Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 31, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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 $1.00 par value | |
Trading Symbol | BKH | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 63,820,271 | |
Entity Central Index Key | 0001130464 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenues | $ 380,590 | $ 346,590 | $ 1,386,594 | $ 1,210,554 |
Operating expenses: | ||||
Fuel, purchased power and cost of natural gas sold | 94,057 | 71,686 | 495,678 | 331,194 |
Operations and maintenance | 122,277 | 122,759 | 375,201 | 365,533 |
Depreciation, depletion and amortization | 59,159 | 56,348 | 174,871 | 169,413 |
Taxes - property and production | 15,224 | 13,563 | 45,390 | 42,062 |
Total operating expenses | 290,717 | 264,356 | 1,091,140 | 908,202 |
Operating income | 89,873 | 82,234 | 295,454 | 302,352 |
Other income (expense): | ||||
Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) | (38,604) | (36,521) | (115,098) | (108,067) |
Interest income | 586 | 480 | 1,278 | 1,028 |
Impairment of investment | 0 | 0 | 0 | (6,859) |
Other income (expense), net | 1,560 | (1,193) | 1,635 | (703) |
Total other income (expense) | (36,458) | (37,234) | (112,185) | (114,601) |
Income before income taxes | 53,415 | 45,000 | 183,269 | 187,751 |
Income tax (expense) | (5,253) | (4,651) | (6,333) | (25,484) |
Net income | 48,162 | 40,349 | 176,936 | 162,267 |
Net income attributable to non-controlling interest | (4,050) | (4,066) | (11,347) | (11,844) |
Net income available for common stock | $ 44,112 | $ 36,283 | $ 165,589 | $ 150,423 |
Earnings per share of common stock: | ||||
Earnings per share, Basic (usd per share) | $ 0.70 | $ 0.58 | $ 2.63 | $ 2.41 |
Earnings per share, Diluted (usd per share) | $ 0.70 | $ 0.58 | $ 2.63 | $ 2.41 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 63,341 | 62,575 | 62,950 | 62,310 |
Diluted (in shares) | 63,436 | 62,630 | 63,046 | 62,362 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income | $ 48,162 | $ 40,349 | $ 176,936 | $ 162,267 |
Other comprehensive income (loss), net of tax: | ||||
Benefit plan liability adjustments - net gain (net of tax of $0, $0, $0 and $(17), respectively) | 0 | 0 | 0 | 55 |
Reclassification adjustments of benefit plan liability - prior service cost (net of tax of $6, $6, $21 and $19, respectively) | (19) | (18) | (53) | (60) |
Reclassification adjustments of benefit plan liability - net loss (net of tax of $(139), $(149), $(513) and $(426), respectively) | 459 | 448 | 1,280 | 1,365 |
Other comprehensive income, net of tax | 5,277 | 1,512 | 8,177 | 3,733 |
Comprehensive income | 53,439 | 41,861 | 185,113 | 166,000 |
Net income attributable to non-controlling interest | (4,050) | (4,066) | (11,347) | (11,844) |
Comprehensive income available for common stock | 49,389 | 37,795 | 173,766 | 154,156 |
Interest rate swaps | ||||
Other comprehensive income (loss), net of tax: | ||||
Reclassification of net realized (gains) losses on settled/amortized derivatives, net of tax | 657 | 544 | 1,743 | 1,630 |
Commodity Contract | ||||
Other comprehensive income (loss), net of tax: | ||||
Reclassification of net realized (gains) losses on settled/amortized derivatives, net of tax | (250) | 137 | (269) | 562 |
Net unrealized gains (losses) on commodity derivatives (net of tax of $(1,437), $(112), $(1,776) and $(44), respectively) | $ 4,430 | $ 401 | $ 5,476 | $ 181 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
(Tax) benefit on benefit plan liability adjustments - net gain (loss) | $ 0 | $ 0 | $ 0 | $ (17) |
(Tax) benefit on benefit plan liability adjustments - prior service costs | 6 | 6 | 21 | 19 |
(Tax) benefit on reclassification adjustment of benefit plan liability - net loss | (139) | (149) | (513) | (426) |
Interest rate swaps | ||||
(Tax) benefit on reclassification of net realized (gains) losses on settled/amortized derivatives | (55) | (168) | (395) | (508) |
Commodity Contract | ||||
(Tax) benefit on reclassification of net realized (gains) losses on settled/amortized derivatives | 81 | (41) | 87 | (172) |
(Tax) benefit on net unrealized gains (losses) on commodity derivatives | $ (1,437) | $ (112) | $ (1,776) | $ (44) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 10,181 | $ 6,356 |
Restricted cash and equivalents | 4,753 | 4,383 |
Accounts receivable, net | 181,956 | 265,961 |
Materials, supplies and fuel | 145,743 | 117,400 |
Derivative assets, current | 12,316 | 1,848 |
Income tax receivable, net | 17,472 | 19,446 |
Regulatory assets, current | 213,031 | 51,676 |
Other current assets | 42,274 | 26,221 |
Total current assets | 627,726 | 493,291 |
Property, plant and equipment | 7,697,880 | 7,305,530 |
Less: accumulated depreciation and depletion | (1,380,304) | (1,285,816) |
Total property, plant and equipment, net | 6,317,576 | 6,019,714 |
Other assets: | ||
Goodwill | 1,299,454 | 1,299,454 |
Intangible assets, net | 11,063 | 11,944 |
Regulatory assets, non-current | 617,024 | 226,582 |
Other assets, non-current | 37,547 | 37,801 |
Total other assets, non-current | 1,965,088 | 1,575,781 |
TOTAL ASSETS | 8,910,390 | 8,088,786 |
Current liabilities: | ||
Accounts payable | 142,130 | 183,340 |
Accrued liabilities | 249,835 | 243,612 |
Derivative liabilities, current | 3,471 | 2,044 |
Regulatory liabilities, current | 30,156 | 25,061 |
Notes payable | 332,525 | 234,040 |
Current maturities of long-term debt | 0 | 8,436 |
Total current liabilities | 758,117 | 696,533 |
Long-term debt, net of current maturities | 4,125,571 | 3,528,100 |
Deferred credits and other liabilities: | ||
Deferred income tax liabilities, net | 445,036 | 408,624 |
Regulatory liabilities, non-current | 496,261 | 507,659 |
Benefit plan liabilities | 150,727 | 150,556 |
Other deferred credits and other liabilities | 134,776 | 134,667 |
Total deferred credits and other liabilities | 1,226,800 | 1,201,506 |
Commitments, contingencies and guarantees (Note 3) | ||
Equity: | ||
Common stock $1 par value; 100,000,000 shares authorized; issued 63,865,151 and 62,827,179 shares, respectively | 63,865 | 62,827 |
Additional paid-in capital | 1,726,277 | 1,657,285 |
Retained earnings | 929,369 | 870,738 |
Treasury stock, at cost – 43,885 and 32,492 shares, respectively | (2,819) | (2,119) |
Accumulated other comprehensive income (loss) | (19,169) | (27,346) |
Total stockholders’ equity | 2,697,523 | 2,561,385 |
Non-controlling interest | 102,379 | 101,262 |
Total equity | 2,799,902 | 2,662,647 |
TOTAL LIABILITIES AND TOTAL EQUITY | $ 8,910,390 | $ 8,088,786 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares | Sep. 30, 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 | 63,865,151 | 62,827,179 |
Treasury stock, shares | 43,885 | 32,492 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities: | ||
Net income | $ 176,936 | $ 162,267 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation, depletion and amortization | 174,871 | 169,413 |
Deferred financing cost amortization | 3,892 | 5,523 |
Impairment of investment | 0 | 6,859 |
Stock compensation | 7,245 | 2,696 |
Deferred income taxes | 5,844 | 28,502 |
Employee benefit plans | 6,779 | 9,294 |
Other adjustments, net | 2,708 | 7,910 |
Changes in certain operating assets and liabilities: | ||
Materials, supplies and fuel | (29,948) | (10,905) |
Accounts receivable and other current assets | 97,348 | 75,960 |
Accounts payable and other current liabilities | (20,094) | (11,136) |
Regulatory assets | (559,389) | 1,954 |
Regulatory liabilities | (9,533) | (17,686) |
Contributions to defined benefit pension plans | 0 | (12,700) |
Other operating activities, net | (1,419) | 1,508 |
Net cash provided by (used in) operating activities | (144,760) | 419,459 |
Investing activities: | ||
Property, plant and equipment additions | (497,849) | (535,993) |
Other investing activities | 13,743 | 6,269 |
Net cash (used in) investing activities | (484,106) | (529,724) |
Financing activities: | ||
Dividends paid on common stock | (106,957) | (99,999) |
Common stock issued | 62,977 | 99,316 |
Term loan - borrowings | 800,000 | 0 |
Term loan - repayments | (800,000) | 0 |
Net borrowings (payments) of Revolving Credit Facility and CP Program | 98,485 | (265,180) |
Long-term debt - issuances | 600,000 | 400,000 |
Long-term debt - repayments | (8,436) | (7,163) |
Distributions to non-controlling interest | (10,230) | (12,636) |
Other financing activities | (2,778) | (6,519) |
Net cash provided by financing activities | 633,061 | 107,819 |
Net change in cash, restricted cash and cash equivalents | 4,195 | (2,446) |
Cash, restricted cash and cash equivalents at beginning of period | 10,739 | 13,658 |
Cash, restricted cash and cash equivalents at end of period | 14,934 | 11,212 |
Supplemental cash flow information: | ||
Interest, net of amounts capitalized | (93,325) | (87,453) |
Income taxes | 1,486 | 1,256 |
Accrued property, plant and equipment purchases at September 30 | $ 55,619 | $ 86,474 |
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 | $ 61,481 | $ (267) | $ 1,552,788 | $ 778,776 | $ (30,655) | $ 101,946 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 97,224 | 93,174 | 4,050 | ||||||
Other comprehensive income, 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 non-controlling 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 | $ (207) | $ 62,773 | $ (1,925) | 1,652,861 | 838,841 | $ (207) | (29,382) | 101,255 |
Beginning balance (in shares) at Dec. 31, 2019 | 61,480,658 | 3,956 | |||||||
Beginning balance at Dec. 31, 2019 | 2,464,069 | $ 61,481 | $ (267) | 1,552,788 | 778,776 | (30,655) | 101,946 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 162,267 | ||||||||
Other comprehensive income, net of tax | 3,733 | ||||||||
Ending balance (in shares) at Sep. 30, 2020 | 62,773,015 | 24,897 | |||||||
Ending balance at Sep. 30, 2020 | 2,620,200 | $ 62,773 | $ (1,710) | 1,655,912 | 828,993 | (26,922) | 101,154 | ||
Beginning balance (in shares) at Mar. 31, 2020 | 62,772,978 | 24,656 | |||||||
Beginning balance at Mar. 31, 2020 | 2,624,423 | $ (207) | $ 62,773 | $ (1,925) | 1,652,861 | 838,841 | $ (207) | (29,382) | 101,255 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 24,694 | 20,966 | 3,728 | ||||||
Other comprehensive income, net of tax | 948 | 948 | |||||||
Dividends on common stock | (33,538) | (33,538) | |||||||
Share-based compensation (in shares) | 18 | 1,743 | |||||||
Share-based compensation | 1,827 | $ 0 | $ 46 | 1,781 | |||||
Issuance costs | (79) | (79) | |||||||
Distributions to non-controlling interest | (3,779) | (3,779) | |||||||
Ending balance (in shares) at Jun. 30, 2020 | 62,772,996 | 26,399 | |||||||
Ending balance at Jun. 30, 2020 | 2,614,496 | $ 62,773 | $ (1,879) | 1,654,563 | 826,269 | (28,434) | 101,204 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 40,349 | 36,283 | 4,066 | ||||||
Other comprehensive income, net of tax | 1,512 | 1,512 | |||||||
Dividends on common stock | (33,559) | (33,559) | |||||||
Share-based compensation (in shares) | 19 | (1,502) | |||||||
Share-based compensation | 1,637 | $ 0 | $ 169 | 1,468 | |||||
Issuance costs | (119) | (119) | |||||||
Distributions to non-controlling interest | (4,116) | (4,116) | |||||||
Ending balance (in shares) at Sep. 30, 2020 | 62,773,015 | 24,897 | |||||||
Ending balance at Sep. 30, 2020 | 2,620,200 | $ 62,773 | $ (1,710) | 1,655,912 | 828,993 | (26,922) | 101,154 | ||
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, 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 non-controlling 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 | ||
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 | 176,936 | ||||||||
Other comprehensive income, net of tax | 8,177 | ||||||||
Ending balance (in shares) at Sep. 30, 2021 | 63,865,151 | 43,885 | |||||||
Ending balance at Sep. 30, 2021 | 2,799,902 | $ 63,865 | $ (2,819) | 1,726,277 | 929,369 | (19,169) | 102,379 | ||
Beginning balance (in shares) at Mar. 31, 2021 | 62,909,973 | 39,940 | |||||||
Beginning balance at Mar. 31, 2021 | 2,725,302 | $ 62,910 | $ (2,564) | 1,658,957 | 931,538 | (26,328) | 100,789 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 28,287 | 25,161 | 3,126 | ||||||
Other comprehensive income, net of tax | 1,882 | 1,882 | |||||||
Dividends on common stock | (35,578) | (35,578) | |||||||
Share-based compensation (in shares) | 20,905 | 6,588 | |||||||
Share-based compensation | 3,295 | $ 21 | $ (424) | 3,698 | |||||
Issuance of common stock (in shares) | 596,035 | ||||||||
Issuance of common stock | 40,232 | $ 596 | 39,636 | ||||||
Issuance costs | (466) | (466) | |||||||
Other | 1 | 1 | |||||||
Distributions to non-controlling interest | (4,061) | (4,061) | |||||||
Ending balance (in shares) at Jun. 30, 2021 | 63,526,913 | 46,528 | |||||||
Ending balance at Jun. 30, 2021 | 2,758,894 | $ 63,527 | $ (2,988) | 1,701,825 | 921,122 | (24,446) | 99,854 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 48,162 | 44,112 | 4,050 | ||||||
Other comprehensive income, net of tax | 5,277 | 5,277 | |||||||
Dividends on common stock | (35,865) | (35,865) | |||||||
Share-based compensation (in shares) | 17 | (2,643) | |||||||
Share-based compensation | 2,018 | $ 0 | $ 169 | 1,849 | |||||
Issuance of common stock (in shares) | 338,221 | ||||||||
Issuance of common stock | 23,172 | $ 338 | 22,834 | ||||||
Issuance costs | (231) | (231) | |||||||
Distributions to non-controlling interest | (1,525) | (1,525) | |||||||
Ending balance (in shares) at Sep. 30, 2021 | 63,865,151 | 43,885 | |||||||
Ending balance at Sep. 30, 2021 | $ 2,799,902 | $ 63,865 | $ (2,819) | $ 1,726,277 | $ 929,369 | $ (19,169) | $ 102,379 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Equity (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||
Dividends on common stock (usd per share) | $ 0.565 | $ 0.565 | $ 0.565 | $ 0.535 | $ 0.535 | $ 0.535 |
Management's Statements_
Management's Statements: | 9 Months Ended |
Sep. 30, 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 September 30, 2021, December 31, 2020 and September 30, 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 and nine months ended September 30, 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: | 9 Months Ended |
Sep. 30, 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 September 30, 2021 December 31, 2020 Regulatory assets Winter Storm Uri (a) $ 532,766 $ — Deferred energy and fuel cost adjustments (b) 59,741 39,035 Deferred gas cost adjustments (b) 6,076 3,200 Gas price derivatives (b) — 2,226 Deferred taxes on AFUDC (c) 7,537 7,491 Employee benefit plans and related deferred taxes (d) 114,234 116,598 Environmental (b) 1,395 1,413 Loss on reacquired debt (b) 21,460 22,864 Deferred taxes on flow through accounting (d) 54,199 47,515 Decommissioning costs (b) 6,583 8,988 Gas supply contract termination (b) — 2,524 Other regulatory assets (b) 26,064 26,404 Total regulatory assets 830,055 278,258 Less current regulatory assets (213,031) (51,676) Regulatory assets, non-current $ 617,024 $ 226,582 Regulatory liabilities Deferred energy and gas costs (b) $ 9,408 $ 13,253 Gas price derivatives (b) 13,234 — Employee benefit plan costs and related deferred taxes (d) 39,203 40,256 Cost of removal (b) 181,180 172,902 Excess deferred income taxes (d) 266,477 285,259 Other regulatory liabilities (d) 16,915 21,050 Total regulatory liabilities 526,417 532,720 Less current regulatory liabilities (30,156) (25,061) Regulatory liabilities, non-current $ 496,261 $ 507,659 __________ (a) Timing of Winter Storm Uri incremental cost recovery and associated carrying costs are subject to pending applications with our utility commissions. 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 substantial 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, we incurred significant incremental fuel, purchased power and natural gas costs. Our Utilities submitted Winter Storm Uri cost recovery applications in our state jurisdictions seeking to recover $546 million of these incremental costs through separate tracking mechanisms over a weighted-average recovery period of 3.7 years. These incremental cost estimates are subject to adjustments as final decisions are issued by the respective utility commissions. In these applications, we seek approval to recover carrying costs. For the nine months ended September 30, 2021, $1.8 million of carrying costs were accrued and recorded to a regulatory asset. We are also seeking recovery of $13 million of previously disclosed Winter Storm Uri incremental costs through our existing regulatory mechanisms. To date, Nebraska Gas and South Dakota Electric received commission approval of their Winter Storm Uri cost recovery applications. Additionally, Arkansas Gas, Iowa Gas and Wyoming Gas received approval for interim cost recovery subject to a final decision on carrying costs and recovery periods at a later date. In October 2021, Wyoming Gas filed a settlement agreement for their application with final rates to be implemented January 1, 2022. The settlement is subject to final approval by the commission. For the nine months ended September 30, 2021, our Utilities collected $15 million of Winter Storm Uri incremental costs and carrying costs from customers. 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. The settlement agreement further provided for Colorado Electric to deliver annual bill credits to customers, starting in April 2021, until remaining excess deferred income tax regulatory liabilities associated with the TCJA are fully amortized. In April 2021, Colorado Electric delivered $0.9 million of TCJA-related bill credits to customers. 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, were delivered to customers in June 2021. These Colorado Electric and Nebraska Gas 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 and nine months ended September 30, 2021. As part of the settlement agreement discussed further below, Kansas Gas will deliver $3.0 million of TCJA and state tax reform benefits to customers, annually, for each of the next three years starting in 2022 (approximately $9.1 million of total benefits expected to be delivered). Colorado Gas Rate Review On June 1, 2021, Colorado Gas filed a rate review with the CPUC seeking recovery of significant infrastructure investments in its 7,000-mile natural gas pipeline system. On October 5, 2021, Colorado Gas reached a settlement agreement with the CPUC Staff and various intervenors for a general rate increase. The settlement agreement is subject to review and approval by an ALJ and the CPUC. If approved, the settlement is expected to generate $6.5 million of new annual revenue with new rates effective January 1, 2022. The new revenue is based on a return on equity of 9.2% and a capital structure of 50.3% equity and 49.7% debt. SSIR On September 11, 2020, in accordance with the final Order from an earlier rate review filed on 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. On July 6, 2021, Colorado Gas received approval from the CPUC for its SSIR proposal that will recover safety and integrity focused system investments for three years effective January 1, 2022. The return on SSIR investments will be the current weighted-average cost of long-term debt. Iowa Gas Rate Review On June 1, 2021, Iowa Gas filed a rate review with the IUB seeking recovery of significant infrastructure investments in its 5,000-mile natural gas pipeline system. The rate review requests shifting $2.2 million of rider revenue to base rates and $8.3 million in additional new annual revenue with a capital structure of 50% equity and 50% debt and a return on equity of 10.15%. Iowa statute allows implementation of interim rates 10 days after filing a rate review and Iowa Gas implemented interim rates effective on June 11, 2021. The request seeks to finalize rates in the first quarter of 2022. Kansas Gas Rate Review On May 7, 2021, Kansas Gas filed a rate review and rider renewal with the KCC seeking recovery of significant infrastructure investments in its 4,600-mile natural gas pipeline system. On October 8, 2021, Kansas Gas reached a Global Settlement agreement with KCC Staff and various intervenors for a general rate increase and renewal of its safety and integrity rider. The settlement agreement is subject to review and approval by the KCC. If approved, the settlement will shift $6.6 million of rider revenue to base rates, which are expected to be effective January 1, 2022, and also allow rider renewal for at least five 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: | 9 Months Ended |
Sep. 30, 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: | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | RevenueOur 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 and nine months ended September 30, 2021 and 2020. Sales tax and other similar taxes are excluded from revenues. Three Months Ended September 30, 2021 Electric Utilities Gas Utilities Power Generation Mining Inter-company Revenues Total Customer types: (in thousands) Retail $ 179,982 $ 115,908 $ — $ 15,814 $ (8,846) $ 302,858 Transportation — 37,651 — — (110) 37,541 Wholesale 3,856 — 26,058 — (23,725) 6,189 Market - off-system sales 15,149 75 — — (1,638) 13,586 Transmission/Other 13,913 9,863 — — (5,297) 18,479 Revenue from contracts with customers $ 212,900 $ 163,497 $ 26,058 $ 15,814 $ (39,616) $ 378,653 Other revenues 203 1,186 462 574 (488) 1,937 Total revenues $ 213,103 $ 164,683 $ 26,520 $ 16,388 $ (40,104) $ 380,590 Timing of revenue recognition: Services transferred at a point in time $ — $ — $ — $ 15,814 $ (8,846) $ 6,968 Services transferred over time 212,900 163,497 26,058 — (30,770) 371,685 Revenue from contracts with customers $ 212,900 $ 163,497 $ 26,058 $ 15,814 $ (39,616) $ 378,653 Three Months Ended September 30, 2020 Electric Utilities Gas Utilities Power Generation Mining Inter-company Revenues Total Customer Types: (in thousands) Retail $ 169,505 $ 94,367 $ — $ 14,668 $ (8,100) $ 270,440 Transportation — 38,196 — — (139) 38,057 Wholesale 5,925 — 26,049 — (24,521) 7,453 Market - off-system sales 9,535 36 — — (1,904) 7,667 Transmission/Other 15,653 10,277 — — (5,235) 20,695 Revenue from contracts with customers $ 200,618 $ 142,876 $ 26,049 $ 14,668 $ (39,899) $ 344,312 Other revenues 224 1,053 469 568 (36) 2,278 Total Revenues $ 200,842 $ 143,929 $ 26,518 $ 15,236 $ (39,935) $ 346,590 Timing of Revenue Recognition: Services transferred at a point in time $ — $ — $ — $ 14,668 $ (8,100) $ 6,568 Services transferred over time 200,618 142,876 26,049 — (31,799) 337,744 Revenue from contracts with customers $ 200,618 $ 142,876 $ 26,049 $ 14,668 $ (39,899) $ 344,312 Nine Months Ended September 30, 2021 Electric Utilities Gas Utilities Power Generation Mining Inter-company Revenues Total Customer types: (in thousands) Retail $ 536,952 $ 601,358 $ — $ 43,751 $ (23,093) $ 1,158,968 Transportation — 117,251 — — (329) 116,922 Wholesale 12,788 — 79,662 — (71,656) 20,794 Market - off-system sales 31,746 235 — — (6,197) 25,784 Transmission/Other 41,339 29,378 — — (15,892) 54,825 Revenue from contracts with customers $ 622,825 $ 748,222 $ 79,662 $ 43,751 $ (117,167) $ 1,377,293 Other revenues 2,619 5,030 1,369 1,738 (1,455) 9,301 Total revenues $ 625,444 $ 753,252 $ 81,031 $ 45,489 $ (118,622) $ 1,386,594 Timing of revenue recognition: Services transferred at a point in time $ — $ — $ — $ 43,751 $ (23,093) $ 20,658 Services transferred over time 622,825 748,222 79,662 — (94,074) 1,356,635 Revenue from contracts with customers $ 622,825 $ 748,222 $ 79,662 $ 43,751 $ (117,167) $ 1,377,293 Nine Months Ended September 30, 2020 Electric Utilities Gas Utilities Power Generation Mining Inter-company Revenues Total Customer Types: (in thousands) Retail $ 459,949 $ 513,208 $ — $ 43,917 $ (23,855) $ 993,219 Transportation — 113,096 — — (416) 112,680 Wholesale 14,947 — 77,234 — (72,609) 19,572 Market - off-system sales 17,940 197 — — (6,123) 12,014 Transmission/Other 43,271 32,038 — — (14,080) 61,229 Revenue from contracts with customers $ 536,107 $ 658,539 $ 77,234 $ 43,917 $ (117,083) $ 1,198,714 Other revenues 2,074 7,273 1,372 1,940 (819) 11,840 Total Revenues $ 538,181 $ 665,812 $ 78,606 $ 45,857 $ (117,902) $ 1,210,554 Timing of Revenue Recognition: Services transferred at a point in time $ — $ — $ — $ 43,917 $ (23,855) $ 20,062 Services transferred over time 536,107 658,539 77,234 — (93,228) 1,178,652 Revenue from contracts with customers $ 536,107 $ 658,539 $ 77,234 $ 43,917 $ (117,083) $ 1,198,714 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: | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Financing | Financing Short-term Debt We had the following Notes payable outstanding in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: September 30, 2021 December 31, 2020 Balance Outstanding Letters of Credit (a) Balance Outstanding Letters of Credit (a) Revolving Credit Facility — 23,255 — 24,730 CP Program 332,525 — 234,040 — Total Notes payable $ 332,525 $ 23,255 $ 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. Revolving Credit Facility and CP Program On July 19, 2021, we amended and restated our corporate Revolving Credit Facility, maintaining total commitments of $750 million and extending the term through July 19, 2026 with two one year extension options (subject to consent from lenders). This facility is similar to the former revolving credit facility, which includes an accordion feature that allows us, with the consent of the administrative agent, the issuing agents and each bank increasing or providing a new commitment, to increase total commitments up to $1.0 billion. Borrowings continue to be available under a base rate or various Eurodollar rate options. Based on our current credit ratings, the margins for base rate borrowings, Eurodollar borrowings and letters of credit will be 0.125%, 1.125% and 1.125%, respectively, and a 0.175% commitment fee will be charged on unused amounts. Our net short-term borrowings related to our Revolving Credit Facility and CP Program during the nine months ended September 30, 2021 were $98.5 million. The weighted average interest rate on short-term borrowings related to our Revolving Credit Facility and CP Program at September 30, 2021 was 0.19%. Term Loan On February 24, 2021, we entered into a nine-month, $800 million unsecured term loan to provide additional liquidity and to meet our cash needs related to the incremental fuel, purchased power and natural gas costs from Winter Storm Uri. The term loan, carried no prepayment penalty and was 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. Proceeds from the August 26, 2021 public debt offering (discussed below) were used to repay the remaining balance on this term loan. Long-term Debt On August 26, 2021, we completed a public debt offering which consisted of $600 million, 1.037% three year senior unsecured notes due August 23, 2024. The notes include an optional redemption provision and may be redeemed, in whole or in part, without premium, on or after February 23, 2022. The proceeds from the offering, which were net of $3.7 million of deferred financing costs, were used to repay amounts outstanding under our term loan entered into on February 24, 2021. Debt Covenants Under our Revolving Credit Facility, 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 non-controlling 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 September 30, 2021: As of September 30, 2021 Covenant Requirement Consolidated Indebtedness to Capitalization Ratio 62.4% Less than 65% Equity At-the-Market Equity Offering Program During the three months ended September 30, 2021, we issued a total of 0.3 million shares of common stock under the ATM for proceeds of $23 million, net of $0.2 million in issuance costs. During the nine months ended September 30, 2021, we issued a total of 0.9 million shares of common stock under the ATM for proceeds of $63 million, net of $0.6 million in issuance costs. |
Earnings Per Share_
Earnings Per Share: | 9 Months Ended |
Sep. 30, 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, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income available for common stock $ 44,112 $ 36,283 $ 165,589 $ 150,423 Weighted average shares - basic 63,341 62,575 62,950 62,310 Dilutive effect of: Equity compensation 95 55 96 52 Weighted average shares - diluted 63,436 62,630 63,046 62,362 Earnings per share of common stock: Earnings per share, Basic $ 0.70 $ 0.58 $ 2.63 $ 2.41 Earnings per share, Diluted $ 0.70 $ 0.58 $ 2.63 $ 2.41 The following securities were excluded from the diluted earnings per share computation because of their anti-dilutive nature (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Equity compensation 9 22 12 22 Restricted stock — 49 1 40 Anti-dilutive shares 9 71 13 62 |
Risk Management and Derivatives
Risk Management and Derivatives: | 9 Months Ended |
Sep. 30, 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 weather (Winter Storm Uri), 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 customers’ 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 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 October 2021 through August 2024. 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: September 30, 2021 December 31, 2020 Units Notional Maximum Term (months) (a) Notional Maximum Term (months) (a) Natural gas futures purchased MMBtus 1,700,000 6 620,000 3 Natural gas options purchased, net MMBtus 8,420,000 6 3,160,000 3 Natural gas basis swaps purchased MMBtus 1,500,000 6 900,000 3 Natural gas over-the-counter swaps, net (b) MMBtus 5,920,000 35 3,850,000 17 Natural gas physical contracts, net (c) MMBtus 18,758,835 7 17,513,061 22 Electric wholesale contracts (c) MWh 65,625 3 219,000 12 __________ (a) Term reflects the maximum forward period hedged. (b) As of September 30, 2021, 2,700,000 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 September 30, 2021, the Company posted $0.9 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. The following table presents the fair value and balance sheet classification of our derivative instruments (in thousands) as of: Balance Sheet Location September 30, 2021 December 31, 2020 Derivatives designated as hedges: Asset derivative instruments: Current commodity derivatives Derivative assets, current $ 6,989 $ 181 Noncurrent commodity derivatives Other assets, non-current 32 43 Liability derivative instruments: Current commodity derivatives Derivative liabilities, current — (108) Total derivatives designated as hedges $ 7,021 $ 116 Derivatives not designated as hedges: Asset derivative instruments: Current commodity derivatives Derivative assets, current $ 5,327 $ 1,667 Noncurrent commodity derivatives Other assets, non-current 1,580 151 Liability derivative instruments: Current commodity derivatives Derivative liabilities, current (3,471) (1,936) Total derivatives not designated as hedges $ 3,436 $ (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 and nine months ended September 30, 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 September 30, Three Months Ended September 30, 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 $ 712 $ 712 Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) $ (712) $ (712) Commodity derivatives 5,536 691 Fuel, purchased power and cost of natural gas sold 331 (178) Total $ 6,248 $ 1,403 $ (381) $ (890) Nine Months Ended September 30, Nine Months Ended September 30, 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 $ 2,138 $ 2,138 Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) $ (2,138) $ (2,138) Commodity derivatives 6,896 959 Fuel, purchased power and cost of natural gas sold 356 (734) Total $ 9,034 $ 3,097 $ (1,782) $ (2,872) As of September 30, 2021, $4.0 million of net gains related to our interest rate swaps and commodity derivatives are expected to be reclassified from AOCI into earnings as gains 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 and nine months ended September 30, 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 September 30, 2021 2020 Derivatives Not Designated as Hedging Instruments Location of Gain/(Loss) on Derivatives Recognized in Income Amount of Gain/(Loss) on Derivatives Recognized in Income (in thousands) Commodity derivatives - Electric Fuel, purchased power and cost of natural gas sold $ 2,494 $ (1,386) Commodity derivatives - Natural Gas Fuel, purchased power and cost of natural gas sold 4,004 1,777 $ 6,498 $ 391 Nine Months Ended September 30, 2021 2020 Derivatives Not Designated as Hedging Instruments Location of Gain/(Loss) on Derivatives Recognized in Income Amount of Gain/(Loss) on Derivatives Recognized in Income (in thousands) Commodity derivatives - Electric Fuel, purchased power and cost of natural gas sold $ (2,628) $ (228) Commodity derivatives - Natural Gas Fuel, purchased power and cost of natural gas sold 6,186 2,992 $ 3,558 $ 2,764 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) or gains included in our Regulatory asset or Regulatory liability related to the hedges in our Gas Utilities were $13.2 million and $(2.2) million as of September 30, 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: | 9 Months Ended |
Sep. 30, 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 September 30, 2021 Level 1 Level 2 Level 3 Cash Collateral and Counterparty Netting (a) Total (in thousands) Assets: Commodity derivatives — Gas Utilities $ — $ 32,298 $ — $ (18,370) $ 13,928 Commodity derivatives — Electric Utilities $ — $ — $ — $ — $ — Total $ — $ 32,298 $ — $ (18,370) $ 13,928 Liabilities: Commodity derivatives — Gas Utilities $ — $ 1,128 $ — $ (141) $ 987 Commodity derivatives — Electric Utilities $ — $ 2,484 $ — $ — $ 2,484 Total $ — $ 3,612 $ — $ (141) $ 3,471 __________ (a) As of September 30, 2021, $18 million of our commodity derivative assets and $0.1 million of our commodity derivative liabilities, as well as related collateral amounts, were subject to master netting agreements. Collateral amounts are included in Other current assets on the Condensed Consolidated Balance Sheets. As of December 31, 2020 Level 1 Level 2 Level 3 Cash Collateral and Counterparty Netting (a) 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 __________ (a) As of December 31, 2020, $1.5 million of our commodity derivative assets and $1.6 million of our commodity derivative liabilities, as well as related collateral amounts, were subject to master netting agreements. Collateral amounts are included in Other current assets on the Condensed Consolidated Balance Sheets. 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: September 30, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value Long-term debt, including current maturities (a) $ 4,125,571 $ 4,614,244 $ 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: | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Gains and (losses) on cash flow hedges: Interest rate swaps Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) $ (712) $ (712) $ (2,138) $ (2,138) Commodity contracts Fuel, purchased power and cost of natural gas sold 331 (178) 356 (734) (381) (890) (1,782) (2,872) Income tax Income tax (expense) (26) 209 308 680 Total reclassification adjustments related to cash flow hedges, net of tax $ (407) $ (681) $ (1,474) $ (2,192) Amortization of components of defined benefit plans: Prior service cost Operations and maintenance $ 25 $ 24 $ 74 $ 79 Actuarial gain (loss) Operations and maintenance (598) (597) (1,793) (1,791) (573) (573) (1,719) (1,712) Income tax Income tax (expense) 133 143 492 407 Total reclassification adjustments related to defined benefit plans, net of tax $ (440) $ (430) $ (1,227) $ (1,305) Total reclassifications $ (847) $ (1,111) $ (2,701) $ (3,497) 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 — 5,476 — 5,476 Amounts reclassified from AOCI 1,743 (269) 1,227 2,701 As of September 30, 2021 $ (10,815) $ 5,209 $ (13,563) $ (19,169) 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 — 181 55 236 Amounts reclassified from AOCI 1,630 562 1,305 3,497 As of September 30, 2020 $ (13,492) $ 287 $ (13,717) $ (26,922) |
Employee Benefit Plans_
Employee Benefit Plans: | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Service cost $ 1,260 $ 1,352 $ 3,779 $ 4,058 Interest cost 2,328 3,356 6,984 10,069 Expected return on plan assets (5,219) (5,647) (15,657) (16,943) Net loss 1,828 2,093 5,486 6,279 Net periodic benefit cost $ 197 $ 1,154 $ 592 $ 3,463 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Service cost $ 560 $ 514 $ 1,678 $ 1,542 Interest cost 264 412 793 1,237 Expected return on plan assets (34) (46) (102) (137) Prior service cost (benefit) (108) (136) (326) (410) Net loss 116 5 350 15 Net periodic benefit cost $ 798 $ 749 $ 2,393 $ 2,247 Supplemental Non-qualified Defined Benefit and Defined Contribution Plans The components of net periodic benefit cost for the Supplemental Non-qualified Defined Benefit and Defined Contribution Plans were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Service cost $ 235 $ 1,035 $ 1,948 $ 1,482 Interest cost 176 274 530 824 Prior service cost — 1 — 1 Net loss 439 425 1,316 1,277 Net periodic benefit cost $ 850 $ 1,735 $ 3,794 $ 3,584 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 nine months of 2021 and anticipated contributions for 2021 and 2022 are as follows (in thousands): Contributions Made Additional Contributions Contributions Nine Months Ended September 30, 2021 Anticipated for 2021 Anticipated for 2022 Defined Benefit Pension Plan $ — $ — $ 3,900 Non-pension Defined Benefit Postretirement Healthcare Plan $ 4,145 $ 1,382 $ 5,202 Supplemental Non-qualified Defined Benefit and Defined Contribution Plans $ 1,445 $ 482 $ 2,149 |
Income Taxes_
Income Taxes: | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Winter Storm Uri As discussed in Note 2 above, our Utilities submitted cost recovery applications which seek to recover incremental costs from Winter Storm Uri through a regulatory mechanism. 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 $130 million. 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 a 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 2041. 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 September 30, 2021. Income Tax (Expense) and Effective Tax Rates Three Months Ended September 30, 2021 Compared to the Three Months Ended September 30, 2020 Income tax (expense) and the effective tax rate were comparable to the same period in the prior year. Nine Months Ended September 30, 2021 Compared to the Nine Months Ended September 30, 2020 Income tax (expense) for the nine months ended September 30, 2021 was $(6.3) million compared to $(25) million reported for the same period in 2020. For the nine months ended September 30, 2021, the effective tax rate was 3.5% compared to 13.6% for the same period in 2020. The lower effective tax rate is primarily due to $10 million of increased tax benefits from Colorado Electric and Nebraska Gas TCJA-related bill credits to customers (which is offset by reduced revenue), $3.2 million of increased tax benefits from federal production tax credits associated with new wind assets, $2.2 million of increased tax benefits from amortization of excess deferred income taxes, $1.9 million of tax benefits from various statutory rate changes and $1.1 million of increased flow-through tax benefits related to repairs and certain indirect costs. These current year tax benefits were partially offset by a prior year tax benefit from the reversal of accrued excess deferred income taxes as part of resolving the last of the Company’s open dockets seeking approval of its TCJA plans. |
Business Segment Information_
Business Segment Information: | 9 Months Ended |
Sep. 30, 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 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: September 30, 2021 December 31, 2020 Electric Utilities $ 3,267,074 $ 3,120,928 Gas Utilities 5,052,898 4,376,204 Power Generation 398,915 404,220 Mining 76,791 77,085 Corporate and Other 114,712 110,349 Total assets $ 8,910,390 $ 8,088,786 Three Months Ended September 30, 2021 External Operating Revenue Inter-company Operating Revenue Total Revenues Contract Customers Other Revenues Contract Customers Other Revenues Segment: Electric Utilities $ 207,374 $ 203 $ 5,526 $ — $ 213,103 Gas Utilities 161,977 1,087 1,520 99 164,683 Power Generation 2,333 412 23,725 50 26,520 Mining 6,969 235 8,845 339 16,388 Inter-company eliminations — — (39,616) (488) (40,104) Total $ 378,653 $ 1,937 $ — $ — $ 380,590 Three Months Ended September 30, 2020 External Operating Revenue Inter-company Operating Revenue Total Revenues Contract Customers Other Revenues Contract Customers Other Revenues Segment: Electric Utilities $ 194,941 $ 224 $ 5,677 $ — $ 200,842 Gas Utilities 141,275 863 1,601 190 143,929 Power Generation 1,528 414 24,521 55 26,518 Mining 6,568 777 8,100 (209) 15,236 Inter-company eliminations — — (39,899) (36) (39,935) Total $ 344,312 $ 2,278 $ — $ — $ 346,590 Nine Months Ended September 30, 2021 External Operating Revenue Inter-company Operating Revenue Total Revenues Contract Customers Other Revenues Contract Customers Other Revenues Segment: Electric Utilities $ 604,966 $ 2,619 $ 17,859 $ — $ 625,444 Gas Utilities 743,663 4,745 4,559 285 753,252 Power Generation 8,006 1,219 71,656 150 81,031 Mining 20,658 718 23,093 1,020 45,489 Inter-company eliminations — — (117,167) (1,455) (118,622) Total $ 1,377,293 $ 9,301 $ — $ — $ 1,386,594 Nine Months Ended September 30, 2020 External Operating Revenue Inter-company Operating Revenue Total Revenues Contract Customers Other Revenues Contract Customers Other Revenues Segment: Electric Utilities $ 518,641 $ 2,074 $ 17,466 $ — $ 538,181 Gas Utilities 655,386 7,083 3,153 190 665,812 Power Generation 4,625 1,206 72,609 166 78,606 Mining 20,062 1,477 23,855 463 45,857 Inter-company eliminations — — (117,083) (819) (117,902) Total $ 1,198,714 $ 11,840 $ — $ — $ 1,210,554 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Adjusted operating income: Electric Utilities $ 57,608 $ 52,083 $ 114,989 $ 121,726 Gas Utilities 17,257 18,147 139,336 139,253 Power Generation 10,323 8,738 32,842 31,489 Mining 4,908 3,505 11,813 9,992 Corporate and Other (223) (239) (3,526) (108) Operating income 89,873 82,234 295,454 302,352 Interest expense, net (38,018) (36,041) (113,820) (107,039) Impairment of investment — — — (6,859) Other income (expense), net 1,560 (1,193) 1,635 (703) Income tax (expense) (5,253) (4,651) (6,333) (25,484) Net income 48,162 40,349 176,936 162,267 Net income attributable to non-controlling interest (4,050) (4,066) (11,347) (11,844) Net income available for common stock $ 44,112 $ 36,283 $ 165,589 $ 150,423 |
Selected Balance Sheet Informat
Selected Balance Sheet Information: | 9 Months Ended |
Sep. 30, 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: September 30, 2021 December 31, 2020 Accounts receivable, trade $ 120,930 $ 146,899 Unbilled revenue 63,338 126,065 Less: Allowance for credit losses (2,312) (7,003) Accounts receivable, net $ 181,956 $ 265,961 Changes to allowance for credit losses for the nine months ended September 30, 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 September 30, 2021 $ 7,003 $ 1,111 $ 2,420 $ (8,222) $ 2,312 2020 $ 2,444 $ 8,471 $ 3,720 $ (6,026) $ 8,609 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: September 30, 2021 December 31, 2020 Materials and supplies $ 85,612 $ 85,250 Fuel - Electric Utilities 1,240 1,531 Natural gas in storage 58,891 30,619 Total materials, supplies and fuel $ 145,743 $ 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: September 30, 2021 December 31, 2020 Accrued employee compensation, benefits and withholdings $ 72,328 $ 77,806 Accrued property taxes 44,231 47,105 Customer deposits and prepayments 53,652 52,185 Accrued interest 46,532 31,520 Other (none of which is individually significant) 33,092 34,996 Total accrued liabilities $ 249,835 $ 243,612 |
Subsequent Events_
Subsequent Events: | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events We evaluated all subsequent event activity and concluded that no subsequent events have occurred that would require recognition in the condensed consolidated financial statements or disclosures, with the exception of Colorado Gas, Kansas Gas and Wyoming Gas regulatory activity disclosed in Note 2 . |
Management's Statement (Policie
Management's Statement (Policies) | 9 Months Ended |
Sep. 30, 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 September 30, 2021, December 31, 2020 and September 30, 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) | 9 Months Ended |
Sep. 30, 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 September 30, 2021 December 31, 2020 Regulatory assets Winter Storm Uri (a) $ 532,766 $ — Deferred energy and fuel cost adjustments (b) 59,741 39,035 Deferred gas cost adjustments (b) 6,076 3,200 Gas price derivatives (b) — 2,226 Deferred taxes on AFUDC (c) 7,537 7,491 Employee benefit plans and related deferred taxes (d) 114,234 116,598 Environmental (b) 1,395 1,413 Loss on reacquired debt (b) 21,460 22,864 Deferred taxes on flow through accounting (d) 54,199 47,515 Decommissioning costs (b) 6,583 8,988 Gas supply contract termination (b) — 2,524 Other regulatory assets (b) 26,064 26,404 Total regulatory assets 830,055 278,258 Less current regulatory assets (213,031) (51,676) Regulatory assets, non-current $ 617,024 $ 226,582 Regulatory liabilities Deferred energy and gas costs (b) $ 9,408 $ 13,253 Gas price derivatives (b) 13,234 — Employee benefit plan costs and related deferred taxes (d) 39,203 40,256 Cost of removal (b) 181,180 172,902 Excess deferred income taxes (d) 266,477 285,259 Other regulatory liabilities (d) 16,915 21,050 Total regulatory liabilities 526,417 532,720 Less current regulatory liabilities (30,156) (25,061) Regulatory liabilities, non-current $ 496,261 $ 507,659 __________ (a) Timing of Winter Storm Uri incremental cost recovery and associated carrying costs are subject to pending applications with our utility commissions. 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. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2021 and 2020. Sales tax and other similar taxes are excluded from revenues. Three Months Ended September 30, 2021 Electric Utilities Gas Utilities Power Generation Mining Inter-company Revenues Total Customer types: (in thousands) Retail $ 179,982 $ 115,908 $ — $ 15,814 $ (8,846) $ 302,858 Transportation — 37,651 — — (110) 37,541 Wholesale 3,856 — 26,058 — (23,725) 6,189 Market - off-system sales 15,149 75 — — (1,638) 13,586 Transmission/Other 13,913 9,863 — — (5,297) 18,479 Revenue from contracts with customers $ 212,900 $ 163,497 $ 26,058 $ 15,814 $ (39,616) $ 378,653 Other revenues 203 1,186 462 574 (488) 1,937 Total revenues $ 213,103 $ 164,683 $ 26,520 $ 16,388 $ (40,104) $ 380,590 Timing of revenue recognition: Services transferred at a point in time $ — $ — $ — $ 15,814 $ (8,846) $ 6,968 Services transferred over time 212,900 163,497 26,058 — (30,770) 371,685 Revenue from contracts with customers $ 212,900 $ 163,497 $ 26,058 $ 15,814 $ (39,616) $ 378,653 Three Months Ended September 30, 2020 Electric Utilities Gas Utilities Power Generation Mining Inter-company Revenues Total Customer Types: (in thousands) Retail $ 169,505 $ 94,367 $ — $ 14,668 $ (8,100) $ 270,440 Transportation — 38,196 — — (139) 38,057 Wholesale 5,925 — 26,049 — (24,521) 7,453 Market - off-system sales 9,535 36 — — (1,904) 7,667 Transmission/Other 15,653 10,277 — — (5,235) 20,695 Revenue from contracts with customers $ 200,618 $ 142,876 $ 26,049 $ 14,668 $ (39,899) $ 344,312 Other revenues 224 1,053 469 568 (36) 2,278 Total Revenues $ 200,842 $ 143,929 $ 26,518 $ 15,236 $ (39,935) $ 346,590 Timing of Revenue Recognition: Services transferred at a point in time $ — $ — $ — $ 14,668 $ (8,100) $ 6,568 Services transferred over time 200,618 142,876 26,049 — (31,799) 337,744 Revenue from contracts with customers $ 200,618 $ 142,876 $ 26,049 $ 14,668 $ (39,899) $ 344,312 Nine Months Ended September 30, 2021 Electric Utilities Gas Utilities Power Generation Mining Inter-company Revenues Total Customer types: (in thousands) Retail $ 536,952 $ 601,358 $ — $ 43,751 $ (23,093) $ 1,158,968 Transportation — 117,251 — — (329) 116,922 Wholesale 12,788 — 79,662 — (71,656) 20,794 Market - off-system sales 31,746 235 — — (6,197) 25,784 Transmission/Other 41,339 29,378 — — (15,892) 54,825 Revenue from contracts with customers $ 622,825 $ 748,222 $ 79,662 $ 43,751 $ (117,167) $ 1,377,293 Other revenues 2,619 5,030 1,369 1,738 (1,455) 9,301 Total revenues $ 625,444 $ 753,252 $ 81,031 $ 45,489 $ (118,622) $ 1,386,594 Timing of revenue recognition: Services transferred at a point in time $ — $ — $ — $ 43,751 $ (23,093) $ 20,658 Services transferred over time 622,825 748,222 79,662 — (94,074) 1,356,635 Revenue from contracts with customers $ 622,825 $ 748,222 $ 79,662 $ 43,751 $ (117,167) $ 1,377,293 Nine Months Ended September 30, 2020 Electric Utilities Gas Utilities Power Generation Mining Inter-company Revenues Total Customer Types: (in thousands) Retail $ 459,949 $ 513,208 $ — $ 43,917 $ (23,855) $ 993,219 Transportation — 113,096 — — (416) 112,680 Wholesale 14,947 — 77,234 — (72,609) 19,572 Market - off-system sales 17,940 197 — — (6,123) 12,014 Transmission/Other 43,271 32,038 — — (14,080) 61,229 Revenue from contracts with customers $ 536,107 $ 658,539 $ 77,234 $ 43,917 $ (117,083) $ 1,198,714 Other revenues 2,074 7,273 1,372 1,940 (819) 11,840 Total Revenues $ 538,181 $ 665,812 $ 78,606 $ 45,857 $ (117,902) $ 1,210,554 Timing of Revenue Recognition: Services transferred at a point in time $ — $ — $ — $ 43,917 $ (23,855) $ 20,062 Services transferred over time 536,107 658,539 77,234 — (93,228) 1,178,652 Revenue from contracts with customers $ 536,107 $ 658,539 $ 77,234 $ 43,917 $ (117,083) $ 1,198,714 |
Financing (Tables)
Financing (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, 2021 December 31, 2020 Balance Outstanding Letters of Credit (a) Balance Outstanding Letters of Credit (a) Revolving Credit Facility — 23,255 — 24,730 CP Program 332,525 — 234,040 — Total Notes payable $ 332,525 $ 23,255 $ 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 September 30, 2021: As of September 30, 2021 Covenant Requirement Consolidated Indebtedness to Capitalization Ratio 62.4% Less than 65% |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 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, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income available for common stock $ 44,112 $ 36,283 $ 165,589 $ 150,423 Weighted average shares - basic 63,341 62,575 62,950 62,310 Dilutive effect of: Equity compensation 95 55 96 52 Weighted average shares - diluted 63,436 62,630 63,046 62,362 Earnings per share of common stock: Earnings per share, Basic $ 0.70 $ 0.58 $ 2.63 $ 2.41 Earnings per share, Diluted $ 0.70 $ 0.58 $ 2.63 $ 2.41 |
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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Equity compensation 9 22 12 22 Restricted stock — 49 1 40 Anti-dilutive shares 9 71 13 62 |
Risk Management and Derivativ_2
Risk Management and Derivatives (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, 2021 December 31, 2020 Units Notional Maximum Term (months) (a) Notional Maximum Term (months) (a) Natural gas futures purchased MMBtus 1,700,000 6 620,000 3 Natural gas options purchased, net MMBtus 8,420,000 6 3,160,000 3 Natural gas basis swaps purchased MMBtus 1,500,000 6 900,000 3 Natural gas over-the-counter swaps, net (b) MMBtus 5,920,000 35 3,850,000 17 Natural gas physical contracts, net (c) MMBtus 18,758,835 7 17,513,061 22 Electric wholesale contracts (c) MWh 65,625 3 219,000 12 __________ (a) Term reflects the maximum forward period hedged. (b) As of September 30, 2021, 2,700,000 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 September 30, 2021 December 31, 2020 Derivatives designated as hedges: Asset derivative instruments: Current commodity derivatives Derivative assets, current $ 6,989 $ 181 Noncurrent commodity derivatives Other assets, non-current 32 43 Liability derivative instruments: Current commodity derivatives Derivative liabilities, current — (108) Total derivatives designated as hedges $ 7,021 $ 116 Derivatives not designated as hedges: Asset derivative instruments: Current commodity derivatives Derivative assets, current $ 5,327 $ 1,667 Noncurrent commodity derivatives Other assets, non-current 1,580 151 Liability derivative instruments: Current commodity derivatives Derivative liabilities, current (3,471) (1,936) Total derivatives not designated as hedges $ 3,436 $ (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 and nine months ended September 30, 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 September 30, Three Months Ended September 30, 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 $ 712 $ 712 Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) $ (712) $ (712) Commodity derivatives 5,536 691 Fuel, purchased power and cost of natural gas sold 331 (178) Total $ 6,248 $ 1,403 $ (381) $ (890) Nine Months Ended September 30, Nine Months Ended September 30, 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 $ 2,138 $ 2,138 Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) $ (2,138) $ (2,138) Commodity derivatives 6,896 959 Fuel, purchased power and cost of natural gas sold 356 (734) Total $ 9,034 $ 3,097 $ (1,782) $ (2,872) The following table summarizes the impacts of derivative instruments not designated as hedge instruments on our Condensed Consolidated Statements of Income for the three and nine months ended September 30, 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 September 30, 2021 2020 Derivatives Not Designated as Hedging Instruments Location of Gain/(Loss) on Derivatives Recognized in Income Amount of Gain/(Loss) on Derivatives Recognized in Income (in thousands) Commodity derivatives - Electric Fuel, purchased power and cost of natural gas sold $ 2,494 $ (1,386) Commodity derivatives - Natural Gas Fuel, purchased power and cost of natural gas sold 4,004 1,777 $ 6,498 $ 391 Nine Months Ended September 30, 2021 2020 Derivatives Not Designated as Hedging Instruments Location of Gain/(Loss) on Derivatives Recognized in Income Amount of Gain/(Loss) on Derivatives Recognized in Income (in thousands) Commodity derivatives - Electric Fuel, purchased power and cost of natural gas sold $ (2,628) $ (228) Commodity derivatives - Natural Gas Fuel, purchased power and cost of natural gas sold 6,186 2,992 $ 3,558 $ 2,764 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2021 Level 1 Level 2 Level 3 Cash Collateral and Counterparty Netting (a) Total (in thousands) Assets: Commodity derivatives — Gas Utilities $ — $ 32,298 $ — $ (18,370) $ 13,928 Commodity derivatives — Electric Utilities $ — $ — $ — $ — $ — Total $ — $ 32,298 $ — $ (18,370) $ 13,928 Liabilities: Commodity derivatives — Gas Utilities $ — $ 1,128 $ — $ (141) $ 987 Commodity derivatives — Electric Utilities $ — $ 2,484 $ — $ — $ 2,484 Total $ — $ 3,612 $ — $ (141) $ 3,471 __________ (a) As of September 30, 2021, $18 million of our commodity derivative assets and $0.1 million of our commodity derivative liabilities, as well as related collateral amounts, were subject to master netting agreements. Collateral amounts are included in Other current assets on the Condensed Consolidated Balance Sheets. As of December 31, 2020 Level 1 Level 2 Level 3 Cash Collateral and Counterparty Netting (a) 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 __________ (a) As of December 31, 2020, $1.5 million of our commodity derivative assets and $1.6 million of our commodity derivative liabilities, as well as related collateral amounts, were subject to master netting agreements. Collateral amounts are included in Other current assets on the Condensed Consolidated Balance Sheets. |
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: September 30, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value Long-term debt, including current maturities (a) $ 4,125,571 $ 4,614,244 $ 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) | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Gains and (losses) on cash flow hedges: Interest rate swaps Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) $ (712) $ (712) $ (2,138) $ (2,138) Commodity contracts Fuel, purchased power and cost of natural gas sold 331 (178) 356 (734) (381) (890) (1,782) (2,872) Income tax Income tax (expense) (26) 209 308 680 Total reclassification adjustments related to cash flow hedges, net of tax $ (407) $ (681) $ (1,474) $ (2,192) Amortization of components of defined benefit plans: Prior service cost Operations and maintenance $ 25 $ 24 $ 74 $ 79 Actuarial gain (loss) Operations and maintenance (598) (597) (1,793) (1,791) (573) (573) (1,719) (1,712) Income tax Income tax (expense) 133 143 492 407 Total reclassification adjustments related to defined benefit plans, net of tax $ (440) $ (430) $ (1,227) $ (1,305) Total reclassifications $ (847) $ (1,111) $ (2,701) $ (3,497) |
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 — 5,476 — 5,476 Amounts reclassified from AOCI 1,743 (269) 1,227 2,701 As of September 30, 2021 $ (10,815) $ 5,209 $ (13,563) $ (19,169) 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 — 181 55 236 Amounts reclassified from AOCI 1,630 562 1,305 3,497 As of September 30, 2020 $ (13,492) $ 287 $ (13,717) $ (26,922) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Service cost $ 1,260 $ 1,352 $ 3,779 $ 4,058 Interest cost 2,328 3,356 6,984 10,069 Expected return on plan assets (5,219) (5,647) (15,657) (16,943) Net loss 1,828 2,093 5,486 6,279 Net periodic benefit cost $ 197 $ 1,154 $ 592 $ 3,463 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Service cost $ 560 $ 514 $ 1,678 $ 1,542 Interest cost 264 412 793 1,237 Expected return on plan assets (34) (46) (102) (137) Prior service cost (benefit) (108) (136) (326) (410) Net loss 116 5 350 15 Net periodic benefit cost $ 798 $ 749 $ 2,393 $ 2,247 Supplemental Non-qualified Defined Benefit and Defined Contribution Plans The components of net periodic benefit cost for the Supplemental Non-qualified Defined Benefit and Defined Contribution Plans were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Service cost $ 235 $ 1,035 $ 1,948 $ 1,482 Interest cost 176 274 530 824 Prior service cost — 1 — 1 Net loss 439 425 1,316 1,277 Net periodic benefit cost $ 850 $ 1,735 $ 3,794 $ 3,584 |
Schedule of Defined Benefit Plans Contributions | Contributions made in the first nine months of 2021 and anticipated contributions for 2021 and 2022 are as follows (in thousands): Contributions Made Additional Contributions Contributions Nine Months Ended September 30, 2021 Anticipated for 2021 Anticipated for 2022 Defined Benefit Pension Plan $ — $ — $ 3,900 Non-pension Defined Benefit Postretirement Healthcare Plan $ 4,145 $ 1,382 $ 5,202 Supplemental Non-qualified Defined Benefit and Defined Contribution Plans $ 1,445 $ 482 $ 2,149 |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, 2021 December 31, 2020 Electric Utilities $ 3,267,074 $ 3,120,928 Gas Utilities 5,052,898 4,376,204 Power Generation 398,915 404,220 Mining 76,791 77,085 Corporate and Other 114,712 110,349 Total assets $ 8,910,390 $ 8,088,786 Three Months Ended September 30, 2021 External Operating Revenue Inter-company Operating Revenue Total Revenues Contract Customers Other Revenues Contract Customers Other Revenues Segment: Electric Utilities $ 207,374 $ 203 $ 5,526 $ — $ 213,103 Gas Utilities 161,977 1,087 1,520 99 164,683 Power Generation 2,333 412 23,725 50 26,520 Mining 6,969 235 8,845 339 16,388 Inter-company eliminations — — (39,616) (488) (40,104) Total $ 378,653 $ 1,937 $ — $ — $ 380,590 Three Months Ended September 30, 2020 External Operating Revenue Inter-company Operating Revenue Total Revenues Contract Customers Other Revenues Contract Customers Other Revenues Segment: Electric Utilities $ 194,941 $ 224 $ 5,677 $ — $ 200,842 Gas Utilities 141,275 863 1,601 190 143,929 Power Generation 1,528 414 24,521 55 26,518 Mining 6,568 777 8,100 (209) 15,236 Inter-company eliminations — — (39,899) (36) (39,935) Total $ 344,312 $ 2,278 $ — $ — $ 346,590 Nine Months Ended September 30, 2021 External Operating Revenue Inter-company Operating Revenue Total Revenues Contract Customers Other Revenues Contract Customers Other Revenues Segment: Electric Utilities $ 604,966 $ 2,619 $ 17,859 $ — $ 625,444 Gas Utilities 743,663 4,745 4,559 285 753,252 Power Generation 8,006 1,219 71,656 150 81,031 Mining 20,658 718 23,093 1,020 45,489 Inter-company eliminations — — (117,167) (1,455) (118,622) Total $ 1,377,293 $ 9,301 $ — $ — $ 1,386,594 Nine Months Ended September 30, 2020 External Operating Revenue Inter-company Operating Revenue Total Revenues Contract Customers Other Revenues Contract Customers Other Revenues Segment: Electric Utilities $ 518,641 $ 2,074 $ 17,466 $ — $ 538,181 Gas Utilities 655,386 7,083 3,153 190 665,812 Power Generation 4,625 1,206 72,609 166 78,606 Mining 20,062 1,477 23,855 463 45,857 Inter-company eliminations — — (117,083) (819) (117,902) Total $ 1,198,714 $ 11,840 $ — $ — $ 1,210,554 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Adjusted operating income: Electric Utilities $ 57,608 $ 52,083 $ 114,989 $ 121,726 Gas Utilities 17,257 18,147 139,336 139,253 Power Generation 10,323 8,738 32,842 31,489 Mining 4,908 3,505 11,813 9,992 Corporate and Other (223) (239) (3,526) (108) Operating income 89,873 82,234 295,454 302,352 Interest expense, net (38,018) (36,041) (113,820) (107,039) Impairment of investment — — — (6,859) Other income (expense), net 1,560 (1,193) 1,635 (703) Income tax (expense) (5,253) (4,651) (6,333) (25,484) Net income 48,162 40,349 176,936 162,267 Net income attributable to non-controlling interest (4,050) (4,066) (11,347) (11,844) Net income available for common stock $ 44,112 $ 36,283 $ 165,589 $ 150,423 |
Selected Balance Sheet Inform_2
Selected Balance Sheet Information (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, 2021 December 31, 2020 Accounts receivable, trade $ 120,930 $ 146,899 Unbilled revenue 63,338 126,065 Less: Allowance for credit losses (2,312) (7,003) Accounts receivable, net $ 181,956 $ 265,961 |
Financing Receivable, Current, Allowance for Credit Loss | Changes to allowance for credit losses for the nine months ended September 30, 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 September 30, 2021 $ 7,003 $ 1,111 $ 2,420 $ (8,222) $ 2,312 2020 $ 2,444 $ 8,471 $ 3,720 $ (6,026) $ 8,609 |
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: September 30, 2021 December 31, 2020 Materials and supplies $ 85,612 $ 85,250 Fuel - Electric Utilities 1,240 1,531 Natural gas in storage 58,891 30,619 Total materials, supplies and fuel $ 145,743 $ 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: September 30, 2021 December 31, 2020 Accrued employee compensation, benefits and withholdings $ 72,328 $ 77,806 Accrued property taxes 44,231 47,105 Customer deposits and prepayments 53,652 52,185 Accrued interest 46,532 31,520 Other (none of which is individually significant) 33,092 34,996 Total accrued liabilities $ 249,835 $ 243,612 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Regulatory assets | ||
Regulatory assets | $ 830,055 | $ 278,258 |
Less current regulatory assets | (213,031) | (51,676) |
Regulatory assets, non-current | 617,024 | 226,582 |
Regulatory liabilities | ||
Regulatory liabilities | 526,417 | 532,720 |
Less current regulatory liabilities | (30,156) | (25,061) |
Regulatory liabilities, non-current | 496,261 | 507,659 |
Deferred energy and gas costs | ||
Regulatory liabilities | ||
Regulatory liabilities | 9,408 | 13,253 |
Gas price derivatives | ||
Regulatory liabilities | ||
Regulatory liabilities | 13,234 | 0 |
Employee benefit plans and related deferred taxes | ||
Regulatory liabilities | ||
Regulatory liabilities | 39,203 | 40,256 |
Cost of removal | ||
Regulatory liabilities | ||
Regulatory liabilities | 181,180 | 172,902 |
Excess deferred income taxes | ||
Regulatory liabilities | ||
Regulatory liabilities | 266,477 | 285,259 |
Other regulatory liabilities | ||
Regulatory liabilities | ||
Regulatory liabilities | 16,915 | 21,050 |
Winter Storm Uri Incremental Costs in a Separately Tracked Mechanism | ||
Regulatory assets | ||
Regulatory assets | 532,766 | 0 |
Deferred energy and gas costs | ||
Regulatory assets | ||
Regulatory assets | 59,741 | 39,035 |
Deferred gas cost adjustments | ||
Regulatory assets | ||
Regulatory assets | 6,076 | 3,200 |
Gas price derivatives | ||
Regulatory assets | ||
Regulatory assets | 0 | 2,226 |
Deferred taxes on AFUDC | ||
Regulatory assets | ||
Regulatory assets | 7,537 | 7,491 |
Employee benefit plans and related deferred taxes | ||
Regulatory assets | ||
Regulatory assets | 114,234 | 116,598 |
Environmental | ||
Regulatory assets | ||
Regulatory assets | 1,395 | 1,413 |
Loss on reacquired debt | ||
Regulatory assets | ||
Regulatory assets | 21,460 | 22,864 |
Deferred taxes on flow through accounting | ||
Regulatory assets | ||
Regulatory assets | 54,199 | 47,515 |
Decommissioning costs | ||
Regulatory assets | ||
Regulatory assets | 6,583 | 8,988 |
Gas supply contract termination | ||
Regulatory assets | ||
Regulatory assets | 0 | 2,524 |
Other regulatory assets | ||
Regulatory assets | ||
Regulatory assets | $ 26,064 | $ 26,404 |
Regulatory Matters_ Winter Stor
Regulatory Matters: Winter Storm Uri (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Public Utilities, General Disclosures [Line Items] | ||
Regulatory assets | $ 830,055 | $ 278,258 |
Winter Storm Uri Incremental Costs in a Separately Tracked Mechanism | ||
Public Utilities, General Disclosures [Line Items] | ||
Regulatory assets | 532,766 | 0 |
Deferred gas cost adjustments | ||
Public Utilities, General Disclosures [Line Items] | ||
Regulatory assets | 6,076 | $ 3,200 |
Winter Storm Uri | ||
Public Utilities, General Disclosures [Line Items] | ||
Amount Recovered Through Regulatory Mechanism | 15,000 | |
Winter Storm Uri | Winter Storm Uri Incremental Costs in a Separately Tracked Mechanism | ||
Public Utilities, General Disclosures [Line Items] | ||
Regulatory assets | $ 546,000 | |
Regulatory Asset, Amortization Period | 3 years 8 months 12 days | |
Winter Storm Uri | Carrrying Costs | ||
Public Utilities, General Disclosures [Line Items] | ||
Regulatory assets | $ 1,800 | |
Winter Storm Uri | Deferred gas cost adjustments | ||
Public Utilities, General Disclosures [Line Items] | ||
Regulatory assets | $ 13,000 |
Regulatory Matters_ Tax Cut and
Regulatory Matters: Tax Cut and Jobs Act (Details) - USD ($) $ in Thousands | Jan. 01, 2022 | Apr. 30, 2021 | Jan. 26, 2021 | Dec. 30, 2020 |
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 | |||
Annual TCJA-Related Customer Billing Credits | $ 900 | |||
Nebraska Public Service Commission (NPSC) | Nebraska Gas | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Settlement of plan to provide TCJA-related customer billing credits to its customers | $ 2,900 | |||
Kansas Corporation Commission (KCC) | Kansas Gas | Subsequent Event | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Settlement of Plan to Provide TCJA and State Tax Reform benefits to Customers Annually | $ 3,000 | |||
Number of Years TCJA and State Tax Reform Benefits to be Provide to Customers | 3 years | |||
Settlement Total of Plan to Provide TCJA and State Tax Reform benefits to Customers | $ 9,100 |
Regulatory Matters_ Rate Review
Regulatory Matters: Rate Review (Details) $ in Millions | Oct. 08, 2021USD ($)mi | Oct. 05, 2021USD ($)mi | Jul. 06, 2021 | Jun. 01, 2021USD ($)mi | Mar. 01, 2021USD ($)mi | Sep. 11, 2020 |
Settlement agreement reached with CPUC Staff and various intervenors, subject to the review and approval by an Administrative Law Judge and the CPUC. | Colorado Public Utilities Commission (CPUC) | Colorado Gas | Subsequent Event | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Public Utilities - Length of Natural Gas Pipeline to Receive Infrastructure Investments | mi | 7,000 | |||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 6.5 | |||||
Public Utilities, Approved Equity Capital Structure, Percentage | 50.30% | |||||
Public Utilities, Approved Debt Capital Structure, Percentage | 49.70% | |||||
Public Utilities, Requested Return on Equity, Percentage | 9.20% | |||||
Rate Review Filed with the Regulatory Agency | Colorado Public Utilities Commission (CPUC) | Colorado Gas | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Public Utilities, Requested Term Extension of System Safety and Integrity Rider | 5 years | |||||
Rate Review Filed with the Regulatory Agency | Iowa Utilities Board (IUB) | Iowa Gas | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Public Utilities - Length of Natural Gas Pipeline to Receive Infrastructure Investments | mi | 5,000 | |||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 8.3 | |||||
Public Utilities, Requested Equity Capital Structure, Percentage | 50.00% | |||||
Public Utilities, Requested Debt Capital Structure, Percentage | 50.00% | |||||
Public Utilities, Requested Return on Equity, Percentage | 10.15% | |||||
Public Utilities Amount of System Safety and Integrity Rider Moved to Base Rates Requested | $ 2.2 | |||||
Public Utilities, Number of Days After Filing a Rate Review the Interim Rates May Be Implemented | 10 days | |||||
Rate Review Approved by Regulatory Agency | Colorado Public Utilities Commission (CPUC) | Colorado Gas | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Public Utilities, Term Extension of System Safety and Integrity Rider | 3 years | |||||
Rate Review Approved by Regulatory Agency | Nebraska Publc Service Commission (NPSC) | Nebraska Gas | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Public Utilities, Approved Return on Equity, Percentage | 9.50% | |||||
Public Utilities, Approved Equity Capital Structure, Percentage | 50.00% | |||||
Public Utilities, Approved Debt Capital Structure, Percentage | 50.00% | |||||
Public Utilities Amount of System Safety and Integrity Rider Moved to Base Rates Requested | $ 4.6 | |||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 6.5 | |||||
Global Settlement agreement with KCC Staff and various intervenors for a general rate increase and renewal of its safety and integrity rider. | Kansas Corporation Commission (KCC) | Kansas Gas | Subsequent Event | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Public Utilities - Length of Natural Gas Pipeline to Receive Infrastructure Investments | mi | 4,600 | |||||
Public Utilities, Term Extension of System Safety and Integrity Rider | 5 years | |||||
Public Utilities Amount of System Safety and Integrity Rider Moved to Base Rates Requested | $ 6.6 | |||||
Approval Recevied from 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, Term Extension of System Safety and Integrity Rider | 5 years |
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 |
Revenue_ Disaggregation of Reve
Revenue: Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 378,653 | $ 344,312 | $ 1,377,293 | $ 1,198,714 |
Total revenues | 380,590 | 346,590 | 1,386,594 | 1,210,554 |
Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 6,968 | 6,568 | 20,658 | 20,062 |
Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 371,685 | 337,744 | 1,356,635 | 1,178,652 |
Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,937 | 2,278 | 9,301 | 11,840 |
Retail - Electric , Natural Gas and Coal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 302,858 | 270,440 | 1,158,968 | 993,219 |
Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 37,541 | 38,057 | 116,922 | 112,680 |
Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 6,189 | 7,453 | 20,794 | 19,572 |
Market - off-system sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 13,586 | 7,667 | 25,784 | 12,014 |
Transmission/Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 18,479 | 20,695 | 54,825 | 61,229 |
Inter-company Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | (39,616) | (39,899) | (117,167) | (117,083) |
Total revenues | (40,104) | (39,935) | (118,622) | (117,902) |
Inter-company Revenues | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | (8,846) | (8,100) | (23,093) | (23,855) |
Inter-company Revenues | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | (30,770) | (31,799) | (94,074) | (93,228) |
Inter-company Revenues | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | (488) | (36) | (1,455) | (819) |
Inter-company Revenues | Retail - Electric , Natural Gas and Coal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | (8,846) | (8,100) | (23,093) | (23,855) |
Inter-company Revenues | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | (110) | (139) | (329) | (416) |
Inter-company Revenues | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | (23,725) | (24,521) | (71,656) | (72,609) |
Inter-company Revenues | Market - off-system sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | (1,638) | (1,904) | (6,197) | (6,123) |
Inter-company Revenues | Transmission/Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | (5,297) | (5,235) | (15,892) | (14,080) |
Electric Utilities | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 212,900 | 200,618 | 622,825 | 536,107 |
Total revenues | 213,103 | 200,842 | 625,444 | 538,181 |
Electric Utilities | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Electric Utilities | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 212,900 | 200,618 | 622,825 | 536,107 |
Electric Utilities | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 203 | 224 | 2,619 | 2,074 |
Electric Utilities | Retail - Electric , Natural Gas and Coal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 179,982 | 169,505 | 536,952 | 459,949 |
Electric Utilities | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Electric Utilities | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3,856 | 5,925 | 12,788 | 14,947 |
Electric Utilities | Market - off-system sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 15,149 | 9,535 | 31,746 | 17,940 |
Electric Utilities | Transmission/Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 13,913 | 15,653 | 41,339 | 43,271 |
Gas Utilities | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 163,497 | 142,876 | 748,222 | 658,539 |
Total revenues | 164,683 | 143,929 | 753,252 | 665,812 |
Gas Utilities | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Gas Utilities | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 163,497 | 142,876 | 748,222 | 658,539 |
Gas Utilities | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,186 | 1,053 | 5,030 | 7,273 |
Gas Utilities | Retail - Electric , Natural Gas and Coal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 115,908 | 94,367 | 601,358 | 513,208 |
Gas Utilities | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 37,651 | 38,196 | 117,251 | 113,096 |
Gas Utilities | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Gas Utilities | Market - off-system sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 75 | 36 | 235 | 197 |
Gas Utilities | Transmission/Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 9,863 | 10,277 | 29,378 | 32,038 |
Power Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 26,058 | 26,049 | 79,662 | 77,234 |
Total revenues | 26,520 | 26,518 | 81,031 | 78,606 |
Power Generation | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Power Generation | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 26,058 | 26,049 | 79,662 | 77,234 |
Power Generation | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 462 | 469 | 1,369 | 1,372 |
Power Generation | Retail - Electric , Natural Gas and Coal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Power Generation | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Power Generation | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 26,058 | 26,049 | 79,662 | 77,234 |
Power Generation | Market - off-system sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Power Generation | Transmission/Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Mining | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 15,814 | 14,668 | 43,751 | 43,917 |
Total revenues | 16,388 | 15,236 | 45,489 | 45,857 |
Mining | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 15,814 | 14,668 | 43,751 | 43,917 |
Mining | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Mining | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 574 | 568 | 1,738 | 1,940 |
Mining | Retail - Electric , Natural Gas and Coal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 15,814 | 14,668 | 43,751 | 43,917 |
Mining | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Mining | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Mining | Market - off-system sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Mining | Transmission/Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 0 | $ 0 | $ 0 | $ 0 |
Financing_ Schedule of Short-te
Financing: Schedule of Short-term Debt and Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Notes payable | $ 332,525 | $ 234,040 |
Letters of Credit | 23,255 | 24,730 |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Notes payable | 332,525 | 234,040 |
Letters of Credit | 0 | 0 |
Revolving Credit Facility | ||
Short-term Debt [Line Items] | ||
Notes payable | 0 | 0 |
Letters of Credit | $ 23,255 | $ 24,730 |
Financing_ Revolving Credit Fac
Financing: Revolving Credit Facility and CP Program (Details) $ in Thousands | Jul. 19, 2021USD ($)credit_extension | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) |
Line of Credit Facility, Maximum Borrowing Capacity | $ 750,000 | ||
Net borrowings (payments) of Revolving Credit Facility and CP Program | $ 98,485 | $ (265,180) | |
Commercial Paper | |||
Short-term interest rate | 0.19% | ||
Revolving Credit Facility | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | ||
Number Of One Year Extension Options | credit_extension | 2 | ||
Debt Instrument, Term | 1 year | ||
Line of Credit Facility, Commitment Fee Percentage | 0.175% | ||
Revolving Credit Facility | Base Rate | |||
Line of Credit Facility, Interest Rate at Period End | 0.125% | ||
Revolving Credit Facility | Eurodollar | |||
Line of Credit Facility, Interest Rate at Period End | 1.125% | ||
Revolving Credit Facility | Letter of Credit | |||
Line of Credit Facility, Interest Rate at Period End | 1.125% |
Financing_ Term Loan (Details)
Financing: Term Loan (Details) - USD ($) $ in Thousands | Feb. 24, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Repayments of Other Short-term Debt | $ 800,000 | $ 0 | ||
Senior Unsecured Notes Due 2021 | Line of Credit | ||||
Debt Instrument, Term | 9 months | |||
Debt Instrument, Face Amount | $ 800,000 | |||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 0 | |||
Repayments of Other Short-term Debt | $ 200,000 |
Financing_ Long-term debt (Deta
Financing: Long-term debt (Details) - Senior Unsecured Notes Due 2024 $ in Millions | Aug. 26, 2021USD ($) |
Debt Instrument, Face Amount | $ 600 |
Debt Instrument, Interest Rate, Stated Percentage | 1.037% |
Debt Instrument, Term | 3 years |
Debt Issuance Costs, Net | $ 3.7 |
Financing_ Debt Covenants (Deta
Financing: Debt Covenants (Details) | Sep. 30, 2021 |
Line of Credit Facility [Line Items] | |
Ratio of Indebtedness to Net Capital | 0.624 |
Maximum | |
Line of Credit Facility [Line Items] | |
Consolidated Indebtedness to Capitalization Ratio | 0.65 |
Financing_ Equity (Details)
Financing: Equity (Details) - Common Stock - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
At The Market Equity Offering Program Shares Issued | 300,000 | 900,000 |
At The Market Equity Program Proceeds from Sale of Stock | $ 23,000 | $ 63,000 |
At The Market Equity Program Stock Issued Issuance Costs | $ 200 | $ 600 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income available for common stock | $ 44,112 | $ 36,283 | $ 165,589 | $ 150,423 |
Weighted average shares - basic (in shares) | 63,341 | 62,575 | 62,950 | 62,310 |
Dilutive effect of: | ||||
Equity compensation (in shares) | 95 | 55 | 96 | 52 |
Weighted average shares - diluted (in shares) | 63,436 | 62,630 | 63,046 | 62,362 |
Earnings per share, Basic (usd per share) | $ 0.70 | $ 0.58 | $ 2.63 | $ 2.41 |
Earnings per share, Diluted (usd per share) | $ 0.70 | $ 0.58 | $ 2.63 | $ 2.41 |
Earnings Per Share_ Anti-diluti
Earnings Per Share: Anti-dilutive shares (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares (in shares) | 9 | 71 | 13 | 62 |
Equity compensation - (in shares) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares (in shares) | 9 | 22 | 12 | 22 |
Restricted Stock (in shares) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares (in shares) | 0 | 49 | 1 | 40 |
Risk Management and Derivativ_3
Risk Management and Derivatives: Utilities (Details) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)mWMMBTU | Dec. 31, 2020MMBTUmW | |
Commodity Contract | ||
Derivative [Line Items] | ||
Credit Risk Derivative Liabilities, at Fair Value | $ | $ 0.9 | |
Natural Gas, Distribution | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 2,700,000 | |
Natural Gas, Distribution | Natural gas futures purchased | ||
Derivative [Line Items] | ||
Derivative, Remaining Maturity | 6 months | 3 months |
Natural Gas, Distribution | Natural gas futures purchased | Long | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 1,700,000 | 620,000 |
Natural Gas, Distribution | Natural gas options purchased, net | ||
Derivative [Line Items] | ||
Derivative, Remaining Maturity | 6 months | 3 months |
Natural Gas, Distribution | Natural gas options purchased, net | Long | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 8,420,000 | 3,160,000 |
Natural Gas, Distribution | Natural gas basis swaps purchased | ||
Derivative [Line Items] | ||
Derivative, Remaining Maturity | 6 months | 3 months |
Natural Gas, Distribution | Natural gas basis swaps purchased | Long | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 1,500,000 | 900,000 |
Natural Gas, Distribution | Natural gas over-the-counter swaps, net | ||
Derivative [Line Items] | ||
Derivative, Remaining Maturity | 35 months | 17 months |
Natural Gas, Distribution | Natural gas over-the-counter swaps, net | Long | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 5,920,000 | 3,850,000 |
Natural Gas, Distribution | Natural gas physical contracts, net | ||
Derivative [Line Items] | ||
Derivative, Remaining Maturity | 7 months | 22 months |
Natural Gas, Distribution | Natural gas physical contracts, net | Long | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 18,758,835 | 17,513,061 |
Electricity | Electric wholesale contracts | ||
Derivative [Line Items] | ||
Derivative, Remaining Maturity | 3 months | 12 months |
Electricity | Electric wholesale contracts | Long | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | mW | 65,625 | 219,000 |
Risk Management and Derivativ_4
Risk Management and Derivatives: Derivatives by Balance Sheet Classification (Details) - Commodity Contract - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Hedges, Net | $ 7,021 | $ 116 |
Designated as Hedging Instrument | Derivative assets — current | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Hedge Assets | 6,989 | 181 |
Designated as Hedging Instrument | Other assets, non-current | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Hedge Assets | 32 | 43 |
Designated as Hedging Instrument | Derivative liabilities — current | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Hedge Liabilities | 0 | (108) |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Hedges, Net | 3,436 | (118) |
Not Designated as Hedging Instrument | Derivative assets — current | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Hedge Assets | 5,327 | 1,667 |
Not Designated as Hedging Instrument | Other assets, non-current | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Hedge Assets | 1,580 | 151 |
Not Designated as Hedging Instrument | Derivative liabilities — current | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Hedge Liabilities | $ (3,471) | $ (1,936) |
Risk Management and Derivativ_5
Risk Management and Derivatives: Derivatives Designated as Hedge Instruments (Details) - Cash Flow Hedging - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (381) | $ (890) | $ (1,782) | $ (2,872) |
Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Unrealized Gain (Loss) on Price Risk Cash Flow Derivatives, before Tax | 6,248 | 1,403 | 9,034 | 3,097 |
Interest rate swaps | Interest Expense | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (712) | (712) | (2,138) | (2,138) |
Interest rate swaps | Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Unrealized Gain (Loss) on Price Risk Cash Flow Derivatives, before Tax | 712 | 712 | 2,138 | 2,138 |
Commodity Contract | Fuel, purchased power and cost of natural gas sold | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 331 | (178) | 356 | (734) |
Commodity Contract | Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Unrealized Gain (Loss) on Price Risk Cash Flow Derivatives, before Tax | $ 5,536 | $ 691 | 6,896 | $ 959 |
Interest Rate Swap and Commodity Derivative | ||||
Derivative [Line Items] | ||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 4,000 |
Risk Management and Derivativ_6
Risk Management and Derivatives: Derivatives Not Designated as Hedge Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Derivative [Line Items] | |||||
Regulatory Liabilities | $ 526,417 | $ 526,417 | $ 532,720 | ||
Regulatory assets | (830,055) | (830,055) | (278,258) | ||
Gas price derivatives | |||||
Derivative [Line Items] | |||||
Regulatory Liabilities | 13,234 | 13,234 | 0 | ||
Gas price derivatives | |||||
Derivative [Line Items] | |||||
Regulatory assets | 0 | 0 | $ (2,226) | ||
Not Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | 6,498 | $ 391 | 3,558 | $ 2,764 | |
Not Designated as Hedging Instrument | Fuel, purchased power and cost of natural gas sold | Electricity | |||||
Derivative [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | 2,494 | (1,386) | (2,628) | (228) | |
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 | $ 4,004 | $ 1,777 | $ 6,186 | $ 2,992 |
Fair Value Measurements_ Schedu
Fair Value Measurements: Schedule of Fair Values (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
ContractSubjecttoMasterNetting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 18,000 | $ 1,500 |
Derivative Liability, Fair Value, Gross Liability | 100 | 1,600 |
Fair Value, Measurements, Recurring | ||
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 | (18,370) | (1,527) |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (141) | (1,552) |
Fair Value, Measurements, Recurring | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Total | 13,928 | 2,042 |
Derivative Liabilities, Total | 3,471 | 2,044 |
Fair Value, Measurements, Recurring | 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, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Total | 32,298 | 3,569 |
Derivative Liabilities, Total | 3,612 | 3,596 |
Fair Value, Measurements, Recurring | 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 |
Fair Value, Measurements, Recurring | 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 | (18,370) | (1,527) |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (141) | (1,552) |
Fair Value, Measurements, Recurring | Gas Utilities | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 13,928 | 977 |
Derivative Liabilities, Fair Value Disclosure | 987 | 1,123 |
Fair Value, Measurements, Recurring | 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 |
Fair Value, Measurements, Recurring | Gas Utilities | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 32,298 | 2,504 |
Derivative Liabilities, Fair Value Disclosure | 1,128 | 2,675 |
Fair Value, Measurements, Recurring | 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 |
Fair Value, Measurements, Recurring | 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 |
Fair Value, Measurements, Recurring | Electric Utilities | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 0 | 1,065 |
Derivative Liabilities, Fair Value Disclosure | 2,484 | 921 |
Fair Value, Measurements, Recurring | 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 |
Fair Value, Measurements, Recurring | Electric Utilities | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 0 | 1,065 |
Derivative Liabilities, Fair Value Disclosure | 2,484 | 921 |
Fair Value, Measurements, Recurring | 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 | Sep. 30, 2021 | Dec. 31, 2020 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt | $ 4,125,571 | $ 3,536,536 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 4,614,244 | $ 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 | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Condensed Statement of Income Captions [Line Items] | ||||||||
Interest Expense | $ 38,604 | $ 36,521 | $ 115,098 | $ 108,067 | ||||
Fuel, purchased power and cost of natural gas sold | 94,057 | 71,686 | 495,678 | 331,194 | ||||
Operations and maintenance | 122,277 | 122,759 | 375,201 | 365,533 | ||||
Income tax benefit (expense) | (5,253) | (4,651) | (6,333) | (25,484) | ||||
Net income (loss) | 48,162 | $ 28,287 | $ 100,487 | 40,349 | $ 24,694 | $ 97,224 | 176,936 | 162,267 |
Reclassification out of Accumulated Other Comprehensive Income | ||||||||
Condensed Statement of Income Captions [Line Items] | ||||||||
Net income (loss) | (847) | (1,111) | (2,701) | (3,497) | ||||
Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedging | ||||||||
Condensed Statement of Income Captions [Line Items] | ||||||||
Income before Income Taxes | (381) | (890) | (1,782) | (2,872) | ||||
Income tax benefit (expense) | (26) | 209 | 308 | 680 | ||||
Net income (loss) | (407) | (681) | (1,474) | (2,192) | ||||
Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedging | Interest rate swaps | ||||||||
Condensed Statement of Income Captions [Line Items] | ||||||||
Interest Expense | (712) | (712) | (2,138) | (2,138) | ||||
Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedging | Commodity Contract | ||||||||
Condensed Statement of Income Captions [Line Items] | ||||||||
Fuel, purchased power and cost of natural gas sold | 331 | (178) | 356 | (734) | ||||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost | ||||||||
Condensed Statement of Income Captions [Line Items] | ||||||||
Operations and maintenance | 25 | 24 | 74 | 79 | ||||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) | ||||||||
Condensed Statement of Income Captions [Line Items] | ||||||||
Operations and maintenance | (598) | (597) | (1,793) | (1,791) | ||||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment | ||||||||
Condensed Statement of Income Captions [Line Items] | ||||||||
Income before Income Taxes | (573) | (573) | (1,719) | (1,712) | ||||
Income tax benefit (expense) | 133 | 143 | 492 | 407 | ||||
Net income (loss) | $ (440) | $ (430) | $ (1,227) | $ (1,305) |
Other Comprehensive Income_ Acc
Other Comprehensive Income: Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 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 | (19,169) | (26,922) |
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 | (13,563) | (13,717) |
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 | 1,227 | 1,305 |
Accumulated Other Comprehensive Income (loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 5,476 | 236 |
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 | 2,701 | 3,497 |
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 | (10,815) | (13,492) |
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 | 1,743 | 1,630 |
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 | 5,476 | 181 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | 5,209 | 287 |
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 | $ (269) | $ 562 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Defined Benefit Pension Plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | $ 1,260 | $ 1,352 | $ 3,779 | $ 4,058 |
Interest cost | 2,328 | 3,356 | 6,984 | 10,069 |
Expected return on plan assets | (5,219) | (5,647) | (15,657) | (16,943) |
Net loss (gain) | 1,828 | 2,093 | 5,486 | 6,279 |
Net periodic benefit cost | 197 | 1,154 | 592 | 3,463 |
Payment for Pension and Other Postretirement Benefits [Abstract] | ||||
Contributions by Employer | 0 | |||
Estimated Future Employer Contributions in Current Fiscal Year | 0 | 0 | ||
Estimated Future Employer Contributions in Next Fiscal Year | 3,900 | 3,900 | ||
Other Postretirement Benefits Plan | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | 560 | 514 | 1,678 | 1,542 |
Interest cost | 264 | 412 | 793 | 1,237 |
Expected return on plan assets | (34) | (46) | (102) | (137) |
Prior service cost (benefit) | (108) | (136) | (326) | (410) |
Net loss (gain) | 116 | 5 | 350 | 15 |
Net periodic benefit cost | 798 | 749 | 2,393 | 2,247 |
Payment for Pension and Other Postretirement Benefits [Abstract] | ||||
Contributions by Employer | 4,145 | |||
Estimated Future Employer Contributions in Current Fiscal Year | 1,382 | 1,382 | ||
Estimated Future Employer Contributions in Next Fiscal Year | 5,202 | 5,202 | ||
Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | 235 | 1,035 | 1,948 | 1,482 |
Interest cost | 176 | 274 | 530 | 824 |
Prior service cost (benefit) | 0 | 1 | 0 | 1 |
Net loss (gain) | 439 | 425 | 1,316 | 1,277 |
Net periodic benefit cost | 850 | $ 1,735 | 3,794 | $ 3,584 |
Payment for Pension and Other Postretirement Benefits [Abstract] | ||||
Contributions by Employer | 1,445 | |||
Estimated Future Employer Contributions in Current Fiscal Year | 482 | 482 | ||
Estimated Future Employer Contributions in Next Fiscal Year | $ 2,149 | $ 2,149 |
Income Taxes_ Winter Storm Uri
Income Taxes: Winter Storm Uri (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Deferred income tax liabilities, net | $ 445,036 | $ 408,624 |
Winter Storm Uri | ||
Deferred income tax liabilities, net | $ 130,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income tax benefit (expense) | $ (5,253) | $ (4,651) | $ (6,333) | $ (25,484) |
Effective Tax Rate | 3.50% | 13.60% | ||
Effective Income Tax Reconciliation, Tax Benefit From Amortization Of Excess Deferred Income Taxes | $ 2,200 | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 1,900 | |||
Effective Income Tax Reconciliation, Tax Flow-through Benefit from Repairs and Indirect Costs | 1,100 | |||
Wind Assets | ||||
Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Amount | 3,200 | |||
Colorado Electric and Nebraska Gas | ||||
Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of 2017 Amount, Tax Benefit from Bill Credit | $ 10,000 |
Business Segment Information_ S
Business Segment Information: Segment and Corporate Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 8,910,390 | $ 8,088,786 |
Corporate | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 114,712 | 110,349 |
Electric Utilities | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 3,267,074 | 3,120,928 |
Gas Utilities | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 5,052,898 | 4,376,204 |
Power Generation | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 398,915 | 404,220 |
Mining | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 76,791 | $ 77,085 |
Business Segment Information_ I
Business Segment Information: Information Relating to Segment Statement of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information | ||||||||
Revenue from contracts with customers | $ 378,653 | $ 344,312 | $ 1,377,293 | $ 1,198,714 | ||||
Revenues | 380,590 | 346,590 | 1,386,594 | 1,210,554 | ||||
Operating income | 89,873 | 82,234 | 295,454 | 302,352 | ||||
Interest expense, net | (38,018) | (36,041) | (113,820) | (107,039) | ||||
Impairment of investment | 0 | 0 | 0 | (6,859) | ||||
Other income (expense), net | 1,560 | (1,193) | 1,635 | (703) | ||||
Income tax (expense) | (5,253) | (4,651) | (6,333) | (25,484) | ||||
Net income | 48,162 | $ 28,287 | $ 100,487 | 40,349 | $ 24,694 | $ 97,224 | 176,936 | 162,267 |
Net income attributable to non-controlling interest | (4,050) | (4,066) | (11,347) | (11,844) | ||||
Net income available for common stock | 44,112 | 36,283 | 165,589 | 150,423 | ||||
Inter-company Revenues | ||||||||
Segment Reporting Information | ||||||||
Revenue from contracts with customers | (39,616) | (39,899) | (117,167) | (117,083) | ||||
Revenues | (40,104) | (39,935) | (118,622) | (117,902) | ||||
Consolidation, Eliminations | ||||||||
Segment Reporting Information | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Corporate | ||||||||
Segment Reporting Information | ||||||||
Operating income | (223) | (239) | (3,526) | (108) | ||||
Electric Utilities | ||||||||
Segment Reporting Information | ||||||||
Revenue from contracts with customers | 212,900 | 200,618 | 622,825 | 536,107 | ||||
Revenues | 213,103 | 200,842 | 625,444 | 538,181 | ||||
Operating income | 57,608 | 52,083 | 114,989 | 121,726 | ||||
Gas Utilities | ||||||||
Segment Reporting Information | ||||||||
Revenue from contracts with customers | 163,497 | 142,876 | 748,222 | 658,539 | ||||
Revenues | 164,683 | 143,929 | 753,252 | 665,812 | ||||
Operating income | 17,257 | 18,147 | 139,336 | 139,253 | ||||
Power Generation | ||||||||
Segment Reporting Information | ||||||||
Revenue from contracts with customers | 26,058 | 26,049 | 79,662 | 77,234 | ||||
Revenues | 26,520 | 26,518 | 81,031 | 78,606 | ||||
Operating income | 10,323 | 8,738 | 32,842 | 31,489 | ||||
Mining | ||||||||
Segment Reporting Information | ||||||||
Revenue from contracts with customers | 15,814 | 14,668 | 43,751 | 43,917 | ||||
Revenues | 16,388 | 15,236 | 45,489 | 45,857 | ||||
Operating income | 4,908 | 3,505 | 11,813 | 9,992 | ||||
Other revenues | ||||||||
Segment Reporting Information | ||||||||
Revenues | 1,937 | 2,278 | 9,301 | 11,840 | ||||
Other revenues | Inter-company Revenues | ||||||||
Segment Reporting Information | ||||||||
Revenues | (488) | (36) | (1,455) | (819) | ||||
Other revenues | Consolidation, Eliminations | ||||||||
Segment Reporting Information | ||||||||
Revenues | 0 | 0 | 0 | 0 | ||||
Other revenues | Electric Utilities | ||||||||
Segment Reporting Information | ||||||||
Revenues | 203 | 224 | 2,619 | 2,074 | ||||
Other revenues | Gas Utilities | ||||||||
Segment Reporting Information | ||||||||
Revenues | 1,186 | 1,053 | 5,030 | 7,273 | ||||
Other revenues | Power Generation | ||||||||
Segment Reporting Information | ||||||||
Revenues | 462 | 469 | 1,369 | 1,372 | ||||
Other revenues | Mining | ||||||||
Segment Reporting Information | ||||||||
Revenues | 574 | 568 | 1,738 | 1,940 | ||||
External Customers | ||||||||
Segment Reporting Information | ||||||||
Revenue from contracts with customers | 378,653 | 344,312 | 1,377,293 | 1,198,714 | ||||
External Customers | Electric Utilities | ||||||||
Segment Reporting Information | ||||||||
Revenue from contracts with customers | 207,374 | 194,941 | 604,966 | 518,641 | ||||
External Customers | Gas Utilities | ||||||||
Segment Reporting Information | ||||||||
Revenue from contracts with customers | 161,977 | 141,275 | 743,663 | 655,386 | ||||
External Customers | Power Generation | ||||||||
Segment Reporting Information | ||||||||
Revenue from contracts with customers | 2,333 | 1,528 | 8,006 | 4,625 | ||||
External Customers | Mining | ||||||||
Segment Reporting Information | ||||||||
Revenue from contracts with customers | 6,969 | 6,568 | 20,658 | 20,062 | ||||
External Customers | Other revenues | ||||||||
Segment Reporting Information | ||||||||
Revenues | 1,937 | 2,278 | 9,301 | 11,840 | ||||
External Customers | Other revenues | Electric Utilities | ||||||||
Segment Reporting Information | ||||||||
Revenues | 203 | 224 | 2,619 | 2,074 | ||||
External Customers | Other revenues | Gas Utilities | ||||||||
Segment Reporting Information | ||||||||
Revenues | 1,087 | 863 | 4,745 | 7,083 | ||||
External Customers | Other revenues | Power Generation | ||||||||
Segment Reporting Information | ||||||||
Revenues | 412 | 414 | 1,219 | 1,206 | ||||
External Customers | Other revenues | Mining | ||||||||
Segment Reporting Information | ||||||||
Revenues | 235 | 777 | 718 | 1,477 | ||||
Intercompany Customers | Electric Utilities | ||||||||
Segment Reporting Information | ||||||||
Revenue from contracts with customers | 5,526 | 5,677 | 17,859 | 17,466 | ||||
Intercompany Customers | Gas Utilities | ||||||||
Segment Reporting Information | ||||||||
Revenue from contracts with customers | 1,520 | 1,601 | 4,559 | 3,153 | ||||
Intercompany Customers | Power Generation | ||||||||
Segment Reporting Information | ||||||||
Revenue from contracts with customers | 23,725 | 24,521 | 71,656 | 72,609 | ||||
Intercompany Customers | Mining | ||||||||
Segment Reporting Information | ||||||||
Revenue from contracts with customers | 8,845 | 8,100 | 23,093 | 23,855 | ||||
Intercompany Customers | Other revenues | Electric Utilities | ||||||||
Segment Reporting Information | ||||||||
Revenues | 0 | 0 | 0 | 0 | ||||
Intercompany Customers | Other revenues | Gas Utilities | ||||||||
Segment Reporting Information | ||||||||
Revenues | 99 | 190 | 285 | 190 | ||||
Intercompany Customers | Other revenues | Power Generation | ||||||||
Segment Reporting Information | ||||||||
Revenues | 50 | 55 | 150 | 166 | ||||
Intercompany Customers | Other revenues | Mining | ||||||||
Segment Reporting Information | ||||||||
Revenues | $ 339 | $ (209) | $ 1,020 | $ 463 |
Selected Balance Sheet Inform_3
Selected Balance Sheet Information: Accounts Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Selected Balance Sheet Information [Abstract] | ||||
Accounts receivable, trade | $ 120,930 | $ 146,899 | ||
Unbilled revenue | 63,338 | 126,065 | ||
Less: Allowance for doubtful accounts | (2,312) | (7,003) | $ (8,609) | $ (2,444) |
Accounts receivable, net | $ 181,956 | $ 265,961 |
Selected Balance Sheet Inform_4
Selected Balance Sheet Information: Changes to Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Selected Balance Sheet Information [Abstract] | ||
Balance at Beginning of Year | $ 7,003 | $ 2,444 |
Additions Charged to Costs and Expenses | 1,111 | 8,471 |
Recoveries and Other Additions | 2,420 | 3,720 |
Write-offs and Other Deductions | (8,222) | (6,026) |
Balance at End of Year | $ 2,312 | $ 8,609 |
Selected Balance Sheet Inform_5
Selected Balance Sheet Information: Materials and Supplies (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Selected Balance Sheet Information [Abstract] | ||
Materials and supplies | $ 85,612 | $ 85,250 |
Fuel - Electric Utilities | 1,240 | 1,531 |
Natural gas in storage | 58,891 | 30,619 |
Total materials, supplies and fuel | $ 145,743 | $ 117,400 |
Selected Balance Sheet Inform_6
Selected Balance Sheet Information: Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Selected Balance Sheet Information [Abstract] | ||
Accrued employee compensation, benefits and withholdings | $ 72,328 | $ 77,806 |
Accrued property taxes | 44,231 | 47,105 |
Customer deposits and prepayments | 53,652 | 52,185 |
Accrued interest | 46,532 | 31,520 |
Other (none of which is individually significant) | 33,092 | 34,996 |
Total accrued liabilities | $ 249,835 | $ 243,612 |