability | ||||||||||||||||
Derivatives | Derivatives | ||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets — current | $ | 10,391 | $ | — | ||||||||||||
Commodity derivatives | Derivative assets — non-current | 4,766 | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — current | — | 185 | ||||||||||||||
Commodity derivatives | Derivative liabilities — non-current | — | 288 | ||||||||||||||
Interest rate swaps | Derivative liabilities — current | — | 3,340 | ||||||||||||||
Interest rate swaps | Derivative liabilities — non-current | — | 2,680 | ||||||||||||||
Total derivatives designated as hedges | $ | 15,157 | $ | 6,493 | |||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets — current | $ | — | $ | — | ||||||||||||
Commodity derivatives | Derivative assets — non-current | — | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — current | — | 8,032 | ||||||||||||||
Commodity derivatives | Derivative liabilities — non-current | — | 8,882 | ||||||||||||||
Total derivatives not designated as hedges | $ | — | $ | 16,914 | |||||||||||||
As of March 31, 2014 | |||||||||||||||||
Balance Sheet Location | Fair Value | Fair Value | |||||||||||||||
of Asset | of Liability | ||||||||||||||||
Derivatives | Derivatives | ||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets — current | $ | 30 | $ | — | ||||||||||||
Commodity derivatives | Derivative assets — non-current | 466 | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — current | — | 3,187 | ||||||||||||||
Commodity derivatives | Derivative liabilities — non-current | — | 910 | ||||||||||||||
Interest rate swaps | Derivative liabilities — current | — | 3,498 | ||||||||||||||
Interest rate swaps | Derivative liabilities — non-current | — | 4,805 | ||||||||||||||
Total derivatives designated as hedges | $ | 496 | $ | 12,400 | |||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets — current | $ | 1,846 | $ | — | ||||||||||||
Commodity derivatives | Derivative assets — non-current | — | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — current | — | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — non-current | — | 5,539 | ||||||||||||||
Interest rate swaps | Derivative liabilities — current | — | — | ||||||||||||||
Interest rate swaps | Derivative liabilities — non-current | — | — | ||||||||||||||
Total derivatives not designated as hedges | $ | 1,846 | $ | 5,539 | |||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments: | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
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 (in thousands) as of: | |||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||
Amount | Amount | Amount | |||||||||||||||||||
Cash and cash equivalents (a) | $ | 63,385 | $ | 63,385 | $ | 21,218 | $ | 21,218 | $ | 17,641 | $ | 17,641 | |||||||||
Restricted cash and equivalents (a) | $ | 2,191 | $ | 2,191 | $ | 2,056 | $ | 2,056 | $ | 2 | $ | 2 | |||||||||
Notes payable (a) | $ | 102,600 | $ | 102,600 | $ | 75,000 | $ | 75,000 | $ | 100,000 | $ | 100,000 | |||||||||
Long-term debt, including current maturities (b) | $ | 1,542,658 | $ | 1,767,113 | $ | 1,542,589 | $ | 1,734,555 | $ | 1,396,949 | $ | 1,541,727 | |||||||||
__________ | |||||||||||||||||||||
(a) | Carrying value approximates fair value due to either the short-term length of maturity or variable interest rates that approximate prevailing market rates, and therefore is classified in Level 1 in the fair value hierarchy. | ||||||||||||||||||||
(b) | Long-term debt is valued based on observable inputs available either directly or indirectly for similar liabilities in active markets and therefore is classified in Level 2 in the fair value hierarchy. |
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss): | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Statement of Comprehensive Income [Abstract] | ||||||||||
Other Comprehensive Income (Loss) | OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||
The components of the reclassification adjustments, net of tax, included in Other Comprehensive Income (Loss) for the periods were as follows (in thousands): | ||||||||||
Location on the Condensed Consolidated Statements of Income (Loss) | Amount Reclassified from AOCI | |||||||||
Three Months Ended | ||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||
Gains (losses) on cash flow hedges: | ||||||||||
Interest rate swaps | Interest expense | $ | 1,437 | $ | 894 | |||||
Commodity contracts | Revenue | (3,932 | ) | 311 | ||||||
(2,495 | ) | 1,205 | ||||||||
Income tax | Income tax benefit (expense) | 1,254 | (425 | ) | ||||||
Reclassification adjustments related to cash flow hedges, net of tax | $ | (1,241 | ) | $ | 780 | |||||
Amortization of defined benefit plans: | ||||||||||
Prior service cost | Utilities - Operations and maintenance | $ | (27 | ) | $ | (25 | ) | |||
Non-regulated energy operations and maintenance | (28 | ) | 12 | |||||||
Actuarial gain (loss) | Utilities - Operations and maintenance | 454 | 157 | |||||||
Non-regulated energy operations and maintenance | 251 | 85 | ||||||||
650 | 229 | |||||||||
Income tax | Income tax benefit (expense) | (228 | ) | (81 | ) | |||||
Reclassification adjustments related to defined benefit plans, net of tax | $ | 422 | $ | 148 | ||||||
Balances by classification included within Accumulated other comprehensive income (loss) on the accompanying Condensed Consolidated Balance Sheets are as follows (in thousands): | ||||||||||
Derivatives Designated as Cash Flow Hedges | Employee Benefit Plans | Total | ||||||||
Balance as of December 31, 2013 | $ | (7,133 | ) | $ | (10,289 | ) | $ | (17,422 | ) | |
Other comprehensive income (loss), net of tax | (1,478 | ) | 311 | (1,167 | ) | |||||
Balance as of March 31, 2014 | $ | (8,611 | ) | $ | (9,978 | ) | $ | (18,589 | ) | |
Balance as of December 31, 2014 | $ | 5,093 | $ | (20,137 | ) | $ | (15,044 | ) | ||
Other comprehensive income (loss), net of tax | 595 | 395 | 990 | |||||||
Balance as of March 31, 2015 | $ | 5,688 | $ | (19,742 | ) | $ | (14,054 | ) | ||
Supplemental_Disclosure_of_Cas
Supplemental Disclosure of Cash Flow Information: | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Supplemental Disclosure of Cash Flow Information | SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||
Three months ended | 31-Mar-15 | 31-Mar-14 | ||||||
(in thousands) | ||||||||
Non-cash investing and financing activities from continuing operations— | ||||||||
Property, plant and equipment acquired with accrued liabilities | $ | 33,534 | $ | 40,939 | ||||
Increase (decrease) in capitalized assets associated with asset retirement obligations | $ | — | $ | (2,785 | ) | |||
Cash (paid) refunded during the period for continuing operations— | ||||||||
Interest (net of amounts capitalized) | $ | (10,909 | ) | $ | (11,452 | ) | ||
Income taxes, net | $ | (2 | ) | $ | 4 | |||
Employee_Benefit_Plans
Employee Benefit Plans: | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS | |||||||||
Defined Benefit Pension Plans | ||||||||||
The components of net periodic benefit cost for the Defined Benefit Pension Plans were as follows (in thousands): | ||||||||||
Three Months Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Service cost | $ | 1,494 | $ | 1,362 | ||||||
Interest cost | 3,880 | 3,963 | ||||||||
Expected return on plan assets | (4,867 | ) | (4,516 | ) | ||||||
Prior service cost | 15 | 16 | ||||||||
Net loss (gain) | 2,759 | 1,201 | ||||||||
Net periodic benefit cost | $ | 3,281 | $ | 2,026 | ||||||
Defined Benefit Postretirement Healthcare Plans | ||||||||||
The components of net periodic benefit cost for the Defined Benefit Postretirement Healthcare Plans were as follows (in thousands): | ||||||||||
Three Months Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Service cost | $ | 464 | $ | 425 | ||||||
Interest cost | 450 | 479 | ||||||||
Expected return on plan assets | (33 | ) | (21 | ) | ||||||
Prior service cost (benefit) | (107 | ) | (107 | ) | ||||||
Net loss (gain) | 102 | 40 | ||||||||
Net periodic benefit cost | $ | 876 | $ | 816 | ||||||
Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | ||||||||||
The components of net periodic benefit cost for the Supplemental Non-qualified Defined Benefit and Defined Contribution Plans were as follows (in thousands): | ||||||||||
Three Months Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Service cost | $ | 491 | $ | 374 | ||||||
Interest cost | 364 | 362 | ||||||||
Prior service cost | 1 | 1 | ||||||||
Net loss (gain) | 270 | 124 | ||||||||
Net periodic benefit cost | $ | 1,126 | $ | 861 | ||||||
Contributions | ||||||||||
We anticipate that we will make contributions to the benefit plans during 2015 and 2016. Contributions to the Defined Benefit Pension Plans are cash contributions made directly to the Pension Plan Trust accounts. Contributions to the Healthcare and Supplemental Plan are made in the form of benefit payments. Contributions and anticipated contributions are as follows (in thousands): | ||||||||||
Contributions Made | Additional Contributions | Contributions | ||||||||
Three Months Ended March 31, 2015 | Anticipated for 2015 | Anticipated for 2016 | ||||||||
Defined Benefit Pension Plans | $ | — | $ | 10,200 | $ | 10,200 | ||||
Non-pension Defined Benefit Postretirement Healthcare Plans | $ | 939 | $ | 2,816 | $ | 4,026 | ||||
Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | $ | 372 | $ | 1,115 | $ | 1,544 | ||||
Commitments_and_Contingencies
Commitments and Contingencies: | 3 Months Ended | |
Mar. 31, 2015 | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES | |
There have been no significant changes to commitments and contingencies from those previously disclosed in Note 18 of our Notes to the Consolidated Financial Statements in our 2014 Annual Report on Form 10-K except for those described below. | ||
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 expert 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, 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, 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 expert investigations and our review of damage claim documentation are 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. Based on the legal standard for measuring damages that we believe applies to this matter, we estimate the current total claims to be approximately $55 million; however the actual amount of allowed claims and any loss will depend on the resolution of certain factual and legal issues. 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. | ||
Dividend Restrictions | ||
Our Revolving Credit Facility and other debt obligations contain restrictions on the payment of cash dividends upon a default or event of default. As of March 31, 2015, we were in compliance with the debt covenants. | ||
Due to our holding company structure, substantially all of our operating cash flows are provided by dividends paid or distributions made by our subsidiaries. The cash to pay dividends to our stockholders is derived from these cash flows. As a result, certain statutory limitations or regulatory or financing agreements could affect the levels of distributions allowed to be made by our subsidiaries. The following restrictions on distributions from our subsidiaries existed at March 31, 2015: | ||
• | Our utilities are generally limited to the amount of dividends allowed to be paid to us as a utility holding company under the Federal Power Act and settlement agreements with state regulatory jurisdictions. As of March 31, 2015, the restricted net assets at our Utilities Group were approximately $338 million. |
Business_Segment_Information_B
Business Segment Information: Business Segment Information (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Segment Reporting Information, Additional Information [Abstract] | |||||||||||||
Schedule of Segment Reporting Information | Segment information and Corporate activities included in the accompanying Condensed Consolidated Statements of Income (Loss) were as follows (in thousands): | ||||||||||||
Three Months Ended March 31, 2015 | External | Inter-company | Net Income (Loss) | ||||||||||
Operating | Operating | ||||||||||||
Revenue | Revenue | ||||||||||||
Utilities: | |||||||||||||
Electric | $ | 182,974 | $ | 3,424 | $ | 18,929 | |||||||
Gas | 237,651 | — | 22,212 | ||||||||||
Non-regulated Energy: | |||||||||||||
Power Generation | 1,953 | 20,721 | 8,145 | ||||||||||
Coal Mining | 8,142 | 7,792 | 3,010 | ||||||||||
Oil and Gas | 11,267 | — | (5,071 | ) | |||||||||
Corporate activities | — | — | 669 | ||||||||||
Inter-company eliminations | — | (31,937 | ) | — | |||||||||
Total | $ | 441,987 | $ | — | $ | 47,894 | |||||||
Three Months Ended March 31, 2014 | External | Inter-company | Net Income (Loss) | ||||||||||
Operating | Operating | ||||||||||||
Revenue | Revenue | ||||||||||||
Utilities: | |||||||||||||
Electric | $ | 178,095 | $ | 4,007 | $ | 14,575 | |||||||
Gas | 259,337 | — | 24,698 | ||||||||||
Non-regulated Energy: | |||||||||||||
Power Generation | 1,269 | 21,079 | 8,073 | ||||||||||
Coal Mining | 6,618 | 8,880 | 2,464 | ||||||||||
Oil and Gas | 14,850 | — | (2,022 | ) | |||||||||
Corporate activities | — | — | 330 | ||||||||||
Inter-company eliminations | — | (33,966 | ) | — | |||||||||
Total | $ | 460,169 | $ | — | $ | 48,118 | |||||||
Reconciliation of Assets from Segment to Consolidated | Segment information and Corporate balances included in the accompanying Condensed Consolidated Balance Sheets were as follows (in thousands): | ||||||||||||
Total Assets (net of inter-company eliminations) as of: | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | ||||||||||
Utilities: | |||||||||||||
Electric (a) | $ | 2,817,423 | $ | 2,748,680 | $ | 2,572,616 | |||||||
Gas | 839,802 | 906,922 | 842,660 | ||||||||||
Non-regulated Energy: | |||||||||||||
Power Generation (a) | 75,945 | 76,945 | 90,643 | ||||||||||
Coal Mining | 77,399 | 74,407 | 74,523 | ||||||||||
Oil and Gas | 403,657 | 366,247 | 295,083 | ||||||||||
Corporate activities | 105,602 | 106,605 | 89,439 | ||||||||||
Total assets | $ | 4,319,828 | $ | 4,279,806 | $ | 3,964,964 | |||||||
__________ | |||||||||||||
(a) | The PPA under which Black Hills Colorado IPP provides generation to support Colorado Electric customers from the Pueblo Airport Generation Station is accounted for as a capital lease. As such, assets owned by our Power Generation segment are recorded at Colorado Electric under accounting for a capital lease. |
Accounts_Receivable_Accounts_R
Accounts Receivable: Accounts Receivable (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Receivables [Abstract] | |||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | Following is a summary of Accounts receivable, net included in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: | ||||||||||||
Accounts | Unbilled | Less Allowance for | Accounts | ||||||||||
31-Mar-15 | Receivable, Trade | Revenue | Doubtful Accounts | Receivable, net | |||||||||
Electric Utilities | $ | 53,862 | $ | 24,540 | $ | (834 | ) | $ | 77,568 | ||||
Gas Utilities | 63,252 | 28,785 | (1,588 | ) | 90,449 | ||||||||
Power Generation | 1,152 | — | — | 1,152 | |||||||||
Coal Mining | 3,638 | — | — | 3,638 | |||||||||
Oil and Gas | 4,646 | — | (13 | ) | 4,633 | ||||||||
Corporate | 981 | — | — | 981 | |||||||||
Total | $ | 127,531 | $ | 53,325 | $ | (2,435 | ) | $ | 178,421 | ||||
Accounts | Unbilled | Less Allowance for | Accounts | ||||||||||
31-Dec-14 | Receivable, Trade | Revenue | Doubtful 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 | ||||
Accounts | Unbilled | Less Allowance for | Accounts | ||||||||||
31-Mar-14 | Receivable, Trade | Revenue | Doubtful Accounts | Receivable, net | |||||||||
Electric Utilities | $ | 53,733 | $ | 20,063 | $ | (690 | ) | $ | 73,106 | ||||
Gas Utilities | 77,982 | 35,791 | (814 | ) | 112,959 | ||||||||
Power Generation | 1,340 | — | — | 1,340 | |||||||||
Coal Mining | 2,616 | — | — | 2,616 | |||||||||
Oil and Gas | 10,920 | — | (13 | ) | 10,907 | ||||||||
Corporate | 2,697 | — | — | 2,697 | |||||||||
Total | $ | 149,288 | $ | 55,854 | $ | (1,517 | ) | $ | 203,625 | ||||
Regulatory_Accounting_Regulato
Regulatory Accounting: Regulatory Assets and Liabilities (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | |||||||||||
Schedule of Regulatory Assets and Liabilities | We had the following regulatory assets and liabilities (in thousands): | ||||||||||
Maximum | As of | As of | As of | ||||||||
Amortization (in years) | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | ||||||||
Regulatory assets | |||||||||||
Deferred energy and fuel cost adjustments - current (a) (d) | 1 | $ | 30,833 | $ | 23,820 | $ | 23,935 | ||||
Deferred gas cost adjustments (a)(d) | 2 | 6,138 | 37,471 | 38,505 | |||||||
Gas price derivatives (a) | 7 | 21,606 | 18,740 | 4,420 | |||||||
AFUDC (b) | 45 | 12,114 | 12,358 | 12,349 | |||||||
Employee benefit plans (c) (e) | 12 | 97,700 | 97,126 | 65,833 | |||||||
Environmental (a) | subject to approval | 1,240 | 1,314 | 1,317 | |||||||
Asset retirement obligations (a) | 44 | 3,237 | 3,287 | 3,271 | |||||||
Bond issue cost (a) | 23 | 3,240 | 3,276 | 3,383 | |||||||
Renewable energy standard adjustment (a) | 5 | 5,590 | 9,622 | 16,088 | |||||||
Flow through accounting (c) | 35 | 26,835 | 25,887 | 21,837 | |||||||
Decommissioning costs | 10 | 13,702 | 12,484 | — | |||||||
Other regulatory assets (a) | 15 | 13,242 | 12,454 | 10,181 | |||||||
$ | 235,477 | $ | 257,839 | $ | 201,119 | ||||||
Regulatory liabilities | |||||||||||
Deferred energy and gas costs (a) (d) | 1 | $ | 18,094 | $ | 6,496 | $ | 6,485 | ||||
Employee benefit plans (c) (e) | 12 | 53,151 | 53,139 | 34,355 | |||||||
Cost of removal (a) | 44 | 81,449 | 78,249 | 67,640 | |||||||
Other regulatory liabilities (c) | 25 | 13,845 | 10,947 | 8,896 | |||||||
$ | 166,539 | $ | 148,831 | $ | 117,376 | ||||||
__________ | |||||||||||
(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. Fluctuations in deferred gas cost adjustments compared to the same period in the prior year are primarily due to higher natural gas prices driven by demand and market conditions from the peak winter heating season in the first part of 2014. 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) | Increase compared to March 31, 2014 is due to a decrease in the discount rate and a change in the mortality tables used in employee benefit plan estimates. |
Materials_Supplies_and_Fuel_Ma
Materials, Supplies and Fuel: Materials, Supplies and Fuel (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Inventory, Net [Abstract] | ||||||||||||
Materials, Supplies and Fuel | The following amounts by major classification are included in Materials, supplies and fuel in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: | |||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-14 | ||||||||||
Materials and supplies | $ | 52,429 | $ | 49,555 | $ | 50,727 | ||||||
Fuel - Electric Utilities | 6,780 | 6,637 | 7,218 | |||||||||
Natural gas in storage held for distribution | 7,417 | 34,999 | 8,242 | |||||||||
Total materials, supplies and fuel | $ | 66,626 | $ | 91,191 | $ | 66,187 | ||||||
Earnings_Per_Share_Earnings_Pe
Earnings Per Share: Earnings Per Share (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Earnings Per Share [Abstract] | |||||||
Schedule of Earnings Per Share Reconciliation | A reconciliation of share amounts used to compute Earnings (loss) per share in the accompanying Condensed Consolidated Statements of Income (loss) is as follows (in thousands): | ||||||
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Net income (loss) available for common stock | $ | 47,894 | $ | 48,118 | |||
Weighted average shares - basic | 44,541 | 44,330 | |||||
Dilutive effect of: | |||||||
Equity compensation | 119 | 224 | |||||
Weighted average shares - diluted | 44,660 | 44,554 | |||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following outstanding securities were not included in the computation of diluted earnings per share as their effect would have been anti-dilutive (in thousands): | ||||||
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Equity compensation | 107 | 46 | |||||
Anti-dilutive shares | 107 | 46 | |||||
Notes_Payable_and_Longterm_Deb1
Notes Payable and Long-term Debt: Notes Payable and Long-term Debt (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||
Schedule of Short-term Debt | We had the following short-term debt outstanding in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: | ||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||
Balance Outstanding | Letters of Credit | Balance Outstanding | Letters of Credit | Balance Outstanding | Letters of Credit | ||||||||||||||
Revolving Credit Facility | $ | 102,600 | $ | 22,300 | $ | 75,000 | $ | 35,000 | $ | 100,000 | $ | 27,700 | |||||||
Schedule of Credit Facility Covenants | Our Revolving Credit Facility and our Term Loan require compliance with the following financial covenant at the end of each quarter: | ||||||||||||||||||
As of March 31, 2015 | Covenant Requirement | ||||||||||||||||||
Recourse Leverage Ratio | 55% | Less than | 65% |
Risk_Management_Activities_Ris
Risk Management Activities: Risk Management Activities (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
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 Condensed Consolidated Balance Sheets were as follows (dollars in thousands) as of: | ||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||||
Interest Rate | Interest Rate | Interest Rate | |||||||||||||||||||
Swaps (a) | Swaps (a) | Swaps (a) | |||||||||||||||||||
Notional | $ | 75,000 | $ | 75,000 | $ | 75,000 | |||||||||||||||
Weighted average fixed interest rate | 4.97 | % | 4.97 | % | 4.97 | % | |||||||||||||||
Maximum terms in years | 1.75 | 2 | 2.75 | ||||||||||||||||||
Derivative liabilities, current | $ | 3,342 | $ | 3,340 | $ | 3,498 | |||||||||||||||
Derivative liabilities, non-current | $ | 2,143 | $ | 2,680 | $ | 4,805 | |||||||||||||||
__________ | |||||||||||||||||||||
(a) | These swaps are designated to borrowings on our Revolving Credit Facility, and are priced using three-month LIBOR, matching the floating portion of the related borrowings. | ||||||||||||||||||||
Derivative Instruments, Gain (Loss) | The impacts of cash flow hedges on our Condensed Consolidated Statements of Income (Loss) were as follows (in thousands): | ||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of | Location | Amount of | Location of | Amount of | ||||||||||||||||
Gain/(Loss) | of Gain/(Loss) | Reclassified | Gain/(Loss) | Gain/(Loss) | |||||||||||||||||
Recognized | Reclassified | Gain/(Loss) | Recognized | Recognized in | |||||||||||||||||
in AOCI | from AOCI | from AOCI | in Income | Income on | |||||||||||||||||
Derivative | into Income | into Income | on Derivative | Derivative | |||||||||||||||||
(Effective | (Effective | (Effective | (Ineffective | (Ineffective | |||||||||||||||||
Portion) | Portion) | Portion) | Portion) | Portion) | |||||||||||||||||
Interest rate swaps | $ | (886 | ) | Interest expense | $ | 1,437 | $ | — | |||||||||||||
Commodity derivatives | 3,764 | Revenue | (3,932 | ) | — | ||||||||||||||||
Total | $ | 2,878 | $ | (2,495 | ) | $ | — | ||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of | Location | Amount of | Location of | Amount of | ||||||||||||||||
Gain/(Loss) | of Gain/(Loss) | Reclassified | Gain/(Loss) | Gain/(Loss) | |||||||||||||||||
Recognized | Reclassified | Gain/(Loss) | Recognized | Recognized in | |||||||||||||||||
in AOCI | from AOCI | from AOCI | in Income | Income on | |||||||||||||||||
Derivative | into Income | into Income | on Derivative | Derivative | |||||||||||||||||
(Effective | (Effective | (Effective | (Ineffective | (Ineffective | |||||||||||||||||
Portion) | Portion) | Portion) | Portion) | Portion) | |||||||||||||||||
Interest rate swaps | $ | (91 | ) | Interest expense | $ | (894 | ) | $ | — | ||||||||||||
Commodity derivatives | (3,473 | ) | Revenue | (311 | ) | — | |||||||||||||||
Total | $ | (3,564 | ) | $ | (1,205 | ) | $ | — | |||||||||||||
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 Condensed Consolidated Balance Sheets were as follows (dollars in thousands) as of: | ||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||||
Crude Oil Futures, Swaps and Options | Natural Gas Futures and Swaps | Crude Oil Futures, Swaps and Options | Natural Gas Futures and Swaps | Crude Oil Futures, Swaps and Options | Natural Gas Futures and Swaps | ||||||||||||||||
Notional (a) | 305,000 | 5,367,500 | 334,500 | 6,582,500 | 442,500 | 8,296,250 | |||||||||||||||
Maximum terms in months (b) | 1 | 1 | 1 | 1 | 1 | 1 | |||||||||||||||
Derivative assets, current | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Derivative assets, non-current | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Derivative liabilities, current | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Derivative liabilities, non-current | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
__________ | |||||||||||||||||||||
(a) | Crude oil in Bbls, natural gas in MMBtus. | ||||||||||||||||||||
(b) | Refers to the tenor of the derivative instrument. Assets and liabilities are classified as current/non-current based on the production month hedged and the corresponding settlement of the derivative instrument. | ||||||||||||||||||||
Utilities Group [Member] | |||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||
Schedule of Derivative Instruments | We had the following derivative balances related to the hedges in our Utilities reflected in our Condensed Consolidated Balance Sheets as of (in thousands): | ||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||||
Derivative assets, current | $ | — | $ | — | $ | 1,846 | |||||||||||||||
Derivative assets, non-current | $ | — | $ | — | $ | — | |||||||||||||||
Derivative liabilities, non-current | $ | — | $ | — | $ | — | |||||||||||||||
Net unrealized (gain) loss included in Regulatory assets or Regulatory liabilities | $ | 21,606 | $ | 18,740 | $ | 4,420 | |||||||||||||||
Contract or Notional Amounts and Terms of Commodity Derivatives | The contract or notional amounts and terms of the natural gas derivative commodity instruments held at our Utilities were as follows, as of: | ||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||||
Notional | Maximum | Notional | Maximum | Notional | Maximum | ||||||||||||||||
(MMBtus) | Term | (MMBtus) | Term | (MMBtus) | Term | ||||||||||||||||
(months) (a) | (months) (a) | (months) (a) | |||||||||||||||||||
Natural gas futures purchased | 17,280,000 | 69 | 19,370,000 | 72 | 16,140,000 | 80 | |||||||||||||||
Natural gas options purchased | 1,320,000 | 12 | 4,020,000 | 8 | 1,320,000 | 12 | |||||||||||||||
Natural gas basis swaps purchased | 15,735,000 | 57 | 12,005,000 | 60 | 14,575,000 | 69 | |||||||||||||||
__________ | |||||||||||||||||||||
(a) Term reflects the maximum forward period hedged. |
Fair_Value_Measurements_Fair_V
Fair Value Measurements: Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of Fair Value Hierarchy, Measured on Recurring Basis | The following tables set forth by level within the fair value hierarchy our gross assets and gross liabilities and related offsetting as permitted by GAAP that were accounted for at fair value on a recurring basis for derivative instruments. A discussion of fair value of financial instruments is included in Note 10: | ||||||||||||||||
As of March 31, 2015 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty | Total | |||||||||||||
Netting | |||||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Commodity derivatives — Oil and Gas | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | 8,096 | — | (8,096 | ) | — | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 6,526 | — | (6,526 | ) | — | |||||||||||
Commodity derivatives — Utilities | — | 1,184 | — | (1,184 | ) | — | |||||||||||
Total | $ | — | $ | 15,806 | $ | — | $ | (15,806 | ) | $ | — | ||||||
Liabilities: | |||||||||||||||||
Commodity derivatives — Oil and Gas | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | 2 | — | (2 | ) | — | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 256 | — | (256 | ) | — | |||||||||||
Commodity derivatives — Utilities | — | 22,002 | — | (22,002 | ) | — | |||||||||||
Interest rate swaps | — | 5,485 | — | — | 5,485 | ||||||||||||
Total | $ | — | $ | 27,745 | $ | — | $ | (22,260 | ) | $ | 5,485 | ||||||
As of December 31, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty | Total | |||||||||||||
Netting | |||||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Commodity derivatives — Oil and Gas | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | 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 March 31, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty | Total | |||||||||||||
Netting | |||||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Commodity derivatives — Oil and Gas | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | 7 | — | (7 | ) | — | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 490 | — | (490 | ) | — | |||||||||||
Commodity derivatives — Utilities | — | 3,226 | — | (1,380 | ) | 1,846 | |||||||||||
Total | $ | — | $ | 3,723 | $ | — | $ | (1,877 | ) | $ | 1,846 | ||||||
Liabilities: | |||||||||||||||||
Commodity derivatives — Oil and Gas | |||||||||||||||||
Options -- Oil | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Basis Swaps -- Oil | — | 1,983 | — | (1,983 | ) | — | |||||||||||
Options -- Gas | — | — | — | — | — | ||||||||||||
Basis Swaps -- Gas | — | 2,114 | — | (2,114 | ) | — | |||||||||||
Commodity derivatives — Utilities | — | 6,919 | — | (6,919 | ) | — | |||||||||||
Interest rate swaps | — | 8,303 | — | — | 8,303 | ||||||||||||
Total | $ | — | $ | 19,319 | $ | — | $ | (11,016 | ) | $ | 8,303 | ||||||
Schedule of Derivative Instruments Balance Sheet Location | The following tables present the fair value and balance sheet classification of our derivative instruments (in thousands): | ||||||||||||||||
As of March 31, 2015 | |||||||||||||||||
Balance Sheet Location | Fair Value | Fair Value | |||||||||||||||
of Asset | of Liability | ||||||||||||||||
Derivatives | Derivatives | ||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets — current | $ | 9,989 | $ | — | ||||||||||||
Commodity derivatives | Derivative assets — non-current | 4,633 | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — current | — | 126 | ||||||||||||||
Commodity derivatives | Derivative liabilities — non-current | — | 132 | ||||||||||||||
Interest rate swaps | Derivative liabilities — current | — | 3,342 | ||||||||||||||
Interest rate swaps | Derivative liabilities — non-current | — | 2,143 | ||||||||||||||
Total derivatives designated as hedges | $ | 14,622 | $ | 5,743 | |||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets — current | $ | — | $ | — | ||||||||||||
Commodity derivatives | Derivative assets — non-current | — | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — current | — | 7,530 | ||||||||||||||
Commodity derivatives | Derivative liabilities — non-current | — | 13,288 | ||||||||||||||
Total derivatives not designated as hedges | $ | — | $ | 20,818 | |||||||||||||
As of December 31, 2014 | |||||||||||||||||
Balance Sheet Location | Fair Value | Fair Value | |||||||||||||||
of Asset | of Liability | ||||||||||||||||
Derivatives | Derivatives | ||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets — current | $ | 10,391 | $ | — | ||||||||||||
Commodity derivatives | Derivative assets — non-current | 4,766 | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — current | — | 185 | ||||||||||||||
Commodity derivatives | Derivative liabilities — non-current | — | 288 | ||||||||||||||
Interest rate swaps | Derivative liabilities — current | — | 3,340 | ||||||||||||||
Interest rate swaps | Derivative liabilities — non-current | — | 2,680 | ||||||||||||||
Total derivatives designated as hedges | $ | 15,157 | $ | 6,493 | |||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets — current | $ | — | $ | — | ||||||||||||
Commodity derivatives | Derivative assets — non-current | — | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — current | — | 8,032 | ||||||||||||||
Commodity derivatives | Derivative liabilities — non-current | — | 8,882 | ||||||||||||||
Total derivatives not designated as hedges | $ | — | $ | 16,914 | |||||||||||||
As of March 31, 2014 | |||||||||||||||||
Balance Sheet Location | Fair Value | Fair Value | |||||||||||||||
of Asset | of Liability | ||||||||||||||||
Derivatives | Derivatives | ||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets — current | $ | 30 | $ | — | ||||||||||||
Commodity derivatives | Derivative assets — non-current | 466 | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — current | — | 3,187 | ||||||||||||||
Commodity derivatives | Derivative liabilities — non-current | — | 910 | ||||||||||||||
Interest rate swaps | Derivative liabilities — current | — | 3,498 | ||||||||||||||
Interest rate swaps | Derivative liabilities — non-current | — | 4,805 | ||||||||||||||
Total derivatives designated as hedges | $ | 496 | $ | 12,400 | |||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity derivatives | Derivative assets — current | $ | 1,846 | $ | — | ||||||||||||
Commodity derivatives | Derivative assets — non-current | — | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — current | — | — | ||||||||||||||
Commodity derivatives | Derivative liabilities — non-current | — | 5,539 | ||||||||||||||
Interest rate swaps | Derivative liabilities — current | — | — | ||||||||||||||
Interest rate swaps | Derivative liabilities — non-current | — | — | ||||||||||||||
Total derivatives not designated as hedges | $ | 1,846 | $ | 5,539 | |||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments: Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
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 (in thousands) as of: | ||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||
Amount | Amount | Amount | |||||||||||||||||||
Cash and cash equivalents (a) | $ | 63,385 | $ | 63,385 | $ | 21,218 | $ | 21,218 | $ | 17,641 | $ | 17,641 | |||||||||
Restricted cash and equivalents (a) | $ | 2,191 | $ | 2,191 | $ | 2,056 | $ | 2,056 | $ | 2 | $ | 2 | |||||||||
Notes payable (a) | $ | 102,600 | $ | 102,600 | $ | 75,000 | $ | 75,000 | $ | 100,000 | $ | 100,000 | |||||||||
Long-term debt, including current maturities (b) | $ | 1,542,658 | $ | 1,767,113 | $ | 1,542,589 | $ | 1,734,555 | $ | 1,396,949 | $ | 1,541,727 | |||||||||
__________ | |||||||||||||||||||||
(a) | Carrying value approximates fair value due to either the short-term length of maturity or variable interest rates that approximate prevailing market rates, and therefore is classified in Level 1 in the fair value hierarchy. | ||||||||||||||||||||
(b) | Long-term debt is valued based on observable inputs available either directly or indirectly for similar liabilities in active markets and therefore is classified in Level 2 in the fair value hierarchy. |
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss): Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Statement of Comprehensive Income [Abstract] | ||||||||||
Reclassification Out of Accumulated Other Comprehensive Income (Loss) | The components of the reclassification adjustments, net of tax, included in Other Comprehensive Income (Loss) for the periods were as follows (in thousands): | |||||||||
Location on the Condensed Consolidated Statements of Income (Loss) | Amount Reclassified from AOCI | |||||||||
Three Months Ended | ||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||
Gains (losses) on cash flow hedges: | ||||||||||
Interest rate swaps | Interest expense | $ | 1,437 | $ | 894 | |||||
Commodity contracts | Revenue | (3,932 | ) | 311 | ||||||
(2,495 | ) | 1,205 | ||||||||
Income tax | Income tax benefit (expense) | 1,254 | (425 | ) | ||||||
Reclassification adjustments related to cash flow hedges, net of tax | $ | (1,241 | ) | $ | 780 | |||||
Amortization of defined benefit plans: | ||||||||||
Prior service cost | Utilities - Operations and maintenance | $ | (27 | ) | $ | (25 | ) | |||
Non-regulated energy operations and maintenance | (28 | ) | 12 | |||||||
Actuarial gain (loss) | Utilities - Operations and maintenance | 454 | 157 | |||||||
Non-regulated energy operations and maintenance | 251 | 85 | ||||||||
650 | 229 | |||||||||
Income tax | Income tax benefit (expense) | (228 | ) | (81 | ) | |||||
Reclassification adjustments related to defined benefit plans, net of tax | $ | 422 | $ | 148 | ||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Balances by classification included within Accumulated other comprehensive income (loss) on the accompanying Condensed Consolidated Balance Sheets are as follows (in thousands): | |||||||||
Derivatives Designated as Cash Flow Hedges | Employee Benefit Plans | Total | ||||||||
Balance as of December 31, 2013 | $ | (7,133 | ) | $ | (10,289 | ) | $ | (17,422 | ) | |
Other comprehensive income (loss), net of tax | (1,478 | ) | 311 | (1,167 | ) | |||||
Balance as of March 31, 2014 | $ | (8,611 | ) | $ | (9,978 | ) | $ | (18,589 | ) | |
Balance as of December 31, 2014 | $ | 5,093 | $ | (20,137 | ) | $ | (15,044 | ) | ||
Other comprehensive income (loss), net of tax | 595 | 395 | 990 | |||||||
Balance as of March 31, 2015 | $ | 5,688 | $ | (19,742 | ) | $ | (14,054 | ) | ||
Supplemental_Disclosure_of_Cas1
Supplemental Disclosure of Cash Flow Information: Supplemental Disclosure of Cash Flow Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Supplemental Disclosure of Cash Flow Information | ||||||||
Three months ended | 31-Mar-15 | 31-Mar-14 | ||||||
(in thousands) | ||||||||
Non-cash investing and financing activities from continuing operations— | ||||||||
Property, plant and equipment acquired with accrued liabilities | $ | 33,534 | $ | 40,939 | ||||
Increase (decrease) in capitalized assets associated with asset retirement obligations | $ | — | $ | (2,785 | ) | |||
Cash (paid) refunded during the period for continuing operations— | ||||||||
Interest (net of amounts capitalized) | $ | (10,909 | ) | $ | (11,452 | ) | ||
Income taxes, net | $ | (2 | ) | $ | 4 | |||
Employee_Benefit_Plans_Employe
Employee Benefit Plans: Employee Benefit Plans (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||
Schedule of Net Benefit Costs | The components of net periodic benefit cost for the Defined Benefit Pension Plans were as follows (in thousands): | |||||||||
Three Months Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Service cost | $ | 1,494 | $ | 1,362 | ||||||
Interest cost | 3,880 | 3,963 | ||||||||
Expected return on plan assets | (4,867 | ) | (4,516 | ) | ||||||
Prior service cost | 15 | 16 | ||||||||
Net loss (gain) | 2,759 | 1,201 | ||||||||
Net periodic benefit cost | $ | 3,281 | $ | 2,026 | ||||||
Defined Benefit Postretirement Healthcare Plans | ||||||||||
The components of net periodic benefit cost for the Defined Benefit Postretirement Healthcare Plans were as follows (in thousands): | ||||||||||
Three Months Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Service cost | $ | 464 | $ | 425 | ||||||
Interest cost | 450 | 479 | ||||||||
Expected return on plan assets | (33 | ) | (21 | ) | ||||||
Prior service cost (benefit) | (107 | ) | (107 | ) | ||||||
Net loss (gain) | 102 | 40 | ||||||||
Net periodic benefit cost | $ | 876 | $ | 816 | ||||||
Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | ||||||||||
The components of net periodic benefit cost for the Supplemental Non-qualified Defined Benefit and Defined Contribution Plans were as follows (in thousands): | ||||||||||
Three Months Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Service cost | $ | 491 | $ | 374 | ||||||
Interest cost | 364 | 362 | ||||||||
Prior service cost | 1 | 1 | ||||||||
Net loss (gain) | 270 | 124 | ||||||||
Net periodic benefit cost | $ | 1,126 | $ | 861 | ||||||
Schedule of Defined Benefit Plans Contributions | Contributions and anticipated contributions are as follows (in thousands): | |||||||||
Contributions Made | Additional Contributions | Contributions | ||||||||
Three Months Ended March 31, 2015 | Anticipated for 2015 | Anticipated for 2016 | ||||||||
Defined Benefit Pension Plans | $ | — | $ | 10,200 | $ | 10,200 | ||||
Non-pension Defined Benefit Postretirement Healthcare Plans | $ | 939 | $ | 2,816 | $ | 4,026 | ||||
Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | $ | 372 | $ | 1,115 | $ | 1,544 | ||||
Business_Segment_Information_I
Business Segment Information: Information Relating to Segment Statement of Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information | ||
Revenue | $441,987 | $460,169 |
Net Income (Loss) | 47,894 | 48,118 |
Inter-company eliminations [Member] | ||
Segment Reporting Information | ||
Revenue | -31,937 | -33,966 |
Net Income (Loss) | 0 | 0 |
Corporate activities[Member] | ||
Segment Reporting Information | ||
Revenue | 0 | 0 |
Net Income (Loss) | 669 | 330 |
Consolidation, Eliminations [Member] | ||
Segment Reporting Information | ||
Revenue | 0 | 0 |
Electric Utilities [Member] | ||
Segment Reporting Information | ||
Revenue | 182,974 | 178,095 |
Net Income (Loss) | 18,929 | 14,575 |
Electric Utilities [Member] | Inter-company eliminations [Member] | ||
Segment Reporting Information | ||
Revenue | 3,424 | 4,007 |
Gas Utilities [Member] | ||
Segment Reporting Information | ||
Revenue | 237,651 | 259,337 |
Net Income (Loss) | 22,212 | 24,698 |
Gas Utilities [Member] | Inter-company eliminations [Member] | ||
Segment Reporting Information | ||
Revenue | 0 | 0 |
Power Generation [Member] | ||
Segment Reporting Information | ||
Revenue | 1,953 | 1,269 |
Net Income (Loss) | 8,145 | 8,073 |
Power Generation [Member] | Inter-company eliminations [Member] | ||
Segment Reporting Information | ||
Revenue | 20,721 | 21,079 |
Coal Mining [Member] | ||
Segment Reporting Information | ||
Revenue | 8,142 | 6,618 |
Net Income (Loss) | 3,010 | 2,464 |
Coal Mining [Member] | Inter-company eliminations [Member] | ||
Segment Reporting Information | ||
Revenue | 7,792 | 8,880 |
Oil and Gas [Member] | ||
Segment Reporting Information | ||
Revenue | 11,267 | 14,850 |
Net Income (Loss) | -5,071 | -2,022 |
Oil and Gas [Member] | Inter-company eliminations [Member] | ||
Segment Reporting Information | ||
Revenue | $0 | $0 |
Business_Segment_Information_S
Business Segment Information: Segment and Corporate Assets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |||
In Thousands, unless otherwise specified | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Assets | $4,319,828 | $4,279,806 | $3,964,964 | |||
Corporate activities[Member] | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Assets | 105,602 | 106,605 | 89,439 | |||
Electric Utilities [Member] | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Assets | 2,817,423 | [1] | 2,748,680 | [1] | 2,572,616 | [1] |
Gas Utilities [Member] | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Assets | 839,802 | 906,922 | 842,660 | |||
Power Generation [Member] | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Assets | 75,945 | [1] | 76,945 | [1] | 90,643 | [1] |
Coal Mining [Member] | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Assets | 77,399 | 74,407 | 74,523 | |||
Oil and Gas [Member] | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Assets | $403,657 | $366,247 | $295,083 | |||
[1] | The PPA under which Black Hills Colorado IPP provides generation to support Colorado Electric customers from the Pueblo Airport Generation Station is accounted for as a capital lease. As such, assets owned by our Power Generation segment are recorded at Colorado Electric under accounting for a capital lease. |
Accounts_Receivable_Accounts_R1
Accounts Receivable: Accounts Receivable (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Accounts Receivable [Line Items] | |||
Allowance for Doubtful Accounts | ($2,435) | ($1,516) | ($1,517) |
Accounts receivable, net | 178,421 | 189,992 | 203,625 |
Corporate[Member] | |||
Accounts Receivable [Line Items] | |||
Allowance for Doubtful Accounts | 0 | 0 | 0 |
Accounts receivable, net | 981 | 2,555 | 2,697 |
Electric Utilities [Member] | |||
Accounts Receivable [Line Items] | |||
Allowance for Doubtful Accounts | -834 | -722 | -690 |
Accounts receivable, net | 77,568 | 85,466 | 73,106 |
Gas Utilities [Member] | |||
Accounts Receivable [Line Items] | |||
Allowance for Doubtful Accounts | -1,588 | -781 | -814 |
Accounts receivable, net | 90,449 | 92,159 | 112,959 |
Power Generation [Member] | |||
Accounts Receivable [Line Items] | |||
Allowance for Doubtful Accounts | 0 | 0 | 0 |
Accounts receivable, net | 1,152 | 1,369 | 1,340 |
Coal Mining [Member] | |||
Accounts Receivable [Line Items] | |||
Allowance for Doubtful Accounts | 0 | 0 | 0 |
Accounts receivable, net | 3,638 | 3,151 | 2,616 |
Oil and Gas [Member] | |||
Accounts Receivable [Line Items] | |||
Allowance for Doubtful Accounts | -13 | -13 | -13 |
Accounts receivable, net | 4,633 | 5,292 | 10,907 |
Billed Revenues [Member] | |||
Accounts Receivable [Line Items] | |||
Accounts Receivable, Trade | 127,531 | 119,488 | 149,288 |
Billed Revenues [Member] | Corporate[Member] | |||
Accounts Receivable [Line Items] | |||
Accounts Receivable, Trade | 981 | 2,555 | 2,697 |
Billed Revenues [Member] | Electric Utilities [Member] | |||
Accounts Receivable [Line Items] | |||
Accounts Receivable, Trade | 53,862 | 59,714 | 53,733 |
Billed Revenues [Member] | Gas Utilities [Member] | |||
Accounts Receivable [Line Items] | |||
Accounts Receivable, Trade | 63,252 | 47,394 | 77,982 |
Billed Revenues [Member] | Power Generation [Member] | |||
Accounts Receivable [Line Items] | |||
Accounts Receivable, Trade | 1,152 | 1,369 | 1,340 |
Billed Revenues [Member] | Coal Mining [Member] | |||
Accounts Receivable [Line Items] | |||
Accounts Receivable, Trade | 3,638 | 3,151 | 2,616 |
Billed Revenues [Member] | Oil and Gas [Member] | |||
Accounts Receivable [Line Items] | |||
Accounts Receivable, Trade | 4,646 | 5,305 | 10,920 |
Unbilled Revenues [Member] | |||
Accounts Receivable [Line Items] | |||
Accounts Receivable, Trade | 53,325 | 72,020 | 55,854 |
Unbilled Revenues [Member] | Corporate[Member] | |||
Accounts Receivable [Line Items] | |||
Accounts Receivable, Trade | 0 | 0 | 0 |
Unbilled Revenues [Member] | Electric Utilities [Member] | |||
Accounts Receivable [Line Items] | |||
Accounts Receivable, Trade | 24,540 | 26,474 | 20,063 |
Unbilled Revenues [Member] | Gas Utilities [Member] | |||
Accounts Receivable [Line Items] | |||
Accounts Receivable, Trade | 28,785 | 45,546 | 35,791 |
Unbilled Revenues [Member] | Power Generation [Member] | |||
Accounts Receivable [Line Items] | |||
Accounts Receivable, Trade | 0 | 0 | 0 |
Unbilled Revenues [Member] | Coal Mining [Member] | |||
Accounts Receivable [Line Items] | |||
Accounts Receivable, Trade | 0 | 0 | 0 |
Unbilled Revenues [Member] | Oil and Gas [Member] | |||
Accounts Receivable [Line Items] | |||
Accounts Receivable, Trade | $0 | $0 | $0 |
Regulatory_Accounting_Regulato1
Regulatory Accounting: Regulatory Assets and Liabilities (Details) (USD $) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||||||
Regulatory Assets | $235,477 | $257,839 | $201,119 | |||
Regulatory Liabilities | 166,539 | 148,831 | 117,376 | |||
Deferred energy and gas costs | ||||||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||||||
Maximum Amortization Period | 1 year | |||||
Regulatory Liabilities | 18,094 | [1],[2] | 6,496 | [1],[2] | 6,485 | [1],[2] |
Employee benefit plans | ||||||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||||||
Maximum Amortization Period | 12 years | |||||
Regulatory Liabilities | 53,151 | [3],[4] | 53,139 | [3],[4] | 34,355 | [3],[4] |
Cost of removal | ||||||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||||||
Maximum Amortization Period | 44 years | |||||
Regulatory Liabilities | 81,449 | [1] | 78,249 | [1] | 67,640 | [1] |
Other regulatory liabilities | ||||||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||||||
Maximum Amortization Period | 25 years | |||||
Regulatory Liabilities | 13,845 | [3] | 10,947 | [3] | 8,896 | [3] |
Deferred energy and fuel cost adjustments - current | ||||||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||||||
Maximum Amortization Period | 1 year | |||||
Regulatory Assets | 30,833 | [1],[2] | 23,820 | [1],[2] | 23,935 | [1],[2] |
Deferred gas cost adjustments | ||||||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||||||
Maximum Amortization Period | 2 years | |||||
Regulatory Assets | 6,138 | [1],[2] | 37,471 | [1],[2] | 38,505 | [1],[2] |
Gas price derivatives | ||||||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||||||
Maximum Amortization Period | 7 years | |||||
Regulatory Assets | 21,606 | [1] | 18,740 | [1] | 4,420 | [1] |
AFUDC | ||||||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||||||
Maximum Amortization Period | 45 years | |||||
Regulatory Assets | 12,114 | [5] | 12,358 | [5] | 12,349 | [5] |
Employee benefit plans | ||||||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||||||
Maximum Amortization Period | 12 years | |||||
Regulatory Assets | 97,700 | [3],[4] | 97,126 | [3],[4] | 65,833 | [3],[4] |
Environmental | ||||||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||||||
Regulatory Assets | 1,240 | [1] | 1,314 | [1] | 1,317 | [1] |
Asset retirement obligations | ||||||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||||||
Maximum Amortization Period | 44 years | |||||
Regulatory Assets | 3,237 | [1] | 3,287 | [1] | 3,271 | [1] |
Bond issue cost | ||||||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||||||
Maximum Amortization Period | 23 years | |||||
Regulatory Assets | 3,240 | [1] | 3,276 | [1] | 3,383 | [1] |
Renewable energy standard adjustment | ||||||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||||||
Maximum Amortization Period | 5 years | |||||
Regulatory Assets | 5,590 | [1] | 9,622 | [1] | 16,088 | [1] |
Flow through accounting | ||||||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||||||
Maximum Amortization Period | 35 years | |||||
Regulatory Assets | 26,835 | [3] | 25,887 | [3] | 21,837 | [3] |
Decommissioning costs | ||||||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||||||
Maximum Amortization Period | 10 years | |||||
Regulatory Assets | 13,702 | 12,484 | 0 | |||
Other regulatory assets | ||||||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||||||
Maximum Amortization Period | 15 years | |||||
Regulatory Assets | $13,242 | [1] | $12,454 | [1] | $10,181 | [1] |
[1] | Recovery of costs, but we are not allowed a rate of return. | |||||
[2] | 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. Fluctuations in deferred gas cost adjustments compared to the same period in the prior year are primarily due to higher natural gas prices driven by demand and market conditions from the peak winter heating season in the first part of 2014. 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. | |||||
[3] | 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. | |||||
[4] | Increase compared to March 31, 2014 is due to a decrease in the discount rate and a change in the mortality tables used in employee benefit plan estimates. | |||||
[5] | In addition to recovery of costs, we are allowed a rate of return. |
Materials_Supplies_and_Fuel_Ma1
Materials, Supplies and Fuel: Materials, Supplies and Fuel (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Inventory, Net [Abstract] | |||
Materials and supplies | $52,429 | $49,555 | $50,727 |
Fuel - Electric Utilities | 6,780 | 6,637 | 7,218 |
Natural gas in storage held for distribution | 7,417 | 34,999 | 8,242 |
Total materials, supplies and fuel | $66,626 | $91,191 | $66,187 |
Earnings_Per_Share_Earnings_Pe1
Earnings Per Share: Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Net income (loss) available for common stock | $47,894 | $48,118 |
Weighted average shares - basic | 44,541 | 44,330 |
Dilutive effect of: | ||
Equity compensation | 119 | 224 |
Weighted average shares - diluted | 44,660 | 44,554 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share: Anti-dilutive shares (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares | 107 | 46 |
Stock Compensation Plan [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares | 107 | 46 |
Notes_Payable_and_Longterm_Deb2
Notes Payable and Long-term Debt: Notes Payable (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |
Revolving Credit Facility [Line Items] | |||
Balance Outstanding | $102,600,000 | $75,000,000 | $100,000,000 |
Revolving Credit Facility [Member] | |||
Revolving Credit Facility [Line Items] | |||
Balance Outstanding | 102,600,000 | 75,000,000 | 100,000,000 |
Letters of Credit | 22,300,000 | 35,000,000 | 27,700,000 |
Current Borrowing Capacity | 500,000,000 | ||
Expiration Date | 29-May-19 | ||
Maximum Borrowing Capacity | $750,000,000 | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.18% | ||
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 [Member] | |||
Revolving Credit Facility [Line Items] | |||
Interest Rate at Period End | 0.13% | ||
Revolving Credit Facility [Member] | Eurodollar [Member] | |||
Revolving Credit Facility [Line Items] | |||
Interest Rate at Period End | 1.13% | ||
Revolving Credit Facility [Member] | Letter of Credit [Member] | |||
Revolving Credit Facility [Line Items] | |||
Interest Rate at Period End | 1.13% |
Notes_Payable_and_Longterm_Deb3
Notes Payable and Long-term Debt: Refinancing of Debt (Details) (Black Hills Corporation [Member], USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Apr. 13, 2015 | Mar. 31, 2015 |
Corporate Term Loan Due June 2015 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $275 | |
Corporate Term Loan Due April 2017 [Member] | Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Basis Spread on Variable Rate | 0.90% | |
Corporate Debt Securities [Member] | Corporate Term Loan Due April 2017 [Member] | Subsequent Event [Member] | ||
Debt Instrument [Line Items] | ||
Additional debt used for general corporate purposes | 25 | |
Corporate Debt Securities [Member] | Corporate Term Loan Due April 2017 [Member] | Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 300 | |
Debt Instrument, Maturity Date | 12-Apr-17 |
Risk_Management_Activities_Ris1
Risk Management Activities: Risk Management Activities (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||||
Derivative [Line Items] | ||||||
Derivative assets, current | $0 | $1,846,000 | $0 | |||
Derivative liabilities, current | 3,342,000 | 3,498,000 | 3,340,000 | |||
Derivative liabilities, non-current | 2,143,000 | 4,805,000 | 2,680,000 | |||
Oil and Gas [Member] | ||||||
Derivative [Line Items] | ||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 9,900,000 | |||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative liabilities, current | 3,342,000 | 3,498,000 | 3,340,000 | |||
Derivative liabilities, non-current | 2,143,000 | 4,805,000 | 2,680,000 | |||
Notional Amount | 75,000,000 | [1] | 75,000,000 | [1] | 75,000,000 | [1] |
Weighted average fixed interest rate | 4.97% | 4.97% | 4.97% | |||
Maximum Term | 1 year 9 months | 2 years 9 months | 2 years | |||
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 | 305,000 | [2] | 442,500 | [2] | 334,500 | [2] |
Maximum Term Hedged in Cash Flow Hedge | 1 month | [3] | 1 month | [3] | 1 month | [3] |
Derivative assets, current | 0 | 0 | 0 | |||
Derivative assets, non-current | 0 | 0 | 0 | |||
Derivative liabilities, current | 0 | 0 | 0 | |||
Derivative liabilities, non-current | 0 | 0 | 0 | |||
Natural Gas [Member] | Swap [Member] | Oil and Gas [Member] | ||||||
Derivative [Line Items] | ||||||
Notional amount - commodities | 5,367,500 | [2] | 8,296,250 | [2] | 6,582,500 | [2] |
Maximum Term Hedged in Cash Flow Hedge | 1 month | [3] | 1 month | [3] | 1 month | [3] |
Derivative assets, current | 0 | 0 | 0 | |||
Derivative assets, non-current | 0 | 0 | 0 | |||
Derivative liabilities, current | 0 | 0 | 0 | |||
Derivative liabilities, non-current | 0 | 0 | 0 | |||
Utilities Group [Member] | Natural Gas, Distribution [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative assets, current | 0 | 1,846,000 | 0 | |||
Derivative assets, non-current | 0 | 0 | 0 | |||
Derivative liabilities, non-current | 0 | 0 | 0 | |||
Net Unrealized (Gain) Loss Included in Regulatory assets or Regulatory liabilities | $21,606,000 | $4,420,000 | $18,740,000 | |||
Utilities Group [Member] | Natural Gas, Distribution [Member] | Future [Member] | Purchase Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Notional amount - commodities | 17,280,000 | 16,140,000 | 19,370,000 | |||
Maximum Term | 69 months | [4] | 80 months | [4] | 72 months | [4] |
Utilities Group [Member] | Natural Gas, Distribution [Member] | Commodity Option [Member] | Purchase Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Notional amount - commodities | 1,320,000 | 1,320,000 | 4,020,000 | |||
Maximum Term | 12 months | [4] | 12 months | [4] | 8 months | [4] |
Utilities Group [Member] | Natural Gas, Distribution [Member] | Basis Swap [Member] | Purchase Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Notional amount - commodities | 15,735,000 | 14,575,000 | 12,005,000 | |||
Maximum Term | 57 months | [4] | 69 months | [4] | 60 months | [4] |
[1] | These swaps are designated to borrowings on our Revolving Credit Facility, and are priced using three-month LIBOR, matching the floating portion of the related borrowings. | |||||
[2] | Crude oil in Bbls, natural gas in MMBtus. | |||||
[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) (Cash Flow Hedging [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain/(Loss) Recognized in AOCI Derivative (Effective Portion) | $2,878 | ($3,564) |
Amount of Reclassified Gain/(Loss) from AOCI into Income (Effective Portion) | -2,495 | -1,205 |
Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | 0 | 0 |
Interest Rate Swap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain/(Loss) Recognized in AOCI Derivative (Effective Portion) | -886 | -91 |
Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | 0 | 0 |
Interest Rate Swap [Member] | Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Reclassified Gain/(Loss) from AOCI into Income (Effective Portion) | 1,437 | -894 |
Commodity Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain/(Loss) Recognized in AOCI Derivative (Effective Portion) | 3,764 | -3,473 |
Commodity Contract [Member] | Revenue [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Reclassified Gain/(Loss) from AOCI into Income (Effective Portion) | -3,932 | -311 |
Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | $0 | $0 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements: Fair Value Measurements (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Fair Value, Transfers Between Level 1 and Level 2, Description and Policy [Abstract] | |||
Assets-Transfers out of level 1 to 2 | $0 | $0 | $0 |
Assets -Transfers out of level 2 to 1 | 0 | 0 | 0 |
Liabilities -Transfers out of level 1 to 2 | 0 | 0 | 0 |
Liabilities -Transfers out of level 2 to 1 | 0 | 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 | -15,806 | -17,546 | -1,877 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | -22,260 | -19,776 | -11,016 |
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 | 0 |
Derivative Liabilities, Total | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets, Total | 15,806 | 17,546 | 3,723 |
Derivative Liabilities, Total | 27,745 | 25,796 | 19,319 |
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 | 0 |
Derivative Liabilities, Total | 0 | 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 | 5,485 | 6,020 | 8,303 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 0 | 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 | 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 | 5,485 | 6,020 | 8,303 |
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 | 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 | 0 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 0 | 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 | 0 |
Derivative Liabilities, Fair Value Disclosure | 0 | 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 | 0 |
Derivative Liabilities, Fair Value Disclosure | 0 | 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 | 0 |
Derivative Liabilities, Fair Value Disclosure | 0 | 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 | -8,096 | -8,599 | -7 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | -2 | 0 | -1,983 |
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 | 0 |
Derivative Liabilities, Fair Value Disclosure | 0 | 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 | 8,096 | 8,599 | 7 |
Derivative Liabilities, Fair Value Disclosure | 2 | 0 | 1,983 |
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 | 0 |
Derivative Liabilities, Fair Value Disclosure | 0 | 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 | 0 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 0 | 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 | 0 |
Derivative Liabilities, Fair Value Disclosure | 0 | 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 | 0 |
Derivative Liabilities, Fair Value Disclosure | 0 | 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 | 0 |
Derivative Liabilities, Fair Value Disclosure | 0 | 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 | -6,526 | -6,558 | -490 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | -256 | -473 | -2,114 |
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 | 0 |
Derivative Liabilities, Fair Value Disclosure | 0 | 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 | 6,526 | 6,558 | 490 |
Derivative Liabilities, Fair Value Disclosure | 256 | 473 | 2,114 |
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 | 0 |
Derivative Liabilities, Fair Value Disclosure | 0 | 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 | -1,184 | -2,389 | -1,380 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | -22,002 | -19,303 | -6,919 |
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 | 0 |
Derivative Liabilities, Fair Value Disclosure | 0 | 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 | 1,184 | 2,389 | 3,226 |
Derivative Liabilities, Fair Value Disclosure | 22,002 | 19,303 | 6,919 |
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 | 0 |
Derivative Liabilities, Fair Value Disclosure | 0 | 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 | 0 | 1,846 |
Derivative Liabilities, Total | 5,485 | 6,020 | 8,303 |
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 | 0 |
Derivative Liabilities, Fair Value Disclosure | 0 | 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 | 0 | 0 |
Derivative Liabilities, Fair Value Disclosure | 0 | 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 | 0 |
Derivative Liabilities, Fair Value Disclosure | 0 | 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 | 0 |
Derivative Liabilities, Fair Value Disclosure | 0 | 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 | 0 | 1,846 |
Derivative Liabilities, Fair Value Disclosure | $0 | $0 | $0 |
Fair_Value_Measurements_Balanc
Fair Value Measurements: Balance Sheet Location (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Designated as Hedging Instrument [Member] | |||
Derivatives, Carrying Amount and Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Net | $14,622 | $15,157 | $496 |
Derivative Liability, Fair Value, Net | 5,743 | 6,493 | 12,400 |
Not Designated as Hedging Instrument [Member] | |||
Derivatives, Carrying Amount and Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Net | 0 | 0 | 1,846 |
Derivative Liability, Fair Value, Net | 20,818 | 16,914 | 5,539 |
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | Derivative Assets, Current [Member] | |||
Derivatives, Carrying Amount and Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 9,989 | 10,391 | 30 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | 0 |
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | Derivative Assets, Non-current [Member] | |||
Derivatives, Carrying Amount and Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 4,633 | 4,766 | 466 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | 0 |
Commodity Contract [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 | 0 |
Derivative Liability, Fair Value, Gross Liability | 126 | 185 | 3,187 |
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | Derivative Liabilities, Non-current [Member] | |||
Derivatives, Carrying Amount and Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 132 | 288 | 910 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Derivative Assets, Current [Member] | |||
Derivatives, Carrying Amount and Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 1,846 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | 0 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Derivative Assets, Non-current [Member] | |||
Derivatives, Carrying Amount and Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | 0 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Derivative Liabilities, Current [Member] | |||
Derivatives, Carrying Amount and Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 7,530 | 8,032 | 0 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Derivative Liabilities, Non-current [Member] | |||
Derivatives, Carrying Amount and Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 13,288 | 8,882 | 5,539 |
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 | 0 |
Derivative Liability, Fair Value, Gross Liability | 3,342 | 3,340 | 3,498 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Derivative Liabilities, Non-current [Member] | |||
Derivatives, Carrying Amount and Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 2,143 | 2,680 | 4,805 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Derivative Liabilities, Current [Member] | |||
Derivatives, Carrying Amount and Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Asset | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Derivative Liabilities, Non-current [Member] | |||
Derivatives, Carrying Amount and Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Asset | 0 | ||
Derivative Liability, Fair Value, Gross Liability | $0 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments: Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |||
In Thousands, unless otherwise specified | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Cash and cash equivalents | $63,385 | $21,218 | $17,641 | $7,841 | |||
Restricted cash and equivalents | 2,191 | 2,056 | 2 | ||||
Notes payable | 102,600 | 75,000 | 100,000 | ||||
Carrying Amount [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Cash and cash equivalents | 63,385 | 21,218 | 17,641 | ||||
Restricted cash and equivalents | 2,191 | 2,056 | 2 | ||||
Notes payable | 102,600 | 75,000 | 100,000 | ||||
Long-term debt, including current maturities | 1,542,658 | 1,542,589 | 1,396,949 | ||||
Fair Value [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Cash and cash equivalents, Fair Value | 63,385 | [1] | 21,218 | [1] | 17,641 | [1] | |
Restricted Cash Fair Value Disclosure | 2,191 | [1] | 2,056 | [1] | 2 | [1] | |
Notes payable, Fair Value | 102,600 | [1] | 75,000 | [1] | 100,000 | [1] | |
Long-term debt, including current maturities, Fair Value | $1,767,113 | [2] | $1,734,555 | [2] | $1,541,727 | [2] | |
[1] | Carrying value approximates fair value due to either the short-term length of maturity or variable interest rates that approximate prevailing market rates, and therefore is classified in Level 1 in the fair value hierarchy. | ||||||
[2] | Long-term debt is valued based on observable inputs available either directly or indirectly for similar liabilities in active markets and therefore is classified in Level 2 in the fair value hierarchy. |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss): Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense | $19,910 | $17,860 |
Revenue | 441,987 | 460,169 |
Utilities - Operating and maintenance | 71,084 | 71,227 |
Non-regulated energy operations and maintenance | 22,050 | 22,332 |
Income (loss) before earnings (loss) of unconsolidated subsidiaries and income taxes | 73,311 | 73,485 |
Income tax benefit (expense) | -25,120 | -25,366 |
Cash Flow Hedging [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Income (loss) before earnings (loss) of unconsolidated subsidiaries and income taxes | -2,495 | 1,205 |
Income tax benefit (expense) | 1,254 | -425 |
Net income (loss) available for common stock | -1,241 | 780 |
Cash Flow Hedging [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Interest Rate Contract [Member] | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense | 1,437 | 894 |
Cash Flow Hedging [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Commodity Contract [Member] | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Revenue | -3,932 | 311 |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Utilities - Operating and maintenance | -27 | -25 |
Non-regulated energy operations and maintenance | -28 | 12 |
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Utilities - Operating and maintenance | 454 | 157 |
Non-regulated energy operations and maintenance | 251 | 85 |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Income (loss) before earnings (loss) of unconsolidated subsidiaries and income taxes | 650 | 229 |
Income tax benefit (expense) | -228 | -81 |
Net income (loss) available for common stock | $422 | $148 |
Other_Comprehensive_Income_Los3
Other Comprehensive Income (Loss): Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | ($15,044) | ($17,422) |
Other comprehensive income (loss), net of tax | 990 | -1,167 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | -14,054 | -18,589 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | 5,093 | -7,133 |
Other comprehensive income (loss), net of tax | 595 | -1,478 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | 5,688 | -8,611 |
Accumulated Defined Benefit Plans Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | -20,137 | -10,289 |
Other comprehensive income (loss), net of tax | 395 | 311 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | ($19,742) | ($9,978) |
Supplemental_Disclosure_of_Cas2
Supplemental Disclosure of Cash Flow Information: Supplemental Disclosure of Cash Flow Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Non-cash Investing and Financing Activities from Continuing Operations [Abstract] | ||
Property, plant and equipment acquired with accrued liabilities | $33,534 | $40,939 |
Increase (decrease) in capitalized assets associated with asset retirement obligations | 0 | -2,785 |
Supplemental Cash Flow Elements [Abstract] | ||
Interest (net of amounts capitalized) | -10,909 | -11,452 |
Income taxes, net | ($2) | $4 |
Employee_Benefit_Plans_Employe1
Employee Benefit Plans: Employee Benefit Plans (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Defined Benefit Pension Plans | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||
Service cost | $1,494 | $1,362 |
Interest cost | 3,880 | 3,963 |
Expected return on plan assets | -4,867 | -4,516 |
Prior service cost (benefit) | 15 | 16 |
Net loss (gain) | 2,759 | 1,201 |
Net periodic benefit cost | 3,281 | 2,026 |
Pension and Other Postretirement Benefit Contributions [Abstract] | ||
Contributions by Employer | 0 | |
Estimated Future Employer Contributions in Current Fiscal Year | 10,200 | |
Estimated Future Employer Contributions in Next Fiscal Year | 10,200 | |
Defined Benefit Postretirement Healthcare Plans | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||
Service cost | 464 | 425 |
Interest cost | 450 | 479 |
Expected return on plan assets | -33 | -21 |
Prior service cost (benefit) | -107 | -107 |
Net loss (gain) | 102 | 40 |
Net periodic benefit cost | 876 | 816 |
Pension and Other Postretirement Benefit Contributions [Abstract] | ||
Contributions by Employer | 939 | |
Estimated Future Employer Contributions in Current Fiscal Year | 2,816 | |
Estimated Future Employer Contributions in Next Fiscal Year | 4,026 | |
Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||
Service cost | 491 | 374 |
Interest cost | 364 | 362 |
Prior service cost (benefit) | 1 | 1 |
Net loss (gain) | 270 | 124 |
Net periodic benefit cost | 1,126 | 861 |
Pension and Other Postretirement Benefit Contributions [Abstract] | ||
Contributions by Employer | 372 | |
Estimated Future Employer Contributions in Current Fiscal Year | 1,115 | |
Estimated Future Employer Contributions in Next Fiscal Year | $1,544 |
Commitments_and_Contingencies_
Commitments and Contingencies: Commitments and Contingencies - Oil Creek Fire (Details) (Pending Litigation [Member], Oil Creek Fire [Member], Loss from Catastrophes [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Minimum [Member] | |
Loss Contingencies [Line Items] | |
Insurance Coverage Deductible Per Occurrence | $1 |
Maximum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | $55 |
Commitments_and_Contingencies_1
Commitments and Contingencies: Commitments and Contingencies - Dividend Restrictions (Details) (Utilities Group [Member], USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Utilities Group [Member] | |
Related Party Transaction [Line Items] | |
Restricted Net Assets for Subsidiaries | $338 |