Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-31303 | |
Entity Registrant Name | Black Hills Corporation | |
Entity Incorporation, State or Country Code | SD | |
Entity Tax Identification Number | 46-0458824 | |
Entity Address, Address Line One | 7001 Mount Rushmore Road | |
Entity Address, City or Town | Rapid City | |
Entity Address, State or Province | SD | |
Entity Address, Postal Zip Code | 57702 | |
City Area Code | 605 | |
Local Phone Number | 721-1700 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common stock of $1.00 par value | |
Trading Symbol | BKH | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 62,871,727 | |
Entity Central Index Key | 0001130464 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenues | $ 633,432 | $ 537,050 |
Operating expenses: | ||
Fuel, purchased power and cost of natural gas sold | 293,147 | 187,879 |
Operations and maintenance | 129,679 | 125,466 |
Depreciation, depletion and amortization | 57,269 | 56,402 |
Taxes - property and production | 15,022 | 14,118 |
Total operating expenses | 495,117 | 383,865 |
Operating income | 138,315 | 153,185 |
Other income (expense): | ||
Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) | (37,825) | (35,781) |
Interest income | 225 | 328 |
Impairment of investment | 0 | (6,859) |
Other income (expense), net | 266 | 2,353 |
Total other income (expense) | (37,334) | (39,959) |
Income before income taxes | 100,981 | 113,226 |
Income tax (expense) | (494) | (16,002) |
Net income | 100,487 | 97,224 |
Net income attributable to noncontrolling interest | (4,171) | (4,050) |
Net income available for common stock | $ 96,316 | $ 93,174 |
Earnings per share of common stock: | ||
Earnings per share, Basic (usd per share) | $ 1.54 | $ 1.51 |
Earnings per share, Diluted (usd per share) | $ 1.54 | $ 1.51 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 62,633 | 61,778 |
Diluted (in shares) | 62,691 | 61,856 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 100,487 | $ 97,224 |
Other comprehensive income (loss), net of tax: | ||
Benefit plan liability adjustments - net gain (net of tax of $0 and $(17), respectively) | 0 | 55 |
Reclassification adjustments of benefit plan liability - prior service cost (net of tax of $9 and $7, respectively) | (16) | (23) |
Reclassification adjustments of benefit plan liability - net loss (net of tax of $(217) and $(95), respectively) | 381 | 502 |
Other comprehensive income, net of tax | 1,018 | 1,273 |
Comprehensive income | 101,505 | 98,497 |
Net income attributable to noncontrolling interest | (4,171) | (4,050) |
Comprehensive income available for common stock | 97,334 | 94,447 |
Interest rate swaps | ||
Other comprehensive income (loss), net of tax: | ||
Reclassification of net realized (gains) losses on settled/amortized derivatives, net of tax | 523 | 543 |
Commodity Contract | ||
Other comprehensive income (loss), net of tax: | ||
Reclassification of net realized (gains) losses on settled/amortized derivatives, net of tax | 23 | 371 |
Net unrealized gains (losses) on commodity derivatives (net of tax of $(35) and $54, respectively) | $ 107 | $ (175) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
(Tax) benefit on benefit plan liability adjustments - net gain (loss) | $ 0 | $ (17) |
(Tax) benefit on benefit plan liability adjustments - prior service costs | (9) | (7) |
(Tax) benefit on reclassification adjustment of benefit plan liability - net loss | (217) | (95) |
Interest rate swaps | ||
Tax (benefit) on reclassification of net realized (gains) losses on settled/amortized derivatives | (190) | (170) |
Commodity Contract | ||
Tax (benefit) on reclassification of net realized (gains) losses on settled/amortized derivatives | (8) | (115) |
(Tax) benefit on net unrealized gains (losses) on commodity derivatives | $ (35) | $ 54 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 13,442 | $ 6,356 |
Restricted cash and equivalents | 4,483 | 4,383 |
Accounts receivable, net | 282,382 | 265,961 |
Materials, supplies and fuel | 102,603 | 117,400 |
Derivative assets, current | 1,917 | 1,848 |
Income tax receivable, net | 18,115 | 19,446 |
Regulatory assets, current | 129,951 | 51,676 |
Other current assets | 25,722 | 26,221 |
Total current assets | 578,615 | 493,291 |
Property, plant and equipment | 7,415,818 | 7,305,530 |
Less: accumulated depreciation and depletion | (1,320,525) | (1,285,816) |
Total property, plant and equipment, net | 6,095,293 | 6,019,714 |
Other assets: | ||
Goodwill | 1,299,454 | 1,299,454 |
Intangible assets, net | 11,649 | 11,944 |
Regulatory assets, non-current | 672,306 | 226,582 |
Other assets, non-current | 38,882 | 37,801 |
Total other assets, non-current | 2,022,291 | 1,575,781 |
TOTAL ASSETS | 8,696,199 | 8,088,786 |
Current liabilities: | ||
Accounts payable | 160,179 | 183,340 |
Accrued liabilities | 230,444 | 243,612 |
Derivative liabilities, current | 2,526 | 2,044 |
Regulatory liabilities, current | 13,580 | 25,061 |
Notes payable | 815,870 | 234,040 |
Current maturities of long-term debt | 7,000 | 8,436 |
Total current liabilities | 1,229,599 | 696,533 |
Long-term debt, net of current maturities | 3,529,158 | 3,528,100 |
Deferred credits and other liabilities: | ||
Deferred income tax liabilities, net | 428,127 | 408,624 |
Regulatory liabilities, non-current | 497,810 | 507,659 |
Benefit plan liabilities | 150,979 | 150,556 |
Other deferred credits and other liabilities | 135,224 | 134,667 |
Total deferred credits and other liabilities | 1,212,140 | 1,201,506 |
Commitments, contingencies and guarantees (Note 3) | ||
Equity: | ||
Common stock $1 par value; 100,000,000 shares authorized; issued 62,909,973 and 62,827,179 shares, respectively | 62,910 | 62,827 |
Additional paid-in capital | 1,658,957 | 1,657,285 |
Retained earnings | 931,538 | 870,738 |
Treasury stock, at cost – 39,940 and 32,492 shares, respectively | (2,564) | (2,119) |
Accumulated other comprehensive income (loss) | (26,328) | (27,346) |
Total stockholders’ equity | 2,624,513 | 2,561,385 |
Noncontrolling interest | 100,789 | 101,262 |
Total equity | 2,725,302 | 2,662,647 |
TOTAL LIABILITIES AND TOTAL EQUITY | $ 8,696,199 | $ 8,088,786 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (usd per share) | $ 1 | $ 1 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares, issued | 62,909,973 | 62,827,179 |
Treasury stock, shares | 39,940 | 32,492 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities: | ||
Net income | $ 100,487 | $ 97,224 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation, depletion and amortization | 57,269 | 56,402 |
Deferred financing cost amortization | 2,214 | 2,237 |
Impairment of investment | 0 | 6,859 |
Stock compensation | 3,257 | 291 |
Deferred income taxes | 153 | 21,876 |
Employee benefit plans | 2,304 | 1,235 |
Other adjustments, net | 6,151 | 892 |
Changes in certain operating assets and liabilities: | ||
Materials, supplies and fuel | 15,932 | 19,222 |
Accounts receivable and other current assets | (11,599) | 8,171 |
Accounts payable and other current liabilities | (23,602) | (43,297) |
Regulatory assets | (533,006) | 20,679 |
Regulatory liabilities | (5,291) | 1,316 |
Other operating activities, net | (355) | (1,138) |
Net cash provided by (used in) operating activities | (386,086) | 191,969 |
Investing activities: | ||
Property, plant and equipment additions | (146,302) | (171,882) |
Other investing activities | 78 | (1,202) |
Net cash (used in) investing activities | (146,224) | (173,084) |
Financing activities: | ||
Dividends paid on common stock | (35,514) | (32,902) |
Common stock issued | 0 | 99,321 |
Term loan - borrowings | 800,000 | 0 |
Term loan - repayments | (200,000) | 0 |
Net (payments) borrowings of Revolving Credit Facility and CP Program | (18,170) | (30,375) |
Long-term debt - repayments | (1,436) | (4,291) |
Distributions to noncontrolling interest | (4,644) | (4,741) |
Other financing activities | (740) | (1,391) |
Net cash provided by financing activities | 539,496 | 25,621 |
Net change in cash, restricted cash and cash equivalents | 7,186 | 44,506 |
Cash, restricted cash and cash equivalents at beginning of period | 10,739 | 13,658 |
Cash, restricted cash and cash equivalents at end of period | 17,925 | 58,164 |
Supplemental cash flow information: | ||
Interest, net of amounts capitalized | (21,232) | (21,776) |
Income taxes | 990 | 0 |
Accrued property, plant and equipment purchases at March 31 | $ 51,914 | $ 53,011 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity (unaudited) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (loss) | Noncontrolling Interest |
Beginning balance (in shares) at Dec. 31, 2019 | 61,480,658 | 3,956 | |||||||
Beginning balance at Dec. 31, 2019 | $ 2,464,069 | $ (207) | $ 61,481 | $ (267) | $ 1,552,788 | $ 778,776 | $ (207) | $ (30,655) | $ 101,946 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 97,224 | 93,174 | 4,050 | ||||||
Other comprehensive income (loss), net of tax | 1,273 | 1,273 | |||||||
Dividends on common stock | (32,902) | (32,902) | |||||||
Share-based compensation (in shares) | 69,378 | 20,700 | |||||||
Share-based compensation | 674 | $ 69 | $ (1,658) | 2,263 | |||||
Issuance of common stock (in shares) | 1,222,942 | ||||||||
Issuance of common stock | 100,000 | $ 1,223 | 98,777 | ||||||
Issuance costs | (967) | (967) | |||||||
Distributions to noncontrolling interest | (4,741) | (4,741) | |||||||
Ending balance (in shares) at Mar. 31, 2020 | 62,772,978 | 24,656 | |||||||
Ending balance at Mar. 31, 2020 | 2,624,423 | $ 62,773 | $ (1,925) | 1,652,861 | 838,841 | (29,382) | 101,255 | ||
Beginning balance (in shares) at Dec. 31, 2020 | 62,827,179 | 32,492 | |||||||
Beginning balance at Dec. 31, 2020 | 2,662,647 | $ 62,827 | $ (2,119) | 1,657,285 | 870,738 | (27,346) | 101,262 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 100,487 | 96,316 | 4,171 | ||||||
Other comprehensive income (loss), net of tax | 1,018 | 1,018 | |||||||
Dividends on common stock | (35,514) | (35,514) | |||||||
Share-based compensation (in shares) | 82,794 | 7,448 | |||||||
Share-based compensation | 1,310 | $ 83 | $ (445) | 1,672 | |||||
Other | (2) | (2) | |||||||
Distributions to noncontrolling interest | (4,644) | (4,644) | |||||||
Ending balance (in shares) at Mar. 31, 2021 | 62,909,973 | 39,940 | |||||||
Ending balance at Mar. 31, 2021 | $ 2,725,302 | $ 62,910 | $ (2,564) | $ 1,658,957 | $ 931,538 | $ (26,328) | $ 100,789 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Equity (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||
Dividends on common stock (usd per share) | $ 0.565 | $ 0.535 |
Management's Statement_
Management's Statement: | 3 Months Ended |
Mar. 31, 2021 | |
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 included in our 2020 Annual Report on Form 10-K. Segment Reporting We conduct our operations through the following reportable segments: Electric Utilities, Gas Utilities, Power Generation and Mining. Our reportable segments are based on our method of internal reporting, which is generally segregated by differences in products, services and regulation. All of our operations and assets are located within the United States. Use of Estimates and Basis of Presentation The information furnished in the accompanying Condensed Consolidated Financial Statements reflects certain estimates required and all adjustments, including accruals, which are, in the opinion of management, necessary for a fair presentation of the March 31, 2021, December 31, 2020 and March 31, 2020 financial information. Certain lines of business in which we operate are highly seasonal, and our interim results of operations are not necessarily indicative of the results of operations to be expected for an entire year. COVID-19 Pandemic In March 2020, the World Health Organization categorized COVID-19 as a pandemic and the President of the United States declared the outbreak a national emergency. The U.S. government has deemed the electric and natural gas utilities to be critical infrastructure sectors that provide essential services during this emergency. As a provider of essential services, the Company has an obligation to provide services to our customers. The Company remains focused on protecting the health of our customers, employees and the communities in which we operate while assuring the continuity of our business operations. The Company’s Condensed Consolidated Financial Statements reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and reported amounts of revenue and expenses during the reporting periods presented. The Company considered the impacts of COVID-19 on the assumptions and estimates used and determined that for the three months ended March 31, 2021, there were no material adverse impacts on the Company’s results of operations. Recently Issued Accounting Standards Facilitation of the Effects of Reference Rate Reform on Financial Reporting, ASU 2020-04 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which was subsequently amended by ASU 2021-01. The standard provides relief for companies preparing for discontinuation of interest rates, such as LIBOR, and allows optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update are elective and are effective upon the ASU issuance through December 31, 2022. We are currently evaluating whether we will apply the optional guidance as we assess the impact of the discontinuance of LIBOR on our current arrangements and the potential impact on our financial position, results of operations and cash flows. Recently Adopted Accounting Standards Simplifying the Accounting for Income Taxes, ASU 2019-12 In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes as part of its overall simplification initiative to reduce costs and complexity in applying accounting standards while maintaining or improving the usefulness of the information provided to users of the financial statements. Amendments include removal of certain exceptions to the general principles of ASC 740, Income Taxes , and simplification in several other areas such as accounting for a franchise tax (or similar tax) that is partially based on income. We adopted this standard prospectively on January 1, 2021. Adoption of this standard did not have an impact on our financial position, results of operations or cash flows. |
Regulatory Matters_
Regulatory Matters: | 3 Months Ended |
Mar. 31, 2021 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Matters | Regulatory Matters We had the following regulatory assets and liabilities (in thousands) as of: As of As of March 31, 2021 December 31, 2020 Regulatory assets Winter Storm Uri (a) $ 480,842 $ — Deferred energy and fuel cost adjustments (a) (b) 68,402 39,035 Deferred gas cost adjustments (a) (b) 17,066 3,200 Gas price derivatives (b) 324 2,226 Deferred taxes on AFUDC (c) 7,469 7,491 Employee benefit plans and related deferred taxes (d) 117,886 116,598 Environmental (b) 1,413 1,413 Loss on reacquired debt (b) 22,386 22,864 Deferred taxes on flow through accounting (d) 51,823 47,515 Decommissioning costs (c) 7,827 8,988 Gas supply contract termination (b) 1,013 2,524 Other regulatory assets (b) 25,806 26,404 Total regulatory assets 802,257 278,258 Less current regulatory assets (129,951) (51,676) Regulatory assets, non-current $ 672,306 $ 226,582 Regulatory liabilities Deferred energy and gas costs (b) $ 426 $ 13,253 Employee benefit plan costs and related deferred taxes (d) 40,471 40,256 Cost of removal (b) 177,003 172,902 Excess deferred income taxes (d) 271,492 285,259 Other regulatory liabilities (d) 21,998 21,050 Total regulatory liabilities 511,390 532,720 Less current regulatory liabilities (13,580) (25,061) Regulatory liabilities, non-current $ 497,810 $ 507,659 __________ (a) We are in discussions with our regulators regarding the timing of Winter Storm Uri incremental cost recovery. See further information below. (b) Recovery of costs, but we are not allowed a rate of return. (c) In addition to recovery of costs, we are allowed a rate of return. (d) 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. Regulatory Activity Except as discussed below, there have been no other significant changes to our Regulatory Matters from those previously disclosed in Note 2 of the Notes to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K. Winter Storm Uri In February 2021, a prolonged period of historic cold temperatures across the central United States, which covered all of our Utilities’ service territories, caused a significant increase in heating and energy demand and contributed to unforeseeable and unprecedented market prices for natural gas and electricity. As a result of Winter Storm Uri, our net pre-tax incremental fuel, purchased power and natural gas costs during the three months ended March 31, 2021 were approximately $571 million. This amount does not include potential pipeline transportation charges for certain suppliers who have requested and received approval from FERC to delay billings. Our Utilities have regulatory mechanisms to recover approximately $559 million of incremental costs from Winter Storm Uri. However, given the extraordinary impact of these higher costs to our customers, our regulators are performing a heightened review. We are engaged with our regulators to identify appropriate periods over which to recover incremental costs with consideration of the impacts to our customers’ bills. We expect to recover most of the Winter Storm Uri incremental costs through a separately tracked regulatory mechanism but we also anticipate recovery of a portion of the costs through existing mechanisms. For the three months ended March 31, 2021, we expensed $12.5 million of Winter Storm Uri net incremental costs as a result of negative impacts to our Utilities and financing costs partially offset by favorable impacts to our Power Generation segment. Our Electric Utilities incurred a $3.2 million negative impact to our regulated wholesale power margins due to higher fuel costs and $2.1 million of incremental fuel costs that are not recoverable through our fuel cost recovery mechanisms. Black Hills Energy Services offers fixed contract pricing for non-regulated gas supply services to our regulated natural gas customers and the $8.2 million increase in cost of natural gas sold during Winter Storm Uri is not recoverable through the regulatory construct. Additionally, we incurred $0.7 million of interest expense for the three months ended March 31, 2021, related to our $800 million term loan which is discussed in Note 5 . Our non-regulated Power Generation segment benefited from a $1.7 million favorable impact to operating income from Winter Storm Uri. Winter Storm Uri Costs by Jurisdiction As of March 31, 2021, our estimate of incremental costs from Winter Storm Uri which was recorded to a regulatory asset is shown below by jurisdiction. This information is based on anticipated filings that we expect to complete in the second quarter of 2021 and is subject to adjustments as applications are submitted and final decisions are issued. Costs by Jurisdiction (in thousands) Gas Utilities: Arkansas Gas $ 137,500 Colorado Gas 77,850 Iowa Gas 95,450 Kansas Gas 87,900 Nebraska Gas 79,750 Wyoming Gas 29,409 Gas Utilities Total $ 507,859 Electric Utilities: Colorado Electric $ 25,500 South Dakota Electric 22,200 Wyoming Electric 3,266 Electric Utilities Total $ 50,966 Total Winter Storm Uri Incremental Costs Recorded to Regulatory Asset $ 558,825 Costs by Regulatory Asset Winter Storm Uri (a) $ 480,842 Deferred energy and fuel cost adjustments 27,166 Deferred gas cost adjustments (b) 50,817 $ 558,825 __________ (a) We expect to recover most of the Winter Storm Uri incremental costs through a separately tracked regulatory mechanism but also expect to recover a portion through our existing mechanisms. (b) Incremental natural gas costs from Winter Storm Uri are reflected as an increase in the Deferred gas cost adjustments regulatory asset, net of existing Deferred energy and gas cost regulatory liabilities, for the three months ended March 31, 2021. TCJA On December 30, 2020, an administrative law judge approved a settlement of Colorado Electric’s plan to provide $9.3 million of TCJA-related bill credits to its customers. The bill credits, which represent a disposition of excess deferred income tax benefits resulting from the TCJA, were delivered to customers in February 2021. These bill credits, which resulted in a reduction in revenue, were offset by a reduction in income tax expense and resulted in a minimal impact to Net Income for the three months ended March 31, 2021. On January 26, 2021, the NPSC approved Nebraska Gas’s plan to provide $2.9 million of TCJA-related bill credits to its customers. The bill credits, which represent a disposition of excess deferred income tax benefits resulting from the TCJA, are expected to be delivered to customers in the second quarter of 2021. These bill credits, which will result in a reduction in revenue, will be offset by a reduction in income tax expense and will result in a minimal impact to Net income. Colorado Gas Rate Review On September 11, 2020, Colorado Gas filed a rate review with the CPUC seeking recovery on significant infrastructure investments in its 7,000-mile natural gas pipeline system. On January 6, 2021, the CPUC issued an Order dismissing the rate review. Colorado Gas plans to file a rate review in the second quarter of 2021. On September 11, 2020, in accordance with the final order from the earlier rate review filed February 1, 2019, Colorado Gas filed a SSIR proposal with the CPUC that would recover safety and integrity focused investments in its system for five years. A decision from the CPUC is expected by mid-2021. Nebraska Gas Jurisdictional Consolidation and Rate Review On January 26, 2021, Nebraska Gas received approval from the NPSC to consolidate rate schedules into a new, single statewide structure and recover infrastructure investments in its 13,000-mile natural gas pipeline system. Final rates were enacted on March 1, 2021, which replaced interim rates effective September 1, 2020. The approval shifted $4.6 million of SSIR revenue to base rates and is expected to generate $6.5 million in new annual revenue with a capital structure of 50% equity and 50% debt and an authorized return on equity of 9.5%. The approval also includes an extension of the SSIR for five years and an expansion of this mechanism across the consolidated jurisdictions. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees: | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | Commitments, Contingencies and Guarantees There have been no significant changes to commitments, contingencies and guarantees from those previously disclosed in Note 3 of our Notes to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K except for those described below. Power Purchase Agreement - Colorado Electric Renewable Advantage On February 19, 2021, Colorado Electric entered into a PPA with TC Colorado Solar, LLC to purchase up to 200 MW of renewable energy upon construction of a new solar facility, to be owned by TC Colorado Solar, LLC, which is expected to be completed by the end of 2023. This agreement will expire 15 years after construction completion. The solar project represents Colorado Electric’s preferred bid in a competitive solicitation process completed in September 2020 through its Renewable Advantage plan. |
Revenue_
Revenue: | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Our revenue contracts generally provide for performance obligations that are: fulfilled and transfer control to customers over time; represent a series of distinct services that are substantially the same; involve the same pattern of transfer to the customer; and provide a right to consideration from our customers in an amount that corresponds directly with the value to the customer for the performance completed to date. Therefore, we recognize revenue in the amount to which we have a right to invoice. The following tables depict the disaggregation of revenue, including intercompany revenue, from contracts with customers by customer type and timing of revenue recognition for each of the reportable segments for the three months ended March 31, 2021 and 2020. Sales tax and other similar taxes are excluded from revenues. Three Months Ended March 31, 2021 Electric Utilities Gas Utilities Power Generation Mining Inter-company Revenues Total Customer types: (in thousands) Retail $ 198,500 $ 341,605 $ — $ 14,083 $ (7,107) $ 547,081 Transportation — 47,951 — — (110) 47,841 Wholesale 5,922 — 28,692 — (24,451) 10,163 Market - off-system sales 7,656 73 — — (2,884) 4,845 Transmission/Other 15,193 10,390 — — (5,296) 20,287 Revenue from contracts with customers $ 227,271 $ 400,019 $ 28,692 $ 14,083 $ (39,848) $ 630,217 Other revenues 137 2,500 471 589 (482) 3,215 Total revenues $ 227,408 $ 402,519 $ 29,163 $ 14,672 $ (40,330) $ 633,432 Timing of revenue recognition: Services transferred at a point in time $ — $ — $ — $ 14,083 $ (7,107) $ 6,976 Services transferred over time 227,271 400,019 28,692 — (32,741) 623,241 Revenue from contracts with customers $ 227,271 $ 400,019 $ 28,692 $ 14,083 $ (39,848) $ 630,217 Three Months Ended March 31, 2020 Electric Utilities Gas Utilities Power Generation Mining Inter-company Revenues Total Customer Types: Retail $ 148,640 $ 298,247 $ — $ 14,403 $ (7,839) $ 453,451 Transportation — 44,108 — — (139) 43,969 Wholesale 5,552 — 25,467 — (23,612) 7,407 Market - off-system sales 4,867 138 — — (2,639) 2,366 Transmission/Other 14,857 12,572 — — (4,413) 23,016 Revenue from contracts with customers $ 173,916 $ 355,065 $ 25,467 $ 14,403 $ (38,642) $ 530,209 Other revenues 223 5,708 499 802 (391) 6,841 Total Revenues $ 174,139 $ 360,773 $ 25,966 $ 15,205 $ (39,033) $ 537,050 Timing of Revenue Recognition: Services transferred at a point in time $ — $ — $ — $ 14,403 $ (7,839) $ 6,564 Services transferred over time 173,916 355,065 25,467 — (30,803) 523,645 Revenue from contracts with customers $ 173,916 $ 355,065 $ 25,467 $ 14,403 $ (38,642) $ 530,209 Contract Balances The nature of our primary revenue contracts provides an unconditional right to consideration upon service delivery; therefore, no customer contract assets or liabilities exist. The unconditional right to consideration is represented by the balance in our Accounts Receivable further discussed in Note 13 |
Financing_
Financing: | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Financing Short-term debt We had the following Notes payable outstanding in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: March 31, 2021 December 31, 2020 Balance Outstanding Letters of Credit (a) Balance Outstanding Letters of Credit (a) Term Loan $ 600,000 $ — $ — $ — Revolving Credit Facility — 16,629 — 24,730 CP Program 215,870 — 234,040 — Total Notes payable $ 815,870 $ 16,629 $ 234,040 $ 24,730 _______________ (a) Letters of credit are off-balance sheet commitments that reduce the borrowing capacity available on our corporate Revolving Credit Facility. Term Loan On February 24, 2021, we entered into a nine-month, $800 million unsecured term loan to provide additional liquidity and meet our cash needs related to the incremental fuel, purchased power and natural gas costs from Winter Storm Uri. The term loan, which matures on November 24, 2021, has an interest rate based on LIBOR plus 75 basis points, carries no prepayment penalty and is subject to the same covenant requirements as our Revolving Credit Facility. We repaid $200 million of this term loan in the first quarter of 2021. The interest rate on term loan borrowings on March 31, 2021 was 0.86%. We expect to refinance a portion of the term loan with longer-term debt prior to maturity. In the event we are unable to refinance the remaining obligation, we believe it is probable that our current plans to manage liquidity would be sufficient to meet our obligations. Revolving Credit Facility and CP Program Our net short-term borrowings related to our Revolving Credit Facility and CP Program during the three months ended March 31, 2021 decreased by $18 million. The weighted average interest rate on short-term borrowings related to our Revolving Credit Facility and CP Program at March 31, 2021 was 0.23%. Debt Covenants Under our Revolving Credit Facility and term loan agreements, we are required to maintain a Consolidated Indebtedness to Capitalization Ratio not to exceed 0.65 to 1.00. Our Consolidated Indebtedness to Capitalization Ratio was calculated by dividing (i) consolidated indebtedness, which includes letters of credit and certain guarantees issued, by (ii) capital, which includes consolidated indebtedness plus consolidated net worth, which excludes noncontrolling interest in subsidiaries. Subject to applicable cure periods, a violation of any of these covenants would constitute an event of default that entitles the lenders to terminate their remaining commitments and accelerate all principal and interest outstanding. Our Revolving Credit Facility and term loans require compliance with the following financial covenant, which we were in compliance with at March 31, 2021: As of March 31, 2021 Covenant Requirement Consolidated Indebtedness to Capitalization Ratio 62.6% Less than 65% |
Earnings Per Share_
Earnings Per Share: | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share A reconciliation of share amounts used to compute earnings per share in the accompanying Condensed Consolidated Statements of Income was as follows (in thousands): Three Months Ended March 31, 2021 2020 Net income available for common stock $ 96,316 $ 93,174 Weighted average shares - basic 62,633 61,778 Dilutive effect of: Equity compensation 58 78 Weighted average shares - diluted 62,691 61,856 Earnings per share of common stock: Earnings per share, Basic $ 1.54 $ 1.51 Earnings per share, Diluted $ 1.54 $ 1.51 The following securities were excluded from the diluted earnings per share computation because of their anti-dilutive nature (in thousands): Three Months Ended March 31, 2021 2020 Equity compensation 14 12 Restricted stock 19 26 Anti-dilutive shares 33 38 |
Risk Management and Derivatives
Risk Management and Derivatives: | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Risk Management and Derivatives | Risk Management and Derivatives Market and Credit Risk Disclosures Our activities in the regulated and non-regulated energy sectors expose us to a number of risks in the normal operations of our businesses. Depending on the activity, we are exposed to varying degrees of market risk and credit risk. Market Risk Market risk is the potential loss that may occur as a result of an adverse change in market price, rate or supply. We are exposed to the following market risks, including, but not limited to: • Commodity price risk associated with our retail natural gas and wholesale electric power marketing activities, as well as our fuel procurement for several of our gas-fired generation assets, which include market fluctuations due to unpredictable factors such as Winter Storm Uri, weather, market speculation, pipeline constraints, and other factors that may impact natural gas and electric energy supply and demand; and • Interest rate risk associated with future debt, including reduced access to liquidity during periods of extreme capital markets volatility, such as the 2008 financial crisis and the COVID-19 pandemic. Credit Risk Credit risk is the risk of financial loss resulting from non-performance of contractual obligations by a counterparty. 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, cash collateral requirements, 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, changes in current market conditions, expected losses and any specific customer collection issue that is identified. Derivatives and Hedging Activity Our derivative and hedging activities included in the accompanying Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income are detailed below and in Note 8 . The operations of our utilities, including natural gas sold by our Gas Utilities and natural gas used by our Electric Utilities’ generating facilities plants or those facilities under PPAs where our Electric Utilities must provide the generation fuel (tolling agreements), expose our utility customers to natural gas price volatility. Therefore, as allowed or required by state regulatory commissions, we have entered into commission-approved hedging programs utilizing natural gas futures, options, over-the-counter swaps 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. For our regulated Utilities’ hedging plans, 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 the state regulatory commission guidelines. When the related costs are recovered through our rates, the hedging activity is recognized in the Condensed Consolidated Statements of Income. We periodically use wholesale power purchase and sale contracts to manage purchased power costs and load requirements associated with serving our electric customers that are considered derivative instruments due to not qualifying for the normal purchases and normal sales exception to derivative accounting. Changes in the fair value of these commodity derivatives are recognized in the Condensed Consolidated Statements of Income. We buy, sell and deliver natural gas at competitive prices by managing commodity price risk. As a result of these activities, this area of our business is exposed to risks associated with changes in the market price of natural gas. We manage our exposure to such risk using over-the-counter and exchange traded options and swaps with counterparties in anticipation of forecasted purchases and sales during time frames ranging from April 2021 through August 2023. A portion of our over-the-counter swaps have been designated as cash flow hedges to mitigate the commodity price risk associated with deliveries under fixed price forward contracts to deliver gas to our Choice Gas Program customers. The gain or loss on these designated derivatives is reported in AOCI in the accompanying Condensed Consolidated Balance Sheets and reclassified into earnings in the same period that the underlying hedged item is recognized in earnings. Effectiveness of our hedging position is evaluated at least quarterly. The contract or notional amounts and terms of the electric and natural gas derivative commodity instruments held at our Utilities are composed of both long and short positions. We had the following net long positions as of: March 31, 2021 December 31, 2020 Units Notional Maximum Term (months) (a) Notional Maximum Term (months) (a) Natural gas futures purchased MMBtus — 0 620,000 3 Natural gas options purchased, net MMBtus — 0 3,160,000 3 Natural gas basis swaps purchased MMBtus — 0 900,000 3 Natural gas over-the-counter swaps, net (b) MMBtus 3,590,000 29 3,850,000 17 Natural gas physical contracts, net (c) MMBtus 3,107,817 12 17,513,061 22 Electric wholesale contracts (c) MWh 183,025 9 219,000 12 __________ (a) Term reflects the maximum forward period hedged. (b) As of March 31, 2021, 442,900 MMBtus of natural gas over-the-counter swaps purchases were designated as cash flow hedges. (c) Volumes exclude derivative contracts that qualify for the normal purchases and normal sales exception permitted by GAAP. We have certain derivative contracts which contain credit provisions. These credit provisions may require the Company to post collateral when credit exposure to the Company is in excess of a negotiated line of unsecured credit. At March 31, 2021, the Company posted $1.4 million related to such provisions, which is included in Other current assets on the Condensed Consolidated Balance Sheets. Derivatives by Balance Sheet Classification As required by accounting standards for derivatives and hedges, fair values within the following tables are presented on a gross basis aside from the netting of asset and liability positions. Netting of positions is permitted in accordance with accounting standards for offsetting and under terms of our master netting agreements that allow us to settle positive and negative positions. The following table presents the fair value and balance sheet classification of our derivative instruments (in thousands) as of: Balance Sheet Location March 31, 2021 December 31, 2020 Derivatives designated as hedges: Asset derivative instruments: Current commodity derivatives Derivative assets, current $ 285 $ 181 Noncurrent commodity derivatives Other assets, non-current 4 43 Liability derivative instruments: Current commodity derivatives Derivative liabilities, current — (108) Noncurrent commodity derivatives Other deferred credits and other liabilities — — Total derivatives designated as hedges $ 289 $ 116 Derivatives not designated as hedges: Asset derivative instruments: Current commodity derivatives Derivative assets, current $ 1,632 $ 1,667 Noncurrent commodity derivatives Other assets, non-current 32 151 Liability derivative instruments: Current commodity derivatives Derivative liabilities, current (2,526) (1,936) Noncurrent commodity derivatives Other deferred credits and other liabilities (43) — Total derivatives not designated as hedges $ (905) $ (118) Derivatives Designated as Hedge Instruments The impacts of cash flow hedges on our Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statements of Income are presented below for the three months ended March 31, 2021 and 2020. Note that this presentation does not reflect gains or losses arising from the underlying physical transactions; therefore, it is not indicative of the economic profit or loss we realized when the underlying physical and financial transactions were settled. Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 Derivatives in Cash Flow Hedging Relationships Amount of (Gain)/Loss Recognized in OCI Income Statement Location Amount of Gain/(Loss) Reclassified from AOCI into Income (in thousands) (in thousands) Interest rate swaps $ 713 $ 713 Interest expense $ (713) $ (713) Commodity derivatives 173 257 Fuel, purchased power and cost of natural gas sold (31) (486) Total $ 886 $ 970 $ (744) $ (1,199) As of March 31, 2021, $0.9 million of net losses related to our interest rate swaps and commodity derivatives are expected to be reclassified from AOCI into earnings within the next 12 months. As market prices fluctuate, estimated and actual realized gains or losses will change during future periods. Derivatives Not Designated as Hedge Instruments The following table summarizes the impacts of derivative instruments not designated as hedge instruments on our Condensed Consolidated Statements of Income for the three months ended March 31, 2021 and 2020. Note that this presentation does not reflect gains or losses arising from the underlying physical transactions; therefore, it is not indicative of the economic profit or loss we realized when the underlying physical and financial transactions were settled. Three Months Ended March 31, 2021 2020 Derivatives Not Designated as Hedging Instruments Income Statement Location Amount of Gain/(Loss) on Derivatives Recognized in Income (in thousands) Commodity derivatives - Electric Fuel, purchased power and cost of natural gas sold $ (1,524) $ 1,362 Commodity derivatives - Natural Gas Fuel, purchased power and cost of natural gas sold 366 766 $ (1,158) $ 2,128 As discussed above, financial instruments used in our regulated Gas Utilities are not designated as cash flow hedges. There is no earnings impact because the unrealized gains and losses arising from the use of these financial instruments are recorded as Regulatory assets or Regulatory liabilities. The net unrealized losses included in our Regulatory asset or Regulatory liability related to the hedges in our Gas Utilities were $0.3 million and $2.2 million as of March 31, 2021 and December 31, 2020, respectively. For our Electric Utilities, the unrealized gains and losses arising from these derivatives are recognized in the Condensed Consolidated Statements of Income. |
Fair Value Measurements_
Fair Value Measurements: | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurements We use the following fair value hierarchy for determining inputs for our financial instruments. Our assets and liabilities for financial instruments are classified and disclosed in one of the following fair value categories: Level 1 — Unadjusted quoted prices available in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities. Level 1 instruments primarily consist of highly liquid and actively traded financial instruments with quoted pricing information on an ongoing basis. Level 2 — Pricing inputs include quoted prices for identical or similar assets and liabilities in active markets other than quoted prices in Level 1, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 — Pricing inputs are generally less observable from objective sources. These inputs reflect management’s best estimate of fair value using its own assumptions about the assumptions a market participant would use in pricing the asset or liability. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement within the fair value hierarchy levels. We record transfers, if necessary, between levels at the end of the reporting period for all of our financial instruments. Transfers into Level 3, if any, occur when significant inputs used to value the derivative instruments become less observable, such as a significant decrease in the frequency and volume in which the instrument is traded, negatively impacting the availability of observable pricing inputs. Transfers out of Level 3, if any, occur when the significant inputs become more observable, such as when the time between the valuation date and the delivery date of a transaction becomes shorter, positively impacting the availability of observable pricing inputs. Recurring Fair Value Measurements Derivatives The commodity contracts for our Utilities segments are valued using the market approach and include forward strip pricing at liquid delivery points, exchange-traded futures, options, basis swaps and over-the-counter swaps and options (Level 2) for wholesale electric energy and natural gas contracts. For exchange-traded futures, options and basis swap assets and liabilities, fair value was derived using broker quotes validated by the exchange settlement pricing for the applicable contract. For over-the-counter instruments, the fair value is obtained by utilizing a nationally recognized service that obtains observable inputs to compute the fair value, which we validate by comparing our valuation with the counterparty. The fair value of these swaps includes a CVA based on the credit spreads of the counterparties when we are in an unrealized gain position or on our own credit spread when we are in an unrealized loss position. For additional information, see Note 1 of our Notes to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K. As of March 31, 2021 Level 1 Level 2 Level 3 Cash Collateral and Counterparty Total (in thousands) Assets: Commodity derivatives — Gas Utilities $ — $ 1,389 $ — $ — $ 1,389 Commodity derivatives — Electric Utilities $ — $ 564 $ — $ — $ 564 Total $ — $ 1,953 $ — $ — $ 1,953 Liabilities: Commodity derivatives — Gas Utilities $ — $ 625 $ — $ — $ 625 Commodity derivatives — Electric Utilities $ — $ 1,944 $ — $ — $ 1,944 Total $ — $ 2,569 $ — $ — $ 2,569 As of December 31, 2020 Level 1 Level 2 Level 3 Cash Collateral and Counterparty Total (in thousands) Assets: Commodity derivatives — Gas Utilities $ — $ 2,504 $ — $ (1,527) $ 977 Commodity derivatives — Electric Utilities $ — $ 1,065 $ — $ — $ 1,065 Total $ — $ 3,569 $ — $ (1,527) $ 2,042 Liabilities: Commodity derivatives — Gas Utilities $ — $ 2,675 $ — $ (1,552) $ 1,123 Commodity derivatives — Electric Utilities $ — $ 921 $ — $ — $ 921 Total $ — $ 3,596 $ — $ (1,552) $ 2,044 Pension and Postretirement Plan Assets Fair value measurements also apply to the valuation of our pension and postretirement plan assets. Current accounting guidance requires employers to annually disclose information about the fair value measurements of their assets of a defined benefit pension or other postretirement plan. The fair value of these assets is presented in Note 15 to the Consolidated Financial Statements included in our 2020 Annual Report on Form 10-K. Other fair value measures The carrying amount of cash and cash equivalents, restricted cash and equivalents, and short-term borrowings approximates fair value due to their liquid or short-term nature. Cash, cash equivalents, and restricted cash are classified in Level 1 in the fair value hierarchy. Notes payable consist of commercial paper borrowings and since these borrowings are not traded on an exchange, they are classified in Level 2 in the fair value hierarchy. The following table presents the carrying amounts and fair values of financial instruments not recorded at fair value on the Condensed Consolidated Balance Sheets (in thousands) as of: March 31, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value Long-term debt, including current maturities (a) $ 3,536,158 $ 3,938,977 $ 3,536,536 $ 4,208,167 __________ (a) Long-term debt is valued based on observable inputs available either directly or indirectly for similar liabilities in active markets and therefore is classified as Level 2 in the fair value hierarchy. Carrying amount of long-term debt is net of deferred financing costs. |
Other Comprehensive Income_
Other Comprehensive Income: | 3 Months Ended |
Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income We record deferred gains (losses) in AOCI related to interest rate swaps designated as cash flow hedges, commodity contracts designated as cash flow hedges and the amortization of components of our defined benefit plans. Deferred gains (losses) for our commodity contracts designated as cash flow hedges are recognized in earnings upon settlement, while deferred gains (losses) related to our interest rate swaps are recognized in earnings as they are amortized. The following table details reclassifications out of AOCI and into Net income. The amounts in parentheses below indicate decreases to Net income in the Condensed Consolidated Statements of Income for the period (in thousands): Location on the Condensed Consolidated Statements of Income Amount Reclassified from AOCI Three Months Ended March 31, 2021 2020 Gains and (losses) on cash flow hedges: Interest rate swaps Interest expense $ (713) $ (713) Commodity contracts Fuel, purchased power and cost of natural gas sold (31) (486) (744) (1,199) Income tax Income tax benefit 198 285 Total reclassification adjustments related to cash flow hedges, net of tax $ (546) $ (914) Amortization of components of defined benefit plans: Prior service cost Operations and maintenance $ 25 $ 30 Actuarial gain (loss) Operations and maintenance (598) (597) (573) (567) Income tax Income tax benefit 208 88 Total reclassification adjustments related to defined benefit plans, net of tax $ (365) $ (479) Total reclassifications $ (911) $ (1,393) Balances by classification included within AOCI, net of tax on the accompanying Condensed Consolidated Balance Sheets were as follows (in thousands): Derivatives Designated as Cash Flow Hedges Interest Rate Swaps Commodity Derivatives Employee Benefit Plans Total As of December 31, 2020 $ (12,558) $ 2 $ (14,790) $ (27,346) Other comprehensive income (loss) before reclassifications — 107 — 107 Amounts reclassified from AOCI 523 23 365 911 As of March 31, 2021 $ (12,035) $ 132 $ (14,425) $ (26,328) Derivatives Designated as Cash Flow Hedges Interest Rate Swaps Commodity Derivatives Employee Benefit Plans Total As of December 31, 2019 $ (15,122) $ (456) $ (15,077) $ (30,655) Other comprehensive income (loss) before reclassifications — (175) 55 (120) Amounts reclassified from AOCI 543 371 479 1,393 As of March 31, 2020 $ (14,579) $ (260) $ (14,543) $ (29,382) |
Employee Benefit Plans_
Employee Benefit Plans: | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Defined Benefit Pension Plan The components of net periodic benefit cost for the Defined Benefit Pension Plan were as follows (in thousands): Three Months Ended March 31, 2021 2020 Service cost $ 1,259 $ 1,353 Interest cost 2,328 3,357 Expected return on plan assets (5,219) (5,648) Net loss (gain) 1,829 2,093 Net periodic benefit cost $ 197 $ 1,155 Defined Benefit Postretirement Healthcare Plan The components of net periodic benefit cost for the Defined Benefit Postretirement Healthcare Plan were as follows (in thousands): Three Months Ended March 31, 2021 2020 Service cost $ 559 $ 514 Interest cost 265 412 Expected return on plan assets (34) (45) Prior service cost (benefit) (109) (137) Net loss (gain) 117 5 Net periodic benefit cost $ 798 $ 749 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, 2021 2020 Service cost $ 693 $ (1,370) Interest cost 177 275 Net loss (gain) 439 426 Net periodic benefit cost $ 1,309 $ (669) Contributions Contributions to the Defined Benefit Pension Plan are cash contributions made directly to the Pension Plan Trust account. Contributions to the Postretirement Healthcare and Supplemental Plans are made in the form of benefit payments. Contributions made in the first quarter of 2021 and anticipated contributions for 2021 and 2022 are as follows (in thousands): Contributions Made Additional Contributions Contributions Three Months Ended March 31, 2021 Anticipated for 2021 Anticipated for 2022 Defined Benefit Pension Plan $ — $ — $ 3,788 Non-pension Defined Benefit Postretirement Healthcare Plan $ 1,382 $ 4,145 $ 5,241 Supplemental Non-qualified Defined Benefit and Defined Contribution Plans $ 482 $ 1,445 $ 1,967 |
Income Taxes_
Income Taxes: | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Winter Storm Uri As discussed in Note 2 above, $559 million of the incremental costs from Winter Storm Uri are recoverable through our Utilities’ regulatory mechanisms, and we recorded these costs as regulatory assets at March 31, 2021. We expect to recover these costs from customers over several years. Winter Storm Uri costs, which will be deductible in our 2021 tax return, created a net deferred tax liability of approximately $132 million at March 31, 2021. The deferred tax liability will reverse with the same timing as the costs are recovered from our customers. The income tax deduction recognized from Winter Storm Uri will create an NOL in our 2021 federal and state income tax returns. Our federal NOL carryforwards no longer expire due to the TCJA; however, our state NOL carryforwards expire at various dates from 2021 to 2040. We do not anticipate material changes to our valuation allowance against the state NOL carryforwards from Winter Storm Uri. Therefore, we did not record an additional valuation allowance against the state NOL carryforwards as of March 31, 2021. Income Tax Benefit (Expense) and Effective Tax Rates Three Months Ended March 31, 2021 Compared to the Three Months Ended March 31, 2020 Income tax (expense) for the three months ended March 31, 2021 was $(0.5) million compared to $(16) million reported for the same period in 2020. For the three months ended March 31, 2021 the effective tax rate was 0.5% compared to 14.1% for the same period in 2020. The lower effective tax rate is primarily due to $7.6 million of increased tax benefits from Colorado Electric’s TCJA-related bill credits to customers (which is offset by reduced revenue), $1.5 million of increased tax benefits from amortization of excess deferred income taxes and $1.3 million of increased tax benefits from federal production tax credits associated with new wind assets. |
Business Segment Information_
Business Segment Information: | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting Information, Additional Information [Abstract] | |
Business Segment Information | Business Segment Information Our reportable segments are based on our method of internal reporting, which is generally segregated by differences in products, services and regulation. All of our operations and assets are located within the United States. Accounting standards for presentation of segments require an approach based on the way we organize the segments for making operating decisions and how the Chief Operating Decision Maker (CODM) assesses performance. The CODM assesses the performance of our segments using adjusted operating income, which recognizes intersegment revenues, costs, and assets for Colorado Electric’s PPA with Black Hills Colorado IPP on an accrual basis rather than as a finance lease. This presentation of segment information does not impact consolidated financial results. Segment information was as follows (in thousands): Total assets (net of intercompany eliminations) as of: March 31, 2021 December 31, 2020 Electric Utilities $ 3,217,474 $ 3,120,928 Gas Utilities 4,900,939 4,376,204 Power Generation 406,742 404,220 Mining 76,097 77,085 Corporate and Other 94,947 110,349 Total assets $ 8,696,199 $ 8,088,786 Three Months Ended March 31, 2021 External Operating Revenue Inter-company Operating Revenue Total Revenues Contract Customers Other Revenues Contract Customers Other Revenues Segment: Electric Utilities $ 220,500 $ 137 $ 6,771 $ — $ 227,408 Gas Utilities 398,499 2,408 1,520 92 402,519 Power Generation 4,241 421 24,451 50 29,163 Mining 6,977 249 7,106 340 14,672 Inter-company eliminations — — (39,848) (482) (40,330) Total $ 630,217 $ 3,215 $ — $ — $ 633,432 Three Months Ended March 31, 2020 External Operating Revenue Inter-company Operating Revenue Total Revenues Contract Customers Other Revenues Contract Customers Other Revenues Segment: Electric Utilities $ 167,503 $ 223 $ 6,413 $ — $ 174,139 Gas Utilities 354,287 5,708 778 — 360,773 Power Generation 1,855 443 23,612 56 25,966 Mining 6,564 467 7,839 335 15,205 Inter-company eliminations — — (38,642) (391) (39,033) Total $ 530,209 $ 6,841 $ — $ — $ 537,050 Three Months Ended March 31, 2021 2020 Adjusted operating income: Electric Utilities $ 21,813 $ 35,650 Gas Utilities 102,094 102,897 Power Generation 14,269 11,349 Mining 3,261 3,129 Corporate and Other (3,122) 160 Operating income 138,315 153,185 Interest expense, net (37,600) (35,453) Impairment of investment — (6,859) Other income (expense), net 266 2,353 Income tax (expense) (494) (16,002) Net income 100,487 97,224 Net income attributable to noncontrolling interest (4,171) (4,050) Net income available for common stock $ 96,316 $ 93,174 |
Selected Balance Sheet Informat
Selected Balance Sheet Information: | 3 Months Ended |
Mar. 31, 2021 | |
Selected Balance Sheet Information [Abstract] | |
Selected Balance Sheet Information | Selected Balance Sheet Information Accounts Receivable and Allowance for Credit Losses Following is a summary of Accounts receivable, net included in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: March 31, 2021 December 31, 2020 Accounts receivable, trade $ 199,548 $ 146,899 Unbilled revenue 91,085 126,065 Less: Allowance for credit losses (8,251) (7,003) Accounts receivable, net $ 282,382 $ 265,961 Changes to allowance for credit losses for the three months ended March 31, 2021 and 2020, respectively, were as follows (in thousands): Balance at Beginning of Year Additions Charged to Costs and Expenses Recoveries and Other Additions Write-offs and Other Deductions Balance at March 31, 2021 $ 7,003 $ 1,877 $ 1,014 $ (1,643) $ 8,251 2020 $ 2,444 $ 3,519 $ 922 $ (1,723) $ 5,162 Materials, Supplies and Fuel The following amounts by major classification are included in Materials, supplies and fuel on the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: March 31, 2021 December 31, 2020 Materials and supplies $ 88,088 $ 85,250 Fuel - Electric Utilities 1,590 1,531 Natural gas in storage 12,925 30,619 Total materials, supplies and fuel $ 102,603 $ 117,400 Accrued Liabilities The following amounts by major classification are included in Accrued liabilities on the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: March 31, 2021 December 31, 2020 Accrued employee compensation, benefits and withholdings $ 57,347 $ 77,806 Accrued property taxes 49,267 47,105 Customer deposits and prepayments 50,194 52,185 Accrued interest 45,896 31,520 Other (none of which is individually significant) 27,740 34,996 Total accrued liabilities $ 230,444 $ 243,612 |
Management's Statement (Policie
Management's Statement (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Segment Reporting | Segment Reporting We conduct our operations through the following reportable segments: Electric Utilities, Gas Utilities, Power Generation and Mining. Our reportable segments are based on our method of internal reporting, which is generally segregated by differences in products, services and regulation. All of our operations and assets are located within the United States. |
Use of Estimates and Basis of Presentation | Use of Estimates and Basis of Presentation The information furnished in the accompanying Condensed Consolidated Financial Statements reflects certain estimates required and all adjustments, including accruals, which are, in the opinion of management, necessary for a fair presentation of the March 31, 2021, December 31, 2020 and March 31, 2020 financial information. Certain lines of business in which we operate are highly seasonal, and our interim results of operations are not necessarily indicative of the results of operations to be expected for an entire year. |
Recently Issued and Adopted Accounting Standards | Recently Issued Accounting Standards Facilitation of the Effects of Reference Rate Reform on Financial Reporting, ASU 2020-04 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which was subsequently amended by ASU 2021-01. The standard provides relief for companies preparing for discontinuation of interest rates, such as LIBOR, and allows optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update are elective and are effective upon the ASU issuance through December 31, 2022. We are currently evaluating whether we will apply the optional guidance as we assess the impact of the discontinuance of LIBOR on our current arrangements and the potential impact on our financial position, results of operations and cash flows. Recently Adopted Accounting Standards Simplifying the Accounting for Income Taxes, ASU 2019-12 In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes as part of its overall simplification initiative to reduce costs and complexity in applying accounting standards while maintaining or improving the usefulness of the information provided to users of the financial statements. Amendments include removal of certain exceptions to the general principles of ASC 740, Income Taxes , and simplification in several other areas such as accounting for a franchise tax (or similar tax) that is partially based on income. We adopted this standard prospectively on January 1, 2021. Adoption of this standard did not have an impact on our financial position, results of operations or cash flows. |
Revenue Recognition | Our revenue contracts generally provide for performance obligations that are: fulfilled and transfer control to customers over time; represent a series of distinct services that are substantially the same; involve the same pattern of transfer to the customer; and provide a right to consideration from our customers in an amount that corresponds directly with the value to the customer for the performance completed to date. Therefore, we recognize revenue in the amount to which we have a right to invoice. The nature of our primary revenue contracts provides an unconditional right to consideration upon service delivery; therefore, no customer contract assets or liabilities exist. The unconditional right to consideration is represented by the balance in our Accounts Receivable further discussed in Note 13 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Schedule of Regulatory Assets and Liabilities | We had the following regulatory assets and liabilities (in thousands) as of: As of As of March 31, 2021 December 31, 2020 Regulatory assets Winter Storm Uri (a) $ 480,842 $ — Deferred energy and fuel cost adjustments (a) (b) 68,402 39,035 Deferred gas cost adjustments (a) (b) 17,066 3,200 Gas price derivatives (b) 324 2,226 Deferred taxes on AFUDC (c) 7,469 7,491 Employee benefit plans and related deferred taxes (d) 117,886 116,598 Environmental (b) 1,413 1,413 Loss on reacquired debt (b) 22,386 22,864 Deferred taxes on flow through accounting (d) 51,823 47,515 Decommissioning costs (c) 7,827 8,988 Gas supply contract termination (b) 1,013 2,524 Other regulatory assets (b) 25,806 26,404 Total regulatory assets 802,257 278,258 Less current regulatory assets (129,951) (51,676) Regulatory assets, non-current $ 672,306 $ 226,582 Regulatory liabilities Deferred energy and gas costs (b) $ 426 $ 13,253 Employee benefit plan costs and related deferred taxes (d) 40,471 40,256 Cost of removal (b) 177,003 172,902 Excess deferred income taxes (d) 271,492 285,259 Other regulatory liabilities (d) 21,998 21,050 Total regulatory liabilities 511,390 532,720 Less current regulatory liabilities (13,580) (25,061) Regulatory liabilities, non-current $ 497,810 $ 507,659 __________ (a) We are in discussions with our regulators regarding the timing of Winter Storm Uri incremental cost recovery. See further information below. (b) Recovery of costs, but we are not allowed a rate of return. (c) In addition to recovery of costs, we are allowed a rate of return. (d) 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. |
February 2021 Winter Storm Uri Fuel Costs | As of March 31, 2021, our estimate of incremental costs from Winter Storm Uri which was recorded to a regulatory asset is shown below by jurisdiction. This information is based on anticipated filings that we expect to complete in the second quarter of 2021 and is subject to adjustments as applications are submitted and final decisions are issued. Costs by Jurisdiction (in thousands) Gas Utilities: Arkansas Gas $ 137,500 Colorado Gas 77,850 Iowa Gas 95,450 Kansas Gas 87,900 Nebraska Gas 79,750 Wyoming Gas 29,409 Gas Utilities Total $ 507,859 Electric Utilities: Colorado Electric $ 25,500 South Dakota Electric 22,200 Wyoming Electric 3,266 Electric Utilities Total $ 50,966 Total Winter Storm Uri Incremental Costs Recorded to Regulatory Asset $ 558,825 Costs by Regulatory Asset Winter Storm Uri (a) $ 480,842 Deferred energy and fuel cost adjustments 27,166 Deferred gas cost adjustments (b) 50,817 $ 558,825 __________ (a) We expect to recover most of the Winter Storm Uri incremental costs through a separately tracked regulatory mechanism but also expect to recover a portion through our existing mechanisms. (b) Incremental natural gas costs from Winter Storm Uri are reflected as an increase in the Deferred gas cost adjustments regulatory asset, net of existing Deferred energy and gas cost regulatory liabilities, for the three months ended March 31, 2021. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables depict the disaggregation of revenue, including intercompany revenue, from contracts with customers by customer type and timing of revenue recognition for each of the reportable segments for the three months ended March 31, 2021 and 2020. Sales tax and other similar taxes are excluded from revenues. Three Months Ended March 31, 2021 Electric Utilities Gas Utilities Power Generation Mining Inter-company Revenues Total Customer types: (in thousands) Retail $ 198,500 $ 341,605 $ — $ 14,083 $ (7,107) $ 547,081 Transportation — 47,951 — — (110) 47,841 Wholesale 5,922 — 28,692 — (24,451) 10,163 Market - off-system sales 7,656 73 — — (2,884) 4,845 Transmission/Other 15,193 10,390 — — (5,296) 20,287 Revenue from contracts with customers $ 227,271 $ 400,019 $ 28,692 $ 14,083 $ (39,848) $ 630,217 Other revenues 137 2,500 471 589 (482) 3,215 Total revenues $ 227,408 $ 402,519 $ 29,163 $ 14,672 $ (40,330) $ 633,432 Timing of revenue recognition: Services transferred at a point in time $ — $ — $ — $ 14,083 $ (7,107) $ 6,976 Services transferred over time 227,271 400,019 28,692 — (32,741) 623,241 Revenue from contracts with customers $ 227,271 $ 400,019 $ 28,692 $ 14,083 $ (39,848) $ 630,217 Three Months Ended March 31, 2020 Electric Utilities Gas Utilities Power Generation Mining Inter-company Revenues Total Customer Types: Retail $ 148,640 $ 298,247 $ — $ 14,403 $ (7,839) $ 453,451 Transportation — 44,108 — — (139) 43,969 Wholesale 5,552 — 25,467 — (23,612) 7,407 Market - off-system sales 4,867 138 — — (2,639) 2,366 Transmission/Other 14,857 12,572 — — (4,413) 23,016 Revenue from contracts with customers $ 173,916 $ 355,065 $ 25,467 $ 14,403 $ (38,642) $ 530,209 Other revenues 223 5,708 499 802 (391) 6,841 Total Revenues $ 174,139 $ 360,773 $ 25,966 $ 15,205 $ (39,033) $ 537,050 Timing of Revenue Recognition: Services transferred at a point in time $ — $ — $ — $ 14,403 $ (7,839) $ 6,564 Services transferred over time 173,916 355,065 25,467 — (30,803) 523,645 Revenue from contracts with customers $ 173,916 $ 355,065 $ 25,467 $ 14,403 $ (38,642) $ 530,209 |
Financing (Tables)
Financing (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | We had the following Notes payable outstanding in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: March 31, 2021 December 31, 2020 Balance Outstanding Letters of Credit (a) Balance Outstanding Letters of Credit (a) Term Loan $ 600,000 $ — $ — $ — Revolving Credit Facility — 16,629 — 24,730 CP Program 215,870 — 234,040 — Total Notes payable $ 815,870 $ 16,629 $ 234,040 $ 24,730 _______________ (a) Letters of credit are off-balance sheet commitments that reduce the borrowing capacity available on our corporate Revolving Credit Facility. |
Credit Facility and Short Term Debt Covenants | Our Revolving Credit Facility and term loans require compliance with the following financial covenant, which we were in compliance with at March 31, 2021: As of March 31, 2021 Covenant Requirement Consolidated Indebtedness to Capitalization Ratio 62.6% Less than 65% |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Reconciliation | A reconciliation of share amounts used to compute earnings per share in the accompanying Condensed Consolidated Statements of Income was as follows (in thousands): Three Months Ended March 31, 2021 2020 Net income available for common stock $ 96,316 $ 93,174 Weighted average shares - basic 62,633 61,778 Dilutive effect of: Equity compensation 58 78 Weighted average shares - diluted 62,691 61,856 Earnings per share of common stock: Earnings per share, Basic $ 1.54 $ 1.51 Earnings per share, Diluted $ 1.54 $ 1.51 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following securities were excluded from the diluted earnings per share computation because of their anti-dilutive nature (in thousands): Three Months Ended March 31, 2021 2020 Equity compensation 14 12 Restricted stock 19 26 Anti-dilutive shares 33 38 |
Risk Management and Derivativ_2
Risk Management and Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Contract or notional amounts and terms of marketing activities and derivative commodity instruments | We had the following net long positions as of: March 31, 2021 December 31, 2020 Units Notional Maximum Term (months) (a) Notional Maximum Term (months) (a) Natural gas futures purchased MMBtus — 0 620,000 3 Natural gas options purchased, net MMBtus — 0 3,160,000 3 Natural gas basis swaps purchased MMBtus — 0 900,000 3 Natural gas over-the-counter swaps, net (b) MMBtus 3,590,000 29 3,850,000 17 Natural gas physical contracts, net (c) MMBtus 3,107,817 12 17,513,061 22 Electric wholesale contracts (c) MWh 183,025 9 219,000 12 __________ (a) Term reflects the maximum forward period hedged. (b) As of March 31, 2021, 442,900 MMBtus of natural gas over-the-counter swaps purchases were designated as cash flow hedges. (c) |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the fair value and balance sheet classification of our derivative instruments (in thousands) as of: Balance Sheet Location March 31, 2021 December 31, 2020 Derivatives designated as hedges: Asset derivative instruments: Current commodity derivatives Derivative assets, current $ 285 $ 181 Noncurrent commodity derivatives Other assets, non-current 4 43 Liability derivative instruments: Current commodity derivatives Derivative liabilities, current — (108) Noncurrent commodity derivatives Other deferred credits and other liabilities — — Total derivatives designated as hedges $ 289 $ 116 Derivatives not designated as hedges: Asset derivative instruments: Current commodity derivatives Derivative assets, current $ 1,632 $ 1,667 Noncurrent commodity derivatives Other assets, non-current 32 151 Liability derivative instruments: Current commodity derivatives Derivative liabilities, current (2,526) (1,936) Noncurrent commodity derivatives Other deferred credits and other liabilities (43) — Total derivatives not designated as hedges $ (905) $ (118) |
Derivative Instruments, Gain (Loss) | The impacts of cash flow hedges on our Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statements of Income are presented below for the three months ended March 31, 2021 and 2020. Note that this presentation does not reflect gains or losses arising from the underlying physical transactions; therefore, it is not indicative of the economic profit or loss we realized when the underlying physical and financial transactions were settled. Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 Derivatives in Cash Flow Hedging Relationships Amount of (Gain)/Loss Recognized in OCI Income Statement Location Amount of Gain/(Loss) Reclassified from AOCI into Income (in thousands) (in thousands) Interest rate swaps $ 713 $ 713 Interest expense $ (713) $ (713) Commodity derivatives 173 257 Fuel, purchased power and cost of natural gas sold (31) (486) Total $ 886 $ 970 $ (744) $ (1,199) The following table summarizes the impacts of derivative instruments not designated as hedge instruments on our Condensed Consolidated Statements of Income for the three months ended March 31, 2021 and 2020. Note that this presentation does not reflect gains or losses arising from the underlying physical transactions; therefore, it is not indicative of the economic profit or loss we realized when the underlying physical and financial transactions were settled. Three Months Ended March 31, 2021 2020 Derivatives Not Designated as Hedging Instruments Income Statement Location Amount of Gain/(Loss) on Derivatives Recognized in Income (in thousands) Commodity derivatives - Electric Fuel, purchased power and cost of natural gas sold $ (1,524) $ 1,362 Commodity derivatives - Natural Gas Fuel, purchased power and cost of natural gas sold 366 766 $ (1,158) $ 2,128 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Hierarchy, Measured on Recurring Basis | The commodity contracts for our Utilities segments are valued using the market approach and include forward strip pricing at liquid delivery points, exchange-traded futures, options, basis swaps and over-the-counter swaps and options (Level 2) for wholesale electric energy and natural gas contracts. For exchange-traded futures, options and basis swap assets and liabilities, fair value was derived using broker quotes validated by the exchange settlement pricing for the applicable contract. For over-the-counter instruments, the fair value is obtained by utilizing a nationally recognized service that obtains observable inputs to compute the fair value, which we validate by comparing our valuation with the counterparty. The fair value of these swaps includes a CVA based on the credit spreads of the counterparties when we are in an unrealized gain position or on our own credit spread when we are in an unrealized loss position. For additional information, see Note 1 of our Notes to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K. As of March 31, 2021 Level 1 Level 2 Level 3 Cash Collateral and Counterparty Total (in thousands) Assets: Commodity derivatives — Gas Utilities $ — $ 1,389 $ — $ — $ 1,389 Commodity derivatives — Electric Utilities $ — $ 564 $ — $ — $ 564 Total $ — $ 1,953 $ — $ — $ 1,953 Liabilities: Commodity derivatives — Gas Utilities $ — $ 625 $ — $ — $ 625 Commodity derivatives — Electric Utilities $ — $ 1,944 $ — $ — $ 1,944 Total $ — $ 2,569 $ — $ — $ 2,569 As of December 31, 2020 Level 1 Level 2 Level 3 Cash Collateral and Counterparty Total (in thousands) Assets: Commodity derivatives — Gas Utilities $ — $ 2,504 $ — $ (1,527) $ 977 Commodity derivatives — Electric Utilities $ — $ 1,065 $ — $ — $ 1,065 Total $ — $ 3,569 $ — $ (1,527) $ 2,042 Liabilities: Commodity derivatives — Gas Utilities $ — $ 2,675 $ — $ (1,552) $ 1,123 Commodity derivatives — Electric Utilities $ — $ 921 $ — $ — $ 921 Total $ — $ 3,596 $ — $ (1,552) $ 2,044 |
Fair Value, by Balance Sheet Grouping | The following table presents the carrying amounts and fair values of financial instruments not recorded at fair value on the Condensed Consolidated Balance Sheets (in thousands) as of: March 31, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value Long-term debt, including current maturities (a) $ 3,536,158 $ 3,938,977 $ 3,536,536 $ 4,208,167 __________ (a) Long-term debt is valued based on observable inputs available either directly or indirectly for similar liabilities in active markets and therefore is classified as Level 2 in the fair value hierarchy. Carrying amount of long-term debt is net of deferred financing costs. |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) | The following table details reclassifications out of AOCI and into Net income. The amounts in parentheses below indicate decreases to Net income in the Condensed Consolidated Statements of Income for the period (in thousands): Location on the Condensed Consolidated Statements of Income Amount Reclassified from AOCI Three Months Ended March 31, 2021 2020 Gains and (losses) on cash flow hedges: Interest rate swaps Interest expense $ (713) $ (713) Commodity contracts Fuel, purchased power and cost of natural gas sold (31) (486) (744) (1,199) Income tax Income tax benefit 198 285 Total reclassification adjustments related to cash flow hedges, net of tax $ (546) $ (914) Amortization of components of defined benefit plans: Prior service cost Operations and maintenance $ 25 $ 30 Actuarial gain (loss) Operations and maintenance (598) (597) (573) (567) Income tax Income tax benefit 208 88 Total reclassification adjustments related to defined benefit plans, net of tax $ (365) $ (479) Total reclassifications $ (911) $ (1,393) |
Schedule of Accumulated Other Comprehensive Income (Loss) | Balances by classification included within AOCI, net of tax on the accompanying Condensed Consolidated Balance Sheets were as follows (in thousands): Derivatives Designated as Cash Flow Hedges Interest Rate Swaps Commodity Derivatives Employee Benefit Plans Total As of December 31, 2020 $ (12,558) $ 2 $ (14,790) $ (27,346) Other comprehensive income (loss) before reclassifications — 107 — 107 Amounts reclassified from AOCI 523 23 365 911 As of March 31, 2021 $ (12,035) $ 132 $ (14,425) $ (26,328) Derivatives Designated as Cash Flow Hedges Interest Rate Swaps Commodity Derivatives Employee Benefit Plans Total As of December 31, 2019 $ (15,122) $ (456) $ (15,077) $ (30,655) Other comprehensive income (loss) before reclassifications — (175) 55 (120) Amounts reclassified from AOCI 543 371 479 1,393 As of March 31, 2020 $ (14,579) $ (260) $ (14,543) $ (29,382) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The components of net periodic benefit cost for the Defined Benefit Pension Plan were as follows (in thousands): Three Months Ended March 31, 2021 2020 Service cost $ 1,259 $ 1,353 Interest cost 2,328 3,357 Expected return on plan assets (5,219) (5,648) Net loss (gain) 1,829 2,093 Net periodic benefit cost $ 197 $ 1,155 Defined Benefit Postretirement Healthcare Plan The components of net periodic benefit cost for the Defined Benefit Postretirement Healthcare Plan were as follows (in thousands): Three Months Ended March 31, 2021 2020 Service cost $ 559 $ 514 Interest cost 265 412 Expected return on plan assets (34) (45) Prior service cost (benefit) (109) (137) Net loss (gain) 117 5 Net periodic benefit cost $ 798 $ 749 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, 2021 2020 Service cost $ 693 $ (1,370) Interest cost 177 275 Net loss (gain) 439 426 Net periodic benefit cost $ 1,309 $ (669) |
Schedule of Defined Benefit Plans Contributions | Contributions made in the first quarter of 2021 and anticipated contributions for 2021 and 2022 are as follows (in thousands): Contributions Made Additional Contributions Contributions Three Months Ended March 31, 2021 Anticipated for 2021 Anticipated for 2022 Defined Benefit Pension Plan $ — $ — $ 3,788 Non-pension Defined Benefit Postretirement Healthcare Plan $ 1,382 $ 4,145 $ 5,241 Supplemental Non-qualified Defined Benefit and Defined Contribution Plans $ 482 $ 1,445 $ 1,967 |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting Information, Additional Information [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment information was as follows (in thousands): Total assets (net of intercompany eliminations) as of: March 31, 2021 December 31, 2020 Electric Utilities $ 3,217,474 $ 3,120,928 Gas Utilities 4,900,939 4,376,204 Power Generation 406,742 404,220 Mining 76,097 77,085 Corporate and Other 94,947 110,349 Total assets $ 8,696,199 $ 8,088,786 Three Months Ended March 31, 2021 External Operating Revenue Inter-company Operating Revenue Total Revenues Contract Customers Other Revenues Contract Customers Other Revenues Segment: Electric Utilities $ 220,500 $ 137 $ 6,771 $ — $ 227,408 Gas Utilities 398,499 2,408 1,520 92 402,519 Power Generation 4,241 421 24,451 50 29,163 Mining 6,977 249 7,106 340 14,672 Inter-company eliminations — — (39,848) (482) (40,330) Total $ 630,217 $ 3,215 $ — $ — $ 633,432 Three Months Ended March 31, 2020 External Operating Revenue Inter-company Operating Revenue Total Revenues Contract Customers Other Revenues Contract Customers Other Revenues Segment: Electric Utilities $ 167,503 $ 223 $ 6,413 $ — $ 174,139 Gas Utilities 354,287 5,708 778 — 360,773 Power Generation 1,855 443 23,612 56 25,966 Mining 6,564 467 7,839 335 15,205 Inter-company eliminations — — (38,642) (391) (39,033) Total $ 530,209 $ 6,841 $ — $ — $ 537,050 Three Months Ended March 31, 2021 2020 Adjusted operating income: Electric Utilities $ 21,813 $ 35,650 Gas Utilities 102,094 102,897 Power Generation 14,269 11,349 Mining 3,261 3,129 Corporate and Other (3,122) 160 Operating income 138,315 153,185 Interest expense, net (37,600) (35,453) Impairment of investment — (6,859) Other income (expense), net 266 2,353 Income tax (expense) (494) (16,002) Net income 100,487 97,224 Net income attributable to noncontrolling interest (4,171) (4,050) Net income available for common stock $ 96,316 $ 93,174 |
Selected Balance Sheet Inform_2
Selected Balance Sheet Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Selected Balance Sheet Information [Abstract] | |
Account Receivable Schedule | Following is a summary of Accounts receivable, net included in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: March 31, 2021 December 31, 2020 Accounts receivable, trade $ 199,548 $ 146,899 Unbilled revenue 91,085 126,065 Less: Allowance for credit losses (8,251) (7,003) Accounts receivable, net $ 282,382 $ 265,961 |
Financing Receivable, Current, Allowance for Credit Loss | Changes to allowance for credit losses for the three months ended March 31, 2021 and 2020, respectively, were as follows (in thousands): Balance at Beginning of Year Additions Charged to Costs and Expenses Recoveries and Other Additions Write-offs and Other Deductions Balance at March 31, 2021 $ 7,003 $ 1,877 $ 1,014 $ (1,643) $ 8,251 2020 $ 2,444 $ 3,519 $ 922 $ (1,723) $ 5,162 |
Materials, Supplies, and Fuel Schedule | The following amounts by major classification are included in Materials, supplies and fuel on the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: March 31, 2021 December 31, 2020 Materials and supplies $ 88,088 $ 85,250 Fuel - Electric Utilities 1,590 1,531 Natural gas in storage 12,925 30,619 Total materials, supplies and fuel $ 102,603 $ 117,400 |
Accrued Liabilities Schedule | The following amounts by major classification are included in Accrued liabilities on the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: March 31, 2021 December 31, 2020 Accrued employee compensation, benefits and withholdings $ 57,347 $ 77,806 Accrued property taxes 49,267 47,105 Customer deposits and prepayments 50,194 52,185 Accrued interest 45,896 31,520 Other (none of which is individually significant) 27,740 34,996 Total accrued liabilities $ 230,444 $ 243,612 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Regulatory assets | ||
Regulatory assets | $ 802,257 | $ 278,258 |
Less current regulatory assets | (129,951) | (51,676) |
Regulatory assets, non-current | 672,306 | 226,582 |
Regulatory liabilities | ||
Regulatory liabilities | 511,390 | 532,720 |
Less current regulatory liabilities | (13,580) | (25,061) |
Regulatory liabilities, non-current | 497,810 | 507,659 |
Deferred energy and gas costs | ||
Regulatory liabilities | ||
Regulatory liabilities | 426 | 13,253 |
Employee benefit plans | ||
Regulatory liabilities | ||
Regulatory liabilities | 40,471 | 40,256 |
Cost of removal | ||
Regulatory liabilities | ||
Regulatory liabilities | 177,003 | 172,902 |
Excess deferred income taxes | ||
Regulatory liabilities | ||
Regulatory liabilities | 271,492 | 285,259 |
Other regulatory liabilities | ||
Regulatory liabilities | ||
Regulatory liabilities | 21,998 | 21,050 |
Deferred energy and gas costs | ||
Regulatory assets | ||
Regulatory assets | 68,402 | 39,035 |
Deferred gas cost adjustments | ||
Regulatory assets | ||
Regulatory assets | 17,066 | 3,200 |
Gas price derivatives | ||
Regulatory assets | ||
Regulatory assets | 324 | 2,226 |
Deferred taxes on AFUDC | ||
Regulatory assets | ||
Regulatory assets | 7,469 | 7,491 |
Employee benefit plans | ||
Regulatory assets | ||
Regulatory assets | 117,886 | 116,598 |
Environmental | ||
Regulatory assets | ||
Regulatory assets | 1,413 | 1,413 |
Loss on reacquired debt | ||
Regulatory assets | ||
Regulatory assets | 22,386 | 22,864 |
Deferred taxes on flow through accounting | ||
Regulatory assets | ||
Regulatory assets | 51,823 | 47,515 |
Decommissioning costs | ||
Regulatory assets | ||
Regulatory assets | 7,827 | 8,988 |
Gas supply contract termination | ||
Regulatory assets | ||
Regulatory assets | 1,013 | 2,524 |
Other regulatory assets | ||
Regulatory assets | ||
Regulatory assets | 25,806 | 26,404 |
Winter Storm Uri Incremental Costs in a Separately Tracked Mechanism | ||
Regulatory assets | ||
Regulatory assets | $ 480,842 | $ 0 |
Regulatory Matters_ Winter Stor
Regulatory Matters: Winter Storm Uri (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Feb. 24, 2021 | Dec. 31, 2020 | |
Public Utilities, General Disclosures [Line Items] | |||
Regulatory assets | $ 802,257 | $ 278,258 | |
Winter Storm Uri Incremental Costs in a Separately Tracked Mechanism | |||
Public Utilities, General Disclosures [Line Items] | |||
Regulatory assets | 480,842 | 0 | |
Deferred energy and gas costs | |||
Public Utilities, General Disclosures [Line Items] | |||
Regulatory assets | 68,402 | 39,035 | |
Deferred gas cost adjustments | |||
Public Utilities, General Disclosures [Line Items] | |||
Regulatory assets | 17,066 | $ 3,200 | |
Senior Unsecured Notes Due 2021 | |||
Public Utilities, General Disclosures [Line Items] | |||
Debt Instrument, Face Amount | $ 800,000 | ||
Winter Storm Uri | |||
Public Utilities, General Disclosures [Line Items] | |||
Incremental Fuel, Purchased Power and Natural Gas Costs | 571,000 | ||
Regulatory assets | 558,825 | ||
Income Statement Impacts | 12,500 | ||
Winter Storm Uri | Winter Storm Uri Incremental Costs in a Separately Tracked Mechanism | |||
Public Utilities, General Disclosures [Line Items] | |||
Regulatory assets | 480,842 | ||
Winter Storm Uri | Deferred energy and gas costs | |||
Public Utilities, General Disclosures [Line Items] | |||
Regulatory assets | 27,166 | ||
Winter Storm Uri | Deferred gas cost adjustments | |||
Public Utilities, General Disclosures [Line Items] | |||
Regulatory assets | 50,817 | ||
Winter Storm Uri | Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) | |||
Public Utilities, General Disclosures [Line Items] | |||
Income Statement Impacts | 700 | ||
Winter Storm Uri | Electric Utilities | |||
Public Utilities, General Disclosures [Line Items] | |||
Regulatory assets | 50,966 | ||
Winter Storm Uri | Electric Utilities | Wholesale Power Margin Impacts | |||
Public Utilities, General Disclosures [Line Items] | |||
Income Statement Impacts | 3,200 | ||
Winter Storm Uri | Electric Utilities | Non-recoverable Fuel Costs | |||
Public Utilities, General Disclosures [Line Items] | |||
Income Statement Impacts | 2,100 | ||
Winter Storm Uri | Electric Utilities | Colorado Electric | |||
Public Utilities, General Disclosures [Line Items] | |||
Regulatory assets | 25,500 | ||
Winter Storm Uri | Electric Utilities | South Dakota Electric | |||
Public Utilities, General Disclosures [Line Items] | |||
Regulatory assets | 22,200 | ||
Winter Storm Uri | Electric Utilities | Wyoming Electric | |||
Public Utilities, General Disclosures [Line Items] | |||
Regulatory assets | 3,266 | ||
Winter Storm Uri | Gas Utilities | |||
Public Utilities, General Disclosures [Line Items] | |||
Regulatory assets | 507,859 | ||
Winter Storm Uri | Gas Utilities | Arkansas Gas | |||
Public Utilities, General Disclosures [Line Items] | |||
Regulatory assets | 137,500 | ||
Winter Storm Uri | Gas Utilities | Colorado Gas | |||
Public Utilities, General Disclosures [Line Items] | |||
Regulatory assets | 77,850 | ||
Winter Storm Uri | Gas Utilities | Iowa Gas | |||
Public Utilities, General Disclosures [Line Items] | |||
Regulatory assets | 95,450 | ||
Winter Storm Uri | Gas Utilities | Kansas Gas | |||
Public Utilities, General Disclosures [Line Items] | |||
Regulatory assets | 87,900 | ||
Winter Storm Uri | Gas Utilities | Nebraska Gas | |||
Public Utilities, General Disclosures [Line Items] | |||
Regulatory assets | 79,750 | ||
Winter Storm Uri | Gas Utilities | Wyoming Gas | |||
Public Utilities, General Disclosures [Line Items] | |||
Regulatory assets | 29,409 | ||
Winter Storm Uri | Gas Utilities | Black Hills Energy Services | Non-recoverable Fuel Costs | |||
Public Utilities, General Disclosures [Line Items] | |||
Income Statement Impacts | 8,200 | ||
Winter Storm Uri | Power Generation | Operating Income (Loss) | |||
Public Utilities, General Disclosures [Line Items] | |||
Income Statement Impacts | $ (1,700) |
Regulatory Matters_ Rate Review
Regulatory Matters: Rate Review (Details) $ in Thousands | Mar. 01, 2021USD ($) | Jan. 26, 2021USD ($)mi | Sep. 11, 2020 | Jan. 06, 2021mi | Dec. 30, 2020USD ($) |
Colorado Public Utilities Commission (CPUC) | Colorado Electric | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Settlement of plan to provide TCJA-related customer billing credits to its customers | $ 9,300 | ||||
Nebraska Public Service Commission (NPSC) | Nebraska Gas | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Tax Cuts and Jobs Act, Income Tax Expense (Benefit) | $ 2,900 | ||||
Nebraska Publc Service Commission (NPSC) | Nebraska Gas | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Public Utilities, Approved Equity Capital Structure, Percentage | 50.00% | ||||
Public Utilities, Approved Debt Capital Structure, Percentage | 50.00% | ||||
Public Utilities, Approved Return on Equity, Percentage | 9.50% | ||||
Public Utilities, Term Extension of System Saftey and Integrity Rider | 5 years | ||||
Rate Review Filed with the Regulatory Agency | Colorado Public Utilities Commission (CPUC) | Colorado Gas | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Public Utilities, Term Extension of System Saftey and Integrity Rider | 5 years | ||||
Rate Review Filed with the Regulatory Agency | Nebraska Publc Service Commission (NPSC) | Nebraska Gas | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Public Utilities - Length of Natural Gas Pipeline to Receive Infrastructure Investments | mi | 13,000 | ||||
Public Utilities Amount of System Safety and Integrety Rider Moved to Base Rates | $ 4,600 | ||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 6,500 | ||||
Rate Review Dismissed by Regulatory Agency | Colorado Public Utilities Commission (CPUC) | Colorado Gas | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Public Utilities - Length of Natural Gas Pipeline to Receive Infrastructure Investments | mi | 7,000 |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees (Details) - Colorado Electric - TC Colorado Solar, LLC - Solar | Feb. 19, 2021MW |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Number of Megawatts Capacity Purchased | 200 |
Purchase Power Agreement Set to Expire after a Certain Number of Years Following Completion of the Facility | 15 years |
Disaggregation of Revenue (Deta
Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 630,217 | $ 530,209 |
Total revenues | 633,432 | 537,050 |
Services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 6,976 | 6,564 |
Services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 623,241 | 523,645 |
Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 3,215 | 6,841 |
Retail - Electric , Natural Gas and Coal | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 547,081 | 453,451 |
Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 47,841 | 43,969 |
Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 10,163 | 7,407 |
Market - off-system sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 4,845 | 2,366 |
Transmission/Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 20,287 | 23,016 |
Inter-company Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | (39,848) | (38,642) |
Total revenues | (40,330) | (39,033) |
Inter-company Revenues | Services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | (7,107) | (7,839) |
Inter-company Revenues | Services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | (32,741) | (30,803) |
Inter-company Revenues | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | (482) | (391) |
Inter-company Revenues | Retail - Electric , Natural Gas and Coal | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | (7,107) | (7,839) |
Inter-company Revenues | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | (110) | (139) |
Inter-company Revenues | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | (24,451) | (23,612) |
Inter-company Revenues | Market - off-system sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | (2,884) | (2,639) |
Inter-company Revenues | Transmission/Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | (5,296) | (4,413) |
Electric Utilities | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 227,271 | 173,916 |
Total revenues | 227,408 | 174,139 |
Electric Utilities | Services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Electric Utilities | Services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 227,271 | 173,916 |
Electric Utilities | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 137 | 223 |
Electric Utilities | Retail - Electric , Natural Gas and Coal | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 198,500 | 148,640 |
Electric Utilities | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Electric Utilities | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 5,922 | 5,552 |
Electric Utilities | Market - off-system sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 7,656 | 4,867 |
Electric Utilities | Transmission/Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 15,193 | 14,857 |
Gas Utilities | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 400,019 | 355,065 |
Total revenues | 402,519 | 360,773 |
Gas Utilities | Services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Gas Utilities | Services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 400,019 | 355,065 |
Gas Utilities | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 2,500 | 5,708 |
Gas Utilities | Retail - Electric , Natural Gas and Coal | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 341,605 | 298,247 |
Gas Utilities | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 47,951 | 44,108 |
Gas Utilities | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Gas Utilities | Market - off-system sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 73 | 138 |
Gas Utilities | Transmission/Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 10,390 | 12,572 |
Power Generation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 28,692 | 25,467 |
Total revenues | 29,163 | 25,966 |
Power Generation | Services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Power Generation | Services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 28,692 | 25,467 |
Power Generation | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 471 | 499 |
Power Generation | Retail - Electric , Natural Gas and Coal | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Power Generation | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Power Generation | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 28,692 | 25,467 |
Power Generation | Market - off-system sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Power Generation | Transmission/Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Mining | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 14,083 | 14,403 |
Total revenues | 14,672 | 15,205 |
Mining | Services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 14,083 | 14,403 |
Mining | Services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Mining | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 589 | 802 |
Mining | Retail - Electric , Natural Gas and Coal | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 14,083 | 14,403 |
Mining | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Mining | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Mining | Market - off-system sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Mining | Transmission/Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 0 | $ 0 |
Financing_ Schedule of Short-te
Financing: Schedule of Short-term Debt and Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Notes payable | $ 815,870 | $ 234,040 |
Letters of Credit | 16,629 | 24,730 |
Revolving Credit Facility | ||
Short-term Debt [Line Items] | ||
Notes payable | 0 | 0 |
Letters of Credit | 16,629 | 24,730 |
Term Loan | ||
Short-term Debt [Line Items] | ||
Notes payable | 600,000 | 0 |
Letters of Credit | 0 | 0 |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Notes payable | 215,870 | 234,040 |
Letters of Credit | $ 0 | $ 0 |
Financing_ Term Loan (Details)
Financing: Term Loan (Details) - USD ($) $ in Thousands | Feb. 24, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Repayments of Other Short-term Debt | $ 200,000 | $ 0 | |
Senior Unsecured Notes Due 2021 | |||
Debt Instrument, Face Amount | $ 800,000 | ||
Senior Unsecured Notes Due 2021 | Line of Credit | |||
Debt Instrument, Term | 9 months | ||
Debt Instrument, Face Amount | $ 800,000 | ||
Debt Instrument, Basis Spread on Variable Rate | 75.00% | ||
Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | ||
Repayments of Other Short-term Debt | $ 200,000 | ||
Short-term Debt, Percentage Bearing Variable Interest Rate | 0.86% |
Financing_ Revolving Credit Fac
Financing: Revolving Credit Facility and CP Program (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net (payments) borrowings of Revolving Credit Facility and CP Program | $ (18,170) | $ (30,375) |
Commercial Paper | ||
Short-term interest rate | 0.23% |
Financing_ Debt Covenants (Deta
Financing: Debt Covenants (Details) | Mar. 31, 2021 |
Line of Credit Facility [Line Items] | |
Ratio of Indebtedness to Net Capital | 0.626 |
Maximum | |
Line of Credit Facility [Line Items] | |
Consolidated Indebtedness to Capitalization Ratio | 0.65 |
Earnings Per Share_ Earnings Pe
Earnings Per Share: Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Net income available for common stock | $ 96,316 | $ 93,174 |
Weighted average shares - basic (in shares) | 62,633 | 61,778 |
Dilutive effect of: | ||
Equity compensation (in shares) | 58 | 78 |
Weighted average shares - diluted (in shares) | 62,691 | 61,856 |
Earnings per share, Basic (usd per share) | $ 1.54 | $ 1.51 |
Earnings per share, Diluted (usd per share) | $ 1.54 | $ 1.51 |
Earnings Per Share_ Anti-diluti
Earnings Per Share: Anti-dilutive shares (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares (in shares) | 33 | 38 |
Equity compensation - (in shares) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares (in shares) | 14 | 12 |
Restricted Stock (in shares) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares (in shares) | 19 | 26 |
Risk Management and Derivativ_3
Risk Management and Derivatives: Utilities (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021USD ($)MMBTUmW | Dec. 31, 2020mWMMBTU | |
Natural gas over-the-counter swaps, net | ||
Derivative [Line Items] | ||
Credit Risk Derivative Liabilities, at Fair Value | $ | $ 1.4 | |
Natural Gas, Distribution | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 442,900 | |
Natural Gas, Distribution | Natural gas futures purchased | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 0 | 620,000 |
Derivative, Remaining Maturity | 0 months | 3 months |
Natural Gas, Distribution | Natural gas options purchased, net | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 0 | 3,160,000 |
Derivative, Remaining Maturity | 0 months | 3 months |
Natural Gas, Distribution | Natural gas basis swaps purchased | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 0 | 900,000 |
Derivative, Remaining Maturity | 0 months | 3 months |
Natural Gas, Distribution | Natural gas over-the-counter swaps, net | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 3,590,000 | 3,850,000 |
Derivative, Remaining Maturity | 29 months | 17 months |
Natural Gas, Distribution | Natural gas physical contracts, net | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 3,107,817 | 17,513,061 |
Derivative, Remaining Maturity | 12 months | 22 months |
Electricity | Electric wholesale contracts | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | mW | 183,025 | 219,000 |
Derivative, Remaining Maturity | 9 months | 12 months |
Risk Management and Derivativ_4
Risk Management and Derivatives: Derivatives by Balance Sheet Classification (Details) - Commodity Contract - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Hedges, Net | $ 289 | $ 116 |
Designated as Hedging Instrument | Derivative assets — current | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Hedge Assets | 285 | 181 |
Designated as Hedging Instrument | Other assets, non-current | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Hedge Assets | 4 | 43 |
Designated as Hedging Instrument | Derivative liabilities — current | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Hedge Liabilities | 0 | (108) |
Designated as Hedging Instrument | Other deferred credits and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Hedge Liabilities | 0 | 0 |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Hedges, Net | (905) | (118) |
Not Designated as Hedging Instrument | Derivative assets — current | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Hedge Assets | 1,632 | 1,667 |
Not Designated as Hedging Instrument | Other assets, non-current | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Hedge Assets | 32 | 151 |
Not Designated as Hedging Instrument | Derivative liabilities — current | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Hedge Liabilities | (2,526) | (1,936) |
Not Designated as Hedging Instrument | Other deferred credits and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Hedge Liabilities | $ (43) | $ 0 |
Risk Management and Derivativ_5
Risk Management and Derivatives: Derivatives Designated as Hedge Instruments (Details) - Cash Flow Hedging - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (744) | $ (1,199) |
Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 886 | 970 |
Interest rate swaps | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 713 | 713 |
Commodity Contract | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 173 | 257 |
Interest Rate Swap and Commodity Derivative | ||
Derivative [Line Items] | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 900 | |
Interest Expense | Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (713) | (713) |
Fuel, purchased power and cost of natural gas sold | Commodity Contract | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (31) | $ (486) |
Risk Management and Derivativ_6
Risk Management and Derivatives: Derivatives Not Designated as Hedge Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Regulatory assets | $ 802,257 | $ 278,258 | |
Gas price derivatives | |||
Derivative [Line Items] | |||
Regulatory assets | 324 | $ 2,226 | |
Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (1,158) | $ 2,128 | |
Not Designated as Hedging Instrument | Fuel, purchased power and cost of natural gas sold | Electricity | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (1,524) | 1,362 | |
Not Designated as Hedging Instrument | Fuel, purchased power and cost of natural gas sold | Natural Gas, Distribution | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ 366 | $ 766 |
Fair Value Measurements_ Schedu
Fair Value Measurements: Schedule of Fair Values (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
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 | $ (1,527) |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 0 | (1,552) |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Total | 1,953 | 2,042 |
Derivative Liabilities, Total | 2,569 | 2,044 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Total | 0 | 0 |
Derivative Liabilities, Total | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Total | 1,953 | 3,569 |
Derivative Liabilities, Total | 2,569 | 3,596 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Total | 0 | 0 |
Derivative Liabilities, Total | 0 | 0 |
Gas Utilities | ||
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 | (1,527) |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 0 | (1,552) |
Gas Utilities | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 1,389 | 977 |
Derivative Liabilities, Fair Value Disclosure | 625 | 1,123 |
Gas Utilities | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 0 | 0 |
Derivative Liabilities, Fair Value Disclosure | 0 | 0 |
Gas Utilities | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 1,389 | 2,504 |
Derivative Liabilities, Fair Value Disclosure | 625 | 2,675 |
Gas Utilities | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 0 | 0 |
Derivative Liabilities, Fair Value Disclosure | 0 | 0 |
Electric Utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 0 | 0 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 0 | 0 |
Electric Utilities | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 564 | 1,065 |
Derivative Liabilities, Fair Value Disclosure | 1,944 | 921 |
Electric Utilities | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 0 | 0 |
Derivative Liabilities, Fair Value Disclosure | 0 | 0 |
Electric Utilities | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 564 | 1,065 |
Derivative Liabilities, Fair Value Disclosure | 1,944 | 921 |
Electric Utilities | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 0 | 0 |
Derivative Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Fair Value Measurements_ Other
Fair Value Measurements: Other Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt | $ 3,536,158 | $ 3,536,536 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 3,938,977 | $ 4,208,167 |
Other Comprehensive Income_ Rec
Other Comprehensive Income: Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Condensed Statement of Income Captions [Line Items] | ||
Interest Expense | $ 37,825 | $ 35,781 |
Fuel, purchased power and cost of natural gas sold | 293,147 | 187,879 |
Operations and maintenance | 129,679 | 125,466 |
Income before Income Taxes | 100,981 | 113,226 |
Income tax benefit (expense) | (494) | (16,002) |
Net income (loss) | 100,487 | 97,224 |
Reclassification out of Accumulated Other Comprehensive Income | ||
Condensed Statement of Income Captions [Line Items] | ||
Net income (loss) | (911) | (1,393) |
Cash Flow Hedging | Reclassification out of Accumulated Other Comprehensive Income | ||
Condensed Statement of Income Captions [Line Items] | ||
Income before Income Taxes | (744) | (1,199) |
Income tax benefit (expense) | 198 | 285 |
Net income (loss) | (546) | (914) |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost | Reclassification out of Accumulated Other Comprehensive Income | ||
Condensed Statement of Income Captions [Line Items] | ||
Operations and maintenance | 25 | 30 |
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) | Reclassification out of Accumulated Other Comprehensive Income | ||
Condensed Statement of Income Captions [Line Items] | ||
Operations and maintenance | (598) | (597) |
Accumulated Defined Benefit Plans Adjustment | Reclassification out of Accumulated Other Comprehensive Income | ||
Condensed Statement of Income Captions [Line Items] | ||
Income before Income Taxes | (573) | (567) |
Income tax benefit (expense) | 208 | 88 |
Net income (loss) | (365) | (479) |
Interest rate swaps | Cash Flow Hedging | Reclassification out of Accumulated Other Comprehensive Income | ||
Condensed Statement of Income Captions [Line Items] | ||
Interest Expense | (713) | (713) |
Commodity Contract | Cash Flow Hedging | Reclassification out of Accumulated Other Comprehensive Income | ||
Condensed Statement of Income Captions [Line Items] | ||
Fuel, purchased power and cost of natural gas sold | $ (31) | $ (486) |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss): Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | $ (27,346) | $ (30,655) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | (26,328) | (29,382) |
Accumulated Defined Benefit Plans Adjustment | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | (14,790) | (15,077) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 55 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | (14,425) | (14,543) |
Accumulated Defined Benefit Plans Adjustment | Reclassification out of Accumulated Other Comprehensive Income | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 365 | 479 |
Accumulated Other Comprehensive Income (loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 107 | (120) |
Accumulated Other Comprehensive Income (loss) | Reclassification out of Accumulated Other Comprehensive Income | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 911 | 1,393 |
Interest Rate Swaps | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | (12,558) | (15,122) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | (12,035) | (14,579) |
Interest Rate Swaps | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | Reclassification out of Accumulated Other Comprehensive Income | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 523 | 543 |
Commodity Contract | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | 2 | (456) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 107 | (175) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | 132 | (260) |
Commodity Contract | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | Reclassification out of Accumulated Other Comprehensive Income | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 23 | $ 371 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Defined Benefit Pension Plans | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | $ 1,259 | $ 1,353 |
Interest cost | 2,328 | 3,357 |
Expected return on plan assets | (5,219) | (5,648) |
Net loss (gain) | 1,829 | 2,093 |
Net periodic benefit cost | 197 | 1,155 |
Payment for Pension and Other Postretirement Benefits [Abstract] | ||
Contributions by Employer | 0 | |
Estimated Future Employer Contributions in Current Fiscal Year | 0 | |
Estimated Future Employer Contributions in Next Fiscal Year | 3,788 | |
Other Postretirement Benefits Plan | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 559 | 514 |
Interest cost | 265 | 412 |
Expected return on plan assets | (34) | (45) |
Prior service cost (benefit) | (109) | (137) |
Net loss (gain) | 117 | 5 |
Net periodic benefit cost | 798 | 749 |
Payment for Pension and Other Postretirement Benefits [Abstract] | ||
Contributions by Employer | 1,382 | |
Estimated Future Employer Contributions in Current Fiscal Year | 4,145 | |
Estimated Future Employer Contributions in Next Fiscal Year | 5,241 | |
Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 693 | 1,370 |
Interest cost | 177 | 275 |
Net loss (gain) | 439 | 426 |
Net periodic benefit cost | 1,309 | $ (669) |
Payment for Pension and Other Postretirement Benefits [Abstract] | ||
Contributions by Employer | 482 | |
Estimated Future Employer Contributions in Current Fiscal Year | 1,445 | |
Estimated Future Employer Contributions in Next Fiscal Year | $ 1,967 |
Income Taxes_ Winter Storm Uri
Income Taxes: Winter Storm Uri (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Regulatory assets | $ 802,257 | $ 278,258 |
Deferred income tax liabilities, net | 428,127 | $ 408,624 |
Winter Storm Uri | ||
Regulatory assets | 558,825 | |
Deferred income tax liabilities, net | $ 132,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income tax benefit (expense) | $ (494) | $ (16,002) |
Effective Tax Rate | 0.50% | 14.10% |
Effective Income Tax Reconciliation, Tax Benefit From Amortization Of Excess Deferred Income Taxes | $ 1,500 | |
Wind Assets | ||
Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Amount | 1,300 | |
Colorado Electric | ||
Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of 2017 Amount, Tax Benefit from Bill Credit | $ 7,600 |
Business Segment Information_ S
Business Segment Information: Segment and Corporate Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 8,696,199 | $ 8,088,786 |
Corporate | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 94,947 | 110,349 |
Electric Utilities | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 3,217,474 | 3,120,928 |
Gas Utilities | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 4,900,939 | 4,376,204 |
Power Generation | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 406,742 | 404,220 |
Mining | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 76,097 | $ 77,085 |
Business Segment Information_ I
Business Segment Information: Information Relating to Segment Statement of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information | ||
Revenue from contracts with customers | $ 630,217 | $ 530,209 |
Revenues | 633,432 | 537,050 |
Operating income | 138,315 | 153,185 |
Interest expense, net | (37,600) | (35,453) |
Impairment of investment | 0 | (6,859) |
Other income (expense), net | 266 | 2,353 |
Income tax (expense) | (494) | (16,002) |
Net income | 100,487 | 97,224 |
Net income attributable to noncontrolling interest | (4,171) | (4,050) |
Net income available for common stock | 96,316 | 93,174 |
Inter-company Revenues | ||
Segment Reporting Information | ||
Revenue from contracts with customers | (39,848) | (38,642) |
Revenues | (40,330) | (39,033) |
Consolidation, Eliminations | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 0 | 0 |
Corporate | ||
Segment Reporting Information | ||
Operating income | (3,122) | 160 |
Electric Utilities | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 227,271 | 173,916 |
Revenues | 227,408 | 174,139 |
Operating income | 21,813 | 35,650 |
Gas Utilities | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 400,019 | 355,065 |
Revenues | 402,519 | 360,773 |
Operating income | 102,094 | 102,897 |
Power Generation | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 28,692 | 25,467 |
Revenues | 29,163 | 25,966 |
Operating income | 14,269 | 11,349 |
Mining | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 14,083 | 14,403 |
Revenues | 14,672 | 15,205 |
Operating income | 3,261 | 3,129 |
Other Revenues | ||
Segment Reporting Information | ||
Revenues | 3,215 | 6,841 |
Other Revenues | Inter-company Revenues | ||
Segment Reporting Information | ||
Revenues | (482) | (391) |
Other Revenues | Consolidation, Eliminations | ||
Segment Reporting Information | ||
Revenues | 0 | 0 |
Other Revenues | Electric Utilities | ||
Segment Reporting Information | ||
Revenues | 137 | 223 |
Other Revenues | Gas Utilities | ||
Segment Reporting Information | ||
Revenues | 2,500 | 5,708 |
Other Revenues | Power Generation | ||
Segment Reporting Information | ||
Revenues | 471 | 499 |
Other Revenues | Mining | ||
Segment Reporting Information | ||
Revenues | 589 | 802 |
External Operating Revenue | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 630,217 | 530,209 |
External Operating Revenue | Electric Utilities | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 220,500 | 167,503 |
External Operating Revenue | Gas Utilities | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 398,499 | 354,287 |
External Operating Revenue | Power Generation | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 4,241 | 1,855 |
External Operating Revenue | Mining | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 6,977 | 6,564 |
External Operating Revenue | Other Revenues | ||
Segment Reporting Information | ||
Revenues | 3,215 | 6,841 |
External Operating Revenue | Other Revenues | Electric Utilities | ||
Segment Reporting Information | ||
Revenues | 137 | 223 |
External Operating Revenue | Other Revenues | Gas Utilities | ||
Segment Reporting Information | ||
Revenues | 2,408 | 5,708 |
External Operating Revenue | Other Revenues | Power Generation | ||
Segment Reporting Information | ||
Revenues | 421 | 443 |
External Operating Revenue | Other Revenues | Mining | ||
Segment Reporting Information | ||
Revenues | 249 | 467 |
Inter-company Operating Revenue | Electric Utilities | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 6,771 | 6,413 |
Inter-company Operating Revenue | Gas Utilities | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 1,520 | 778 |
Inter-company Operating Revenue | Power Generation | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 24,451 | 23,612 |
Inter-company Operating Revenue | Mining | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 7,106 | 7,839 |
Inter-company Operating Revenue | Other Revenues | Electric Utilities | ||
Segment Reporting Information | ||
Revenues | 0 | 0 |
Inter-company Operating Revenue | Other Revenues | Gas Utilities | ||
Segment Reporting Information | ||
Revenues | 92 | 0 |
Inter-company Operating Revenue | Other Revenues | Power Generation | ||
Segment Reporting Information | ||
Revenues | 50 | 56 |
Inter-company Operating Revenue | Other Revenues | Mining | ||
Segment Reporting Information | ||
Revenues | $ 340 | $ 335 |
Selected Balance Sheet Inform_3
Selected Balance Sheet Information: Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Selected Balance Sheet Information [Abstract] | ||||
Accounts receivable, trade | $ 199,548 | $ 146,899 | ||
Unbilled revenue | 91,085 | 126,065 | ||
Less: Allowance for doubtful accounts | (8,251) | (7,003) | $ (5,162) | $ (2,444) |
Accounts receivable, net | $ 282,382 | $ 265,961 |
Selected Balance Sheet Inform_4
Selected Balance Sheet Information: Changes to Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Selected Balance Sheet Information [Abstract] | ||
Balance at Beginning of Year | $ 7,003 | $ 2,444 |
Additions Charged to Costs and Expenses | 1,877 | 3,519 |
Recoveries and Other Additions | 1,014 | 922 |
Write-offs and Other Deductions | (1,643) | (1,723) |
Balance at End of Year | $ 8,251 | $ 5,162 |
Selected Balance Sheet Inform_5
Selected Balance Sheet Information: Materials and Supplies (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Selected Balance Sheet Information [Abstract] | ||
Materials and supplies | $ 88,088 | $ 85,250 |
Fuel - Electric Utilities | 1,590 | 1,531 |
Natural gas in storage | 12,925 | 30,619 |
Total materials, supplies and fuel | $ 102,603 | $ 117,400 |
Selected Balance Sheet Inform_6
Selected Balance Sheet Information: Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Selected Balance Sheet Information [Abstract] | ||
Accrued employee compensation, benefits and withholdings | $ 57,347 | $ 77,806 |
Accrued property taxes | 49,267 | 47,105 |
Customer deposits and prepayments | 50,194 | 52,185 |
Accrued interest | 45,896 | 31,520 |
Other (none of which is individually significant) | 27,740 | 34,996 |
Total accrued liabilities | $ 230,444 | $ 243,612 |