☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES | |
EXCHANGE ACT OF 1934 | ||
For the quarterly period ended | ||
OR | ||
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES | |
EXCHANGE ACT OF 1934 | ||
For the transition period from __________ to __________. | ||
Commission File Number | 001-31303 |
Black Hills Corporation | ||||||
Incorporated in | South Dakota | IRS Identification Number | 46-0458824 | |||
7001 Mount Rushmore Road | Rapid City | South Dakota | 57702 | |||
Registrant’s telephone number | (605) | 721-1700 | ||||
Former name, former address, and former fiscal year if changed since last report | ||||||
NONE |
Yes | x | No o |
Yes | x | No o |
Large Accelerated Filer | x | Accelerated Filer | ☐ | |||
Non-accelerated Filer | ☐ | Smaller Reporting Company | ☐ | |||
Emerging Growth Company | ☐ |
Yes | ☐ | No x |
Securities registered pursuant to Section 12(b) of the Act: | ||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common stock of $1.00 par value | BKH | New York Stock Exchange |
Class | Outstanding at | ||
Common stock, $1.00 par value | shares |
TABLE OF CONTENTS | |||
Page | |||
Item 1. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Item 1. | |||
Item 4. | |||
Item 6. | |||
AFUDC | Allowance for Funds Used During Construction |
AOCI | Accumulated Other Comprehensive Income (Loss) |
Arkansas Gas | Black Hills Energy Arkansas, Inc., a direct, wholly-owned subsidiary of Black Hills Gas Inc. |
ASC | Accounting Standards Codification |
ASU | Accounting Standards Update issued by the FASB |
ATM | At-the-market equity offering program |
Availability | The availability factor of a power plant is the percentage of the time that it is available to provide energy. |
BHC | Black Hills Corporation; the Company |
Black Hills Electric Generation | Black Hills Electric Generation, LLC, a direct, wholly-owned subsidiary of Black Hills Non-regulated Holdings |
Black Hills Energy | The name used to conduct the business of our utility companies |
Black Hills Power | Black Hills Power, Inc., a direct, wholly-owned subsidiary of Black Hills Corporation (doing business as Black Hills Energy) |
Black Hills Utility Holdings | Black Hills Utility Holdings, Inc., a direct, wholly-owned subsidiary of Black Hills Corporation (doing business as Black Hills Energy) |
Black Hills Wyoming | Black Hills Wyoming, LLC, a direct, wholly-owned subsidiary of Black Hills Electric Generation |
Busch Ranch I | Busch Ranch Wind Farm is a 29 MW wind farm near Pueblo, Colorado, jointly owned by Colorado Electric and Black Hills Electric Generation. Colorado Electric and Black Hills Electric Generation each have a 50% ownership interest in the wind farm. |
Busch Ranch II | Busch Ranch II wind project will be a 60 MW wind farm near Pueblo, Colorado, built by Black Hills Electric Generation to provide wind energy to Colorado Electric through a 25-year power purchase agreement. |
CAPP | Customer Appliance Protection Plan |
Cheyenne Light | Cheyenne Light, Fuel and Power Company, a direct, wholly-owned subsidiary of Black Hills Corporation (doing business as Black Hills Energy and providing electric service) |
Choice Gas Program | The unbundling of the natural gas service from the distribution component, which opens up the gas supply for competition allowing customers to choose from different natural gas suppliers. Black Hills Gas Distribution and Wyoming Gas distribute the gas and Black Hills Energy Services, Wyoming Gas and Black Hills Gas Distribution are Choice Gas suppliers. |
CIAC | Contribution In Aid of Construction |
City of Gillette | Gillette, Wyoming |
City of Cheyenne | Cheyenne, Wyoming |
Chief | Chief Executive Officer |
Colorado Electric | Black Hills Colorado Electric, LLC, an indirect, wholly-owned subsidiary of Black Hills Utility Holdings (doing business as Black Hills Energy) |
Colorado Gas | Black Hills Colorado Gas, Inc., an indirect, wholly-owned subsidiary of Black Hills Utility Holdings (doing business as Black Hills Energy) |
Colorado IPP | Black Hills Colorado IPP, LLC a 50.1% owned subsidiary of Black Hills Electric Generation |
Consolidated Indebtedness to Capitalization Ratio | Any indebtedness outstanding at such time, divided by capital at such time. Capital being consolidated net-worth (excluding noncontrolling interest) plus consolidated indebtedness (including letters of credit and certain guarantees issued) as defined within the current Revolving Credit Facility. |
Cooling Degree Day (CDD) | A cooling degree day is equivalent to each degree that the average of the high and low |
CPCN | Certificate of Public Convenience and Necessity |
CP Program | Commercial Paper Program |
CPUC | Colorado Public Utilities Commission |
CT | Combustion turbine |
CVA | Credit Valuation Adjustment |
Dodd-Frank | Dodd-Frank Wall Street Reform and Consumer Protection Act |
Dth | Dekatherm. A unit of energy equal to 10 therms or one million British thermal units (MMBtu) |
Equity Unit | Each Equity Unit had a stated amount of $50, consisting of a purchase contract issued by BHC to purchase shares of BHC common stock and a 1/20, or 5% undivided beneficial ownership interest in $1,000 principal amount of BHC RSNs that were formerly due 2028. On November 1, 2018, we completed settlement of the stock purchase contracts that are components of the Equity Units issued in November 2015. |
FASB | Financial Accounting Standards Board |
FERC | United States Federal Energy Regulatory Commission |
Fitch | Fitch Ratings |
GAAP | Accounting principles generally accepted in the United States of America |
Heating Degree Day (HDD) | A heating degree day is equivalent to each degree that the average of the high and the low temperatures for a day is below 65 degrees. The colder the climate, the greater the number of heating degree days. Heating degree days are used in the utility industry to measure the relative coldness of weather and to compare relative temperatures between one geographic area and another. Normal degree days are based on the National Weather Service data for selected locations. |
IPP | Independent power producer |
IRS | United States Internal Revenue Service |
Kansas Gas | Black Hills Kansas Gas Utility Company, LLC, a direct, wholly-owned subsidiary of Black Hills Utility Holdings (doing business as Black Hills Energy) |
MMBtu | Million British thermal units |
Moody’s | Moody’s Investors Service, Inc. |
MW | Megawatts |
MWh | Megawatt-hours |
Nebraska Gas | Black Hills Nebraska Gas Utility Company, LLC, a direct, wholly-owned subsidiary of Black Hills Utility Holdings (doing business as Black Hills Energy) |
NPSC | Nebraska Public Service Commission |
PPA | Power Purchase Agreement |
Pueblo Airport Generation Station | Two 100 MW combined cycle gas-fired power generation plants owned by Colorado IPP and located at a site shared with Colorado Electric. The plants commenced operation on January 1, 2012. |
Revolving Credit Facility | Our $750 million credit facility used to fund working capital needs, letters of credit and other corporate purposes, which was amended and restated on July 30, 2018 and now terminates on July 30, 2023. |
RSNs | Remarketable junior subordinated notes, issued on November 23, 2015 and retired on August 17, 2018. |
SDPUC | South Dakota Public Utilities Commission |
SEC | U. S. Securities and Exchange Commission |
S&P | Standard and Poor’s, a division of The McGraw-Hill Companies, Inc. |
South Dakota Electric | Black Hills Power, which includes operations in South Dakota, Wyoming and Montana |
SSIR | System Safety and Integrity Rider |
TCJA | Tax Cuts and Jobs Act enacted on December 22, 2017 |
Tech Services | Non-regulated product lines within Black Hills Corporation that 1) provide electrical system construction services to large industrial customers of our electric utilities, and 2) serve gas transportation customers throughout its service territory by constructing and maintaining customer-owner gas infrastructure facilities, typically through one-time contracts. |
Wind Capacity Factor | Measures the amount of electricity a wind turbine produces in a given time period relative to its maximum potential |
WPSC | Wyoming Public Service Commission |
WRDC | Wyodak Resources Development |
Wyodak Plant | Wyodak, a 362 MW mine-mouth coal-fired plant in Gillette, Wyoming, owned 80% by |
Wyoming Electric | Includes Cheyenne Light’s electric utility operations |
Wyoming Gas | Black Hills Wyoming Gas, LLC, an indirect and wholly-owned subsidiary of Black Hills Utility Holdings (doing business as Black Hills Energy) |
(unaudited) | Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||
(in thousands, except per share amounts) | (in thousands, except per share amounts) | |||||||||||||||||||||||
Revenue | $ | 333,888 | $ | 355,704 | $ | 931,698 | $ | 931,093 | $ | 325,548 | $ | 321,979 | $ | 1,257,246 | $ | 1,253,072 | ||||||||
Operating expenses: | ||||||||||||||||||||||||
Fuel, purchased power and cost of natural gas sold | 89,826 | 104,661 | 338,605 | 352,300 | 73,090 | 80,244 | 411,695 | 432,544 | ||||||||||||||||
Operations and maintenance | 124,931 | 118,282 | 248,844 | 234,378 | 117,037 | 115,699 | 366,907 | 352,092 | ||||||||||||||||
Depreciation, depletion and amortization | 51,595 | 48,709 | 102,623 | 97,299 | 51,884 | 49,046 | 154,507 | 146,345 | ||||||||||||||||
Taxes - property and production | 13,142 | 13,976 | 26,661 | 27,276 | 12,986 | 11,905 | 39,454 | 39,181 | ||||||||||||||||
Other operating expenses | 393 | 525 | 833 | 2,015 | ||||||||||||||||||||
Total operating expenses | 279,887 | 286,153 | 717,566 | 713,268 | 254,997 | 256,894 | 972,563 | 970,162 | ||||||||||||||||
Operating income | 54,001 | 69,551 | 214,132 | 217,825 | 70,551 | 65,085 | 284,683 | 282,910 | ||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||
Interest charges - | ||||||||||||||||||||||||
Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) | (36,058 | ) | (35,365 | ) | (72,032 | ) | (70,803 | ) | (36,200 | ) | (36,380 | ) | (108,232 | ) | (107,183 | ) | ||||||||
Allowance for funds used during construction - borrowed | 1,397 | 511 | 2,355 | 644 | 2,200 | 701 | 4,555 | 1,345 | ||||||||||||||||
Interest income | 396 | 320 | 695 | 630 | 513 | 382 | 1,208 | 1,012 | ||||||||||||||||
Allowance for funds used during construction - equity | 127 | 242 | 175 | 310 | 311 | 193 | 486 | 503 | ||||||||||||||||
Impairment of investment | (19,741 | ) | — | (19,741 | ) | — | ||||||||||||||||||
Other income (expense), net | 137 | (1,551 | ) | (700 | ) | (1,723 | ) | 269 | (703 | ) | (431 | ) | (2,426 | ) | ||||||||||
Total other income (expense) | (34,001 | ) | (35,843 | ) | (69,507 | ) | (70,942 | ) | (52,648 | ) | (35,807 | ) | (122,155 | ) | (106,749 | ) | ||||||||
Income before income taxes | 20,000 | 33,708 | 144,625 | 146,883 | 17,903 | 29,278 | 162,528 | 176,161 | ||||||||||||||||
Income tax benefit (expense) | (2,307 | ) | (6,541 | ) | (19,570 | ) | 19,261 | (2,508 | ) | (7,477 | ) | (22,078 | ) | 11,784 | ||||||||||
Income from continuing operations | 17,693 | 27,167 | 125,055 | 166,144 | 15,395 | 21,801 | 140,450 | 187,945 | ||||||||||||||||
Net (loss) from discontinued operations | — | (2,427 | ) | — | (4,770 | ) | — | (857 | ) | — | (5,627 | ) | ||||||||||||
Net income | 17,693 | 24,740 | 125,055 | 161,374 | 15,395 | 20,944 | 140,450 | 182,318 | ||||||||||||||||
Net income attributable to noncontrolling interest | (3,110 | ) | (2,823 | ) | (6,664 | ) | (6,453 | ) | (3,655 | ) | (3,994 | ) | (10,319 | ) | (10,447 | ) | ||||||||
Net income available for common stock | $ | 14,583 | $ | 21,917 | $ | 118,391 | $ | 154,921 | $ | 11,740 | $ | 16,950 | $ | 130,131 | $ | 171,871 | ||||||||
Amounts attributable to common shareholders: | ||||||||||||||||||||||||
Net income from continuing operations | $ | 14,583 | $ | 24,344 | $ | 118,391 | $ | 159,691 | $ | 11,740 | $ | 17,807 | $ | 130,131 | $ | 177,498 | ||||||||
Net (loss) from discontinued operations | — | (2,427 | ) | — | (4,770 | ) | — | (857 | ) | — | (5,627 | ) | ||||||||||||
Net income available for common stock | $ | 14,583 | $ | 21,917 | $ | 118,391 | $ | 154,921 | $ | 11,740 | $ | 16,950 | $ | 130,131 | $ | 171,871 | ||||||||
Earnings (loss) per share of common stock, Basic - | ||||||||||||||||||||||||
Earnings from continuing operations | $ | 0.24 | $ | 0.46 | $ | 1.97 | $ | 2.99 | $ | 0.19 | $ | 0.33 | $ | 2.15 | $ | 3.33 | ||||||||
(Loss) from discontinued operations | — | (0.05 | ) | — | (0.09 | ) | — | (0.02 | ) | — | (0.10 | ) | ||||||||||||
Total earnings per share of common stock, Basic | $ | 0.24 | $ | 0.41 | $ | 1.97 | $ | 2.90 | $ | 0.19 | $ | 0.32 | $ | 2.15 | $ | 3.22 | ||||||||
Earnings (loss) per share of common stock, Diluted - | ||||||||||||||||||||||||
Earnings from continuing operations | $ | 0.24 | $ | 0.45 | $ | 1.96 | $ | 2.94 | $ | 0.19 | $ | 0.32 | $ | 2.15 | $ | 3.26 | ||||||||
(Loss) from discontinued operations | — | (0.05 | ) | — | (0.09 | ) | — | (0.02 | ) | — | (0.10 | ) | ||||||||||||
Total earnings per share of common stock, Diluted | $ | 0.24 | $ | 0.40 | $ | 1.96 | $ | 2.85 | $ | 0.19 | $ | 0.31 | $ | 2.15 | $ | 3.15 | ||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||||
Basic | 60,467 | 53,355 | 60,195 | 53,337 | 60,976 | 53,364 | 60,458 | 53,346 | ||||||||||||||||
Diluted | 60,606 | 54,520 | 60,333 | 54,361 | 61,104 | 54,819 | 60,578 | 54,508 |
(unaudited) | Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Net income | $ | 17,693 | $ | 24,740 | $ | 125,055 | $ | 161,374 | $ | 15,395 | $ | 20,944 | $ | 140,450 | $ | 182,318 | ||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||
Reclassification adjustments of benefit plan liability - prior service cost (net of tax of $5, $9, $10 and $19, respectively) | (15 | ) | (35 | ) | (29 | ) | (70 | ) | ||||||||||||||||
Reclassification adjustments of benefit plan liability - net gain (loss) (net of tax of $(52), $(135), $(105), and $(271), respectively) | 169 | 487 | 336 | 973 | ||||||||||||||||||||
Reclassification adjustments of benefit plan liability - prior service cost (net of tax of $3, $10, $13 and $29, respectively) | (16 | ) | (34 | ) | (45 | ) | (104 | ) | ||||||||||||||||
Reclassification adjustments of benefit plan liability - net gain (loss) (net of tax of $(92), $(138), $(197), and $(409), respectively) | (9 | ) | 483 | 327 | 1,456 | |||||||||||||||||||
Derivative instruments designated as cash flow hedges: | ||||||||||||||||||||||||
Reclassification of net realized (gains) losses on settled/amortized interest rate swaps (net of tax of $(172), $(152), $(335), and $(304), respectively) | 541 | 561 | 1,091 | 1,122 | ||||||||||||||||||||
Net unrealized gains (losses) on commodity derivatives (net of tax of $119, $(18), $65 and $51, respectively) | (399 | ) | 30 | (219 | ) | (198 | ) | |||||||||||||||||
Reclassification of net realized (gains) losses on settled commodity derivatives (net of tax of $19, $(45), $147 and $(190), respectively) | (64 | ) | 118 | (490 | ) | 594 | ||||||||||||||||||
Reclassification of net realized (gains) losses on settled/amortized interest rate swaps (net of tax of $(165), $(152), $(500), and $(456), respectively) | 548 | 560 | 1,639 | 1,682 | ||||||||||||||||||||
Net unrealized gains (losses) on commodity derivatives (net of tax of $35, $0, $100 and $51, respectively) | (115 | ) | 30 | (334 | ) | (168 | ) | |||||||||||||||||
Reclassification of net realized (gains) losses on settled commodity derivatives (net of tax of $(5), $3, $142 and $(187), respectively) | 124 | 21 | (366 | ) | 615 | |||||||||||||||||||
Other comprehensive income, net of tax | 232 | 1,161 | 689 | 2,421 | 532 | 1,060 | 1,221 | 3,481 | ||||||||||||||||
Comprehensive income | 17,925 | 25,901 | 125,744 | 163,795 | 15,927 | 22,004 | 141,671 | 185,799 | ||||||||||||||||
Less: comprehensive income attributable to noncontrolling interest | (3,110 | ) | (2,823 | ) | (6,664 | ) | (6,453 | ) | (3,655 | ) | (3,994 | ) | (10,319 | ) | (10,447 | ) | ||||||||
Comprehensive income available for common stock | $ | 14,815 | $ | 23,078 | $ | 119,080 | $ | 157,342 | $ | 12,272 | $ | 18,010 | $ | 131,352 | $ | 175,352 |
(unaudited) | As of | As of | ||||||||||||
June 30, 2019 | December 31, 2018 | September 30, 2019 | December 31, 2018 | |||||||||||
(in thousands) | (in thousands) | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 6,642 | $ | 20,776 | $ | 13,087 | $ | 20,776 | ||||||
Restricted cash | 3,602 | 3,369 | 3,688 | 3,369 | ||||||||||
Accounts receivable, net | 166,513 | 269,153 | 148,989 | 269,153 | ||||||||||
Materials, supplies and fuel | 102,830 | 117,299 | 123,002 | 117,299 | ||||||||||
Derivative assets, current | 405 | 1,500 | 412 | 1,500 | ||||||||||
Income tax receivable, net | 13,547 | 12,978 | 12,931 | 12,978 | ||||||||||
Regulatory assets, current | 48,925 | 48,776 | 46,206 | 48,776 | ||||||||||
Other current assets | 27,209 | 29,982 | 29,106 | 29,982 | ||||||||||
Total current assets | 369,673 | 503,833 | 377,421 | 503,833 | ||||||||||
Investments | 41,271 | 41,013 | 21,583 | 41,013 | ||||||||||
Property, plant and equipment | 6,317,112 | 6,000,015 | 6,567,229 | 6,000,015 | ||||||||||
Less: accumulated depreciation and depletion | (1,224,600 | ) | (1,145,136 | ) | (1,243,794 | ) | (1,145,136 | ) | ||||||
Total property, plant and equipment, net | 5,092,512 | 4,854,879 | 5,323,435 | 4,854,879 | ||||||||||
Other assets: | ||||||||||||||
Goodwill | 1,299,454 | 1,299,454 | 1,299,454 | 1,299,454 | ||||||||||
Intangible assets, net | 13,867 | 14,337 | 13,566 | 14,337 | ||||||||||
Regulatory assets, non-current | 234,124 | 235,459 | 214,152 | 235,459 | ||||||||||
Other assets, non-current | 30,552 | 14,352 | 25,339 | 14,352 | ||||||||||
Total other assets, non-current | 1,577,997 | 1,563,602 | 1,552,511 | 1,563,602 | ||||||||||
TOTAL ASSETS | $ | 7,081,453 | $ | 6,963,327 | $ | 7,274,950 | $ | 6,963,327 |
(unaudited) | As of | As of | ||||||||||||
June 30, 2019 | December 31, 2018 | September 30, 2019 | December 31, 2018 | |||||||||||
(in thousands, except share amounts) | (in thousands, except share amounts) | |||||||||||||
LIABILITIES AND TOTAL EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 150,508 | $ | 210,609 | $ | 145,085 | $ | 210,609 | ||||||
Accrued liabilities | 188,517 | 215,501 | 217,832 | 215,501 | ||||||||||
Derivative liabilities, current | 1,491 | 947 | 2,396 | 947 | ||||||||||
Regulatory liabilities, current | 39,642 | 29,810 | 25,168 | 29,810 | ||||||||||
Notes payable | 102,500 | 185,620 | 294,900 | 185,620 | ||||||||||
Current maturities of long-term debt | 5,743 | 5,743 | 5,743 | 5,743 | ||||||||||
Total current liabilities | 488,401 | 648,230 | 691,124 | 648,230 | ||||||||||
Long-term debt | 3,049,672 | 2,950,835 | 3,049,235 | 2,950,835 | ||||||||||
Deferred credits and other liabilities: | ||||||||||||||
Deferred income tax liabilities, net | 343,207 | 311,331 | 347,952 | 311,331 | ||||||||||
Regulatory liabilities, non-current | 514,914 | 510,984 | 498,773 | 510,984 | ||||||||||
Benefit plan liabilities | 146,648 | 145,147 | 134,150 | 145,147 | ||||||||||
Other deferred credits and other liabilities | 118,613 | 109,377 | 120,820 | 109,377 | ||||||||||
Total deferred credits and other liabilities | 1,123,382 | 1,076,839 | 1,101,695 | 1,076,839 | ||||||||||
Commitments and contingencies (See Notes 8, 10, 15, 16) | ||||||||||||||
Equity: | ||||||||||||||
Stockholders’ equity — | ||||||||||||||
Common stock $1 par value; 100,000,000 shares authorized; issued 61,091,385 and 60,048,567 shares, respectively | 61,091 | 60,049 | ||||||||||||
Common stock $1 par value; 100,000,000 shares authorized; issued 61,480,640 and 60,048,567 shares, respectively | 61,481 | 60,049 | ||||||||||||
Additional paid-in capital | 1,522,208 | 1,450,569 | 1,553,190 | 1,450,569 | ||||||||||
Retained earnings | 761,222 | 700,396 | 742,138 | 700,396 | ||||||||||
Treasury stock, at cost – 25,359 and 44,253 shares, respectively | (1,544 | ) | (2,510 | ) | ||||||||||
Treasury stock, at cost – 26,572 and 44,253 shares, respectively | (1,636 | ) | (2,510 | ) | ||||||||||
Accumulated other comprehensive income (loss) | (26,227 | ) | (26,916 | ) | (25,695 | ) | (26,916 | ) | ||||||
Total stockholders’ equity | 2,316,750 | 2,181,588 | 2,329,478 | 2,181,588 | ||||||||||
Noncontrolling interest | 103,248 | 105,835 | 103,418 | 105,835 | ||||||||||
Total equity | 2,419,998 | 2,287,423 | 2,432,896 | 2,287,423 | ||||||||||
TOTAL LIABILITIES AND TOTAL EQUITY | $ | 7,081,453 | $ | 6,963,327 | $ | 7,274,950 | $ | 6,963,327 |
(unaudited) | Six Months Ended June 30, | Nine Months Ended September 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
Operating activities: | (in thousands) | (in thousands) | ||||||||||
Net income | $ | 125,055 | $ | 161,374 | $ | 140,450 | $ | 182,318 | ||||
Loss from discontinued operations, net of tax | — | 4,770 | — | 5,627 | ||||||||
Income from continuing operations | 125,055 | 166,144 | 140,450 | 187,945 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation, depletion and amortization | 102,623 | 97,299 | 154,507 | 146,345 | ||||||||
Deferred financing cost amortization | 4,219 | 3,694 | 6,326 | 5,682 | ||||||||
Impairment of investment | 19,741 | — | ||||||||||
Stock compensation | 7,093 | 5,221 | 8,332 | 7,544 | ||||||||
Deferred income taxes | 21,935 | (21,419 | ) | 24,381 | (14,396 | ) | ||||||
Employee benefit plans | 5,683 | 6,911 | 7,965 | 10,641 | ||||||||
Other adjustments, net | 8,991 | 4,884 | 9,192 | 7,668 | ||||||||
Changes in certain operating assets and liabilities: | ||||||||||||
Materials, supplies and fuel | 14,911 | 18,492 | (4,126 | ) | (8,380 | ) | ||||||
Accounts receivable, unbilled revenues and other operating assets | 99,925 | 50,711 | 115,325 | 72,061 | ||||||||
Accounts payable and other operating liabilities | (107,563 | ) | (96,394 | ) | (83,436 | ) | (86,604 | ) | ||||
Regulatory assets - current | 16,116 | 55,637 | 12,455 | 41,655 | ||||||||
Regulatory liabilities - current | (6,348 | ) | 19,990 | (15,644 | ) | 21,416 | ||||||
Contributions to defined benefit pension plans | (12,700 | ) | (12,700 | ) | ||||||||
Other operating activities, net | (2,861 | ) | (1,372 | ) | 3,307 | 2,007 | ||||||
Net cash provided by operating activities of continuing operations | 289,779 | 309,798 | 386,075 | 380,884 | ||||||||
Net cash provided by operating activities of discontinued operations | — | 903 | ||||||||||
Net cash provided by (used in) operating activities of discontinued operations | — | (2,162 | ) | |||||||||
Net cash provided by operating activities | 289,779 | 310,701 | 386,075 | 378,722 | ||||||||
Investing activities: | ||||||||||||
Property, plant and equipment additions | (317,686 | ) | (156,748 | ) | (592,537 | ) | (278,132 | ) | ||||
Purchase of investment | — | (24,429 | ) | — | (24,429 | ) | ||||||
Other investing activities | 389 | (373 | ) | (735 | ) | 2,766 | ||||||
Net cash provided by (used in) investing activities of continuing operations | (317,297 | ) | (181,550 | ) | (593,272 | ) | (299,795 | ) | ||||
Net cash provided by investing activities of discontinued operations | — | 18,024 | — | 18,024 | ||||||||
Net cash provided by (used in) investing activities | (317,297 | ) | (163,526 | ) | (593,272 | ) | (281,771 | ) | ||||
Financing activities: | ||||||||||||
Dividends paid on common stock | (60,952 | ) | (50,879 | ) | (91,779 | ) | (76,309 | ) | ||||
Common stock issued | 71,759 | 1,074 | 101,361 | 1,079 | ||||||||
Net (payments) borrowings of short-term debt | (83,120 | ) | (89,500 | ) | 109,280 | (99,200 | ) | |||||
Long-term debt - issuances | 400,000 | — | 400,000 | 700,000 | ||||||||
Long-term debt - repayments | (302,871 | ) | (2,871 | ) | (304,307 | ) | (603,307 | ) | ||||
Distributions to noncontrolling interest | (9,251 | ) | (9,998 | ) | (12,736 | ) | (13,755 | ) | ||||
Other financing activities | (1,948 | ) | (1,527 | ) | (1,992 | ) | (10,457 | ) | ||||
Net cash provided by (used in) financing activities | 13,617 | (153,701 | ) | 199,827 | (101,949 | ) | ||||||
Net change in cash, cash equivalents and restricted cash | (13,901 | ) | (6,526 | ) | (7,370 | ) | (4,998 | ) | ||||
Cash, cash equivalents and restricted cash at beginning of period | 24,145 | 18,240 | 24,145 | 18,240 | ||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 10,244 | $ | 11,714 | $ | 16,775 | $ | 13,242 |
(unaudited) | Common Stock | Treasury Stock | |||||||||||||||||||||||
(in thousands except share amounts) | Shares | Value | Shares | Value | Additional Paid in Capital | Retained Earnings | AOCI | Non controlling Interest | Total | ||||||||||||||||
December 31, 2018 | 60,048,567 | $ | 60,049 | 44,253 | $ | (2,510 | ) | $ | 1,450,569 | $ | 700,396 | $ | (26,916 | ) | $ | 105,835 | $ | 2,287,423 | |||||||
Net income available for common stock | — | — | — | — | — | 103,808 | — | 3,554 | 107,362 | ||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | 457 | — | 457 | ||||||||||||||||
Dividends on common stock ($0.505 per share) | — | — | — | — | — | (30,332 | ) | — | — | (30,332 | ) | ||||||||||||||
Share-based compensation | 48,956 | 49 | (20,497 | ) | 1,078 | (589 | ) | — | — | — | 538 | ||||||||||||||
Issuance of common stock | 280,497 | 280 | — | — | 19,719 | — | — | — | 19,999 | ||||||||||||||||
Issuance costs | — | — | — | — | (289 | ) | — | — | — | (289 | ) | ||||||||||||||
Implementation of ASU 2016-02 Leases | — | — | — | — | — | 3,390 | — | — | 3,390 | ||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (4,846 | ) | (4,846 | ) | ||||||||||||||
March 31, 2019 | 60,378,020 | $ | 60,378 | 23,756 | $ | (1,432 | ) | $ | 1,469,410 | $ | 777,262 | $ | (26,459 | ) | $ | 104,543 | $ | 2,383,702 | |||||||
Net income available for common stock | — | — | — | — | — | 14,583 | — | 3,110 | 17,693 | ||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | 232 | — | 232 | ||||||||||||||||
Dividends on common stock ($0.505 per share) | — | — | — | — | — | (30,620 | ) | — | — | (30,620 | ) | ||||||||||||||
Share-based compensation | 54,767 | 54 | 1,603 | (112 | ) | 3,948 | — | — | — | 3,890 | |||||||||||||||
Issuance of common stock | 658,598 | 659 | — | — | 49,342 | — | — | — | 50,001 | ||||||||||||||||
Issuance costs | — | — | — | — | (492 | ) | — | — | — | (492 | ) | ||||||||||||||
Implementation of ASU 2016-02 Leases | — | — | — | — | — | (3 | ) | — | — | (3 | ) | ||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (4,405 | ) | (4,405 | ) | ||||||||||||||
June 30, 2019 | 61,091,385 | $ | 61,091 | 25,359 | $ | (1,544 | ) | $ | 1,522,208 | $ | 761,222 | $ | (26,227 | ) | $ | 103,248 | $ | 2,419,998 | |||||||
Common Stock | Treasury Stock | |||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | Common Stock | Treasury Stock | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands except share amounts) | Shares | Value | Shares | Value | Additional Paid in Capital | Retained Earnings | AOCI | Non controlling Interest | Total | Shares | Value | Shares | Value | Additional Paid in Capital | Retained Earnings | AOCI | Non controlling Interest | Total | ||||||||||||||||||||||||||||||||
December 31, 2017 | 53,579,986 | $ | 53,580 | 39,064 | $ | (2,306 | ) | $ | 1,150,285 | $ | 548,617 | $ | (41,202 | ) | $ | 111,232 | $ | 1,820,206 | ||||||||||||||||||||||||||||||||
December 31, 2018 | 60,048,567 | $ | 60,049 | 44,253 | $ | (2,510 | ) | $ | 1,450,569 | $ | 700,396 | $ | (26,916 | ) | $ | 105,835 | $ | 2,287,423 | ||||||||||||||||||||||||||||||||
Net income available for common stock | — | — | — | — | — | 133,004 | — | 3,630 | 136,634 | — | — | — | — | — | 103,808 | — | 3,554 | 107,362 | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | 1,260 | — | 1,260 | — | — | — | — | — | — | 457 | — | 457 | ||||||||||||||||||||||||||||||||
Dividends on common stock ($0.475 per share) | — | — | — | — | — | (25,444 | ) | — | — | (25,444 | ) | |||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($0.505 per share) | — | — | — | — | — | (30,332 | ) | — | — | (30,332 | ) | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | 64,770 | 65 | 14,895 | (743 | ) | 1,433 | — | — | — | 755 | 48,956 | 49 | (20,497 | ) | 1,078 | (589 | ) | — | — | — | 538 | |||||||||||||||||||||||||||||
Dividend reinvestment and stock purchase plan | 4,061 | 4 | — | — | 215 | — | — | — | 219 | |||||||||||||||||||||||||||||||||||||||||
Other stock transactions | — | — | — | — | — | (16 | ) | 18 | — | 2 | ||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 280,497 | 280 | — | — | 19,719 | — | — | — | 19,999 | |||||||||||||||||||||||||||||||||||||||||
Issuance costs | — | — | — | — | (289 | ) | — | — | — | (289 | ) | |||||||||||||||||||||||||||||||||||||||
Implementation of ASU 2016-02 Leases | — | — | — | — | — | 3,390 | — | — | 3,390 | |||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (5,648 | ) | (5,648 | ) | — | — | — | — | — | — | — | (4,846 | ) | (4,846 | ) | ||||||||||||||||||||||||||||
March 31, 2018 | 53,648,817 | $ | 53,649 | 53,959 | $ | (3,049 | ) | $ | 1,151,933 | $ | 656,161 | $ | (39,924 | ) | $ | 109,214 | $ | 1,927,984 | ||||||||||||||||||||||||||||||||
March 31, 2019 | 60,378,020 | $ | 60,378 | 23,756 | $ | (1,432 | ) | $ | 1,469,410 | $ | 777,262 | $ | (26,459 | ) | $ | 104,543 | $ | 2,383,702 | ||||||||||||||||||||||||||||||||
Net income available for common stock | — | — | — | — | — | 21,917 | — | 2,823 | 24,740 | — | — | — | — | — | 14,583 | — | 3,110 | 17,693 | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | 1,161 | — | 1,161 | — | — | — | — | — | — | 232 | — | 232 | ||||||||||||||||||||||||||||||||
Dividends on common stock ($0.475 per share) | — | — | — | — | — | (25,435 | ) | — | — | (25,435 | ) | |||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($0.505 per share) | — | — | — | — | — | (30,620 | ) | — | — | (30,620 | ) | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | 13,033 | 13 | 11,022 | (593 | ) | 3,019 | — | — | — | 2,439 | 54,767 | 54 | 1,603 | (112 | ) | 3,948 | — | — | — | 3,890 | ||||||||||||||||||||||||||||||
Other stock transactions | — | — | — | — | (5 | ) | (1 | ) | — | — | (6 | ) | ||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 658,598 | 659 | — | — | 49,342 | — | — | — | 50,001 | |||||||||||||||||||||||||||||||||||||||||
Issuance costs | — | — | — | — | (492 | ) | — | — | — | (492 | ) | |||||||||||||||||||||||||||||||||||||||
Implementation of ASU 2016-02 Leases | — | — | — | — | — | (3 | ) | — | — | (3 | ) | |||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (4,350 | ) | (4,350 | ) | — | — | — | — | — | — | — | (4,405 | ) | (4,405 | ) | ||||||||||||||||||||||||||||
June 30, 2018 | 53,661,850 | $ | 53,662 | 64,981 | $ | (3,642 | ) | $ | 1,154,947 | $ | 652,642 | $ | (38,763 | ) | $ | 107,687 | $ | 1,926,533 | ||||||||||||||||||||||||||||||||
June 30, 2019 | 61,091,385 | $ | 61,091 | 25,359 | $ | (1,544 | ) | $ | 1,522,208 | $ | 761,222 | $ | (26,227 | ) | $ | 103,248 | $ | 2,419,998 | ||||||||||||||||||||||||||||||||
Net income (loss) available for common stock | — | — | — | — | — | 11,740 | — | 3,655 | 15,395 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | 532 | — | 532 | |||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($0.505 per share) | — | — | — | — | — | (30,827 | ) | — | — | (30,827 | ) | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | 18 | — | 1,213 | (92 | ) | 1,769 | — | — | — | 1,677 | ||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 389,237 | 390 | — | — | 29,611 | — | — | — | 30,001 | |||||||||||||||||||||||||||||||||||||||||
Issuance costs | — | — | — | — | (398 | ) | — | — | — | (398 | ) | |||||||||||||||||||||||||||||||||||||||
Implementation of ASU 2016-02 Leases | — | — | — | — | — | 3 | — | — | 3 | |||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (3,485 | ) | (3,485 | ) | |||||||||||||||||||||||||||||||||||||||
September 30, 2019 | 61,480,640 | $ | 61,481 | 26,572 | $ | (1,636 | ) | $ | 1,553,190 | $ | 742,138 | $ | (25,695 | ) | $ | 103,418 | $ | 2,432,896 | ||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | ||||||||||||||||||||||||
(in thousands except share amounts) | Shares | Value | Shares | Value | Additional Paid in Capital | Retained Earnings | AOCI | Non controlling Interest | Total | ||||||||||||||||
December 31, 2017 | 53,579,986 | $ | 53,580 | 39,064 | $ | (2,306 | ) | $ | 1,150,285 | $ | 548,617 | $ | (41,202 | ) | $ | 111,232 | $ | 1,820,206 | |||||||
Net income available for common stock | — | — | — | — | — | 133,004 | — | 3,630 | 136,634 | ||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | 1,260 | — | 1,260 | ||||||||||||||||
Dividends on common stock ($0.475 per share) | — | — | — | — | — | (25,444 | ) | — | — | (25,444 | ) | ||||||||||||||
Share-based compensation | 64,770 | 65 | 14,895 | (743 | ) | 1,433 | — | — | — | 755 | |||||||||||||||
Dividend reinvestment and stock purchase plan | 4,061 | 4 | — | — | 215 | — | — | — | 219 | ||||||||||||||||
Other stock transactions | — | — | — | — | — | (16 | ) | 18 | — | 2 | |||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (5,648 | ) | (5,648 | ) | ||||||||||||||
March 31, 2018 | 53,648,817 | $ | 53,649 | 53,959 | $ | (3,049 | ) | $ | 1,151,933 | $ | 656,161 | $ | (39,924 | ) | $ | 109,214 | $ | 1,927,984 | |||||||
Net income available for common stock | — | — | — | — | — | 21,917 | — | 2,823 | 24,740 | ||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | 1,161 | — | 1,161 | ||||||||||||||||
Dividends on common stock ($0.475 per share) | — | — | — | — | — | (25,435 | ) | — | — | (25,435 | ) | ||||||||||||||
Share-based compensation | 13,033 | 13 | 11,022 | (593 | ) | 3,019 | — | — | — | 2,439 | |||||||||||||||
Other stock transactions | — | — | — | — | (5 | ) | (1 | ) | — | — | (6 | ) | |||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (4,350 | ) | (4,350 | ) | ||||||||||||||
June 30, 2018 | 53,661,850 | $ | 53,662 | 64,981 | $ | (3,642 | ) | $ | 1,154,947 | $ | 652,642 | $ | (38,763 | ) | $ | 107,687 | $ | 1,926,533 | |||||||
Net income (loss) available for common stock | — | — | — | — | — | 16,950 | — | 3,994 | 20,944 | ||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | 1,060 | — | 1,060 | ||||||||||||||||
Dividends on common stock ($0.475 per share) | — | — | — | — | — | (25,430 | ) | — | — | (25,430 | ) | ||||||||||||||
Share-based compensation | 13 | — | 7,934 | (430 | ) | 2,107 | — | — | — | 1,677 | |||||||||||||||
Dividend reinvestment and stock purchase plan | — | — | — | — | 1 | — | — | — | 1 | ||||||||||||||||
Other stock transactions | — | — | — | — | 159 | (8 | ) | — | — | 151 | |||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (3,757 | ) | (3,757 | ) | ||||||||||||||
September 30, 2018 | 53,661,863 | $ | 53,662 | 72,915 | $ | (4,072 | ) | $ | 1,157,214 | $ | 644,154 | $ | (37,703 | ) | $ | 107,924 | $ | 1,921,179 | |||||||
Three Months Ended June 30, 2019 | Electric Utilities | Gas Utilities | Power Generation (a) | Mining | Inter-company Revenues | Total | ||||||||||||||||||||||||||||||
Three Months Ended September 30, 2019 | Electric Utilities | Gas Utilities | Power Generation | Mining | Inter-company Revenues | Total | ||||||||||||||||||||||||||||||
Customer types: | (in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||||
Retail | $ | 139,732 | $ | 123,630 | $ | — | $ | 12,428 | $ | (7,041 | ) | $ | 268,749 | $ | 162,214 | $ | 89,810 | $ | — | $ | 14,992 | $ | (8,146 | ) | $ | 258,870 | ||||||||||
Transportation | — | 28,623 | — | — | (276 | ) | 28,347 | — | 29,019 | — | — | (195 | ) | 28,824 | ||||||||||||||||||||||
Wholesale | 6,781 | — | 15,062 | — | (13,296 | ) | 8,547 | 8,210 | — | 16,119 | — | (14,414 | ) | 9,915 | ||||||||||||||||||||||
Market - off-system sales | 3,448 | 161 | — | — | (1,335 | ) | 2,274 | 6,452 | 139 | — | — | (1,488 | ) | 5,103 | ||||||||||||||||||||||
Transmission/Other | 14,416 | 11,612 | — | — | (4,199 | ) | 21,829 | 14,274 | 10,965 | — | — | (4,206 | ) | 21,033 | ||||||||||||||||||||||
Revenue from contracts with customers | $ | 164,377 | $ | 164,026 | $ | 15,062 | $ | 12,428 | $ | (26,147 | ) | $ | 329,746 | $ | 191,150 | $ | 129,933 | $ | 16,119 | $ | 14,992 | $ | (28,449 | ) | $ | 323,745 | ||||||||||
Other revenues | 1,977 | 1,443 | 9,646 | 617 | (9,541 | ) | 4,142 | 234 | 811 | 9,692 | 560 | (9,494 | ) | 1,803 | ||||||||||||||||||||||
Total revenues | $ | 166,354 | $ | 165,469 | $ | 24,708 | $ | 13,045 | $ | (35,688 | ) | $ | 333,888 | $ | 191,384 | $ | 130,744 | $ | 25,811 | $ | 15,552 | $ | (37,943 | ) | $ | 325,548 | ||||||||||
Timing of revenue recognition: | ||||||||||||||||||||||||||||||||||||
Services transferred at a point in time | $ | — | $ | — | $ | — | $ | 12,428 | $ | (7,041 | ) | $ | 5,387 | $ | — | $ | — | $ | — | $ | 14,992 | $ | (8,146 | ) | $ | 6,846 | ||||||||||
Services transferred over time | 164,377 | 164,026 | 15,062 | — | (19,106 | ) | 324,359 | 191,150 | 129,933 | 16,119 | — | (20,303 | ) | 316,899 | ||||||||||||||||||||||
Revenue from contracts with customers | $ | 164,377 | $ | 164,026 | $ | 15,062 | $ | 12,428 | $ | (26,147 | ) | $ | 329,746 | $ | 191,150 | $ | 129,933 | $ | 16,119 | $ | 14,992 | $ | (28,449 | ) | $ | 323,745 | ||||||||||
Three Months Ended June 30, 2018 | Electric Utilities | Gas Utilities | Power Generation (a) | Mining | Inter-company Revenues | Total | ||||||||||||||||||||||||||||||
Three Months Ended September 30, 2018 | Electric Utilities | Gas Utilities | Power Generation (a) | Mining | Inter-company Revenues (a) | Total | ||||||||||||||||||||||||||||||
Customer Types: | ||||||||||||||||||||||||||||||||||||
Retail | $ | 145,377 | $ | 135,863 | $ | — | $ | 16,345 | $ | (7,979 | ) | $ | 289,606 | $ | 157,049 | $ | 88,559 | $ | — | $ | 16,751 | $ | (7,941 | ) | $ | 254,418 | ||||||||||
Transportation | — | 29,011 | — | — | (301 | ) | 28,710 | — | 30,079 | — | — | (267 | ) | 29,812 | ||||||||||||||||||||||
Wholesale | 8,191 | — | 13,603 | — | (12,473 | ) | 9,321 | 8,255 | — | 15,373 | — | (13,935 | ) | 9,693 | ||||||||||||||||||||||
Market - Off-System Sales | 4,938 | 162 | — | — | (1,660 | ) | 3,440 | |||||||||||||||||||||||||||||
Market - off-system sales | 9,059 | 140 | — | — | (1,349 | ) | 7,850 | |||||||||||||||||||||||||||||
Transmission/Other | 13,356 | 11,672 | — | — | (3,644 | ) | 21,384 | 10,196 | 11,887 | — | — | (3,693 | ) | 18,390 | ||||||||||||||||||||||
Revenue from contracts with customers | $ | 171,862 | $ | 176,708 | $ | 13,603 | $ | 16,345 | $ | (26,057 | ) | $ | 352,461 | $ | 184,559 | $ | 130,665 | $ | 15,373 | $ | 16,751 | $ | (27,185 | ) | $ | 320,163 | ||||||||||
Other Revenues | 1,754 | 912 | 9,141 | 554 | (9,118 | ) | 3,243 | |||||||||||||||||||||||||||||
Other revenues | 231 | 1,011 | 9,118 | 550 | (9,094 | ) | 1,816 | |||||||||||||||||||||||||||||
Total Revenues | $ | 173,616 | $ | 177,620 | $ | 22,744 | $ | 16,899 | $ | (35,175 | ) | $ | 355,704 | $ | 184,790 | $ | 131,676 | $ | 24,491 | $ | 17,301 | $ | (36,279 | ) | $ | 321,979 | ||||||||||
Timing of Revenue Recognition: | ||||||||||||||||||||||||||||||||||||
Services transferred at a point in time | $ | — | $ | — | $ | — | $ | 16,345 | $ | (7,978 | ) | $ | 8,367 | $ | — | $ | — | $ | — | $ | 16,751 | $ | (7,942 | ) | $ | 8,809 | ||||||||||
Services transferred over time | 171,862 | 176,708 | 13,603 | — | (18,079 | ) | 344,094 | 184,559 | 130,665 | 15,373 | — | (19,243 | ) | 311,354 | ||||||||||||||||||||||
Revenue from Contracts with Customers | $ | 171,862 | $ | 176,708 | $ | 13,603 | $ | 16,345 | $ | (26,057 | ) | $ | 352,461 | |||||||||||||||||||||||
Revenue from contracts with customers | $ | 184,559 | $ | 130,665 | $ | 15,373 | $ | 16,751 | $ | (27,185 | ) | $ | 320,163 | |||||||||||||||||||||||
Six Months Ended June 30, 2019 | Electric Utilities | Gas Utilities | Power Generation (a) | Mining | Inter-company Revenues (a) | Total | ||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2019 | Electric Utilities | Gas Utilities | Power Generation | Mining | Inter-company Revenues | Total | ||||||||||||||||||||||||||||||
Customer types: | (in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||||
Retail | $ | 293,195 | $ | 477,905 | $ | — | $ | 28,257 | $ | (15,169 | ) | $ | 784,188 | $ | 455,409 | $ | 567,715 | $ | — | $ | 43,249 | $ | (23,315 | ) | $ | 1,043,058 | ||||||||||
Transportation | — | 73,140 | — | — | (708 | ) | 72,432 | — | 102,159 | — | — | (903 | ) | 101,256 | ||||||||||||||||||||||
Wholesale | 15,124 | — | 30,531 | — | (26,509 | ) | 19,146 | 23,334 | — | 46,650 | — | (40,923 | ) | 29,061 | ||||||||||||||||||||||
Market - off-system sales | 10,140 | 378 | — | — | (3,559 | ) | 6,959 | 16,592 | 517 | — | — | (5,047 | ) | 12,062 | ||||||||||||||||||||||
Transmission/Other | 28,591 | 24,802 | — | — | (8,402 | ) | 44,991 | 42,865 | 35,767 | — | — | (12,608 | ) | 66,024 | ||||||||||||||||||||||
Revenue from contracts with customers | $ | 347,050 | $ | 576,225 | $ | 30,531 | $ | 28,257 | $ | (54,347 | ) | $ | 927,716 | $ | 538,200 | $ | 706,158 | $ | 46,650 | $ | 43,249 | $ | (82,796 | ) | $ | 1,251,461 | ||||||||||
Other revenues | 2,231 | 324 | 19,422 | 1,217 | (19,212 | ) | 3,982 | 2,465 | 1,135 | 29,114 | 1,777 | (28,706 | ) | 5,785 | ||||||||||||||||||||||
Total revenues | $ | 349,281 | $ | 576,549 | $ | 49,953 | $ | 29,474 | $ | (73,559 | ) | $ | 931,698 | $ | 540,665 | $ | 707,293 | $ | 75,764 | $ | 45,026 | $ | (111,502 | ) | $ | 1,257,246 | ||||||||||
Timing of revenue recognition: | ||||||||||||||||||||||||||||||||||||
Services transferred at a point in time | $ | — | $ | — | $ | — | $ | 28,257 | $ | (15,169 | ) | $ | 13,088 | $ | — | $ | — | $ | — | $ | 43,249 | $ | (23,315 | ) | $ | 19,934 | ||||||||||
Services transferred over time | 347,050 | 576,225 | 30,531 | — | (39,178 | ) | 914,628 | 538,200 | 706,158 | 46,650 | — | (59,481 | ) | 1,231,527 | ||||||||||||||||||||||
Revenue from contracts with customers | $ | 347,050 | $ | 576,225 | $ | 30,531 | $ | 28,257 | $ | (54,347 | ) | $ | 927,716 | $ | 538,200 | $ | 706,158 | $ | 46,650 | $ | 43,249 | $ | (82,796 | ) | $ | 1,251,461 | ||||||||||
Six Months Ended June 30, 2018 | Electric Utilities | Gas Utilities | Power Generation (a) | Mining | Inter-company Revenues (a) | Total | ||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2018 | Electric Utilities | Gas Utilities | Power Generation (a) | Mining | Inter-company Revenues (a) | Total | ||||||||||||||||||||||||||||||
Customer Types: | ||||||||||||||||||||||||||||||||||||
Retail | $ | 292,434 | $ | 477,257 | $ | — | $ | 32,902 | $ | (15,821 | ) | $ | 786,772 | $ | 449,482 | $ | 565,816 | $ | — | $ | 49,653 | $ | (23,761 | ) | $ | 1,041,190 | ||||||||||
Transportation | — | 70,681 | — | — | (710 | ) | 69,971 | — | 100,760 | — | — | (977 | ) | 99,783 | ||||||||||||||||||||||
Wholesale | 17,241 | — | 28,371 | — | (25,521 | ) | 20,091 | 25,497 | — | 43,744 | — | (39,457 | ) | 29,784 | ||||||||||||||||||||||
Market - Off-System Sales | 9,082 | 589 | — | — | (4,182 | ) | 5,489 | |||||||||||||||||||||||||||||
Market - off-system sales | 18,142 | 728 | — | — | (5,531 | ) | 13,339 | |||||||||||||||||||||||||||||
Transmission/Other | 26,427 | 24,341 | — | — | (7,275 | ) | 43,493 | 36,622 | 36,230 | — | — | (10,967 | ) | 61,885 | ||||||||||||||||||||||
Revenue from contracts with customers | $ | 345,184 | $ | 572,868 | $ | 28,371 | $ | 32,902 | $ | (53,509 | ) | $ | 925,816 | $ | 529,743 | $ | 703,534 | $ | 43,744 | $ | 49,653 | $ | (80,693 | ) | $ | 1,245,981 | ||||||||||
Other Revenues | 1,987 | 2,096 | 18,311 | 1,125 | (18,242 | ) | 5,277 | |||||||||||||||||||||||||||||
Other revenues | 2,218 | 3,106 | 27,429 | 1,675 | (27,337 | ) | 7,091 | |||||||||||||||||||||||||||||
Total Revenues | $ | 347,171 | $ | 574,964 | $ | 46,682 | $ | 34,027 | $ | (71,751 | ) | $ | 931,093 | $ | 531,961 | $ | 706,640 | $ | 71,173 | $ | 51,328 | $ | (108,030 | ) | $ | 1,253,072 | ||||||||||
Timing of Revenue Recognition: | ||||||||||||||||||||||||||||||||||||
Services transferred at a point in time | $ | — | $ | — | $ | — | $ | 32,902 | $ | (15,820 | ) | $ | 17,082 | $ | — | $ | — | $ | — | $ | 49,653 | $ | (23,761 | ) | $ | 25,892 | ||||||||||
Services transferred over time | 345,184 | 572,868 | 28,371 | — | (37,689 | ) | 908,734 | 529,743 | 703,534 | 43,744 | — | (56,932 | ) | 1,220,089 | ||||||||||||||||||||||
Revenue from contracts with customers | $ | 345,184 | $ | 572,868 | $ | 28,371 | $ | 32,902 | $ | (53,509 | ) | $ | 925,816 | $ | 529,743 | $ | 703,534 | $ | 43,744 | $ | 49,653 | $ | (80,693 | ) | $ | 1,245,981 | ||||||||||
(a) | Due to the changes in our segment disclosures discussed in Note 3, Power Generation Wholesale revenue was revised for the three and |
Three Months Ended June 30, 2019 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | |||||||||||||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | |||||||||||||||||||||||||||||||
Three Months Ended September 30, 2019 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | |||||||||||||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | |||||||||||||||||||||||||||||||
Segment: | ||||||||||||||||||||||||||||||||||
Electric Utilities | $ | 159,140 | $ | 1,977 | $ | 5,237 | $ | — | $ | 166,354 | $ | 185,811 | $ | 234 | $ | 5,339 | $ | — | $ | 191,384 | ||||||||||||||
Gas Utilities | 163,303 | 1,443 | 723 | — | 165,469 | 129,385 | 810 | 549 | — | 130,744 | ||||||||||||||||||||||||
Power Generation | 1,765 | 434 | 13,297 | 9,212 | 24,708 | 1,703 | 531 | 14,415 | 9,162 | 25,811 | ||||||||||||||||||||||||
Mining | 5,538 | 288 | 6,890 | 329 | 13,045 | 6,846 | 228 | 8,146 | 332 | 15,552 | ||||||||||||||||||||||||
Inter-company eliminations | — | — | (26,147 | ) | (9,541 | ) | (35,688 | ) | — | — | (28,449 | ) | (9,494 | ) | (37,943 | ) | ||||||||||||||||||
Total | $ | 329,746 | $ | 4,142 | $ | — | $ | — | $ | 333,888 | $ | 323,745 | $ | 1,803 | $ | — | $ | — | $ | 325,548 |
Three Months Ended June 30, 2018 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | |||||||||||||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | |||||||||||||||||||||||||||||||
Three Months Ended September 30, 2018 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | |||||||||||||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | |||||||||||||||||||||||||||||||
Segment: | ||||||||||||||||||||||||||||||||||
Electric Utilities | $ | 166,565 | $ | 1,754 | $ | 5,297 | $ | — | $ | 173,616 | $ | 179,527 | $ | 231 | $ | 5,032 | $ | — | $ | 184,790 | ||||||||||||||
Gas Utilities | 176,399 | 912 | 309 | — | 177,620 | 130,390 | 1,011 | 275 | — | 131,676 | ||||||||||||||||||||||||
Power Generation (a) | 1,130 | 348 | 12,473 | 8,793 | 22,744 | 1,437 | 348 | 13,936 | 8,770 | 24,491 | ||||||||||||||||||||||||
Mining | 8,367 | 229 | 7,978 | 325 | 16,899 | 8,809 | 226 | 7,942 | 324 | 17,301 | ||||||||||||||||||||||||
Inter-company eliminations (a) | — | — | (26,057 | ) | (9,118 | ) | (35,175 | ) | — | — | (27,185 | ) | (9,094 | ) | (36,279 | ) | ||||||||||||||||||
Total | $ | 352,461 | $ | 3,243 | $ | — | $ | — | $ | 355,704 | $ | 320,163 | $ | 1,816 | $ | — | $ | — | $ | 321,979 |
Six Months Ended June 30, 2019 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | |||||||||||||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2019 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | |||||||||||||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | |||||||||||||||||||||||||||||||
Segment: | ||||||||||||||||||||||||||||||||||
Electric Utilities | $ | 335,803 | $ | 2,231 | $ | 11,247 | $ | — | $ | 349,281 | $ | 521,614 | $ | 2,465 | $ | 16,586 | $ | — | $ | 540,665 | ||||||||||||||
Gas Utilities | 574,803 | 324 | 1,422 | — | 576,549 | 704,188 | 1,134 | 1,971 | — | 707,293 | ||||||||||||||||||||||||
Power Generation | 4,022 | 870 | 26,509 | 18,552 | 49,953 | 5,725 | 1,401 | 40,924 | 27,714 | 75,764 | ||||||||||||||||||||||||
Mining | 13,088 | 557 | 15,169 | 660 | 29,474 | 19,934 | 785 | 23,315 | 992 | 45,026 | ||||||||||||||||||||||||
Inter-company eliminations | — | — | (54,347 | ) | (19,212 | ) | (73,559 | ) | — | — | (82,796 | ) | (28,706 | ) | (111,502 | ) | ||||||||||||||||||
Total | $ | 927,716 | $ | 3,982 | $ | — | $ | — | $ | 931,698 | $ | 1,251,461 | $ | 5,785 | $ | — | $ | — | $ | 1,257,246 |
Six Months Ended June 30, 2018 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | |||||||||||||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2018 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | |||||||||||||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | |||||||||||||||||||||||||||||||
Segment: | ||||||||||||||||||||||||||||||||||
Electric Utilities | $ | 333,743 | $ | 1,987 | $ | 11,441 | $ | — | $ | 347,171 | $ | 513,270 | $ | 2,218 | $ | 16,473 | $ | — | $ | 531,961 | ||||||||||||||
Gas Utilities | 572,141 | 2,096 | 727 | — | 574,964 | 702,532 | 3,106 | 1,002 | — | 706,640 | ||||||||||||||||||||||||
Power Generation (a) | 2,850 | 718 | 25,521 | 17,593 | 46,682 | 4,287 | 1,066 | 39,457 | 26,363 | 71,173 | ||||||||||||||||||||||||
Mining | 17,082 | 476 | 15,820 | 649 | 34,027 | 25,892 | 701 | 23,761 | 974 | 51,328 | ||||||||||||||||||||||||
Inter-company eliminations (a) | — | — | (53,509 | ) | (18,242 | ) | (71,751 | ) | — | — | (80,693 | ) | (27,337 | ) | (108,030 | ) | ||||||||||||||||||
Total | $ | 925,816 | $ | 5,277 | $ | — | $ | — | $ | 931,093 | $ | 1,245,981 | $ | 7,091 | $ | — | $ | — | $ | 1,253,072 |
(a) | Due to the changes in our segment disclosures, Power Generation Inter-company Operating Revenue for Contract Customers was revised for the three and |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||
Adjusted operating income: | ||||||||||||||||||||||||
Electric Utilities (a) | $ | 33,546 | $ | 41,200 | $ | 74,566 | $ | 79,680 | $ | 50,653 | $ | 43,393 | $ | 125,219 | $ | 123,073 | ||||||||
Gas Utilities | 8,557 | 16,485 | 111,871 | 111,928 | 4,736 | 4,240 | 116,607 | 116,168 | ||||||||||||||||
Power Generation (a) | 10,156 | 8,877 | 22,123 | 20,652 | 11,822 | 13,079 | 33,945 | 33,731 | ||||||||||||||||
Mining | 1,640 | 3,825 | 5,977 | 8,096 | 3,374 | 4,551 | 9,351 | 12,647 | ||||||||||||||||
Corporate and Other (a) | 102 | (836 | ) | (405 | ) | (2,531 | ) | (34 | ) | (178 | ) | (439 | ) | (2,709 | ) | |||||||||
Operating income | 54,001 | 69,551 | 214,132 | 217,825 | 70,551 | 65,085 | 284,683 | 282,910 | ||||||||||||||||
Interest expense, net | (34,265 | ) | (34,534 | ) | (68,982 | ) | (69,529 | ) | (33,487 | ) | (35,297 | ) | (102,469 | ) | (104,826 | ) | ||||||||
Impairment of investment | (19,741 | ) | — | (19,741 | ) | — | ||||||||||||||||||
Other income (expense), net | 264 | (1,309 | ) | (525 | ) | (1,413 | ) | 580 | (510 | ) | 55 | (1,923 | ) | |||||||||||
Income tax benefit (expense) (b) | (2,307 | ) | (6,541 | ) | (19,570 | ) | 19,261 | (2,508 | ) | (7,477 | ) | (22,078 | ) | 11,784 | ||||||||||
Income from continuing operations | 17,693 | 27,167 | 125,055 | 166,144 | 15,395 | 21,801 | 140,450 | 187,945 | ||||||||||||||||
Net (loss) from discontinued operations | — | (2,427 | ) | — | (4,770 | ) | — | (857 | ) | — | (5,627 | ) | ||||||||||||
Net income | 17,693 | 24,740 | 125,055 | 161,374 | 15,395 | 20,944 | 140,450 | 182,318 | ||||||||||||||||
Net income attributable to noncontrolling interest | (3,110 | ) | (2,823 | ) | (6,664 | ) | (6,453 | ) | (3,655 | ) | (3,994 | ) | (10,319 | ) | (10,447 | ) | ||||||||
Net income available for common stock | $ | 14,583 | $ | 21,917 | $ | 118,391 | $ | 154,921 | $ | 11,740 | $ | 16,950 | $ | 130,131 | $ | 171,871 |
(a) | Due to the changes in our segment disclosures, Adjusted operating income was revised for the three and |
Segment | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2018 | Three Months Ended September 30, 2018 | Nine Months Ended September 30, 2018 | ||||||||
Electric Utilities | $ | 1.6 | $ | 3.3 | $ | 1.6 | $ | 4.8 | ||||
Power Generation | (1.4 | ) | (3.0 | ) | (1.4 | ) | (4.4 | ) | ||||
Corporate and Other | (0.2 | ) | (0.3 | ) | (0.2 | ) | (0.4 | ) | ||||
$ | — | $ | — | $ | — | $ | — |
(b) | Income tax benefit (expense) for the |
Total assets (net of inter-company eliminations) as of: | June 30, 2019 | December 31, 2018 | September 30, 2019 | December 31, 2018 | ||||||||||
Segment: | ||||||||||||||
Electric Utilities (a) | $ | 2,777,803 | $ | 2,707,695 | $ | 2,810,108 | $ | 2,707,695 | ||||||
Gas Utilities | 3,645,840 | 3,623,475 | 3,797,941 | 3,623,475 | ||||||||||
Power Generation (a) | 379,140 | 342,085 | 414,526 | 342,085 | ||||||||||
Mining | 62,491 | 80,594 | 78,073 | 80,594 | ||||||||||
Corporate and Other | 216,179 | 209,478 | 174,302 | 209,478 | ||||||||||
Total assets | $ | 7,081,453 | $ | 6,963,327 | $ | 7,274,950 | $ | 6,963,327 |
(a) | Due to the changes in our segment disclosures, Electric Utilities and Power Generation Total assets were revised as of December 31, 2018 which resulted in an increase (decrease) of ($188) million and $188 million, respectively. There was no impact on our consolidated Total assets. |
Accounts | Unbilled | Less Allowance for | Accounts | Accounts | Unbilled | Less Allowance for | Accounts | |||||||||||||||||
June 30, 2019 | Receivable, Trade | Revenue | Doubtful Accounts | Receivable, net | ||||||||||||||||||||
September 30, 2019 | Receivable, Trade | Revenue | Doubtful Accounts | Receivable, net | ||||||||||||||||||||
Electric Utilities | $ | 39,982 | $ | 31,573 | $ | (526 | ) | $ | 71,029 | $ | 39,151 | $ | 31,843 | $ | (500 | ) | $ | 70,494 | ||||||
Gas Utilities | 67,686 | 23,753 | (4,391 | ) | 87,048 | 46,265 | 24,091 | (2,490 | ) | 67,866 | ||||||||||||||
Power Generation | 2,867 | — | — | 2,867 | 2,733 | — | — | 2,733 | ||||||||||||||||
Mining | 2,505 | — | — | 2,505 | 1,804 | — | — | 1,804 | ||||||||||||||||
Corporate | 3,233 | — | (169 | ) | 3,064 | 6,261 | — | (169 | ) | 6,092 | ||||||||||||||
Total | $ | 116,273 | $ | 55,326 | $ | (5,086 | ) | $ | 166,513 | $ | 96,214 | $ | 55,934 | $ | (3,159 | ) | $ | 148,989 |
Accounts | Unbilled | Less Allowance for | Accounts | |||||||||
December 31, 2018 | Receivable, Trade | Revenue | Doubtful Accounts | Receivable, net | ||||||||
Electric Utilities | $ | 39,721 | $ | 35,125 | $ | (448 | ) | $ | 74,398 | |||
Gas Utilities | 96,123 | 90,521 | (2,592 | ) | 184,052 | |||||||
Power Generation | 1,876 | — | — | 1,876 | ||||||||
Mining | 3,988 | — | — | 3,988 | ||||||||
Corporate | 5,008 | — | (169 | ) | 4,839 | |||||||
Total | $ | 146,716 | $ | 125,646 | $ | (3,209 | ) | $ | 269,153 |
June 30, 2019 | December 31, 2018 | September 30, 2019 | December 31, 2018 | |||||||||
Regulatory assets | ||||||||||||
Deferred energy and fuel cost adjustments (a) | $ | 34,257 | $ | 29,661 | $ | 31,832 | $ | 29,661 | ||||
Deferred gas cost adjustments (a) | 2,342 | 3,362 | 3,899 | 3,362 | ||||||||
Gas price derivatives (a) | 3,945 | 6,201 | 4,296 | 6,201 | ||||||||
Deferred taxes on AFUDC (b) | 7,716 | 7,841 | 7,691 | 7,841 | ||||||||
Employee benefit plans (c) | 109,899 | 110,524 | 107,921 | 110,524 | ||||||||
Environmental (a) | 931 | 959 | 917 | 959 | ||||||||
Loss on reacquired debt (a) | 20,140 | 21,001 | 19,710 | 21,001 | ||||||||
Renewable energy standard adjustment (a) | 1,994 | 1,722 | 2,871 | 1,722 | ||||||||
Deferred taxes on flow through accounting (c) | 36,552 | 31,044 | 37,609 | 31,044 | ||||||||
Decommissioning costs (b) | 11,518 | 11,700 | 11,206 | 11,700 | ||||||||
Gas supply contract termination (a) | 11,413 | 14,310 | 9,953 | 14,310 | ||||||||
Other regulatory assets (a) | 42,342 | 45,910 | 22,453 | 45,910 | ||||||||
Total regulatory assets | 283,049 | 284,235 | 260,358 | 284,235 | ||||||||
Less current regulatory assets | (48,925 | ) | (48,776 | ) | (46,206 | ) | (48,776 | ) | ||||
Regulatory assets, non-current | $ | 234,124 | $ | 235,459 | $ | 214,152 | $ | 235,459 | ||||
Regulatory liabilities | ||||||||||||
Deferred energy and gas costs (a) | $ | 16,808 | $ | 6,991 | $ | 9,919 | $ | 6,991 | ||||
Employee benefit plan costs and related deferred taxes (c) | 41,814 | 42,533 | 42,737 | 42,533 | ||||||||
Cost of removal (a) | 158,477 | 150,123 | 162,169 | 150,123 | ||||||||
Excess deferred income taxes (c) | 307,871 | 310,562 | 286,587 | 310,562 | ||||||||
TCJA revenue reserve | 11,436 | 18,032 | 2,770 | 18,032 | ||||||||
Other regulatory liabilities (c) | 18,150 | 12,553 | 19,759 | 12,553 | ||||||||
Total regulatory liabilities | 554,556 | 540,794 | 523,941 | 540,794 | ||||||||
Less current regulatory liabilities | (39,642 | ) | (29,810 | ) | (25,168 | ) | (29,810 | ) | ||||
Regulatory liabilities, non-current | $ | 514,914 | $ | 510,984 | $ | 498,773 | $ | 510,984 |
(a) | We are allowed recovery of costs, but we are not allowed a rate of return. |
(b) | In addition to recovery of costs, we are allowed a rate of return. |
(c) | In addition to recovery or repayment of costs, we are allowed a return on a portion of this amount or a reduction in rate base. |
June 30, 2019 | December 31, 2018 | September 30, 2019 | December 31, 2018 | |||||||||||
Materials and supplies | $ | 80,639 | $ | 75,081 | $ | 81,382 | $ | 75,081 | ||||||
Fuel - Electric Utilities | 2,350 | 2,850 | 2,535 | 2,850 | ||||||||||
Natural gas in storage held for distribution | 19,841 | 39,368 | 39,085 | 39,368 | ||||||||||
Total materials, supplies and fuel | $ | 102,830 | $ | 117,299 | $ | 123,002 | $ | 117,299 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
Net income available for common stock | $ | 14,583 | $ | 21,917 | $ | 118,391 | $ | 154,921 | $ | 11,740 | $ | 16,950 | $ | 130,131 | $ | 171,871 | ||||||||||
Weighted average shares - basic | 60,467 | 53,355 | 60,195 | 53,337 | 60,976 | 53,364 | 60,458 | 53,346 | ||||||||||||||||||
Dilutive effect of: | ||||||||||||||||||||||||||
Equity Units (a) | — | 1,057 | — | 904 | — | 1,344 | — | 1,060 | ||||||||||||||||||
Equity compensation | 139 | 108 | 138 | 120 | 128 | 111 | 120 | 102 | ||||||||||||||||||
Weighted average shares - diluted | 60,606 | 54,520 | 60,333 | 54,361 | 61,104 | 54,819 | 60,578 | 54,508 |
(a) | Calculated using the treasury stock method. On November 1, 2018, we completed settlement of the stock purchase contracts that were components of the Equity Units issued in November 2015. |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||
Equity compensation | — | 15 | — | 17 | 2 | 12 | 4 | 15 | ||||||||||
Restricted Stock | — | — | 1 | — | ||||||||||||||
Anti-dilutive shares | — | 15 | — | 17 | 2 | 12 | 5 | 15 |
June 30, 2019 | December 31, 2018 | September 30, 2019 | December 31, 2018 | |||||||||||||||||||||
Balance Outstanding | Letters of Credit | Balance Outstanding | Letters of Credit | Balance Outstanding | Letters of Credit | Balance Outstanding | Letters of Credit | |||||||||||||||||
Revolving Credit Facility | $ | — | $ | 10,429 | $ | — | $ | 22,311 | $ | 50,000 | $ | 18,313 | $ | — | $ | 22,311 | ||||||||
CP Program | 102,500 | — | 185,620 | — | 244,900 | — | 185,620 | — | ||||||||||||||||
Total | $ | 102,500 | $ | 10,429 | $ | 185,620 | $ | 22,311 | $ | 294,900 | $ | 18,313 | $ | 185,620 | $ | 22,311 |
June 30, 2019 | December 31, 2018 | September 30, 2019 | December 31, 2018 | |||||||||||||||
Notional (MMBtus) | Maximum Term (months) (a) | Notional (MMBtus) | Maximum Term (months) (a) | Notional (MMBtus) | Maximum Term (months) (a) | Notional (MMBtus) | Maximum Term (months) (a) | |||||||||||
Natural gas futures purchased | 2,480,000 | 18 | 4,000,000 | 24 | 2,350,000 | 15 | 4,000,000 | 24 | ||||||||||
Natural gas options purchased, net | 2,160,000 | 9 | 4,320,000 | 13 | 8,580,000 | 6 | 4,320,000 | 13 | ||||||||||
Natural gas basis swaps purchased | 2,360,000 | 18 | 3,960,000 | 24 | 2,090,000 | 15 | 3,960,000 | 24 | ||||||||||
Natural gas over-the-counter swaps, net (b) | 6,020,000 | 23 | 3,660,000 | 24 | 5,460,000 | 25 | 3,660,000 | 24 | ||||||||||
Natural gas physical contracts, net (c) | 1,717,075 | 9 | 18,325,852 | 30 | 23,459,639 | 6 | 18,325,852 | 30 |
(a) | Term reflects the maximum forward period hedged. |
(b) | As of |
(c) | Volumes exclude contracts that qualify for the normal purchase, normal sales exception. |
Three Months Ended June 30, 2019 | ||||||||||||
Three Months Ended September 30, 2019 | Three Months Ended September 30, 2019 | (in thousands) | ||||||||||
Derivatives in Cash Flow Hedging Relationships | Location of Reclassifications from AOCI into Income | Amount of Gain/(Loss) Reclassified from AOCI into Income | Location of Reclassifications from AOCI into Income | Amount of Gain/(Loss) Reclassified from AOCI into Income | ||||||||
Interest rate swaps | Interest expense | $ | (713 | ) | Interest expense | $ | (713 | ) | ||||
Commodity derivatives | Fuel, purchased power and cost of natural gas sold | 83 | Fuel, purchased power and cost of natural gas sold | (129 | ) | |||||||
Total | $ | (630 | ) | $ | (842 | ) |
Three Months Ended September 30, 2018 | ||||||
(in thousands) | ||||||
Derivatives in Cash Flow Hedging Relationships | Location of Reclassifications from AOCI into Income | Amount of Gain/(Loss) Reclassified from AOCI into Income | ||||
Interest rate swaps | Interest expense | $ | (712 | ) | ||
Commodity derivatives | Fuel, purchased power and cost of natural gas sold | (18 | ) | |||
Total | $ | (730 | ) |
Three Months Ended June 30, 2018 | ||||||||||||
Nine Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | (in thousands) | ||||||||||
Derivatives in Cash Flow Hedging Relationships | Location of Reclassifications from AOCI into Income | Amount of Gain/(Loss) Reclassified from AOCI into Income | Location of Reclassifications from AOCI into Income | Amount of Gain/(Loss) Reclassified from AOCI into Income | ||||||||
Interest rate swaps | Interest expense | $ | (713 | ) | Interest expense | $ | (2,139 | ) | ||||
Commodity derivatives | Fuel, purchased power and cost of natural gas sold | (163 | ) | Fuel, purchased power and cost of natural gas sold | 508 | |||||||
Total | $ | (876 | ) | $ | (1,631 | ) |
Six Months Ended June 30, 2019 | ||||||
(in thousands) | ||||||
Derivatives in Cash Flow Hedging Relationships | Location of Reclassifications from AOCI into Income | Amount of Gain/(Loss) Reclassified from AOCI into Income | ||||
Interest rate swaps | Interest expense | $ | (1,426 | ) | ||
Commodity derivatives | Fuel, purchased power and cost of natural gas sold | 637 | ||||
Total | $ | (789 | ) |
Six Months Ended June 30, 2018 | ||||||||||||
Nine Months Ended September 30, 2018 | Nine Months Ended September 30, 2018 | (in thousands) | ||||||||||
Derivatives in Cash Flow Hedging Relationships | Location of Reclassifications from AOCI into Income | Amount of Gain/(Loss) Reclassified from AOCI into Income | Location of Reclassifications from AOCI into Income | Amount of Gain/(Loss) Reclassified from AOCI into Income | ||||||||
Interest rate swaps | Interest expense | $ | (1,426 | ) | Interest expense | $ | (2,138 | ) | ||||
Commodity derivatives | Fuel, purchased power and cost of natural gas sold | (784 | ) | Fuel, purchased power and cost of natural gas sold | (802 | ) | ||||||
Total | $ | (2,210 | ) | $ | (2,940 | ) |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||
(in thousands) | (in thousands) | |||||||||||||
Increase (decrease) in fair value: | ||||||||||||||
Forward commodity contracts | $ | (518 | ) | $ | 48 | $ | (150 | ) | $ | 30 | ||||
Recognition of (gains) losses in earnings due to settlements: | ||||||||||||||
Interest rate swaps | 713 | 713 | 713 | 712 | ||||||||||
Forward commodity contracts | (83 | ) | 163 | 129 | 18 | |||||||||
Total other comprehensive income (loss) from hedging | $ | 112 | $ | 924 | $ | 692 | $ | 760 |
Nine Months Ended September 30, | |||||||
2019 | 2018 | ||||||
(in thousands) | |||||||
Increase (decrease) in fair value: | |||||||
Forward commodity contracts | $ | (434 | ) | $ | (219 | ) | |
Recognition of (gains) losses in earnings due to settlements: | |||||||
Interest rate swaps | 2,139 | 2,138 | |||||
Forward commodity contracts | (508 | ) | 802 | ||||
Total other comprehensive income (loss) from hedging | $ | 1,197 | $ | 2,721 |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
(in thousands) | |||||||
Increase (decrease) in fair value: | |||||||
Forward commodity contracts | $ | (284 | ) | $ | (249 | ) | |
Recognition of (gains) losses in earnings due to settlements: | |||||||
Interest rate swaps | 1,426 | 1,426 | |||||
Forward commodity contracts | (637 | ) | 784 | ||||
Total other comprehensive income (loss) from hedging | $ | 505 | $ | 1,961 |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | Location of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | ||||||||||
Commodity derivatives | Fuel, purchased power and cost of natural gas sold | $ | (1,185 | ) | $ | 771 | Fuel, purchased power and cost of natural gas sold | $ | (20 | ) | $ | (96 | ) | |||
Commodity derivatives | Other income (expense), net | 142 | — | |||||||||||||
$ | (1,185 | ) | $ | 771 | $ | 122 | $ | (96 | ) |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | Location of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | ||||||||||
Commodity derivatives | Fuel, purchased power and cost of natural gas sold | $ | (1,160 | ) | $ | 1,025 | Fuel, purchased power and cost of natural gas sold | $ | (1,180 | ) | $ | 929 | ||||
Commodity derivatives | Other income (expense), net | $ | 142 | $ | — | |||||||||||
$ | (1,160 | ) | $ | 1,025 | $ | (1,038 | ) | $ | 929 |
As of June 30, 2019 | As of September 30, 2019 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting | Total | Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting | Total | |||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Commodity derivatives — Utilities | $ | — | $ | 986 | $ | — | $ | (575 | ) | $ | 411 | $ | — | $ | 2,750 | $ | — | $ | (2,335 | ) | $ | 415 | ||||||||||
Total | $ | — | $ | 986 | $ | — | $ | (575 | ) | $ | 411 | $ | — | $ | 2,750 | $ | — | $ | (2,335 | ) | $ | 415 | ||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Commodity derivatives — Utilities | $ | — | $ | 5,567 | $ | — | $ | (3,945 | ) | $ | 1,622 | $ | — | $ | 6,080 | $ | — | $ | (3,471 | ) | $ | 2,609 | ||||||||||
Total | $ | — | $ | 5,567 | $ | — | $ | (3,945 | ) | $ | 1,622 | $ | — | $ | 6,080 | $ | — | $ | (3,471 | ) | $ | 2,609 |
As of December 31, 2018 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting | Total | ||||||||||||
(in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Commodity derivatives — Utilities | $ | — | $ | 2,927 | $ | — | $ | (1,408 | ) | $ | 1,519 | |||||
Total | $ | — | $ | 2,927 | $ | — | $ | (1,408 | ) | $ | 1,519 | |||||
Liabilities: | ||||||||||||||||
Commodity derivatives — Utilities | $ | — | $ | 6,801 | $ | — | $ | (5,794 | ) | $ | 1,007 | |||||
Total | $ | — | $ | 6,801 | $ | — | $ | (5,794 | ) | $ | 1,007 |
Balance Sheet Location | June 30, 2019 | December 31, 2018 | Balance Sheet Location | September 30, 2019 | December 31, 2018 | |||||||||||
Derivatives designated as hedges: | ||||||||||||||||
Asset derivative instruments: | ||||||||||||||||
Current commodity derivatives | Derivative assets — current | $ | — | $ | 415 | Derivative assets — current | $ | — | $ | 415 | ||||||
Noncurrent commodity derivatives | Other assets, non-current | 4 | 18 | Other assets, non-current | 2 | 18 | ||||||||||
Liability derivative instruments: | ||||||||||||||||
Current commodity derivatives | Derivative liabilities — current | (449 | ) | (114 | ) | Derivative liabilities — current | (427 | ) | (114 | ) | ||||||
Noncurrent commodity derivatives | Other deferred credits and other liabilities | (58 | ) | (4 | ) | Other deferred credits and other liabilities | (70 | ) | (4 | ) | ||||||
Total derivatives designated as hedges | $ | (503 | ) | $ | 315 | $ | (495 | ) | $ | 315 | ||||||
Derivatives not designated as hedges: | ||||||||||||||||
Asset derivative instruments: | ||||||||||||||||
Current commodity derivatives | Derivative assets — current | $ | 405 | $ | 1,085 | Derivative assets — current | $ | 412 | $ | 1,085 | ||||||
Noncurrent commodity derivatives | Other assets, non-current | 2 | 1 | Other assets, non-current | 1 | 1 | ||||||||||
Liability derivative instruments: | ||||||||||||||||
Current commodity derivatives | Derivative liabilities — current | (1,042 | ) | (833 | ) | Derivative liabilities — current | (1,969 | ) | (833 | ) | ||||||
Noncurrent commodity derivatives | Other deferred credits and other liabilities | (73 | ) | (56 | ) | Other deferred credits and other liabilities | (143 | ) | (56 | ) | ||||||
Total derivatives not designated as hedges | $ | (708 | ) | $ | 197 | $ | (1,699 | ) | $ | 197 |
June 30, 2019 | December 31, 2018 | ||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||
Long-term debt, including current maturities (a) (b) | $ | 3,055,415 | $ | 3,337,314 | $ | 2,956,578 | $ | 3,039,108 |
September 30, 2019 | December 31, 2018 | ||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||
Long-term debt, including current maturities (a) (b) | $ | 3,054,978 | $ | 3,424,747 | $ | 2,956,578 | $ | 3,039,108 |
(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 in Level 2 in the fair value hierarchy. |
(b) | Carrying amount of long-term debt is net of deferred financing costs. |
(13) | OTHER COMPREHENSIVE INCOME (LOSS) |
Location on the Condensed Consolidated Statements of Income | Amount Reclassified from AOCI | Location on the Condensed Consolidated Statements of Income | Amount Reclassified from AOCI | |||||||||||||||||||||||||
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
June 30, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 | September 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | |||||||||||||||||||||
Gains and (losses) on cash flow hedges: | ||||||||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | (713 | ) | $ | (713 | ) | $ | (1,426 | ) | $ | (1,426 | ) | Interest expense | $ | (713 | ) | $ | (712 | ) | $ | (2,139 | ) | $ | (2,138 | ) | ||
Commodity contracts | Fuel, purchased power and cost of natural gas sold | 83 | (163 | ) | 637 | (784 | ) | Fuel, purchased power and cost of natural gas sold | (129 | ) | (18 | ) | 508 | (802 | ) | |||||||||||||
(630 | ) | (876 | ) | (789 | ) | (2,210 | ) | (842 | ) | (730 | ) | (1,631 | ) | (2,940 | ) | |||||||||||||
Income tax | Income tax benefit (expense) | 153 | 197 | 188 | 494 | Income tax benefit (expense) | 170 | 149 | 358 | 643 | ||||||||||||||||||
Total reclassification adjustments related to cash flow hedges, net of tax | $ | (477 | ) | $ | (679 | ) | $ | (601 | ) | $ | (1,716 | ) | $ | (672 | ) | $ | (581 | ) | $ | (1,273 | ) | $ | (2,297 | ) | ||||
Amortization of components of defined benefit plans: | ||||||||||||||||||||||||||||
Prior service cost | Operations and maintenance | $ | 20 | $ | 44 | $ | 39 | $ | 89 | Operations and maintenance | $ | 20 | $ | 44 | $ | 59 | $ | 133 | ||||||||||
Actuarial gain (loss) | Operations and maintenance | (221 | ) | (622 | ) | (441 | ) | (1,244 | ) | Operations and maintenance | (84 | ) | (621 | ) | (525 | ) | (1,865 | ) | ||||||||||
(201 | ) | (578 | ) | (402 | ) | (1,155 | ) | (64 | ) | (577 | ) | (466 | ) | (1,732 | ) | |||||||||||||
Income tax | Income tax benefit (expense) | 47 | 126 | 95 | 252 | Income tax benefit (expense) | 89 | 128 | 184 | 380 | ||||||||||||||||||
Total reclassification adjustments related to defined benefit plans, net of tax | $ | (154 | ) | $ | (452 | ) | $ | (307 | ) | $ | (903 | ) | $ | 25 | $ | (449 | ) | $ | (282 | ) | $ | (1,352 | ) | |||||
Total reclassifications | $ | (631 | ) | $ | (1,131 | ) | $ | (908 | ) | $ | (2,619 | ) | $ | (647 | ) | $ | (1,030 | ) | $ | (1,555 | ) | $ | (3,649 | ) |
Interest Rate Swaps | Commodity Derivatives | Employee Benefit Plans | Total | Interest Rate Swaps | Commodity Derivatives | Employee Benefit Plans | Total | |||||||||||||||||
As of December 31, 2018 | $ | (17,307 | ) | $ | 328 | $ | (9,937 | ) | $ | (26,916 | ) | $ | (17,307 | ) | $ | 328 | $ | (9,937 | ) | $ | (26,916 | ) | ||
Other comprehensive income (loss) | ||||||||||||||||||||||||
before reclassifications | — | (219 | ) | — | (219 | ) | — | (334 | ) | — | (334 | ) | ||||||||||||
Amounts reclassified from AOCI | 1,091 | (490 | ) | 307 | 908 | 1,639 | (366 | ) | 282 | 1,555 | ||||||||||||||
As of June 30, 2019 | $ | (16,216 | ) | $ | (381 | ) | $ | (9,630 | ) | $ | (26,227 | ) | ||||||||||||
As of September 30, 2019 | $ | (15,668 | ) | $ | (372 | ) | $ | (9,655 | ) | $ | (25,695 | ) | ||||||||||||
Interest Rate Swaps | Commodity Derivatives | Employee Benefit Plans | Total | Interest Rate Swaps | Commodity Derivatives | Employee Benefit Plans | Total | |||||||||||||||||
Balance as of December 31, 2017 | $ | (19,581 | ) | $ | (518 | ) | $ | (21,103 | ) | $ | (41,202 | ) | ||||||||||||
As of December 31, 2017 | $ | (19,581 | ) | $ | (518 | ) | $ | (21,103 | ) | $ | (41,202 | ) | ||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||
before reclassifications | — | (198 | ) | — | (198 | ) | — | (168 | ) | — | (168 | ) | ||||||||||||
Amounts reclassified from AOCI | 1,122 | 594 | 903 | 2,619 | 1,682 | 615 | 1,352 | 3,649 | ||||||||||||||||
Reclassifications of certain tax effects from AOCI | 15 | — | 3 | 18 | 15 | — | 3 | 18 | ||||||||||||||||
As of June 30, 2018 | $ | (18,444 | ) | $ | (122 | ) | $ | (20,197 | ) | $ | (38,763 | ) | ||||||||||||
As of September 30, 2018 | $ | (17,884 | ) | $ | (71 | ) | $ | (19,748 | ) | $ | (37,703 | ) |
Six Months Ended | June 30, 2019 | June 30, 2018 | ||||||||||||
Nine Months Ended | September 30, 2019 | September 30, 2018 | ||||||||||||
(in thousands) | (in thousands) | |||||||||||||
Non-cash investing and financing activities — | ||||||||||||||
Property, plant and equipment acquired with accrued liabilities | $ | 83,486 | $ | 37,168 | $ | 86,661 | $ | 49,631 | ||||||
Cash (paid) refunded during the period — | ||||||||||||||
Interest (net of amounts capitalized) | $ | (67,624 | ) | $ | (67,119 | ) | $ | (99,375 | ) | $ | (104,035 | ) | ||
Income taxes | $ | 1,790 | $ | (14,837 | ) | $ | 2,255 | $ | (14,842 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
Service cost | $ | 1,345 | $ | 1,709 | $ | 2,691 | $ | 3,417 | $ | 1,346 | $ | 1,708 | $ | 4,037 | $ | 5,125 | ||||||||||
Interest cost | 4,344 | 3,868 | 8,687 | 7,735 | 4,344 | 3,867 | 13,031 | 11,602 | ||||||||||||||||||
Expected return on plan assets | (6,100 | ) | (6,185 | ) | (12,200 | ) | (12,370 | ) | (6,100 | ) | (6,185 | ) | (18,300 | ) | (18,555 | ) | ||||||||||
Prior service cost | 7 | 14 | 13 | 29 | 6 | 15 | 19 | 44 | ||||||||||||||||||
Net loss (gain) | 940 | 2,157 | 1,881 | 4,315 | 941 | 2,158 | 2,822 | 6,473 | ||||||||||||||||||
Net periodic benefit cost | $ | 536 | $ | 1,563 | $ | 1,072 | $ | 3,126 | $ | 537 | $ | 1,563 | $ | 1,609 | $ | 4,689 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
Service cost | $ | 454 | $ | 572 | $ | 908 | $ | 1,145 | $ | 454 | $ | 573 | $ | 1,362 | $ | 1,718 | ||||||||||
Interest cost | 563 | 521 | 1,123 | 1,042 | 560 | 521 | 1,683 | 1,563 | ||||||||||||||||||
Expected return on plan assets | (58 | ) | (56 | ) | (115 | ) | (113 | ) | (57 | ) | (57 | ) | (172 | ) | (170 | ) | ||||||||||
Prior service cost (benefit) | (100 | ) | (99 | ) | (199 | ) | (198 | ) | (99 | ) | (99 | ) | (298 | ) | (297 | ) | ||||||||||
Net loss (gain) | — | 54 | — | 108 | — | 54 | — | 162 | ||||||||||||||||||
Net periodic benefit cost | $ | 859 | $ | 992 | $ | 1,717 | $ | 1,984 | $ | 858 | $ | 992 | $ | 2,575 | $ | 2,976 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
Service cost | $ | 692 | $ | 435 | $ | 1,977 | $ | 715 | $ | 429 | $ | 632 | $ | 2,406 | $ | 1,347 | ||||||||||
Interest cost | 324 | 292 | 648 | 585 | 324 | 293 | 972 | 878 | ||||||||||||||||||
Prior service cost | 1 | 1 | 1 | 1 | — | — | 1 | 1 | ||||||||||||||||||
Net loss (gain) | 134 | 250 | 268 | 500 | 134 | 250 | 402 | 750 | ||||||||||||||||||
Net periodic benefit cost | $ | 1,151 | $ | 978 | $ | 2,894 | $ | 1,801 | $ | 887 | $ | 1,175 | $ | 3,781 | $ | 2,976 |
Contributions Made | Additional Contributions | Contributions | Contributions Made | Additional Contributions | Contributions | |||||||||||||||||||
Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | Anticipated for 2019 | Anticipated for 2020 | Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | Anticipated for 2019 | Anticipated for 2020 | |||||||||||||||||
Defined Benefit Pension Plan | $ | — | $ | — | $ | 12,700 | $ | 12,700 | $ | 12,700 | $ | 12,700 | $ | — | $ | 12,700 | ||||||||
Non-pension Defined Benefit Postretirement Healthcare Plans | $ | 1,108 | $ | 2,217 | $ | 2,217 | $ | 4,271 | $ | 1,109 | $ | 3,326 | $ | 1,109 | $ | 4,815 | ||||||||
Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | $ | 366 | $ | 732 | $ | 732 | $ | 1,562 | $ | 366 | $ | 1,098 | $ | 366 | $ | 1,406 |
2019 | $ | 1,831 | $ | 1,369 | ||
2020 | $ | 5,490 | $ | 5,475 | ||
2021 | $ | 5,475 | $ | 5,475 | ||
2022 | $ | 5,475 | $ | 5,475 | ||
2023 | $ | 5,475 | $ | 5,475 | ||
Thereafter | $ | 2,729 | $ | 2,738 |
June 30, 2019 | December 31, 2018 | September 30, 2019 | December 31, 2018 | |||||||||
Accrued employee compensation, benefits and withholdings | $ | 50,996 | $ | 63,742 | $ | 57,313 | $ | 63,742 | ||||
Accrued property taxes | 34,966 | 42,510 | 38,937 | 42,510 | ||||||||
Customer deposits and prepayments | 40,716 | 43,574 | 56,220 | 43,574 | ||||||||
Accrued interest and contract adjustment payments | 32,213 | 31,759 | 35,100 | 31,759 | ||||||||
CIAC current portion | 1,485 | 1,485 | ||||||||||
Other (none of which is individually significant) | 28,141 | 32,431 | 30,262 | 33,916 | ||||||||
Total accrued liabilities | $ | 188,517 | $ | 215,501 | $ | 217,832 | $ | 215,501 |
Income Statement Location | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | Income Statement Location | Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | |||||||||
Operating lease cost | Operations and maintenance | $ | 385 | $ | 696 | Operations and maintenance | $ | 380 | $ | 1,076 | ||||
Finance lease cost: | ||||||||||||||
Amortization of right-of-use asset | Depreciation, depletion and amortization | 27 | 44 | Depreciation, depletion and amortization | 28 | 72 | ||||||||
Interest on lease liabilities | Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) | 6 | 9 | Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) | 5 | 14 | ||||||||
Total lease cost | $ | 418 | $ | 749 | $ | 413 | $ | 1,162 |
Balance Sheet Location | As of June 30, 2019 | |||
Assets: | ||||
Operating lease assets | Other assets, non-current | $ | 5,161 | |
Finance lease assets | Other assets, non-current | 521 | ||
Total lease assets | $ | 5,682 | ||
Liabilities: | ||||
Current: | ||||
Operating leases | Accrued liabilities | $ | 1,003 | |
Finance lease | Accrued liabilities | 106 | ||
Noncurrent: | ||||
Operating leases | Other deferred credits and other liabilities | 4,470 | ||
Finance lease | Other deferred credits and other liabilities | 419 | ||
Total lease liabilities | $ | 5,998 |
Six Months Ended June 30, 2019 | |||
Cash paid included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ | 528 | |
Operating cash flows from finance lease | $ | 9 | |
Financing cash flows from finance lease | $ | 40 | |
Right-of-use assets obtained in exchange for lease obligations: | |||
Operating leases | $ | 2,738 | |
Finance lease | $ | 67 |
Balance Sheet Location | As of September 30, 2019 | |||
Assets: | ||||
Operating lease assets | Other assets, non-current | $ | 4,864 | |
Finance lease assets | Other assets, non-current | 493 | ||
Total lease assets | $ | 5,357 | ||
Liabilities: | ||||
Current: | ||||
Operating leases | Accrued liabilities | $ | 970 | |
Finance lease | Accrued liabilities | 80 | ||
Noncurrent: | ||||
Operating leases | Other deferred credits and other liabilities | 4,252 | ||
Finance lease | Other deferred credits and other liabilities | 419 | ||
Total lease liabilities | $ | 5,721 |
Nine Months Ended September 30, 2019 | |||
Cash paid included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ | 895 | |
Operating cash flows from finance lease | $ | 14 | |
Financing cash flows from finance lease | $ | 66 | |
Right-of-use assets obtained in exchange for lease obligations: | |||
Operating leases | $ | 2,775 | |
Finance lease | $ | 67 |
As of | ||
Weighted average remaining lease term (years): | ||
Operating leases | 8 years | |
Finance lease | ||
Weighted average discount rate: | ||
Operating leases | % | |
Finance lease | % |
Operating Leases | Finance Lease | Total | Operating Leases | Finance Lease | Total | |||||||||||||
2019 (a) | $ | 705 | $ | 63 | $ | 768 | $ | 368 | $ | 32 | $ | 400 | ||||||
2020 | 976 | 126 | 1,102 | 992 | 126 | 1,118 | ||||||||||||
2021 | 858 | 126 | 984 | 855 | 126 | 981 | ||||||||||||
2022 | 736 | 126 | 862 | 736 | 126 | 862 | ||||||||||||
2023 | 708 | 126 | 834 | 714 | 126 | 840 | ||||||||||||
Thereafter | 2,654 | 10 | 2,664 | 2,682 | 10 | 2,692 | ||||||||||||
Total lease payments (b) | $ | 6,637 | $ | 577 | $ | 7,214 | $ | 6,347 | $ | 546 | $ | 6,893 | ||||||
Less imputed interest | 1,164 | 52 | 1,216 | 1,125 | 47 | 1,172 | ||||||||||||
Present value of lease liabilities | $ | 5,473 | $ | 525 | $ | 5,998 | $ | 5,222 | $ | 499 | $ | 5,721 |
(a) | Includes lease liabilities for the remaining |
(b) | Lease payments exclude payments to landlords for common area maintenance, real estate taxes, and insurance. |
Operating Leases | |||
2019 | $ | 1,052 | |
2020 | 464 | ||
2021 | 344 | ||
2022 | 224 | ||
2023 | 216 | ||
Thereafter | 1,776 | ||
Total lease payments | $ | 4,076 |
Income Statement Location | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | |||||
Operating lease income | Revenue | $ | 567 | $ | 1,205 |
Income Statement Location | Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | |||||
Operating lease income | Revenue | $ | 544 | $ | 1,749 |
Operating Leases | Operating Leases | |||||
2019 (a) | $ | 1,085 | $ | 551 | ||
2020 | 2,010 | 2,035 | ||||
2021 | 1,843 | 1,857 | ||||
2022 | 1,793 | 1,793 | ||||
2023 | 1,799 | 1,799 | ||||
Thereafter | 55,481 | 55,481 | ||||
Total lease receivables | $ | 64,011 | $ | 63,516 |
(a) | Includes lease receivables for the remaining |
September 30, 2019 | December 31, 2018 | ||||||
Investment in privately held oil and gas company | $ | 8,359 | $ | 28,100 | |||
Cash surrender value of life insurance contracts | 12,907 | 12,812 | |||||
Other investments | 317 | 101 | |||||
Total investments | $ | 21,583 | $ | 41,013 |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. |
See Forward-Looking Information in the Liquidity and Capital Resources section of this Item 2, beginning on Page |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts) | Income | EPS | Income | EPS | Income | EPS | Income | EPS | Income | EPS | Income | EPS | Income | EPS | Income | EPS | ||||||||||||||||||||||||||||||||||||||
Net income from continuing operations available for common stock | $ | 14.6 | $ | 0.24 | $ | 24.3 | $ | 0.45 | $ | 118.4 | $ | 1.96 | $ | 159.7 | $ | 2.94 | $ | 11.7 | $ | 0.19 | $ | 17.8 | $ | 0.32 | $ | 130.1 | $ | 2.15 | $ | 177.5 | $ | 3.26 | ||||||||||||||||||||||
Net (loss) from discontinued operations | — | — | (2.4 | ) | (0.05 | ) | — | — | (4.8 | ) | (0.09 | ) | — | — | (0.9 | ) | (0.02 | ) | — | — | (5.6 | ) | (0.10 | ) | ||||||||||||||||||||||||||||||
Net income available for common stock | $ | 14.6 | $ | 0.24 | $ | 21.9 | $ | 0.40 | $ | 118.4 | $ | 1.96 | $ | 154.9 | $ | 2.85 | $ | 11.7 | $ | 0.19 | $ | 17.0 | $ | 0.31 | $ | 130.1 | $ | 2.15 | $ | 171.9 | $ | 3.15 |
• | Mining’s adjusted operating income decreased $ |
• | A prior year $49 million tax benefit resulting from legal entity restructuring partially offset by a prior year |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2019 | 2018 | Variance | 2019 | 2018 | Variance | 2019 | 2018 | Variance | 2019 | 2018 | Variance | |||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||||
Revenue | $ | 369,576 | $ | 390,879 | $ | (21,303 | ) | $ | 1,005,257 | $ | 1,002,844 | $ | 2,413 | $ | 363,491 | $ | 358,258 | $ | 5,233 | $ | 1,368,748 | $ | 1,361,102 | $ | 7,646 | |||||||||||
Inter-company eliminations | (35,688 | ) | (35,175 | ) | (513 | ) | (73,559 | ) | (71,751 | ) | (1,808 | ) | (37,943 | ) | (36,279 | ) | (1,664 | ) | (111,502 | ) | (108,030 | ) | (3,472 | ) | ||||||||||||
$ | 333,888 | $ | 355,704 | $ | (21,816 | ) | $ | 931,698 | $ | 931,093 | $ | 605 | $ | 325,548 | $ | 321,979 | $ | 3,569 | $ | 1,257,246 | $ | 1,253,072 | $ | 4,174 | ||||||||||||
Adjusted operating income (a) | ||||||||||||||||||||||||||||||||||||
Electric Utilities | $ | 33,546 | $ | 41,200 | $ | (7,654 | ) | $ | 74,566 | $ | 79,680 | $ | (5,114 | ) | $ | 50,653 | $ | 43,393 | $ | 7,260 | $ | 125,219 | $ | 123,073 | $ | 2,146 | ||||||||||
Gas Utilities | 8,557 | 16,485 | (7,928 | ) | 111,871 | 111,928 | (57 | ) | 4,736 | 4,240 | 496 | 116,607 | 116,168 | 439 | ||||||||||||||||||||||
Power Generation | 10,156 | 8,877 | 1,279 | 22,123 | 20,652 | 1,471 | 11,822 | 13,079 | (1,257 | ) | 33,945 | 33,731 | 214 | |||||||||||||||||||||||
Mining | 1,640 | 3,825 | (2,185 | ) | 5,977 | 8,096 | (2,119 | ) | 3,374 | 4,551 | (1,177 | ) | 9,351 | 12,647 | (3,296 | ) | ||||||||||||||||||||
Corporate and Other | 102 | (836 | ) | 938 | (405 | ) | (2,531 | ) | 2,126 | (34 | ) | (178 | ) | 144 | (439 | ) | (2,709 | ) | 2,270 | |||||||||||||||||
Operating income | 54,001 | 69,551 | (15,550 | ) | 214,132 | 217,825 | (3,693 | ) | 70,551 | 65,085 | 5,466 | 284,683 | 282,910 | 1,773 | ||||||||||||||||||||||
Interest expense, net | (34,265 | ) | (34,534 | ) | 269 | (68,982 | ) | (69,529 | ) | 547 | (33,487 | ) | (35,297 | ) | 1,810 | (102,469 | ) | (104,826 | ) | 2,357 | ||||||||||||||||
Impairment of investment | (19,741 | ) | — | (19,741 | ) | (19,741 | ) | — | (19,741 | ) | ||||||||||||||||||||||||||
Other income (expense), net | 264 | (1,309 | ) | 1,573 | (525 | ) | (1,413 | ) | 888 | 580 | (510 | ) | 1,090 | 55 | (1,923 | ) | 1,978 | |||||||||||||||||||
Income tax benefit (expense) | (2,307 | ) | (6,541 | ) | 4,234 | (19,570 | ) | 19,261 | (38,831 | ) | (2,508 | ) | (7,477 | ) | 4,969 | (22,078 | ) | 11,784 | (33,862 | ) | ||||||||||||||||
Income from continuing operations | 17,693 | 27,167 | (9,474 | ) | 125,055 | 166,144 | (41,089 | ) | 15,395 | 21,801 | (6,406 | ) | 140,450 | 187,945 | (47,495 | ) | ||||||||||||||||||||
Net (loss) from discontinued operations | — | (2,427 | ) | 2,427 | — | (4,770 | ) | 4,770 | — | (857 | ) | 857 | — | (5,627 | ) | 5,627 | ||||||||||||||||||||
Net income | 17,693 | 24,740 | (7,047 | ) | 125,055 | 161,374 | (36,319 | ) | 15,395 | 20,944 | (5,549 | ) | 140,450 | 182,318 | (41,868 | ) | ||||||||||||||||||||
Net income attributable to noncontrolling interest | (3,110 | ) | (2,823 | ) | (287 | ) | (6,664 | ) | (6,453 | ) | (211 | ) | (3,655 | ) | (3,994 | ) | 339 | (10,319 | ) | (10,447 | ) | 128 | ||||||||||||||
Net income available for common stock | $ | 14,583 | $ | 21,917 | $ | (7,334 | ) | $ | 118,391 | $ | 154,921 | $ | (36,530 | ) | $ | 11,740 | $ | 16,950 | $ | (5,210 | ) | $ | 130,131 | $ | 171,871 | $ | (41,740 | ) |
(a) | In 2019, we changed our measure of segment performance to adjusted operating income, which impacted our segment disclosures for all periods presented. See Note 3 of the Notes to Condensed Consolidated Financial Statements for additional information. |
◦ | On October 29, 2019, Nebraska Gas received approval from the NPSC to merge its two gas distribution companies in Nebraska. A rate review is expected to be filed by mid-year 2020 to consolidate the rates, tariffs and services of its two existing gas distribution companies. |
◦ | On June 3, 2019, Wyoming Gas filed a rate review application with the WSPC to consolidate the rates, tariffs and services of its four existing gas distribution territories in Wyoming. The rate review |
◦ | On February 1, 2019, Colorado Gas filed a rate review with the CPUC requesting approval to consolidate rates, tariffs and services of its two existing gas distribution territories in Colorado. The rate review |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2019 | 2018 | Variance | 2019 | 2018 | Variance | 2019 | 2018 | Variance | 2019 | 2018 | Variance | |||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||
Revenue | $ | 166,354 | $ | 173,616 | $ | (7,262 | ) | $ | 349,281 | $ | 347,171 | $ | 2,110 | $ | 191,384 | $ | 184,790 | $ | 6,594 | $ | 540,665 | $ | 531,961 | $ | 8,704 | |||||||||||
Total fuel and purchased power | 62,128 | 65,942 | (3,814 | ) | 135,411 | 134,680 | 731 | 71,593 | 74,638 | (3,045 | ) | 207,004 | 209,317 | (2,313 | ) | |||||||||||||||||||||
Gross margin (non-GAAP) | 104,226 | 107,674 | (3,448 | ) | 213,870 | 212,491 | 1,379 | 119,791 | 110,152 | 9,639 | 333,661 | 322,644 | 11,017 | |||||||||||||||||||||||
Operations and maintenance | 48,734 | 45,101 | 3,633 | 95,878 | 90,194 | 5,684 | 47,172 | 45,307 | 1,865 | 143,049 | 135,501 | 7,548 | ||||||||||||||||||||||||
Depreciation and amortization | 21,947 | 21,373 | 574 | 43,427 | 42,617 | 810 | 21,966 | 21,453 | 513 | 65,393 | 64,070 | 1,323 | ||||||||||||||||||||||||
Total operating expenses | 70,681 | 66,474 | 4,207 | 139,305 | 132,811 | 6,494 | 69,138 | 66,760 | 2,378 | 208,442 | 199,571 | 8,871 | ||||||||||||||||||||||||
Adjusted operating income (a) | $ | 33,545 | $ | 41,200 | $ | (7,655 | ) | $ | 74,565 | $ | 79,680 | $ | (5,115 | ) | $ | 50,653 | $ | 43,392 | $ | 7,261 | $ | 125,219 | $ | 123,073 | $ | 2,146 |
(a) | Due to the changes in our segment disclosures discussed in Note 3 of the Notes to Condensed Consolidated Financial Statements, Electric |
(in millions) | |||
Weather | $ | (2.5 | ) |
Lower commercial demand | (1.8 | ) | |
Lower residential customer usage | (1.5 | ) | |
Reduction in purchased power capacity charges | 1.6 | ||
Rider recovery | 0.2 | ||
Other | 0.6 | ||
Total decrease in Gross margin (non-GAAP) | $ | (3.4 | ) |
(in millions) | |||
Prior year Wyoming Electric PCA Stipulation settlement | $ | 3.4 | |
Weather | 1.8 | ||
Increased industrial demand | 1.7 | ||
Reduction in power capacity charges | 1.7 | ||
Rider recovery | 1.3 | ||
Other | (0.3 | ) | |
Total increase in Gross margin (non-GAAP) | $ | 9.6 |
(in millions) | (in millions) | |||||
Reduction in purchased power capacity charges | $ | 3.2 | ||||
Higher off-system power marketing and ancillary wheeling | 0.7 | |||||
Reduction in power capacity charges | $ | 4.9 | ||||
Prior year Wyoming Electric PCA Stipulation settlement | 3.7 | |||||
Rider recovery | 0.7 | 2.0 | ||||
Decreased residential customer usage | (0.9 | ) | ||||
Decreased commercial and industrial demand | (0.2 | ) | ||||
Weather | (1.9 | ) | (0.1 | ) | ||
Lower commercial demand | (1.9 | ) | ||||
Lower residential customer usage | (1.4 | ) | ||||
Other | 2.0 | 1.6 | ||||
Total increase in Gross margin (non-GAAP) | $ | 1.4 | $ | 11.0 |
Electric Revenue (in thousands) | Quantities sold (MWh) | Electric Revenue (in thousands) | Quantities sold (MWh) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||
Residential | $ | 45,700 | $ | 50,116 | $ | 103,338 | $ | 105,857 | 301,481 | 328,638 | 690,659 | 711,908 | $ | 58,919 | $ | 58,122 | $ | 162,257 | $ | 163,979 | 384,735 | 372,623 | 1,075,394 | 1,084,531 | ||||||||||||||||||||
Commercial | 59,739 | 64,902 | 120,702 | 126,886 | 490,329 | 509,984 | 995,902 | 1,010,120 | 65,732 | 65,794 | 186,434 | 192,680 | 560,547 | 550,791 | 1,556,449 | 1,560,911 | ||||||||||||||||||||||||||||
Industrial | 31,697 | 31,220 | 64,137 | 62,020 | 445,837 | 418,596 | 872,451 | 819,305 | 33,937 | 31,939 | 98,074 | 93,959 | 462,809 | 429,133 | 1,335,260 | 1,248,438 | ||||||||||||||||||||||||||||
Municipal | 4,253 | 4,666 | 8,392 | 8,807 | 38,283 | 42,657 | 74,919 | 78,981 | 4,792 | 4,582 | 13,184 | 13,389 | 46,106 | 43,972 | 121,025 | 122,953 | ||||||||||||||||||||||||||||
Subtotal Retail Revenue - Electric | 141,389 | 150,904 | 296,569 | 303,570 | 1,275,930 | 1,299,875 | 2,633,931 | 2,620,314 | 163,380 | 160,437 | 459,949 | 464,007 | 1,454,197 | 1,396,519 | 4,088,128 | 4,016,833 | ||||||||||||||||||||||||||||
Contract Wholesale | 6,781 | 8,191 | 15,124 | 17,241 | 194,222 | 218,132 | 417,242 | 455,836 | 8,211 | 8,256 | 23,335 | 25,497 | 229,369 | 221,327 | 646,611 | 677,163 | ||||||||||||||||||||||||||||
Off-system/Power Marketing Wholesale | 3,448 | 4,939 | 10,140 | 9,083 | 135,091 | 178,854 | 275,941 | 307,895 | 6,452 | 9,059 | 16,592 | 18,142 | 160,357 | 206,791 | 436,298 | 514,686 | ||||||||||||||||||||||||||||
Other | 14,736 | 9,582 | 27,448 | 17,277 | — | — | — | — | 13,341 | 7,038 | 40,789 | 24,315 | — | — | — | — | ||||||||||||||||||||||||||||
Total Revenue and Energy Sold | 166,354 | 173,616 | 349,281 | 347,171 | 1,605,243 | 1,696,861 | 3,327,114 | 3,384,045 | 191,384 | 184,790 | 540,665 | 531,961 | 1,843,923 | 1,824,637 | 5,171,037 | 5,208,682 | ||||||||||||||||||||||||||||
Other Uses, Losses or Generation, net | — | — | — | — | 89,866 | 125,606 | 186,866 | 216,461 | — | — | — | — | 112,172 | 121,478 | 299,038 | 337,939 | ||||||||||||||||||||||||||||
Total Revenue and Energy | 166,354 | 173,616 | 349,281 | 347,171 | 1,695,109 | 1,822,467 | 3,513,980 | 3,600,506 | 191,384 | 184,790 | 540,665 | 531,961 | 1,956,095 | 1,946,115 | 5,470,075 | 5,546,621 | ||||||||||||||||||||||||||||
Less cost of fuel and purchased power (a) | 62,128 | 65,942 | 135,411 | 134,680 | 71,593 | 74,638 | 207,004 | 209,317 | ||||||||||||||||||||||||||||||||||||
Gross Margin (non-GAAP) (a) | $ | 104,226 | $ | 107,674 | $ | 213,870 | $ | 212,491 | $ | 119,791 | $ | 110,152 | $ | 333,661 | $ | 322,644 |
(a) | Due to the changes in our segment disclosures discussed in Note 3 of the Notes to Condensed Consolidated Financial Statements, cost of fuel and purchased power was revised for the three and |
Three Months Ended June 30, | Electric Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Quantities Sold (MWh) (a) | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Electric Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Quantities Sold (MWh) (a) | |||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||
Colorado Electric (b) | $ | 55,412 | $ | 62,532 | $ | 31,051 | $ | 35,801 | 485,346 | 542,528 | $ | 70,771 | $ | 68,052 | $ | 41,916 | $ | 38,449 | 634,098 | 610,079 | ||||||||||||||||||
South Dakota Electric | 69,246 | 70,676 | 50,865 | 49,922 | 757,640 | 837,943 | 77,022 | 78,067 | 55,217 | 52,860 | 835,725 | 874,962 | ||||||||||||||||||||||||||
Wyoming Electric | 41,696 | 40,408 | 22,310 | 21,951 | 452,123 | 441,996 | 43,591 | 38,671 | 22,658 | 18,843 | 486,272 | 461,074 | ||||||||||||||||||||||||||
Total Electric Revenue, Gross Margin (non-GAAP), and Quantities Sold | $ | 166,354 | $ | 173,616 | $ | 104,226 | $ | 107,674 | 1,695,109 | 1,822,467 | $ | 191,384 | $ | 184,790 | $ | 119,791 | $ | 110,152 | 1,956,095 | 1,946,115 |
Nine Months Ended September 30, | Electric Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Quantities Sold (MWh) (a) | |||||||||||||||||||||||||||||||||||
Electric Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Quantities Sold (MWh) (a) | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||
Six Months Ended June 30, | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Colorado Electric (b) | $ | 115,259 | $ | 120,885 | $ | 62,495 | $ | 67,547 | 977,028 | 1,029,528 | $ | 186,030 | $ | 188,937 | $ | 104,411 | $ | 105,997 | 1,611,126 | 1,639,607 | ||||||||||||||||||
South Dakota Electric | 148,287 | 144,491 | 107,173 | 101,298 | 1,602,641 | 1,666,120 | 225,309 | 222,558 | 162,390 | 154,158 | 2,438,366 | 2,541,082 | ||||||||||||||||||||||||||
Wyoming Electric | 85,735 | 81,795 | 44,202 | 43,646 | 934,311 | 904,858 | 129,326 | 120,466 | 66,860 | 62,489 | 1,420,583 | 1,365,932 | ||||||||||||||||||||||||||
Total Electric Revenue, Gross Margin (non-GAAP), and Quantities Sold | $ | 349,281 | $ | 347,171 | $ | 213,870 | $ | 212,491 | 3,513,980 | 3,600,506 | $ | 540,665 | $ | 531,961 | $ | 333,661 | $ | 322,644 | 5,470,075 | 5,546,621 |
(a) | Total MWh for 2019 includes Other Uses, Losses or Generation, net, which are approximately |
(b) | Due to the changes in our segment disclosures discussed in Note 3 of the Notes to Condensed Consolidated Financial Statements, Gross margin was revised for the three and |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
Quantities Generated and Purchased (MWh) | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||
Coal-fired | 471,840 | 568,733 | 1,057,135 | 1,164,333 | 564,220 | 608,417 | 1,621,355 | 1,772,750 | ||||||||
Natural Gas and Oil | 86,475 | 105,304 | 211,132 | 146,627 | 234,366 | 199,351 | 445,498 | 345,978 | ||||||||
Wind | 56,505 | 68,501 | 111,924 | 142,482 | 55,407 | 54,450 | 167,331 | 196,932 | ||||||||
Total Generated | 614,820 | 742,538 | 1,380,191 | 1,453,442 | 853,993 | 862,218 | 2,234,184 | 2,315,660 | ||||||||
Purchased | 1,080,289 | 1,079,929 | 2,133,789 | 2,147,064 | 1,102,102 | 1,083,897 | 3,235,891 | 3,230,961 | ||||||||
Total Generated and Purchased | 1,695,109 | 1,822,467 | 3,513,980 | 3,600,506 | 1,956,095 | 1,946,115 | 5,470,075 | 5,546,621 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
Quantities Generated and Purchased (MWh) | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||
Generated: | ||||||||||||||||
Colorado Electric | 91,886 | 132,927 | 192,416 | 224,975 | 149,509 | 163,276 | 341,925 | 388,251 | ||||||||
South Dakota Electric | 315,925 | 411,839 | 773,294 | 824,033 | 489,042 | 469,680 | 1,262,336 | 1,293,713 | ||||||||
Wyoming Electric | 207,009 | 197,772 | 414,481 | 404,434 | 215,442 | 229,262 | 629,923 | 633,696 | ||||||||
Total Generated | 614,820 | 742,538 | 1,380,191 | 1,453,442 | 853,993 | 862,218 | 2,234,184 | 2,315,660 | ||||||||
Purchased: | ||||||||||||||||
Colorado Electric | 393,460 | 409,601 | 784,612 | 804,553 | 484,589 | 446,803 | 1,269,201 | 1,251,356 | ||||||||
South Dakota Electric | 441,715 | 426,104 | 829,347 | 842,087 | 346,683 | 405,282 | 1,176,030 | 1,247,369 | ||||||||
Wyoming Electric | 245,114 | 244,224 | 519,830 | 500,424 | 270,830 | 231,812 | 790,660 | 732,236 | ||||||||
Total Purchased | 1,080,289 | 1,079,929 | 2,133,789 | 2,147,064 | 1,102,102 | 1,083,897 | 3,235,891 | 3,230,961 | ||||||||
Total Generated and Purchased | 1,695,109 | 1,822,467 | 3,513,980 | 3,600,506 | 1,956,095 | 1,946,115 | 5,470,075 | 5,546,621 |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||
Degree Days | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||
Actual | Variance from Normal | Actual Variance to Prior Year | Actual | Variance from Normal | Actual | Variance from Normal | Actual Variance to Prior Year | Actual | Variance from Normal | |||||||||||||||||
Heating Degree Days: | ||||||||||||||||||||||||||
Colorado Electric | 603 | (5 | )% | 31% | 460 | (27 | )% | 4 | (96 | )% | (89)% | 35 | (64 | )% | ||||||||||||
South Dakota Electric | 1,279 | 25 | % | 23% | 1,037 | 1 | % | 175 | (22 | )% | (26)% | 236 | 5 | % | ||||||||||||
Wyoming Electric | 1,359 | 12 | % | 29% | 1,053 | (14 | )% | 120 | (77 | )% | (52)% | 248 | (19 | )% | ||||||||||||
Combined (a) | 986 | 12 | % | 27% | 777 | (12 | )% | 86 | (36 | )% | (41)% | 147 | (20 | )% | ||||||||||||
Cooling Degree Days: | ||||||||||||||||||||||||||
Colorado Electric | 147 | (30 | )% | (70)% | 494 | 136 | % | 1,079 | 58 | % | 19% | 910 | 33 | % | ||||||||||||
South Dakota Electric | 38 | (62 | )% | (71)% | 132 | 33 | % | 366 | (31 | )% | 3% | 356 | (33 | )% | ||||||||||||
Wyoming Electric | 29 | (42 | )% | (72)% | 102 | 104 | % | 433 | 45 | % | 32% | 328 | 10 | % | ||||||||||||
Combined (a) | 86 | (38 | )% | (71)% | 292 | 109 | % | 705 | 27 | % | 17% | 603 | 9 | % |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
Heating Degree Days | Actual | Variance from Normal | Actual Variance to Prior Year | Actual | Variance from Normal | Actual | Variance from Normal | Actual Variance to Prior Year | Actual | Variance from Normal | ||||||||||||||||
Colorado Electric | 3,152 | (4 | )% | 10% | 2,866 | 12 | % | 3,156 | (6 | )% | 9% | 2,901 | (14 | )% | ||||||||||||
South Dakota Electric | 5,195 | 23 | % | 10% | 4,736 | 12 | % | 5,370 | 20 | % | 8% | 4,972 | 11 | % | ||||||||||||
Wyoming Electric | 4,557 | 3 | % | 13% | 4,037 | (9 | )% | 4,677 | 5 | % | 9% | 4,285 | (9 | )% | ||||||||||||
Combined (a) | 4,132 | 8 | % | 10% | 3,741 | 7 | % | 4,198 | 6 | % | 8% | 3,888 | (3 | )% | ||||||||||||
Cooling Degree Days: | ||||||||||||||||||||||||||
Colorado Electric | 147 | (30 | )% | (70)% | 494 | 136 | % | 1,226 | 37 | % | (13)% | 1,404 | 57 | % | ||||||||||||
South Dakota Electric | 38 | (62 | )% | (71)% | 132 | 33 | % | 404 | (36 | )% | (17)% | 488 | (23 | )% | ||||||||||||
Wyoming Electric | 29 | (42 | )% | (72)% | 102 | 104 | % | 462 | 33 | % | 7% | 430 | 24 | % | ||||||||||||
Combined (a) | 86 | (38 | )% | (71)% | 292 | 109 | % | 791 | 14 | % | (12)% | 895 | 29 | % |
(a) | Combined actuals are calculated based on the weighted average number of total customers by state. |
Electric Utilities Power Plant Availability | Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||
Coal-fired plants (a) | 79.2 | % | 91.2 | % | 87.7 | % | 93.1 | % | 94.6 | % | 95.7 | % | 90.0 | % | 94.0 | % |
Natural gas-fired plants and Other plants (b) | 89.3 | % | 98.1 | % | 90.0 | % | 97.2 | % | 89.6 | % | 97.0 | % | 89.8 | % | 97.2 | % |
Wind | 94.5 | % | 96.7 | % | 95.6 | % | 96.9 | % | 93.7 | % | 96.9 | % | 95.0 | % | 96.9 | % |
Total availability | 86.4 | % | 95.8 | % | 89.7 | % | 95.9 | % | 91.5 | % | 96.6 | % | 90.3 | % | 96.1 | % |
Wind capacity factor | 34.8 | % | 41.7 | % | 38.7 | % | 46.1 | % | 33.8 | % | 33.1 | % | 37.1 | % | 41.8 | % |
(a) | 2019 included planned outages at Neil Simpson II and Wygen III and unplanned outages at Wyodak |
(b) | 2019 included planned outages at Neil Simpson CT and Lange CT. |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2019 | 2018 | Variance | 2019 | 2018 | Variance | 2019 | 2018 | Variance | 2019 | 2018 | Variance | |||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||||||
Natural gas - regulated | $ | 149,942 | $ | 161,212 | $ | (11,270 | ) | $ | 533,817 | $ | 531,480 | $ | 2,337 | $ | 117,549 | $ | 117,070 | $ | 479 | $ | 651,366 | $ | 648,550 | $ | 2,816 | |||||||||||
Other - non-regulated services | 15,527 | 16,408 | (881 | ) | 42,732 | 43,484 | (752 | ) | 13,195 | 14,606 | (1,411 | ) | 55,927 | 58,090 | (2,163 | ) | ||||||||||||||||||||
Total revenue | 165,469 | 177,620 | (12,151 | ) | 576,549 | 574,964 | 1,585 | 130,744 | 131,676 | (932 | ) | 707,293 | 706,640 | 653 | ||||||||||||||||||||||
Cost of sales: | ||||||||||||||||||||||||||||||||||||
Natural gas - regulated | 51,108 | 62,453 | (11,345 | ) | 252,158 | 267,537 | (15,379 | ) | 28,154 | 30,612 | (2,458 | ) | 280,312 | 298,149 | (17,837 | ) | ||||||||||||||||||||
Other - non-regulated services | 5,876 | 5,601 | 275 | 12,105 | 10,202 | 1,903 | 4,870 | 5,514 | (644 | ) | 16,975 | 15,716 | 1,259 | |||||||||||||||||||||||
Total cost of sales | 56,984 | 68,054 | (11,070 | ) | 264,263 | 277,739 | (13,476 | ) | 33,024 | 36,126 | (3,102 | ) | 297,287 | 313,865 | (16,578 | ) | ||||||||||||||||||||
Gross margin (non-GAAP) | 108,485 | 109,566 | (1,081 | ) | 312,286 | 297,225 | 15,061 | 97,720 | 95,550 | 2,170 | 410,006 | 392,775 | 17,231 | |||||||||||||||||||||||
Operations and maintenance | 77,130 | 71,667 | 5,463 | 155,068 | 142,573 | 12,495 | 70,170 | 69,746 | 424 | 225,239 | 212,319 | 12,920 | ||||||||||||||||||||||||
Depreciation and amortization | 22,797 | 21,414 | 1,383 | 45,346 | 42,724 | 2,622 | 22,814 | 21,564 | 1,250 | 68,160 | 64,288 | 3,872 | ||||||||||||||||||||||||
Total operating expenses | 99,927 | 93,081 | 6,846 | 200,414 | 185,297 | 15,117 | 92,984 | 91,310 | 1,674 | 293,399 | 276,607 | 16,792 | ||||||||||||||||||||||||
Adjusted operating income | $ | 8,558 | $ | 16,485 | $ | (7,927 | ) | $ | 111,872 | $ | 111,928 | $ | (56 | ) | $ | 4,736 | $ | 4,240 | $ | 496 | $ | 116,607 | $ | 116,168 | $ | 439 |
(in millions) | |||
Weather (a) | $ | (2.4 | ) |
Lower mark-to-market on non-utility natural gas commodity contracts | (2.1 | ) | |
Lower transport and transmission | (0.6 | ) | |
New rates | 3.6 | ||
Higher customer growth - distribution | 1.0 | ||
Other | (0.6 | ) | |
Total decrease in Gross margin (non-GAAP) | $ | (1.1 | ) |
(in millions) | |||
New rates | $ | 3.0 | |
Customer growth - distribution | 0.8 | ||
Increased transport and transmission | 0.7 | ||
Weather (a) | (3.4 | ) | |
Other | 1.1 | ||
Total increase in Gross margin (non-GAAP) | $ | 2.2 |
(in millions) | (in millions) | |||||
New rates | $ | 12.4 | $ | 15.5 | ||
Customer growth - distribution | 3.7 | |||||
Increased transport and transmission | 1.8 | |||||
Decreased mark-to-market on non-utility natural gas commodity contracts | (2.7 | ) | ||||
Excess deferred taxes returned to customers | (2.5 | ) | ||||
Weather | 2.8 | (0.6 | ) | |||
Higher customer growth - distribution | 2.8 | |||||
Higher transport and transmission | 1.1 | |||||
Excess deferred taxes returned to customers | (2.7 | ) | ||||
Lower mark-to-market on non-utility natural gas commodity contracts | (2.5 | ) | ||||
Other | 1.2 | 2.0 | ||||
Total increase in Gross margin (non-GAAP) | $ | 15.1 | $ | 17.2 |
Gas Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Gas Utilities Quantities Sold & Transported (Dth) | Gas Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Gas Utilities Quantities Sold & Transported (Dth) | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||
Residential | $ | 85,093 | $ | 91,000 | $ | 52,670 | $ | 52,697 | 7,919,158 | 8,837,588 | $ | 57,244 | $ | 58,221 | $ | 43,441 | $ | 42,598 | 3,599,549 | 3,708,196 | ||||||||||||||||||
Commercial | 30,984 | 34,031 | 14,926 | 14,807 | 4,194,879 | 4,615,571 | 19,629 | 19,639 | 11,589 | 10,880 | 2,298,919 | 2,278,304 | ||||||||||||||||||||||||||
Industrial | 3,980 | 6,565 | 1,320 | 1,639 | 997,942 | 1,747,702 | 8,770 | 8,258 | 2,493 | 2,028 | 2,960,930 | 2,304,098 | ||||||||||||||||||||||||||
Other (a) | 887 | 255 | 887 | 255 | — | — | 2,499 | 487 | 2,499 | 487 | — | — | ||||||||||||||||||||||||||
Total Distribution | 120,944 | 131,851 | 69,803 | 69,398 | 13,111,979 | 15,200,861 | 88,142 | 86,605 | 60,022 | 55,993 | 8,859,398 | 8,290,598 | ||||||||||||||||||||||||||
Transportation and Transmission | 28,998 | 29,361 | 29,031 | 29,361 | 32,767,310 | 32,846,279 | 29,407 | 30,465 | 29,373 | 30,465 | 31,538,815 | 29,808,567 | ||||||||||||||||||||||||||
Total Regulated | 149,942 | 161,212 | 98,834 | 98,759 | 45,879,289 | 48,047,140 | 117,549 | 117,070 | 89,395 | 86,458 | 40,398,213 | 38,099,165 | ||||||||||||||||||||||||||
Non-regulated Services | 15,527 | 16,408 | 9,651 | 10,807 | 13,195 | 14,606 | 8,325 | 9,092 | ||||||||||||||||||||||||||||||
Total Gas Revenue & Gross Margin (non-GAAP) | $ | 165,469 | $ | 177,620 | $ | 108,485 | $ | 109,566 | $ | 130,744 | $ | 131,676 | $ | 97,720 | $ | 95,550 |
Gas Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Gas Utilities Quantities Sold & Transported (Dth) | Gas Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Gas Utilities Quantities Sold & Transported (Dth) | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||
Residential | $ | 326,222 | $ | 325,751 | $ | 157,727 | $ | 149,474 | 40,757,176 | 38,933,825 | $ | 383,466 | $ | 383,972 | $ | 201,168 | $ | 192,072 | 44,356,725 | 42,642,021 | ||||||||||||||||||
Commercial | 127,123 | 129,036 | 50,084 | 47,010 | 19,185,727 | 18,564,692 | 146,752 | 148,675 | 61,673 | 57,890 | 21,484,646 | 20,842,996 | ||||||||||||||||||||||||||
Industrial | 9,994 | 12,547 | 3,337 | 3,313 | 2,180,469 | 2,931,319 | 18,764 | 20,805 | 5,830 | 5,341 | 5,141,399 | 5,235,417 | ||||||||||||||||||||||||||
Other (a) | (3,467 | ) | (7,276 | ) | (3,467 | ) | (7,276 | ) | — | — | (968 | ) | (6,789 | ) | (968 | ) | (6,789 | ) | — | — | ||||||||||||||||||
Total Distribution | 459,872 | 460,058 | 207,681 | 192,521 | 62,123,372 | 60,429,836 | 548,014 | 546,663 | 267,703 | 248,514 | 70,982,770 | 68,720,434 | ||||||||||||||||||||||||||
Transportation and Transmission | 73,945 | 71,422 | 73,978 | 71,422 | 79,083,470 | 77,579,754 | 103,352 | 101,887 | 103,351 | 101,887 | 110,622,285 | 107,388,321 | ||||||||||||||||||||||||||
Total Regulated | 533,817 | 531,480 | 281,659 | 263,943 | 141,206,842 | 138,009,590 | 651,366 | 648,550 | 371,054 | 350,401 | 181,605,055 | 176,108,755 | ||||||||||||||||||||||||||
Non-regulated Services | 42,732 | 43,484 | 30,627 | 33,282 | 55,927 | 58,090 | 38,952 | 42,374 | ||||||||||||||||||||||||||||||
Total Gas Revenue & Gross Margin | $ | 576,549 | $ | 574,964 | $ | 312,286 | $ | 297,225 | $ | 707,293 | $ | 706,640 | $ | 410,006 | $ | 392,775 |
(a) | Other revenue reflects the impact of revenue reserved in accordance with the TCJA. |
Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Gas Utilities Quantities Sold & Transported (Dth) | Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Gas Utilities Quantities Sold & Transported (Dth) | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||
Arkansas | $ | 26,236 | $ | 27,095 | $ | 18,617 | $ | 16,471 | 4,542,917 | 5,282,607 | $ | 21,387 | $ | 18,743 | $ | 16,249 | $ | 13,415 | 4,094,454 | 4,022,089 | ||||||||||||||||||
Colorado | 36,713 | 32,138 | 19,755 | 18,562 | 6,067,353 | 4,705,454 | 22,632 | 22,362 | 15,667 | 15,210 | 3,806,360 | 2,893,029 | ||||||||||||||||||||||||||
Iowa | 23,714 | 27,102 | 14,588 | 14,648 | 7,484,272 | 7,429,328 | 16,381 | 16,982 | 13,135 | 12,556 | 5,686,772 | 5,595,205 | ||||||||||||||||||||||||||
Kansas | 17,379 | 21,002 | 11,957 | 11,870 | 6,290,716 | 6,929,756 | 19,013 | 18,497 | 12,309 | 11,129 | 7,602,758 | 6,164,821 | ||||||||||||||||||||||||||
Nebraska | 39,315 | 48,993 | 27,709 | 32,801 | 14,816,996 | 16,405,326 | 35,715 | 40,553 | 28,046 | 31,264 | 13,999,302 | 13,831,306 | ||||||||||||||||||||||||||
Wyoming | 22,112 | 21,290 | 15,859 | 15,214 | 6,677,035 | 7,294,669 | 15,616 | 14,539 | 12,314 | 11,976 | 5,208,567 | 5,592,715 | ||||||||||||||||||||||||||
Total Gas Revenue & Gross Margin (non-GAAP) | $ | 165,469 | $ | 177,620 | $ | 108,485 | $ | 109,566 | 45,879,289 | 48,047,140 | $ | 130,744 | $ | 131,676 | $ | 97,720 | $ | 95,550 | 40,398,213 | 38,099,165 |
Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Gas Utilities Quantities Sold & Transported (Dth) | Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Gas Utilities Quantities Sold & Transported (Dth) | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||
Arkansas | $ | 105,627 | $ | 97,483 | $ | 62,899 | $ | 52,388 | 16,967,113 | 17,161,233 | $ | 127,014 | $ | 116,226 | $ | 79,148 | $ | 65,803 | 21,061,567 | 21,183,322 | ||||||||||||||||||
Colorado | 113,184 | 103,536 | 57,355 | 51,707 | 19,244,278 | 16,408,805 | 135,816 | 125,898 | 73,022 | 66,917 | 23,050,638 | 19,301,834 | ||||||||||||||||||||||||||
Iowa | 89,355 | 94,986 | 37,638 | 37,074 | 23,147,959 | 22,932,317 | 105,736 | 111,968 | 50,773 | 49,630 | 28,834,731 | 28,527,522 | ||||||||||||||||||||||||||
Kansas | 58,596 | 63,383 | 30,076 | 29,767 | 16,733,986 | 17,227,084 | 77,609 | 81,880 | 42,385 | 40,896 | 24,336,744 | 23,391,905 | ||||||||||||||||||||||||||
Nebraska | 148,112 | 155,754 | 83,782 | 86,661 | 43,816,014 | 44,392,550 | 183,827 | 196,307 | 111,828 | 117,925 | 57,815,316 | 58,223,856 | ||||||||||||||||||||||||||
Wyoming | 61,675 | 59,822 | 40,536 | 39,628 | 21,297,492 | 19,887,601 | 77,291 | 74,361 | 52,850 | 51,604 | 26,506,059 | 25,480,316 | ||||||||||||||||||||||||||
Total Gas Revenue & Gross Margin (non-GAAP) | $ | 576,549 | $ | 574,964 | $ | 312,286 | $ | 297,225 | 141,206,842 | 138,009,590 | $ | 707,293 | $ | 706,640 | $ | 410,006 | $ | 392,775 | 181,605,055 | 176,108,755 |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||
Heating Degree Days | Actual | Variance from Normal | Actual Variance to Prior Year | Actual | Variance from Normal | Actual | Variance from Normal | Actual Variance to Prior Year | Actual | Variance from Normal | ||||||||
Arkansas (a) | 246 | (25)% | (39)% | 400 | 21% | — | (100)% | (100)% | 12 | (72)% | ||||||||
Colorado | 1,017 | 6% | 38% | 735 | (23)% | 68 | (68)% | (38)% | 109 | (49)% | ||||||||
Iowa | 738 | 8% | (8)% | 801 | 17% | 43 | (69)% | (66)% | 128 | (7)% | ||||||||
Kansas (a) | 425 | (5)% | (16)% | 508 | 14% | — | (101)% | (100)% | 54 | (2)% | ||||||||
Nebraska | 664 | 5% | (6)% | 708 | 12% | 22 | (80)% | (78)% | 101 | (7)% | ||||||||
Wyoming | 1,397 | 15% | 30% | 1,072 | (12)% | 183 | (37)% | (22)% | 236 | (23)% | ||||||||
Combined (b) | 795 | 5% | 7% | 740 | (1)% | 53 | (62)% | (51)% | 109 | (27)% |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||
Degree Days | 2019 | 2018 | ||||||||||||||||
2019 | 2018 | |||||||||||||||||
Heating Degree Days: | Actual | Variance from Normal | Actual Variance to Prior Year | Actual | Variance from Normal | Actual | Variance from Normal | Actual Variance to Prior Year | Actual | Variance from Normal | ||||||||
Arkansas (a) | 2,347 | (4)% | (4)% | 2,448 | 1% | 2,347 | (5)% | (5)% | 2,460 | (1)% | ||||||||
Colorado | 4,047 | 4% | 18% | 3,439 | (12)% | 4,115 | —% | 16% | 3,548 | (14)% | ||||||||
Iowa | 4,568 | 13% | 5% | 4,332 | 7% | 4,611 | 10% | 3% | 4,460 | 6% | ||||||||
Kansas (a) | 3,204 | 10% | 8% | 2,978 | 2% | 3,204 | 8% | 6% | 3,032 | 2% | ||||||||
Nebraska | 4,147 | 13% | 6% | 3,915 | 7% | 4,169 | 10% | 4% | 4,016 | 6% | ||||||||
Wyoming | 4,910 | 11% | 14% | 4,316 | (2)% | 5,093 | 9% | 12% | 4,552 | (4)% | ||||||||
Combined (b) | 4,244 | 10% | 9% | 3,899 | 1% | 4,297 | 7% | 7% | 4,008 | —% |
(a) | Arkansas and Kansas have weather normalization mechanisms that mitigate the weather impact on gross margins. |
(b) | The combined heating degree days are calculated based on a weighted average of total customers by state excluding Kansas due to its weather normalization mechanism. Arkansas is excluded based on the weather normalization mechanism in effect from November through April. |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2019 | 2018 | Variance | 2019 | 2018 | Variance | 2019 | 2018 | Variance | 2019 | 2018 | Variance | |||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||
Revenue | $ | 24,708 | $ | 22,744 | $ | 1,964 | $ | 49,953 | $ | 46,682 | $ | 3,271 | $ | 25,811 | $ | 24,491 | $ | 1,320 | $ | 75,764 | $ | 71,173 | $ | 4,591 | ||||||||||||
Operations and maintenance | 9,833 | 9,959 | (126 | ) | 18,521 | 18,086 | 435 | 9,229 | 7,434 | 1,795 | 27,750 | 25,520 | 2,230 | |||||||||||||||||||||||
Depreciation and amortization | 4,719 | 3,908 | 811 | 9,309 | 7,944 | 1,365 | 4,760 | 3,978 | 782 | 14,069 | 11,922 | 2,147 | ||||||||||||||||||||||||
Total operating expense | 14,552 | 13,867 | 685 | 27,830 | 26,030 | 1,800 | 13,989 | 11,412 | 2,577 | 41,819 | 37,442 | 4,377 | ||||||||||||||||||||||||
Adjusted operating income (a) | $ | 10,156 | $ | 8,877 | $ | 1,279 | $ | 22,123 | $ | 20,652 | $ | 1,471 | $ | 11,822 | $ | 13,079 | $ | (1,257 | ) | $ | 33,945 | $ | 33,731 | $ | 214 |
(a) | Due to the changes in our segment disclosures discussed in Note 3 of the Notes to Condensed Consolidated Financial Statements, Power Generation Adjusted operating income was revised for the three and |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||
Quantities Sold, Generated and Purchased (MWh) (a) | ||||||||||||||||||
Sold | ||||||||||||||||||
Black Hills Colorado IPP (b) | 210,316 | 208,888 | 416,289 | 441,263 | 275,867 | 304,102 | 692,156 | 745,365 | ||||||||||
Black Hills Wyoming (c) | 149,713 | 144,460 | 313,762 | 310,061 | 162,668 | 160,011 | 476,430 | 470,072 | ||||||||||
Black Hills Electric Generation (d) | 47,796 | — | 81,549 | — | 30,912 | — | 112,461 | — | ||||||||||
Total Sold | 407,825 | 353,348 | 811,600 | 751,324 | 469,447 | 464,113 | 1,281,047 | 1,215,437 | ||||||||||
Generated | ||||||||||||||||||
Black Hills Colorado IPP (b) | 210,316 | 208,888 | 416,289 | 441,263 | 275,867 | 304,102 | 692,156 | 745,365 | ||||||||||
Black Hills Wyoming (c) | 132,189 | 128,819 | 264,782 | 262,848 | 142,219 | 144,476 | 407,001 | 407,324 | ||||||||||
Black Hills Electric Generation (d) | 47,796 | — | 81,549 | — | 30,912 | — | 112,461 | — | ||||||||||
Total Generated | 390,301 | 337,707 | 762,620 | 704,111 | 448,998 | 448,578 | 1,211,618 | 1,152,689 | ||||||||||
Purchased | ||||||||||||||||||
Black Hills Wyoming (c) | 13,761 | 17,122 | 39,340 | 49,039 | 16,865 | 16,685 | 56,205 | 65,724 | ||||||||||
Total Purchased | 13,761 | 17,122 | 39,340 | 49,039 | 16,865 | 16,685 | 56,205 | 65,724 |
(a) | Company uses and losses are not included in the quantities sold, generated, and purchased. |
(b) | Decrease from the prior year is a result of the impact of Colorado Electric’s wind generation replacing natural-gas generation. |
(c) | Under the 20-year economy energy PPA with the City of Gillette effective September 2014, Black Hills Wyoming purchases energy on behalf of the City of Gillette and sells that energy to the City of Gillette. MWh sold may not equal MWh generated and purchased due to a dispatch agreement Black Hills Wyoming has with South Dakota Electric to cover energy imbalances. |
(d) | Increase from prior year is driven by Black Hills Electric Generation’s acquisition of new wind assets. |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||
Contracted power plant fleet availability: | ||||||||||||||||||
Coal-fired plant | 95.8 | % | 89.1 | % | 95.3 | % | 91.9 | % | 98.0 | % | 97.9 | % | 95.2 | % | 93.9 | % | ||
Natural gas-fired plants (a) | 88.7 | % | 99.5 | % | 92.1 | % | 99.5 | % | 97.6 | % | 99.3 | % | 98.4 | % | 99.4 | % | ||
Wind (b) | 94.1 | % | N/A | 92.3 | % | N/A | 81.9 | % | N/A | 93.4 | % | N/A | ||||||
Total availability | 91.5 | % | 96.8 | % | 92.8 | % | 97.5 | % | 93.6 | % | 98.9 | % | 96.5 | % | 98.0 | % | ||
Wind capacity factor (b) | 23.1 | % | N/A | 25.7 | % | N/A | 15.0 | % | N/A | 22.1 | % | N/A |
(a) | 2019 included a planned outage at Pueblo Airport |
(b) | Change from the prior year is driven by Black Hills Electric Generation’s acquisition of new wind assets. |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2019 | 2018 | Variance | 2019 | 2018 | Variance | 2019 | 2018 | Variance | 2019 | 2018 | Variance | |||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||
Revenue | $ | 13,045 | $ | 16,899 | $ | (3,854 | ) | $ | 29,474 | $ | 34,027 | $ | (4,553 | ) | $ | 15,552 | $ | 17,301 | $ | (1,749 | ) | $ | 45,026 | $ | 51,328 | $ | (6,302 | ) | ||||||||
Operations and maintenance | 9,175 | 11,124 | (1,949 | ) | 19,088 | 22,046 | (2,958 | ) | 9,900 | 10,761 | (861 | ) | 28,988 | 32,807 | (3,819 | ) | ||||||||||||||||||||
Depreciation, depletion and amortization | 2,230 | 1,950 | 280 | 4,409 | 3,885 | 524 | 2,278 | 1,989 | 289 | 6,687 | 5,874 | 813 | ||||||||||||||||||||||||
Total operating expenses | 11,405 | 13,074 | (1,669 | ) | 23,497 | 25,931 | (2,434 | ) | 12,178 | 12,750 | (572 | ) | 35,675 | 38,681 | (3,006 | ) | ||||||||||||||||||||
Adjusted operating income | $ | 1,640 | $ | 3,825 | $ | (2,185 | ) | $ | 5,977 | $ | 8,096 | $ | (2,119 | ) | $ | 3,374 | $ | 4,551 | $ | (1,177 | ) | $ | 9,351 | $ | 12,647 | $ | (3,296 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
Tons of coal sold | 754 | 963 | 1,751 | 2,041 | 969 | 1,078 | 2,720 | 3,119 | ||||||||||||||||||
Cubic yards of overburden moved | 2,045 | 2,380 | 4,039 | 4,402 | 2,341 | 2,361 | 6,380 | 6,763 | ||||||||||||||||||
Revenue per ton | $ | 16.48 | $ | 16.97 | $ | 16.14 | $ | 16.12 | $ | 15.47 | $ | 15.54 | $ | 15.90 | $ | 15.92 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
2019 | 2018 | Variance | 2019 | 2018 | Variance | |||||||||||||
(in thousands) | ||||||||||||||||||
Adjusted operating income (loss) (a) | $ | 102 | $ | (836 | ) | $ | 938 | $ | (405 | ) | $ | (2,531 | ) | $ | 2,126 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2019 | 2018 | Variance | 2019 | 2018 | Variance | |||||||||||||
(in thousands) | ||||||||||||||||||
Adjusted operating income (loss) (a) | $ | (34 | ) | $ | (178 | ) | $ | 144 | $ | (439 | ) | $ | (2,709 | ) | $ | 2,270 |
(a) | Due to the changes in our segment disclosures as discussed in Note 3 of the Notes to Condensed Consolidated Financial Statements, Corporate and Other Adjusted operating income (loss) was revised for the three and |
Cash provided by (used in): | 2019 | 2018 | Variance | 2019 | 2018 | Variance | ||||||||||||
Operating activities | $ | 289,779 | $ | 310,701 | $ | (20,922 | ) | $ | 386,075 | $ | 378,722 | $ | 7,353 | |||||
Investing activities | $ | (317,297 | ) | $ | (163,526 | ) | $ | (153,771 | ) | $ | (593,272 | ) | $ | (281,771 | ) | $ | (311,501 | ) |
Financing activities | $ | 13,617 | $ | (153,701 | ) | $ | 167,318 | $ | 199,827 | $ | (101,949 | ) | $ | 301,776 |
◦ | Cash inflows increased by approximately |
◦ | Cash outflows increased by approximately |
◦ | Cash inflows decreased by approximately $66 million as a result of changes in |
Current | Revolver Borrowings at | CP Program Borrowings at | Letters of Credit at | Available Capacity at | Current | Short-term borrowings at | Letters of Credit at | Available Capacity at | |||||||||||||||||||||
Credit Facility | Expiration | Capacity | June 30, 2019 | June 30, 2019 | Expiration | Capacity | September 30, 2019 | September 30, 2019 | |||||||||||||||||||||
Revolving Credit Facility | July 30, 2023 | $ | 750 | $ | — | $ | 103 | $ | 10 | $ | 637 | ||||||||||||||||||
Revolving Credit Facility and CP Program | July 30, 2023 | $ | 750 | $ | 295 | $ | 18 | $ | 437 |
For the Six Months Ended June 30, 2019 | |||
Maximum amount outstanding - commercial paper (based on daily outstanding balances) | $ | 237 | |
Maximum amount outstanding - revolving credit facility (based on daily outstanding balances) | $ | — | |
Average amount outstanding - commercial paper (based on daily outstanding balances) | $ | 160 | |
Average amount outstanding - revolving credit facility (based on daily outstanding balances) | $ | — | |
Weighted average interest rates - commercial paper | 2.68 | % | |
Weighted average interest rates - revolving credit facility | — | % |
For the Nine Months Ended September 30, 2019 | |||
Maximum amount outstanding - short-term borrowing (based on daily outstanding balances) | $ | 295 | |
Average amount outstanding - short-term borrowing (based on daily outstanding balances) | $ | 171 | |
Weighted average interest rates - short-term borrowing | 2.59 | % |
Rating Agency | Senior Unsecured Rating | Outlook |
S&P (a) | BBB+ | Stable |
Moody’s (b) | Baa2 | Stable |
Fitch (c) | BBB+ | Stable |
(a) | On February 28, 2019, S&P affirmed our BBB+ rating and maintained a Stable outlook. |
(b) | On December 12, 2018, Moody’s affirmed our Baa2 rating and maintained a Stable outlook. |
(c) | On |
Rating Agency | Senior Secured Rating |
S&P (a) | A |
Moody’s (b) | A1 |
Fitch (c) | A |
(a) | On April 30, 2019, S&P affirmed A rating. |
(b) | On |
(c) | On |
Actual | Planned | Actual | Planned | |||||||||||||||||||||||||||||||||
Capital Expenditures by Segment | Six Months Ended June 30, 2019 (a) | 2019 (b) | 2020 | 2021 | 2022 | 2023 | Nine Months Ended September 30, 2019 (a) | 2019 (b) | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||
Electric Utilities (c) | $ | 87 | $ | 205 | $ | 221 | $ | 203 | $ | 170 | $ | 137 | $ | 147 | $ | 215 | $ | 229 | $ | 203 | $ | 170 | $ | 137 | ||||||||||||
Gas Utilities (c) | 185 | 464 | 323 | 289 | 277 | 274 | 367 | 490 | 361 | 297 | 274 | 303 | ||||||||||||||||||||||||
Power Generation | 41 | 84 | 9 | 8 | 10 | 4 | 79 | 84 | 7 | 9 | 11 | 6 | ||||||||||||||||||||||||
Mining | 5 | 8 | 7 | 11 | 10 | 7 | 6 | 8 | 8 | 12 | 9 | 9 | ||||||||||||||||||||||||
Corporate and Other | 14 | 16 | 22 | 8 | 5 | 7 | 15 | 23 | 18 | 22 | 11 | 12 | ||||||||||||||||||||||||
$ | 332 | $ | 777 | $ | 582 | $ | 519 | $ | 472 | $ | 429 | $ | 614 | $ | 820 | $ | 623 | $ | 543 | $ | 475 | $ | 467 |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 1. | Legal Proceedings |
ITEM 4. | Mine Safety Disclosures |
ITEM 6. | Exhibits |
Exhibit Number | Description |
Exhibit 3.1* | |
Exhibit 3.2* | |
Exhibit 4.1* | |
Exhibit 4.2* | |
Exhibit 4.4* | |
Exhibit 10.1 | |
Exhibit 31.1 | |
Exhibit 31.2 | |
Exhibit 32.1 | |
Exhibit 32.2 | |
Exhibit 95 | |
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
* | Previously filed as part of the filing indicated and incorporated by reference herein. |
/s/ Linden R. Evans | ||
Linden R. Evans, President and | ||
Chief Executive Officer | ||
/s/ Richard W. Kinzley | ||
Richard W. Kinzley, Senior Vice President and | ||
Chief Financial Officer | ||
Dated: |