Large Accelerated Filer | x | Accelerated Filer | ☐ | |||||||||||||||||
Non-accelerated Filer | ☐ | Smaller Reporting Company | ☐ | |||||||||||||||||
Emerging Growth Company | ☐ |
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 | |||||||||||
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Item 1A. | |||||||||||
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Item 6. | |||||||||||
AFUDC | Allowance for Funds Used During Construction | ||||
AOCI | Accumulated Other Comprehensive Income (Loss) | ||||
Arkansas Gas | Black Hills Energy Arkansas, Inc., an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Arkansas (doing business as Black Hills Energy). | ||||
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 Colorado IPP | Black Hills Colorado IPP, LLC a 50.1% owned subsidiary of Black Hills Electric Generation | ||||
Black Hills Electric Generation | Black Hills Electric Generation, LLC, a direct, wholly-owned subsidiary of Black Hills Non-regulated Holdings, providing wholesale electric capacity and energy primarily to our affiliate utilities. | ||||
Black Hills Energy | The name used to conduct the business of our utility companies | ||||
Black Hills Energy Services | Black Hills Energy Services Company, an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas commodity supply for the Choice Gas Programs (doing business as Black Hills Energy). | ||||
Black Hills Non-regulated Holdings | Black Hills Non-regulated Holdings, LLC, a direct, wholly-owned subsidiary of Black Hills Corporation | ||||
Black Hills Power | Black Hills Power, Inc., a direct, wholly-owned subsidiary of Black Hills Corporation (doing business as Black Hills Energy). Also known as South Dakota Electric. | ||||
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 | ||||
Cheyenne Light | Cheyenne Light, Fuel and Power Company, a direct, wholly-owned subsidiary of Black Hills Corporation, providing electric service in the Cheyenne, Wyoming area (doing business as Black Hills Energy). Also known as Wyoming Electric. | ||||
Chief Operating Decision Maker (CODM) | Chief Executive Officer | ||||
Choice Gas Program | Regulator-approved programs in Wyoming and Nebraska that allow certain utility customers to select their natural gas commodity supplier, providing for the unbundling of the commodity service from the distribution delivery service. | ||||
City of Gillette | Gillette, Wyoming | ||||
Colorado Electric | Black Hills Colorado Electric, LLC, a direct, wholly-owned subsidiary of Black Hills Utility Holdings, providing electric service to customers in Colorado (doing business as Black Hills Energy). | ||||
Colorado Gas | Black Hills Colorado Gas, Inc., an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Colorado (doing business as Black Hills Energy). | ||||
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 temperatures for a day is above 65 degrees. The warmer the climate, the greater the number of cooling degree days. Cooling degree days are used in the utility industry to measure the relative warmth 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. | ||||
Corriedale | The 52.5 MW wind farm near Cheyenne, Wyoming, jointly owned by South Dakota Electric and Wyoming Electric, serving as the dedicated wind energy supply to the Renewable Ready program. | ||||
COVID-19 | The official name for the 2019 novel coronavirus disease announced on February 11, 2020 by the World Health Organization, that is causing a global pandemic. | ||||
CP Program | Commercial Paper Program | ||||
CPUC | Colorado Public Utilities Commission | ||||
CVA | Credit Valuation Adjustment | ||||
Dth | Dekatherm. A unit of energy equal to 10 therms or approximately one million British thermal units (MMBtu) | ||||
Economy Energy | Purchased energy that costs less than that produced with the utilities’ owned generation. | ||||
FASB | Financial Accounting Standards Board | ||||
FERC | United States Federal Energy Regulatory Commission | ||||
Fitch | Fitch Ratings Inc. | ||||
GAAP | Accounting principles generally accepted in the United States of America | ||||
GHG | Greenhouse Gases | ||||
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 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. | ||||
Iowa Gas | Black Hills Iowa Gas Utility Company, LLC, a direct, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Iowa (doing business as Black Hills Energy). | ||||
IPP | Independent | ||||
IRP | Integrated Resource Plan | ||||
IRS | United States Internal Revenue Service | ||||
IUB | Iowa Utilities Board | ||||
Kansas Gas | Black Hills Kansas Gas Utility Company, LLC, a direct, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Kansas (doing business as Black Hills Energy). | ||||
KCC | Kansas Corporation Commission | ||||
LIBOR | London Interbank Offered Rate | ||||
MMBtu | Million British thermal units | ||||
Moody’s | Moody’s Investors Service, Inc. | ||||
MW | Megawatts | ||||
MWh | Megawatt-hours | ||||
Nebraska Gas | Black Hills Nebraska Gas, LLC, an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Nebraska (doing business as Black Hills Energy). | ||||
Neil Simpson II | A mine-mouth, coal-fired power plant owned and operated by South Dakota Electric with a total capacity of 90 MW located at our Gillette, Wyoming energy complex. | ||||
NOL | Net Operating Loss | ||||
NPSC | Nebraska Public Service Commission | ||||
OCI | Other Comprehensive Income | ||||
PPA | Power Purchase Agreement | ||||
PSA | Power Sales Agreement | ||||
Pueblo Airport Generation | The 420 MW combined cycle gas-fired power generation plants jointly owned by Colorado Electric (220 MW) and Black Hills Colorado IPP (200 MW). Black Hills Colorado IPP owns and operates this facility. The plants commenced operation on January 1, 2012. | ||||
Renewable Advantage | A 200 MW solar facility project to be constructed in Pueblo County, Colorado. The project aims to lower customer energy costs and provide economic and environmental benefits to Colorado Electric’s customers and communities. This project, which was approved by the CPUC in September 2020, will be owned by a third-party renewable energy developer with Colorado Electric purchasing all of the energy generated at the facility under the terms of a 15-year PPA. The project is expected to be placed in service in 2023. | ||||
Renewable Ready | Voluntary renewable energy subscription program for large commercial, industrial and governmental agency customers in South Dakota and Wyoming. | ||||
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 | ||||
SDPUC | South Dakota Public Utilities Commission | ||||
SEC | United States Securities and Exchange Commission | ||||
Service Guard Comfort Plan | Appliance protection plan that provides home appliance repair services through on-going monthly service agreements to residential utility customers. | ||||
S&P | Standard and Poor’s, a division of The McGraw-Hill Companies, Inc. | ||||
South Dakota Electric | Black Hills Power, Inc., a direct, wholly-owned subsidiary of Black Hills Corporation, providing electric service to customers in Montana, South Dakota and Wyoming (doing business as Black Hills Energy). | ||||
SSIR | System Safety and Integrity Rider |
TCJA | Tax Cuts and Jobs Act | ||||
Tech Services | Non-regulated product lines delivered by our Utilities 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-owned gas infrastructure facilities, typically through one-time contracts. | ||||
Utilities | Black Hills’ Electric and Gas Utilities | ||||
Wind Capacity Factor | Measures the amount of electricity a wind turbine produces in a given time period relative to its maximum | ||||
Winter Storm Uri | February 2021 winter weather event that caused extremely cold temperatures in the central United States and led to unprecedented fluctuations in customer demand and market pricing for natural gas and energy. | ||||
WPSC | Wyoming Public Service Commission | ||||
WRDC | Wyodak Resources Development Corporation, a direct, wholly-owned subsidiary of Black Hills Non-regulated Holdings, providing coal supply primarily to five on-site, mine-mouth generating facilities (doing business as Black Hills Energy) | ||||
Wygen I | A mine-mouth, coal-fired power plant with a total capacity of 90 MW located at our Gillette, Wyoming energy complex. Black Hills Wyoming owns 76.5% of the facility and Municipal Energy Agency of Nebraska (MEAN) owns the remaining 23.5%. | ||||
Wygen II | A mine-mouth, coal-fired power plant owned by Wyoming Electric with a total capacity of 95 MW located at our Gillette, Wyoming energy complex. | ||||
Wygen III | A mine-mouth, coal-fired power plant operated by South Dakota Electric with a total capacity of 110 MW located at our Gillette, Wyoming energy complex. South Dakota Electric owns 52% of the power plant, MDU owns 25% and the City of Gillette owns the remaining 23%. | ||||
Wyodak Plant | The 362 MW mine-mouth, coal-fired generation facility near Gillette, Wyoming, jointly owned by PacifiCorp (80%) and South Dakota Electric (20%). Our WRDC mine supplies all of the fuel for the facility. | ||||
Wyoming Electric | Cheyenne Light, Fuel and Power Company, a direct, wholly-owned subsidiary of Black Hills Corporation, providing electric service to customers in the Cheyenne, Wyoming area (doing business as Black Hills Energy). | ||||
Wyoming Gas | Black Hills Wyoming Gas, LLC, an indirect and wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Wyoming (doing business as Black Hills Energy). |
(unaudited) | (unaudited) | Three Months Ended March 31, | (unaudited) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(in thousands, except per share amounts) | (in thousands, except per share amounts) | |||||||||||||||||||||||||||
Revenue | Revenue | $ | 633,432 | $ | 537,050 | Revenue | $ | 372,572 | $ | 326,914 | $ | 1,006,004 | $ | 863,964 | ||||||||||||||
Operating expenses: | Operating expenses: | Operating expenses: | ||||||||||||||||||||||||||
Fuel, purchased power and cost of natural gas sold | Fuel, purchased power and cost of natural gas sold | 293,147 | 187,879 | Fuel, purchased power and cost of natural gas sold | 108,474 | 71,629 | 401,621 | 259,508 | ||||||||||||||||||||
Operations and maintenance | Operations and maintenance | 129,679 | 125,466 | Operations and maintenance | 123,245 | 117,308 | 252,924 | 242,774 | ||||||||||||||||||||
Depreciation, depletion and amortization | Depreciation, depletion and amortization | 57,269 | 56,402 | Depreciation, depletion and amortization | 58,443 | 56,663 | 115,712 | 113,065 | ||||||||||||||||||||
Taxes - property and production | Taxes - property and production | 15,022 | 14,118 | Taxes - property and production | 15,144 | 14,381 | 30,166 | 28,499 | ||||||||||||||||||||
Total operating expenses | Total operating expenses | 495,117 | 383,865 | Total operating expenses | 305,306 | 259,981 | 800,423 | 643,846 | ||||||||||||||||||||
Operating income | Operating income | 138,315 | 153,185 | Operating income | 67,266 | 66,933 | 205,581 | 220,118 | ||||||||||||||||||||
Other income (expense): | Other income (expense): | Other income (expense): | ||||||||||||||||||||||||||
Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) | Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) | (37,825) | (35,781) | Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) | (38,669) | (35,765) | (76,494) | (71,546) | ||||||||||||||||||||
Interest income | Interest income | 225 | 328 | Interest income | 467 | 220 | 692 | 548 | ||||||||||||||||||||
Impairment of investment | Impairment of investment | 0 | (6,859) | Impairment of investment | 0 | 0 | 0 | (6,859) | ||||||||||||||||||||
Other income (expense), net | Other income (expense), net | 266 | 2,353 | Other income (expense), net | (191) | (1,863) | 75 | 490 | ||||||||||||||||||||
Total other income (expense) | Total other income (expense) | (37,334) | (39,959) | Total other income (expense) | (38,393) | (37,408) | (75,727) | (77,367) | ||||||||||||||||||||
Income before income taxes | Income before income taxes | 100,981 | 113,226 | Income before income taxes | 28,873 | 29,525 | 129,854 | 142,751 | ||||||||||||||||||||
Income tax (expense) | Income tax (expense) | (494) | (16,002) | Income tax (expense) | (586) | (4,831) | (1,080) | (20,833) | ||||||||||||||||||||
Net income | Net income | 100,487 | 97,224 | Net income | 28,287 | 24,694 | 128,774 | 121,918 | ||||||||||||||||||||
Net income attributable to noncontrolling interest | Net income attributable to noncontrolling interest | (4,171) | (4,050) | Net income attributable to noncontrolling interest | (3,126) | (3,728) | (7,297) | (7,778) | ||||||||||||||||||||
Net income available for common stock | Net income available for common stock | $ | 96,316 | $ | 93,174 | Net income available for common stock | $ | 25,161 | $ | 20,966 | $ | 121,477 | $ | 114,140 | ||||||||||||||
Earnings per share of common stock: | Earnings per share of common stock: | Earnings per share of common stock: | ||||||||||||||||||||||||||
Earnings per share, Basic | Earnings per share, Basic | $ | 1.54 | $ | 1.51 | Earnings per share, Basic | $ | 0.40 | $ | 0.34 | $ | 1.94 | $ | 1.84 | ||||||||||||||
Earnings per share, Diluted | Earnings per share, Diluted | $ | 1.54 | $ | 1.51 | Earnings per share, Diluted | $ | 0.40 | $ | 0.33 | $ | 1.93 | $ | 1.83 | ||||||||||||||
Weighted average common shares outstanding: | Weighted average common shares outstanding: | Weighted average common shares outstanding: | ||||||||||||||||||||||||||
Basic | Basic | 62,633 | 61,778 | Basic | 62,867 | 62,573 | 62,751 | 62,175 | ||||||||||||||||||||
Diluted | Diluted | 62,691 | 61,856 | Diluted | 62,918 | 62,617 | 62,817 | 62,230 |
(unaudited) | (unaudited) | Three Months Ended March 31, | (unaudited) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||
Net income | Net income | $ | 100,487 | $ | 97,224 | Net income | $ | 28,287 | $ | 24,694 | $ | 128,774 | $ | 121,918 | ||||||||||||||
Other comprehensive income (loss), net of tax: | Other comprehensive income (loss), net of tax: | Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||
Benefit plan liability adjustments - net gain (net of tax of $0 and $(17), respectively) | 0 | 55 | ||||||||||||||||||||||||||
Reclassification adjustments of benefit plan liability - prior service cost (net of tax of $9 and $7, respectively) | (16) | (23) | ||||||||||||||||||||||||||
Reclassification adjustments of benefit plan liability - net loss (net of tax of $(217) and $(95), respectively) | 381 | 502 | ||||||||||||||||||||||||||
Benefit plan liability adjustments - net gain (net of tax of $0, $0, $0 and $(17), respectively) | Benefit plan liability adjustments - net gain (net of tax of $0, $0, $0 and $(17), respectively) | 0 | 0 | 0 | 55 | |||||||||||||||||||||||
Reclassification adjustments of benefit plan liability - prior service cost (net of tax of $6, $6, $15 and $13, respectively) | Reclassification adjustments of benefit plan liability - prior service cost (net of tax of $6, $6, $15 and $13, respectively) | (18) | (19) | (34) | (42) | |||||||||||||||||||||||
Reclassification adjustments of benefit plan liability - net loss (net of tax of $(157), $(182), $(374) and $(277), respectively) | Reclassification adjustments of benefit plan liability - net loss (net of tax of $(157), $(182), $(374) and $(277), respectively) | 440 | 415 | 821 | 917 | |||||||||||||||||||||||
Derivative instruments designated as cash flow hedges: | Derivative instruments designated as cash flow hedges: | Derivative instruments designated as cash flow hedges: | ||||||||||||||||||||||||||
Reclassification of net realized losses on settled/amortized interest rate swaps (net of tax of $(190) and $(170), respectively) | 523 | 543 | ||||||||||||||||||||||||||
Net unrealized gains (losses) on commodity derivatives (net of tax of $(35) and $54, respectively) | 107 | (175) | ||||||||||||||||||||||||||
Reclassification of net realized losses on settled commodity derivatives (net of tax of $(8) and $(115), respectively) | 23 | 371 | ||||||||||||||||||||||||||
Reclassification of net realized losses on settled/amortized interest rate swaps (net of tax of $(150), $(170), $(340) and $(340), respectively) | Reclassification of net realized losses on settled/amortized interest rate swaps (net of tax of $(150), $(170), $(340) and $(340), respectively) | 563 | 543 | 1,086 | 1,086 | |||||||||||||||||||||||
Net unrealized gains (losses) on commodity derivatives (net of tax of $(304), $14, $(339) and $68, respectively) | Net unrealized gains (losses) on commodity derivatives (net of tax of $(304), $14, $(339) and $68, respectively) | 939 | (45) | 1,046 | (220) | |||||||||||||||||||||||
Reclassification of net realized (gains) losses on settled commodity derivatives (net of tax of $14, $(16), $6 and $(131), respectively) | Reclassification of net realized (gains) losses on settled commodity derivatives (net of tax of $14, $(16), $6 and $(131), respectively) | (42) | 54 | (19) | 425 | |||||||||||||||||||||||
Other comprehensive income, net of tax | Other comprehensive income, net of tax | 1,018 | 1,273 | Other comprehensive income, net of tax | 1,882 | 948 | 2,900 | 2,221 | ||||||||||||||||||||
Comprehensive income | Comprehensive income | 101,505 | 98,497 | Comprehensive income | 30,169 | 25,642 | 131,674 | 124,139 | ||||||||||||||||||||
Less: comprehensive income attributable to noncontrolling interest | Less: comprehensive income attributable to noncontrolling interest | (4,171) | (4,050) | Less: comprehensive income attributable to noncontrolling interest | (3,126) | (3,728) | (7,297) | (7,778) | ||||||||||||||||||||
Comprehensive income available for common stock | Comprehensive income available for common stock | $ | 97,334 | $ | 94,447 | Comprehensive income available for common stock | $ | 27,043 | $ | 21,914 | $ | 124,377 | $ | 116,361 |
(unaudited) | (unaudited) | As of | (unaudited) | As of | ||||||||||||||||||
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||
Current assets: | Current assets: | Current assets: | ||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 13,442 | $ | 6,356 | Cash and cash equivalents | $ | 1,175 | $ | 6,356 | ||||||||||||
Restricted cash and equivalents | Restricted cash and equivalents | 4,483 | 4,383 | Restricted cash and equivalents | 4,559 | 4,383 | ||||||||||||||||
Accounts receivable, net | Accounts receivable, net | 282,382 | 265,961 | Accounts receivable, net | 189,437 | 265,961 | ||||||||||||||||
Materials, supplies and fuel | Materials, supplies and fuel | 102,603 | 117,400 | Materials, supplies and fuel | 114,089 | 117,400 | ||||||||||||||||
Derivative assets, current | Derivative assets, current | 1,917 | 1,848 | Derivative assets, current | 3,925 | 1,848 | ||||||||||||||||
Income tax receivable, net | Income tax receivable, net | 18,115 | 19,446 | Income tax receivable, net | 17,573 | 19,446 | ||||||||||||||||
Regulatory assets, current | Regulatory assets, current | 129,951 | 51,676 | Regulatory assets, current | 218,628 | 51,676 | ||||||||||||||||
Other current assets | Other current assets | 25,722 | 26,221 | Other current assets | 22,353 | 26,221 | ||||||||||||||||
Total current assets | Total current assets | 578,615 | 493,291 | Total current assets | 571,739 | 493,291 | ||||||||||||||||
Property, plant and equipment | Property, plant and equipment | 7,415,818 | 7,305,530 | Property, plant and equipment | 7,558,204 | 7,305,530 | ||||||||||||||||
Less: accumulated depreciation and depletion | Less: accumulated depreciation and depletion | (1,320,525) | (1,285,816) | Less: accumulated depreciation and depletion | (1,361,453) | (1,285,816) | ||||||||||||||||
Total property, plant and equipment, net | Total property, plant and equipment, net | 6,095,293 | 6,019,714 | Total property, plant and equipment, net | 6,196,751 | 6,019,714 | ||||||||||||||||
Other assets: | Other assets: | Other assets: | ||||||||||||||||||||
Goodwill | Goodwill | 1,299,454 | 1,299,454 | Goodwill | 1,299,454 | 1,299,454 | ||||||||||||||||
Intangible assets, net | Intangible assets, net | 11,649 | 11,944 | Intangible assets, net | 11,356 | 11,944 | ||||||||||||||||
Regulatory assets, non-current | Regulatory assets, non-current | 672,306 | 226,582 | Regulatory assets, non-current | 617,781 | 226,582 | ||||||||||||||||
Other assets, non-current | Other assets, non-current | 38,882 | 37,801 | Other assets, non-current | 40,971 | 37,801 | ||||||||||||||||
Total other assets, non-current | Total other assets, non-current | 2,022,291 | 1,575,781 | Total other assets, non-current | 1,969,562 | 1,575,781 | ||||||||||||||||
TOTAL ASSETS | TOTAL ASSETS | $ | 8,696,199 | $ | 8,088,786 | TOTAL ASSETS | $ | 8,738,052 | $ | 8,088,786 |
(unaudited) | (unaudited) | As of | (unaudited) | As of | ||||||||||||||||||
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||
(in thousands, except share amounts) | (in thousands, except share amounts) | |||||||||||||||||||||
LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | Current liabilities: | Current liabilities: | ||||||||||||||||||||
Accounts payable | Accounts payable | $ | 160,179 | $ | 183,340 | Accounts payable | $ | 133,354 | $ | 183,340 | ||||||||||||
Accrued liabilities | Accrued liabilities | 230,444 | 243,612 | Accrued liabilities | 219,022 | 243,612 | ||||||||||||||||
Derivative liabilities, current | Derivative liabilities, current | 2,526 | 2,044 | Derivative liabilities, current | 5,178 | 2,044 | ||||||||||||||||
Regulatory liabilities, current | Regulatory liabilities, current | 13,580 | 25,061 | Regulatory liabilities, current | 36,124 | 25,061 | ||||||||||||||||
Notes payable | Notes payable | 815,870 | 234,040 | Notes payable | 829,850 | 234,040 | ||||||||||||||||
Current maturities of long-term debt | Current maturities of long-term debt | 7,000 | 8,436 | Current maturities of long-term debt | 7,000 | 8,436 | ||||||||||||||||
Total current liabilities | Total current liabilities | 1,229,599 | 696,533 | Total current liabilities | 1,230,528 | 696,533 | ||||||||||||||||
Long-term debt, net of current maturities | Long-term debt, net of current maturities | 3,529,158 | 3,528,100 | Long-term debt, net of current maturities | 3,530,216 | 3,528,100 | ||||||||||||||||
Deferred credits and other liabilities: | Deferred credits and other liabilities: | Deferred credits and other liabilities: | ||||||||||||||||||||
Deferred income tax liabilities, net | Deferred income tax liabilities, net | 428,127 | 408,624 | Deferred income tax liabilities, net | 436,495 | 408,624 | ||||||||||||||||
Regulatory liabilities, non-current | Regulatory liabilities, non-current | 497,810 | 507,659 | Regulatory liabilities, non-current | 497,608 | 507,659 | ||||||||||||||||
Benefit plan liabilities | Benefit plan liabilities | 150,979 | 150,556 | Benefit plan liabilities | 151,290 | 150,556 | ||||||||||||||||
Other deferred credits and other liabilities | Other deferred credits and other liabilities | 135,224 | 134,667 | Other deferred credits and other liabilities | 133,021 | 134,667 | ||||||||||||||||
Total deferred credits and other liabilities | Total deferred credits and other liabilities | 1,212,140 | 1,201,506 | Total deferred credits and other liabilities | 1,218,414 | 1,201,506 | ||||||||||||||||
0 | 0 | 0 | 0 | |||||||||||||||||||
Equity: | Equity: | Equity: | ||||||||||||||||||||
Stockholders’ equity — | Stockholders’ equity — | Stockholders’ equity — | ||||||||||||||||||||
Common stock $1 par value; 100,000,000 shares authorized; issued 62,909,973 and 62,827,179 shares, respectively | 62,910 | 62,827 | ||||||||||||||||||||
Common stock $1 par value; 100,000,000 shares authorized; issued 63,526,913 and 62,827,179 shares, respectively | Common stock $1 par value; 100,000,000 shares authorized; issued 63,526,913 and 62,827,179 shares, respectively | 63,527 | 62,827 | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 1,658,957 | 1,657,285 | Additional paid-in capital | 1,701,825 | 1,657,285 | ||||||||||||||||
Retained earnings | Retained earnings | 931,538 | 870,738 | Retained earnings | 921,122 | 870,738 | ||||||||||||||||
Treasury stock, at cost – 39,940 and 32,492 shares, respectively | (2,564) | (2,119) | ||||||||||||||||||||
Treasury stock, at cost – 46,528 and 32,492 shares, respectively | Treasury stock, at cost – 46,528 and 32,492 shares, respectively | (2,988) | (2,119) | |||||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | (26,328) | (27,346) | Accumulated other comprehensive income (loss) | (24,446) | (27,346) | ||||||||||||||||
Total stockholders’ equity | Total stockholders’ equity | 2,624,513 | 2,561,385 | Total stockholders’ equity | 2,659,040 | 2,561,385 | ||||||||||||||||
Noncontrolling interest | Noncontrolling interest | 100,789 | 101,262 | Noncontrolling interest | 99,854 | 101,262 | ||||||||||||||||
Total equity | Total equity | 2,725,302 | 2,662,647 | Total equity | 2,758,894 | 2,662,647 | ||||||||||||||||
TOTAL LIABILITIES AND TOTAL EQUITY | TOTAL LIABILITIES AND TOTAL EQUITY | $ | 8,696,199 | $ | 8,088,786 | TOTAL LIABILITIES AND TOTAL EQUITY | $ | 8,738,052 | $ | 8,088,786 |
(unaudited) | (unaudited) | Three Months Ended March 31, | (unaudited) | Six Months Ended June 30, | ||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Operating activities: | Operating activities: | (in thousands) | Operating activities: | (in thousands) | ||||||||||||
Net income | Net income | $ | 100,487 | $ | 97,224 | Net income | $ | 128,774 | $ | 121,918 | ||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | Adjustments to reconcile net income to net cash provided by (used in) operating activities: | Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||
Depreciation, depletion and amortization | Depreciation, depletion and amortization | 57,269 | 56,402 | Depreciation, depletion and amortization | 115,712 | 113,065 | ||||||||||
Deferred financing cost amortization | Deferred financing cost amortization | 2,214 | 2,237 | Deferred financing cost amortization | 4,381 | 4,246 | ||||||||||
Impairment of investment | Impairment of investment | 0 | 6,859 | Impairment of investment | 0 | 6,859 | ||||||||||
Stock compensation | Stock compensation | 3,257 | 291 | Stock compensation | 5,044 | 1,113 | ||||||||||
Deferred income taxes | Deferred income taxes | 153 | 21,876 | Deferred income taxes | 692 | 26,401 | ||||||||||
Employee benefit plans | Employee benefit plans | 2,304 | 1,235 | Employee benefit plans | 4,934 | 5,656 | ||||||||||
Other adjustments, net | Other adjustments, net | 6,151 | 892 | Other adjustments, net | 10,495 | 3,679 | ||||||||||
Changes in certain operating assets and liabilities: | Changes in certain operating assets and liabilities: | Changes in certain operating assets and liabilities: | ||||||||||||||
Materials, supplies and fuel | Materials, supplies and fuel | 15,932 | 19,222 | Materials, supplies and fuel | 3,974 | 7,503 | ||||||||||
Accounts receivable and other current assets | Accounts receivable and other current assets | (11,599) | 8,171 | Accounts receivable and other current assets | 88,513 | 73,302 | ||||||||||
Accounts payable and other current liabilities | Accounts payable and other current liabilities | (23,602) | (43,297) | Accounts payable and other current liabilities | (59,640) | (63,085) | ||||||||||
Regulatory assets | Regulatory assets | (533,006) | 20,679 | Regulatory assets | (540,709) | 21,887 | ||||||||||
Regulatory liabilities | Regulatory liabilities | (5,291) | 1,316 | Regulatory liabilities | (9,509) | 314 | ||||||||||
Contributions to defined benefit pension plans | Contributions to defined benefit pension plans | 0 | (12,700) | |||||||||||||
Other operating activities, net | Other operating activities, net | (355) | (1,138) | Other operating activities, net | (2,834) | (1,152) | ||||||||||
Net cash provided by (used in) operating activities | Net cash provided by (used in) operating activities | (386,086) | 191,969 | Net cash provided by (used in) operating activities | (250,173) | 309,006 | ||||||||||
Investing activities: | Investing activities: | Investing activities: | ||||||||||||||
Property, plant and equipment additions | Property, plant and equipment additions | (146,302) | (171,882) | Property, plant and equipment additions | (319,476) | (348,313) | ||||||||||
Other investing activities | Other investing activities | 78 | (1,202) | Other investing activities | 9,739 | (1,412) | ||||||||||
Net cash (used in) investing activities | Net cash (used in) investing activities | (146,224) | (173,084) | Net cash (used in) investing activities | (309,737) | (349,725) | ||||||||||
Financing activities: | Financing activities: | Financing activities: | ||||||||||||||
Dividends paid on common stock | Dividends paid on common stock | (35,514) | (32,902) | Dividends paid on common stock | (71,092) | (66,440) | ||||||||||
Common stock issued | Common stock issued | 0 | 99,321 | Common stock issued | 40,037 | 99,435 | ||||||||||
Term loan - borrowings | Term loan - borrowings | 800,000 | 0 | Term loan - borrowings | 800,000 | 0 | ||||||||||
Term loan - repayments | Term loan - repayments | (200,000) | 0 | Term loan - repayments | (200,000) | 0 | ||||||||||
Net (payments) borrowings of Revolving Credit Facility and CP Program | (18,170) | (30,375) | ||||||||||||||
Net payments of Revolving Credit Facility and CP Program | Net payments of Revolving Credit Facility and CP Program | (4,190) | (349,500) | |||||||||||||
Long-term debt - issuances | Long-term debt - issuances | 0 | 400,000 | |||||||||||||
Long-term debt - repayments | Long-term debt - repayments | (1,436) | (4,291) | Long-term debt - repayments | (1,436) | (5,727) | ||||||||||
Distributions to noncontrolling interest | Distributions to noncontrolling interest | (4,644) | (4,741) | Distributions to noncontrolling interest | (8,705) | (8,520) | ||||||||||
Other financing activities | Other financing activities | (740) | (1,391) | Other financing activities | 291 | (6,474) | ||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | 539,496 | 25,621 | Net cash provided by financing activities | 554,905 | 62,774 | ||||||||||
Net change in cash, restricted cash and cash equivalents | Net change in cash, restricted cash and cash equivalents | 7,186 | 44,506 | Net change in cash, restricted cash and cash equivalents | (5,005) | 22,055 | ||||||||||
Cash, restricted cash and cash equivalents at beginning of period | Cash, restricted cash and cash equivalents at beginning of period | 10,739 | 13,658 | Cash, restricted cash and cash equivalents at beginning of period | 10,739 | 13,658 | ||||||||||
Cash, restricted cash and cash equivalents at end of period | Cash, restricted cash and cash equivalents at end of period | $ | 17,925 | $ | 58,164 | Cash, restricted cash and cash equivalents at end of period | $ | 5,734 | $ | 35,713 | ||||||
Supplemental cash flow information: | Supplemental cash flow information: | Supplemental cash flow information: | ||||||||||||||
Cash (paid) refunded during the period: | Cash (paid) refunded during the period: | Cash (paid) refunded during the period: | ||||||||||||||
Interest, net of amounts capitalized | Interest, net of amounts capitalized | $ | (21,232) | $ | (21,776) | Interest, net of amounts capitalized | $ | (71,825) | $ | (67,449) | ||||||
Income taxes | Income taxes | 990 | 0 | Income taxes | 1,486 | 1,896 | ||||||||||
Non-cash investing and financing activities: | Non-cash investing and financing activities: | Non-cash investing and financing activities: | ||||||||||||||
Accrued property, plant and equipment purchases at March 31 | 51,914 | 53,011 | ||||||||||||||
Accrued property, plant and equipment purchases at June 30 | Accrued property, plant and equipment purchases at June 30 | 54,448 | 59,916 |
(unaudited) | (unaudited) | Common Stock | Treasury Stock | (unaudited) | Common Stock | Treasury Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands except share amounts) | (in thousands except share amounts) | Shares | Value | Shares | Value | Additional Paid in Capital | Retained Earnings | AOCI | Non controlling Interest | Total | (in thousands except share amounts) | Shares | Value | Shares | Value | Additional Paid in Capital | Retained Earnings | AOCI | Non controlling Interest | Total | ||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | 62,827,179 | $ | 62,827 | 32,492 | $ | (2,119) | $ | 1,657,285 | $ | 870,738 | $ | (27,346) | $ | 101,262 | $ | 2,662,647 | December 31, 2020 | 62,827,179 | $ | 62,827 | 32,492 | $ | (2,119) | $ | 1,657,285 | $ | 870,738 | $ | (27,346) | $ | 101,262 | $ | 2,662,647 | ||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 96,316 | — | 4,171 | 100,487 | Net income | — | — | — | — | — | 96,316 | — | 4,171 | 100,487 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | 1,018 | — | 1,018 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | Other comprehensive income, net of tax | — | — | — | — | — | — | 1,018 | — | 1,018 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($0.565 per share) | Dividends on common stock ($0.565 per share) | — | — | — | — | — | (35,514) | — | — | (35,514) | Dividends on common stock ($0.565 per share) | — | — | — | — | — | (35,514) | — | — | (35,514) | ||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | 82,794 | 83 | 7,448 | (445) | 1,672 | — | — | — | 1,310 | Share-based compensation | 82,794 | 83 | 7,448 | (445) | 1,672 | — | — | — | 1,310 | ||||||||||||||||||||||||||||||||||||||
Other | Other | — | — | — | — | — | (2) | — | — | (2) | Other | — | — | — | — | — | (2) | — | — | (2) | ||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | Distributions to noncontrolling interest | — | — | — | — | — | — | — | (4,644) | (4,644) | Distributions to noncontrolling interest | — | — | — | — | — | — | — | (4,644) | (4,644) | ||||||||||||||||||||||||||||||||||||||
March 31, 2021 | March 31, 2021 | 62,909,973 | $ | 62,910 | 39,940 | $ | (2,564) | $ | 1,658,957 | $ | 931,538 | $ | (26,328) | $ | 100,789 | $ | 2,725,302 | March 31, 2021 | 62,909,973 | $ | 62,910 | 39,940 | $ | (2,564) | $ | 1,658,957 | $ | 931,538 | $ | (26,328) | $ | 100,789 | $ | 2,725,302 | ||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 25,161 | — | 3,126 | 28,287 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | Other comprehensive income, net of tax | — | — | — | — | — | — | 1,882 | — | 1,882 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($0.565 per share) | Dividends on common stock ($0.565 per share) | — | — | — | — | — | (35,578) | — | — | (35,578) | ||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | 20,905 | 21 | 6,588 | (424) | 3,698 | — | — | — | 3,295 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | 596,035 | 596 | — | — | 39,636 | — | — | — | 40,232 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance costs | Issuance costs | — | — | — | — | (466) | — | — | — | (466) | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | — | — | — | — | 1 | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | Distributions to noncontrolling interest | — | — | — | — | — | — | — | (4,061) | (4,061) | ||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2021 | 63,526,913 | $ | 63,527 | 46,528 | $ | (2,988) | $ | 1,701,825 | $ | 921,122 | $ | (24,446) | $ | 99,854 | $ | 2,758,894 |
Common Stock | Treasury Stock | Common Stock | Treasury Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands except share amounts) | (in thousands except share amounts) | Shares | Value | Shares | Value | Additional Paid in Capital | Retained Earnings | AOCI | Non controlling Interest | Total | (in thousands except share amounts) | Shares | Value | Shares | Value | Additional Paid in Capital | Retained Earnings | AOCI | Non controlling Interest | Total | ||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | 61,480,658 | $ | 61,481 | 3,956 | $ | (267) | $ | 1,552,788 | $ | 778,776 | $ | (30,655) | $ | 101,946 | $ | 2,464,069 | |||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 93,174 | — | 4,050 | 97,224 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | Other comprehensive income (loss), net of tax | — | — | — | — | — | — | 1,273 | — | 1,273 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($0.535 per share) | Dividends on common stock ($0.535 per share) | — | — | — | — | — | (32,902) | — | — | (32,902) | ||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | 69,378 | 69 | 20,700 | (1,658) | 2,263 | — | — | — | 674 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | 1,222,942 | 1,223 | — | — | 98,777 | — | — | — | 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance costs | Issuance costs | — | — | — | — | (967) | — | — | — | (967) | ||||||||||||||||||||||||||||||||||||||||||||||||
Implementation of ASU 2016-13 Financial Instruments - Credit Losses | Implementation of ASU 2016-13 Financial Instruments - Credit Losses | — | — | — | — | — | (207) | — | — | (207) | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | Distributions to noncontrolling interest | — | — | — | — | — | — | — | (4,741) | (4,741) | ||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2020 | March 31, 2020 | 62,772,978 | $ | 62,773 | 24,656 | $ | (1,925) | $ | 1,652,861 | $ | 838,841 | $ | (29,382) | $ | 101,255 | $ | 2,624,423 | |||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 20,966 | — | 3,728 | 24,694 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | Other comprehensive income (loss), net of tax | — | — | — | — | — | — | 948 | — | 948 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($0.535 per share) | Dividends on common stock ($0.535 per share) | — | — | — | — | — | (33,538) | — | — | (33,538) | ||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | 18 | 0 | 1,743 | 46 | 1,781 | — | — | — | 1,827 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance costs | Issuance costs | — | — | — | — | (79) | — | — | — | (79) | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | Distributions to noncontrolling interest | — | — | — | — | — | — | — | (3,779) | (3,779) | ||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2020 | 62,772,996 | $ | 62,773 | 26,399 | $ | (1,879) | $ | 1,654,563 | $ | 826,269 | $ | (28,434) | $ | 101,204 | $ | 2,614,496 | |||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | 61,480,658 | $ | 61,481 | 3,956 | $ | (267) | $ | 1,552,788 | $ | 778,776 | $ | (30,655) | $ | 101,946 | $ | 2,464,069 | ||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 93,174 | — | 4,050 | 97,224 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | 1,273 | — | 1,273 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($0.535 per share) | — | — | — | — | — | (32,902) | — | — | (32,902) | |||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | 69,378 | 69 | 20,700 | (1,658) | 2,263 | — | — | — | 674 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 1,222,942 | 1,223 | — | — | 98,777 | — | — | — | 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance costs | — | — | — | — | (967) | — | — | — | (967) | |||||||||||||||||||||||||||||||||||||||||||||||||
Implementation of ASU 2016-13 Financial Instruments -- Credit Losses | — | — | — | — | — | (207) | — | — | (207) | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (4,741) | (4,741) | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2020 | 62,772,978 | $ | 62,773 | 24,656 | $ | (1,925) | $ | 1,652,861 | $ | 838,841 | $ | (29,382) | $ | 101,255 | $ | 2,624,423 |
As of | As of | |||||||||||||||
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||
Regulatory assets | Regulatory assets | Regulatory assets | ||||||||||||||
Winter Storm Uri (a) | Winter Storm Uri (a) | $ | 480,842 | $ | 0 | Winter Storm Uri (a) | $ | 541,389 | $ | 0 | ||||||
Deferred energy and fuel cost adjustments (a) (b) | 68,402 | 39,035 | ||||||||||||||
Deferred gas cost adjustments (a) (b) | 17,066 | 3,200 | ||||||||||||||
Deferred energy and fuel cost adjustments (b) | Deferred energy and fuel cost adjustments (b) | 57,715 | 39,035 | |||||||||||||
Deferred gas cost adjustments (b) | Deferred gas cost adjustments (b) | 676 | 3,200 | |||||||||||||
Gas price derivatives (b) | Gas price derivatives (b) | 324 | 2,226 | Gas price derivatives (b) | 145 | 2,226 | ||||||||||
Deferred taxes on AFUDC (c) | Deferred taxes on AFUDC (c) | 7,469 | 7,491 | Deferred taxes on AFUDC (c) | 7,479 | 7,491 | ||||||||||
Employee benefit plans and related deferred taxes (d) | Employee benefit plans and related deferred taxes (d) | 117,886 | 116,598 | Employee benefit plans and related deferred taxes (d) | 116,003 | 116,598 | ||||||||||
Environmental (b) | Environmental (b) | 1,413 | 1,413 | Environmental (b) | 1,410 | 1,413 | ||||||||||
Loss on reacquired debt (b) | Loss on reacquired debt (b) | 22,386 | 22,864 | Loss on reacquired debt (b) | 21,914 | 22,864 | ||||||||||
Deferred taxes on flow through accounting (d) | Deferred taxes on flow through accounting (d) | 51,823 | 47,515 | Deferred taxes on flow through accounting (d) | 55,034 | 47,515 | ||||||||||
Decommissioning costs | Decommissioning costs | 7,827 | 8,988 | Decommissioning costs | 7,205 | 8,988 | ||||||||||
Gas supply contract termination (b) | Gas supply contract termination (b) | 1,013 | 2,524 | Gas supply contract termination (b) | 0 | 2,524 | ||||||||||
Other regulatory assets (b) | Other regulatory assets (b) | 25,806 | 26,404 | Other regulatory assets (b) | 27,439 | 26,404 | ||||||||||
Total regulatory assets | Total regulatory assets | 802,257 | 278,258 | Total regulatory assets | 836,409 | 278,258 | ||||||||||
Less current regulatory assets | Less current regulatory assets | (129,951) | (51,676) | Less current regulatory assets | (218,628) | (51,676) | ||||||||||
Regulatory assets, non-current | Regulatory assets, non-current | $ | 672,306 | $ | 226,582 | Regulatory assets, non-current | $ | 617,781 | $ | 226,582 | ||||||
Regulatory liabilities | Regulatory liabilities | Regulatory liabilities | ||||||||||||||
Deferred energy and gas costs (b) | Deferred energy and gas costs (b) | $ | 426 | $ | 13,253 | Deferred energy and gas costs (b) | $ | 28,261 | $ | 13,253 | ||||||
Employee benefit plan costs and related deferred taxes (d) | Employee benefit plan costs and related deferred taxes (d) | 40,471 | 40,256 | Employee benefit plan costs and related deferred taxes (d) | 39,542 | 40,256 | ||||||||||
Cost of removal (b) | Cost of removal (b) | 177,003 | 172,902 | Cost of removal (b) | 179,968 | 172,902 | ||||||||||
Excess deferred income taxes (d) | Excess deferred income taxes (d) | 271,492 | 285,259 | Excess deferred income taxes (d) | 268,604 | 285,259 | ||||||||||
Other regulatory liabilities (d) | Other regulatory liabilities (d) | 21,998 | 21,050 | Other regulatory liabilities (d) | 17,357 | 21,050 | ||||||||||
Total regulatory liabilities | Total regulatory liabilities | 511,390 | 532,720 | Total regulatory liabilities | 533,732 | 532,720 | ||||||||||
Less current regulatory liabilities | Less current regulatory liabilities | (13,580) | (25,061) | Less current regulatory liabilities | (36,124) | (25,061) | ||||||||||
Regulatory liabilities, non-current | Regulatory liabilities, non-current | $ | 497,810 | $ | 507,659 | Regulatory liabilities, non-current | $ | 497,608 | $ | 507,659 |
Three Months Ended March 31, 2021 | Electric Utilities | Gas Utilities | Power Generation | Mining | Inter-company Revenues | Total | ||||||||||||||
Customer types: | (in thousands) | |||||||||||||||||||
Retail | $ | 198,500 | $ | 341,605 | $ | 0 | $ | 14,083 | $ | (7,107) | $ | 547,081 | ||||||||
Transportation | 0 | 47,951 | 0 | 0 | (110) | 47,841 | ||||||||||||||
Wholesale | 5,922 | 0 | 28,692 | 0 | (24,451) | 10,163 | ||||||||||||||
Market - off-system sales | 7,656 | 73 | 0 | 0 | (2,884) | 4,845 | ||||||||||||||
Transmission/Other | 15,193 | 10,390 | 0 | 0 | (5,296) | 20,287 | ||||||||||||||
Revenue from contracts with customers | $ | 227,271 | $ | 400,019 | $ | 28,692 | $ | 14,083 | $ | (39,848) | $ | 630,217 | ||||||||
Other revenues | 137 | 2,500 | 471 | 589 | (482) | 3,215 | ||||||||||||||
Total revenues | $ | 227,408 | $ | 402,519 | $ | 29,163 | $ | 14,672 | $ | (40,330) | $ | 633,432 | ||||||||
Timing of revenue recognition: | ||||||||||||||||||||
Services transferred at a point in time | $ | 0 | $ | 0 | $ | 0 | $ | 14,083 | $ | (7,107) | $ | 6,976 | ||||||||
Services transferred over time | 227,271 | 400,019 | 28,692 | 0 | (32,741) | 623,241 | ||||||||||||||
Revenue from contracts with customers | $ | 227,271 | $ | 400,019 | $ | 28,692 | $ | 14,083 | $ | (39,848) | $ | 630,217 | ||||||||
Three Months Ended June 30, 2021 | Electric Utilities | Gas Utilities | Power Generation | Mining | Inter-company Revenues | Total | ||||||||||||||
Customer types: | (in thousands) | |||||||||||||||||||
Retail | $ | 158,470 | $ | 143,845 | $ | 0 | $ | 13,854 | $ | (7,140) | $ | 309,029 | ||||||||
Transportation | 0 | 31,649 | 0 | 0 | (109) | 31,540 | ||||||||||||||
Wholesale | 3,010 | 0 | 24,912 | 0 | (23,480) | 4,442 | ||||||||||||||
Market - off-system sales | 8,941 | 87 | 0 | 0 | (1,675) | 7,353 | ||||||||||||||
Transmission/Other | 12,233 | 9,125 | 0 | 0 | (5,299) | 16,059 | ||||||||||||||
Revenue from contracts with customers | $ | 182,654 | $ | 184,706 | $ | 24,912 | $ | 13,854 | $ | (37,703) | $ | 368,423 | ||||||||
Other revenues | 2,279 | 1,344 | 436 | 575 | (485) | 4,149 | ||||||||||||||
Total revenues | $ | 184,933 | $ | 186,050 | $ | 25,348 | $ | 14,429 | $ | (38,188) | $ | 372,572 | ||||||||
Timing of revenue recognition: | ||||||||||||||||||||
Services transferred at a point in time | $ | 0 | $ | 0 | $ | 0 | $ | 13,854 | $ | (7,140) | $ | 6,714 | ||||||||
Services transferred over time | 182,654 | 184,706 | 24,912 | 0 | (30,563) | 361,709 | ||||||||||||||
Revenue from contracts with customers | $ | 182,654 | $ | 184,706 | $ | 24,912 | $ | 13,854 | $ | (37,703) | $ | 368,423 | ||||||||
Three Months Ended March 31, 2020 | Electric Utilities | Gas Utilities | Power Generation | Mining | Inter-company Revenues | Total | ||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2020 | Three Months Ended June 30, 2020 | Electric Utilities | Gas Utilities | Power Generation | Mining | Inter-company Revenues | Total | |||||||||||||||||||||||||||||||||
Customer Types: | Customer Types: | Customer Types: | (in thousands) | |||||||||||||||||||||||||||||||||||||
Retail | Retail | $ | 148,640 | $ | 298,247 | $ | 0 | $ | 14,403 | $ | (7,839) | $ | 453,451 | Retail | $ | 141,804 | $ | 120,594 | $ | 0 | $ | 14,846 | $ | (7,916) | $ | 269,328 | ||||||||||||||
Transportation | Transportation | 0 | 44,108 | 0 | 0 | (139) | 43,969 | Transportation | 0 | 30,792 | 0 | 0 | (138) | 30,654 | ||||||||||||||||||||||||||
Wholesale | Wholesale | 5,552 | 0 | 25,467 | 0 | (23,612) | 7,407 | Wholesale | 3,470 | 0 | 25,718 | 0 | (24,476) | 4,712 | ||||||||||||||||||||||||||
Market - off-system sales | Market - off-system sales | 4,867 | 138 | 0 | 0 | (2,639) | 2,366 | Market - off-system sales | 3,538 | 23 | 0 | 0 | (1,580) | 1,981 | ||||||||||||||||||||||||||
Transmission/Other | Transmission/Other | 14,857 | 12,572 | 0 | 0 | (4,413) | 23,016 | Transmission/Other | 12,761 | 9,189 | 0 | 0 | (4,432) | 17,518 | ||||||||||||||||||||||||||
Revenue from contracts with customers | Revenue from contracts with customers | $ | 173,916 | $ | 355,065 | $ | 25,467 | $ | 14,403 | $ | (38,642) | $ | 530,209 | Revenue from contracts with customers | $ | 161,573 | $ | 160,598 | $ | 25,718 | $ | 14,846 | $ | (38,542) | $ | 324,193 | ||||||||||||||
Other revenues | Other revenues | 223 | 5,708 | 499 | 802 | (391) | 6,841 | Other revenues | 1,627 | 512 | 404 | 570 | (392) | 2,721 | ||||||||||||||||||||||||||
Total Revenues | Total Revenues | $ | 174,139 | $ | 360,773 | $ | 25,966 | $ | 15,205 | $ | (39,033) | $ | 537,050 | Total Revenues | $ | 163,200 | $ | 161,110 | $ | 26,122 | $ | 15,416 | $ | (38,934) | $ | 326,914 | ||||||||||||||
Timing of Revenue Recognition: | Timing of Revenue Recognition: | Timing of Revenue Recognition: | ||||||||||||||||||||||||||||||||||||||
Services transferred at a point in time | Services transferred at a point in time | $ | 0 | $ | 0 | $ | 0 | $ | 14,403 | $ | (7,839) | $ | 6,564 | Services transferred at a point in time | $ | 0 | $ | 0 | $ | 0 | $ | 14,846 | $ | (7,916) | $ | 6,930 | ||||||||||||||
Services transferred over time | Services transferred over time | 173,916 | 355,065 | 25,467 | 0 | (30,803) | 523,645 | Services transferred over time | 161,573 | 160,598 | 25,718 | 0 | (30,626) | 317,263 | ||||||||||||||||||||||||||
Revenue from contracts with customers | Revenue from contracts with customers | $ | 173,916 | $ | 355,065 | $ | 25,467 | $ | 14,403 | $ | (38,642) | $ | 530,209 | Revenue from contracts with customers | $ | 161,573 | $ | 160,598 | $ | 25,718 | $ | 14,846 | $ | (38,542) | $ | 324,193 |
Six Months Ended June 30, 2021 | Electric Utilities | Gas Utilities | Power Generation | Mining | Inter-company Revenues | Total | ||||||||||||||
Customer types: | (in thousands) | |||||||||||||||||||
Retail | $ | 356,970 | $ | 485,450 | $ | 0 | $ | 27,937 | $ | (14,247) | $ | 856,110 | ||||||||
Transportation | 0 | 79,600 | 0 | 0 | (219) | 79,381 | ||||||||||||||
Wholesale | 8,932 | 0 | 53,604 | 0 | (47,931) | 14,605 | ||||||||||||||
Market - off-system sales | 16,597 | 160 | 0 | 0 | (4,559) | 12,198 | ||||||||||||||
Transmission/Other | 27,426 | 19,515 | 0 | 0 | (10,595) | 36,346 | ||||||||||||||
Revenue from contracts with customers | $ | 409,925 | $ | 584,725 | $ | 53,604 | $ | 27,937 | $ | (77,551) | $ | 998,640 | ||||||||
Other revenues | 2,416 | 3,844 | 907 | 1,164 | (967) | 7,364 | ||||||||||||||
Total revenues | $ | 412,341 | $ | 588,569 | $ | 54,511 | $ | 29,101 | $ | (78,518) | $ | 1,006,004 | ||||||||
Timing of revenue recognition: | ||||||||||||||||||||
Services transferred at a point in time | $ | 0 | $ | 0 | $ | 0 | $ | 27,937 | $ | (14,247) | $ | 13,690 | ||||||||
Services transferred over time | 409,925 | 584,725 | 53,604 | 0 | (63,304) | 984,950 | ||||||||||||||
Revenue from contracts with customers | $ | 409,925 | $ | 584,725 | $ | 53,604 | $ | 27,937 | $ | (77,551) | $ | 998,640 | ||||||||
Six Months Ended June 30, 2020 | Electric Utilities | Gas Utilities | Power Generation | Mining | Inter-company Revenues | Total | ||||||||||||||
Customer Types: | (in thousands) | |||||||||||||||||||
Retail | $ | 290,444 | $ | 418,841 | $ | 0 | $ | 29,249 | $ | (15,755) | $ | 722,779 | ||||||||
Transportation | 0 | 74,900 | 0 | 0 | (277) | 74,623 | ||||||||||||||
Wholesale | 9,022 | 0 | 51,185 | 0 | (48,088) | 12,119 | ||||||||||||||
Market - off-system sales | 8,405 | 161 | 0 | 0 | (4,219) | 4,347 | ||||||||||||||
Transmission/Other | 27,618 | 21,761 | 0 | 0 | (8,845) | 40,534 | ||||||||||||||
Revenue from contracts with customers | $ | 335,489 | $ | 515,663 | $ | 51,185 | $ | 29,249 | $ | (77,184) | $ | 854,402 | ||||||||
Other revenues | 1,850 | 6,220 | 903 | 1,372 | (783) | 9,562 | ||||||||||||||
Total Revenues | $ | 337,339 | $ | 521,883 | $ | 52,088 | $ | 30,621 | $ | (77,967) | $ | 863,964 | ||||||||
Timing of Revenue Recognition: | ||||||||||||||||||||
Services transferred at a point in time | $ | 0 | $ | 0 | $ | 0 | $ | 29,249 | $ | (15,755) | $ | 13,494 | ||||||||
Services transferred over time | 335,489 | 515,663 | 51,185 | 0 | (61,429) | 840,908 | ||||||||||||||
Revenue from contracts with customers | $ | 335,489 | $ | 515,663 | $ | 51,185 | $ | 29,249 | $ | (77,184) | $ | 854,402 | ||||||||
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Balance Outstanding | Letters of Credit (a) | Balance Outstanding | Letters of Credit (a) | Balance Outstanding | Letters of Credit (a) | Balance Outstanding | Letters of Credit (a) | |||||||||||||||||||||
Term Loan | Term Loan | $ | 600,000 | $ | 0 | $ | 0 | $ | 0 | Term Loan | $ | 600,000 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
Revolving Credit Facility | Revolving Credit Facility | 0 | 16,629 | 0 | 24,730 | Revolving Credit Facility | 0 | 13,049 | 0 | 24,730 | ||||||||||||||||||
CP Program | CP Program | 215,870 | 0 | 234,040 | 0 | CP Program | 229,850 | 0 | 234,040 | 0 | ||||||||||||||||||
Total Notes payable | Total Notes payable | $ | 815,870 | $ | 16,629 | $ | 234,040 | $ | 24,730 | Total Notes payable | $ | 829,850 | $ | 13,049 | $ | 234,040 | $ | 24,730 |
As of March 31, 2021 | Covenant Requirement | |||||||||||||
Consolidated Indebtedness to Capitalization Ratio | 62.6% | Less than | 65% |
As of June 30, 2021 | Covenant Requirement | |||||||||||||
Consolidated Indebtedness to Capitalization Ratio | 62.3% | Less than | 65% |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Net income available for common stock | Net income available for common stock | $ | 96,316 | $ | 93,174 | Net income available for common stock | $ | 25,161 | $ | 20,966 | $ | 121,477 | $ | 114,140 | ||||||||||||||||||||
Weighted average shares - basic | Weighted average shares - basic | 62,633 | 61,778 | Weighted average shares - basic | 62,867 | 62,573 | 62,751 | 62,175 | ||||||||||||||||||||||||||
Dilutive effect of: | Dilutive effect of: | Dilutive effect of: | ||||||||||||||||||||||||||||||||
Equity compensation | Equity compensation | 58 | 78 | Equity compensation | 51 | 44 | 66 | 55 | ||||||||||||||||||||||||||
Weighted average shares - diluted | Weighted average shares - diluted | 62,691 | 61,856 | Weighted average shares - diluted | 62,918 | 62,617 | 62,817 | 62,230 | ||||||||||||||||||||||||||
Earnings per share of common stock: | Earnings per share of common stock: | Earnings per share of common stock: | ||||||||||||||||||||||||||||||||
Earnings per share, Basic | Earnings per share, Basic | $ | 1.54 | $ | 1.51 | Earnings per share, Basic | $ | 0.40 | $ | 0.34 | $ | 1.94 | $ | 1.84 | ||||||||||||||||||||
Earnings per share, Diluted | Earnings per share, Diluted | $ | 1.54 | $ | 1.51 | Earnings per share, Diluted | $ | 0.40 | $ | 0.33 | $ | 1.93 | $ | 1.83 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Equity compensation | Equity compensation | 14 | 12 | Equity compensation | 13 | 29 | 12 | 26 | ||||||||||||||||||||||||||
Restricted stock | Restricted stock | 19 | 26 | Restricted stock | 0 | 76 | 1 | 36 | ||||||||||||||||||||||||||
Anti-dilutive shares | Anti-dilutive shares | 33 | 38 | Anti-dilutive shares | 13 | 105 | 13 | 62 |
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | Notional Amounts | Maximum Term (months) (a) | Notional Amounts | Maximum Term (months) (a) | Units | Notional Amounts | Maximum Term (months) (a) | Notional Amounts | Maximum Term (months) (a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas futures purchased | Natural gas futures purchased | MMBtus | 0 | 0 | 620,000 | 3 | Natural gas futures purchased | MMBtus | 100,000 | 9 | 620,000 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas options purchased, net | Natural gas options purchased, net | MMBtus | 0 | 0 | 3,160,000 | 3 | Natural gas options purchased, net | MMBtus | 970,000 | 9 | 3,160,000 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas basis swaps purchased | Natural gas basis swaps purchased | MMBtus | 0 | 0 | 900,000 | 3 | Natural gas basis swaps purchased | MMBtus | 0 | 9 | 900,000 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas over-the-counter swaps, net (b) | Natural gas over-the-counter swaps, net (b) | MMBtus | 3,590,000 | 29 | 3,850,000 | 17 | Natural gas over-the-counter swaps, net (b) | MMBtus | 6,660,000 | 26 | 3,850,000 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas physical contracts, net (c) | Natural gas physical contracts, net (c) | MMBtus | 3,107,817 | 12 | 17,513,061 | 22 | Natural gas physical contracts, net (c) | MMBtus | 4,902,179 | 9 | 17,513,061 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric wholesale contracts (c) | Electric wholesale contracts (c) | MWh | 183,025 | 9 | 219,000 | 12 | Electric wholesale contracts (c) | MWh | 110,425 | 6 | 219,000 | 12 |
Balance Sheet Location | March 31, 2021 | December 31, 2020 | Balance Sheet Location | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||
Derivatives designated as hedges: | Derivatives designated as hedges: | Derivatives designated as hedges: | ||||||||||||||||||||||||||
Asset derivative instruments: | Asset derivative instruments: | Asset derivative instruments: | ||||||||||||||||||||||||||
Current commodity derivatives | Current commodity derivatives | Derivative assets, current | $ | 285 | $ | 181 | Current commodity derivatives | Derivative assets, current | $ | 1,549 | $ | 181 | ||||||||||||||||
Noncurrent commodity derivatives | Noncurrent commodity derivatives | Other assets, non-current | 4 | 43 | Noncurrent commodity derivatives | Other assets, non-current | 5 | 43 | ||||||||||||||||||||
Liability derivative instruments: | Liability derivative instruments: | Liability derivative instruments: | ||||||||||||||||||||||||||
Current commodity derivatives | Current commodity derivatives | Derivative liabilities, current | 0 | (108) | Current commodity derivatives | Derivative liabilities, current | 0 | (108) | ||||||||||||||||||||
Noncurrent commodity derivatives | Other deferred credits and other liabilities | 0 | 0 | |||||||||||||||||||||||||
Total derivatives designated as hedges | Total derivatives designated as hedges | $ | 289 | $ | 116 | Total derivatives designated as hedges | $ | 1,554 | $ | 116 | ||||||||||||||||||
Derivatives not designated as hedges: | Derivatives not designated as hedges: | Derivatives not designated as hedges: | ||||||||||||||||||||||||||
Asset derivative instruments: | Asset derivative instruments: | Asset derivative instruments: | ||||||||||||||||||||||||||
Current commodity derivatives | Current commodity derivatives | Derivative assets, current | $ | 1,632 | $ | 1,667 | Current commodity derivatives | Derivative assets, current | $ | 2,376 | $ | 1,667 | ||||||||||||||||
Noncurrent commodity derivatives | Noncurrent commodity derivatives | Other assets, non-current | 32 | 151 | Noncurrent commodity derivatives | Other assets, non-current | 375 | 151 | ||||||||||||||||||||
Liability derivative instruments: | Liability derivative instruments: | Liability derivative instruments: | ||||||||||||||||||||||||||
Current commodity derivatives | Current commodity derivatives | Derivative liabilities, current | (2,526) | (1,936) | Current commodity derivatives | Derivative liabilities, current | (5,178) | (1,936) | ||||||||||||||||||||
Noncurrent commodity derivatives | Other deferred credits and other liabilities | (43) | 0 | |||||||||||||||||||||||||
Total derivatives not designated as hedges | Total derivatives not designated as hedges | $ | (905) | $ | (118) | Total derivatives not designated as hedges | $ | (2,427) | $ | (118) |
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of (Gain)/Loss Recognized in OCI | Income Statement Location | Amount of Gain/(Loss) Reclassified from AOCI into Income | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Interest rate swaps | $ | 713 | $ | 713 | Interest expense | $ | (713) | $ | (713) | ||||||||
Commodity derivatives | 173 | 257 | Fuel, purchased power and cost of natural gas sold | (31) | (486) | ||||||||||||
Total | $ | 886 | $ | 970 | $ | (744) | $ | (1,199) |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Derivatives Not Designated as Hedging Instruments | Income Statement Location | Amount of Gain/(Loss) on Derivatives Recognized in Income | |||||||||
(in thousands) | |||||||||||
Commodity derivatives - Electric | Fuel, purchased power and cost of natural gas sold | $ | (1,524) | $ | 1,362 | ||||||
Commodity derivatives - Natural Gas | Fuel, purchased power and cost of natural gas sold | 366 | 766 | ||||||||
$ | (1,158) | $ | 2,128 |
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of (Gain)/Loss Recognized in OCI | Income Statement Location | Amount of Gain/(Loss) Reclassified from AOCI into Income | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Interest rate swaps | $ | 713 | $ | 713 | Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) | $ | (713) | $ | (713) | ||||||||
Commodity derivatives | 1,187 | 11 | Fuel, purchased power and cost of natural gas sold | 56 | (70) | ||||||||||||
Total | $ | 1,900 | $ | 724 | $ | (657) | $ | (783) |
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of (Gain)/Loss Recognized in OCI | Income Statement Location | Amount of Gain/(Loss) Reclassified from AOCI into Income | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Interest rate swaps | $ | 1,426 | $ | 1,426 | Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) | $ | (1,426) | $ | (1,426) | ||||||||
Commodity derivatives | 1,360 | 268 | Fuel, purchased power and cost of natural gas sold | 25 | (556) | ||||||||||||
Total | $ | 2,786 | $ | 1,694 | $ | (1,401) | $ | (1,982) |
Three Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | |||||||||
(in thousands) | |||||||||||
Commodity derivatives - Electric | Fuel, purchased power and cost of natural gas sold | $ | (3,598) | $ | (204) | ||||||
Commodity derivatives - Natural Gas | Fuel, purchased power and cost of natural gas sold | 1,816 | 449 | ||||||||
$ | (1,782) | $ | 245 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain/(Loss) on Derivatives Recognized in Income | Amount of Gain/(Loss) on Derivatives Recognized in Income | |||||||||
(in thousands) | |||||||||||
Commodity derivatives - Electric | Fuel, purchased power and cost of natural gas sold | $ | (5,122) | $ | 1,158 | ||||||
Commodity derivatives - Natural Gas | Fuel, purchased power and cost of natural gas sold | 2,182 | 1,215 | ||||||||
$ | (2,940) | $ | 2,373 |
As of March 31, 2021 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting | Total | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Commodity derivatives — Gas Utilities | $ | 0 | $ | 1,389 | $ | 0 | $ | 0 | $ | 1,389 | ||||||||||
Commodity derivatives — Electric Utilities | $ | 0 | $ | 564 | $ | 0 | $ | 0 | $ | 564 | ||||||||||
Total | $ | 0 | $ | 1,953 | $ | 0 | $ | 0 | $ | 1,953 | ||||||||||
Liabilities: | ||||||||||||||||||||
Commodity derivatives — Gas Utilities | $ | 0 | $ | 625 | $ | 0 | $ | 0 | $ | 625 | ||||||||||
Commodity derivatives — Electric Utilities | $ | 0 | $ | 1,944 | $ | 0 | $ | 0 | $ | 1,944 | ||||||||||
Total | $ | 0 | $ | 2,569 | $ | 0 | $ | 0 | $ | 2,569 |
As of June 30, 2021 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting | Total | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Commodity derivatives — Gas Utilities | $ | 0 | $ | 4,895 | $ | 0 | $ | (590) | $ | 4,305 | ||||||||||
Commodity derivatives — Electric Utilities | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
Total | $ | 0 | $ | 4,895 | $ | 0 | $ | (590) | $ | 4,305 | ||||||||||
Liabilities: | ||||||||||||||||||||
Commodity derivatives — Gas Utilities | $ | 0 | $ | 200 | $ | 0 | $ | 0 | $ | 200 | ||||||||||
Commodity derivatives — Electric Utilities | $ | 0 | $ | 4,978 | $ | 0 | $ | 0 | $ | 4,978 | ||||||||||
Total | $ | 0 | $ | 5,178 | $ | 0 | $ | 0 | $ | 5,178 |
As of December 31, 2020 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting | Total | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Commodity derivatives — Gas Utilities | $ | 0 | $ | 2,504 | $ | 0 | $ | (1,527) | $ | 977 | ||||||||||
Commodity derivatives — Electric Utilities | $ | 0 | $ | 1,065 | $ | 0 | $ | 0 | $ | 1,065 | ||||||||||
Total | $ | 0 | $ | 3,569 | $ | 0 | $ | (1,527) | $ | 2,042 | ||||||||||
Liabilities: | ||||||||||||||||||||
Commodity derivatives — Gas Utilities | $ | 0 | $ | 2,675 | $ | 0 | $ | (1,552) | $ | 1,123 | ||||||||||
Commodity derivatives — Electric Utilities | $ | 0 | $ | 921 | $ | 0 | $ | 0 | $ | 921 | ||||||||||
Total | $ | 0 | $ | 3,596 | $ | 0 | $ | (1,552) | $ | 2,044 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Long-term debt, including current maturities (a) | $ | 3,536,158 | $ | 3,938,977 | $ | 3,536,536 | $ | 4,208,167 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Long-term debt, including current maturities (a) | $ | 3,537,216 | $ | 4,035,612 | $ | 3,536,536 | $ | 4,208,167 |
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 March 31, | Location on the Condensed Consolidated Statements of Income | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Gains and (losses) on cash flow hedges: | Gains and (losses) on cash flow hedges: | Gains and (losses) on cash flow hedges: | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Interest rate swaps | Interest expense | $ | (713) | $ | (713) | Interest rate swaps | Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) | $ | (713) | $ | (713) | $ | (1,426) | $ | (1,426) | ||||||||||||||||||||||||
Commodity contracts | Commodity contracts | Fuel, purchased power and cost of natural gas sold | (31) | (486) | Commodity contracts | Fuel, purchased power and cost of natural gas sold | 56 | (70) | 25 | (556) | ||||||||||||||||||||||||||||||
(744) | (1,199) | (657) | (783) | (1,401) | (1,982) | |||||||||||||||||||||||||||||||||||
Income tax | Income tax | Income tax benefit | 198 | 285 | Income tax | Income tax (expense) | 136 | 186 | 334 | 471 | ||||||||||||||||||||||||||||||
Total reclassification adjustments related to cash flow hedges, net of tax | Total reclassification adjustments related to cash flow hedges, net of tax | $ | (546) | $ | (914) | Total reclassification adjustments related to cash flow hedges, net of tax | $ | (521) | $ | (597) | $ | (1,067) | $ | (1,511) | ||||||||||||||||||||||||||
Amortization of components of defined benefit plans: | Amortization of components of defined benefit plans: | Amortization of components of defined benefit plans: | ||||||||||||||||||||||||||||||||||||||
Prior service cost | Prior service cost | Operations and maintenance | $ | 25 | $ | 30 | Prior service cost | Operations and maintenance | $ | 24 | $ | 25 | $ | 49 | $ | 55 | ||||||||||||||||||||||||
Actuarial gain (loss) | Actuarial gain (loss) | Operations and maintenance | (598) | (597) | Actuarial gain (loss) | Operations and maintenance | (597) | (597) | (1,195) | (1,194) | ||||||||||||||||||||||||||||||
(573) | (567) | (573) | (572) | (1,146) | (1,139) | |||||||||||||||||||||||||||||||||||
Income tax | Income tax | Income tax benefit | 208 | 88 | Income tax | Income tax (expense) | 151 | 176 | 359 | 264 | ||||||||||||||||||||||||||||||
Total reclassification adjustments related to defined benefit plans, net of tax | Total reclassification adjustments related to defined benefit plans, net of tax | $ | (365) | $ | (479) | Total reclassification adjustments related to defined benefit plans, net of tax | $ | (422) | $ | (396) | $ | (787) | $ | (875) | ||||||||||||||||||||||||||
Total reclassifications | Total reclassifications | $ | (911) | $ | (1,393) | Total reclassifications | $ | (943) | $ | (993) | $ | (1,854) | $ | (2,386) |
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | |||||||||||||||||||||||||||
Interest Rate Swaps | Commodity Derivatives | Employee Benefit Plans | Total | Interest Rate Swaps | Commodity Derivatives | Employee Benefit Plans | Total | |||||||||||||||||||||
As of December 31, 2020 | As of December 31, 2020 | $ | (12,558) | $ | 2 | $ | (14,790) | $ | (27,346) | As of December 31, 2020 | $ | (12,558) | $ | 2 | $ | (14,790) | $ | (27,346) | ||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | Other comprehensive income (loss) | ||||||||||||||||||||||||||
before reclassifications | before reclassifications | 0 | 107 | 0 | 107 | before reclassifications | 0 | 1,046 | 0 | 1,046 | ||||||||||||||||||
Amounts reclassified from AOCI | Amounts reclassified from AOCI | 523 | 23 | 365 | 911 | Amounts reclassified from AOCI | 1,086 | (19) | 787 | 1,854 | ||||||||||||||||||
As of March 31, 2021 | $ | (12,035) | $ | 132 | $ | (14,425) | $ | (26,328) | ||||||||||||||||||||
As of June 30, 2021 | As of June 30, 2021 | $ | (11,472) | $ | 1,029 | $ | (14,003) | $ | (24,446) | |||||||||||||||||||
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | |||||||||||||||||||||||||||
Interest Rate Swaps | Commodity Derivatives | Employee Benefit Plans | Total | Interest Rate Swaps | Commodity Derivatives | Employee Benefit Plans | Total | |||||||||||||||||||||
As of December 31, 2019 | As of December 31, 2019 | $ | (15,122) | $ | (456) | $ | (15,077) | $ | (30,655) | As of December 31, 2019 | $ | (15,122) | $ | (456) | $ | (15,077) | $ | (30,655) | ||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | Other comprehensive income (loss) | ||||||||||||||||||||||||||
before reclassifications | before reclassifications | 0 | (175) | 55 | (120) | before reclassifications | 0 | (220) | 55 | (165) | ||||||||||||||||||
Amounts reclassified from AOCI | Amounts reclassified from AOCI | 543 | 371 | 479 | 1,393 | Amounts reclassified from AOCI | 1,087 | 424 | 875 | 2,386 | ||||||||||||||||||
As of March 31, 2020 | $ | (14,579) | $ | (260) | $ | (14,543) | $ | (29,382) | ||||||||||||||||||||
As of June 30, 2020 | As of June 30, 2020 | $ | (14,035) | $ | (252) | $ | (14,147) | $ | (28,434) |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Service cost | Service cost | $ | 1,259 | $ | 1,353 | Service cost | $ | 1,260 | $ | 1,353 | $ | 2,519 | $ | 2,706 | ||||||||||||||||||||
Interest cost | Interest cost | 2,328 | 3,357 | Interest cost | 2,328 | 3,356 | 4,656 | 6,713 | ||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (5,219) | (5,648) | Expected return on plan assets | (5,219) | (5,648) | (10,438) | (11,296) | ||||||||||||||||||||||||||
Net loss (gain) | 1,829 | 2,093 | ||||||||||||||||||||||||||||||||
Net loss | Net loss | 1,829 | 2,093 | 3,658 | 4,186 | |||||||||||||||||||||||||||||
Net periodic benefit cost | Net periodic benefit cost | $ | 197 | $ | 1,155 | Net periodic benefit cost | $ | 198 | $ | 1,154 | $ | 395 | $ | 2,309 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Service cost | Service cost | $ | 559 | $ | 514 | Service cost | $ | 559 | $ | 514 | $ | 1,118 | $ | 1,028 | ||||||||||||||||||||
Interest cost | Interest cost | 265 | 412 | Interest cost | 264 | 413 | 529 | 825 | ||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (34) | (45) | Expected return on plan assets | (34) | (46) | (68) | (91) | ||||||||||||||||||||||||||
Prior service cost (benefit) | Prior service cost (benefit) | (109) | (137) | Prior service cost (benefit) | (109) | (137) | (218) | (274) | ||||||||||||||||||||||||||
Net loss (gain) | 117 | 5 | ||||||||||||||||||||||||||||||||
Net loss | Net loss | 117 | 5 | 234 | 10 | |||||||||||||||||||||||||||||
Net periodic benefit cost | Net periodic benefit cost | $ | 798 | $ | 749 | Net periodic benefit cost | $ | 797 | $ | 749 | $ | 1,595 | $ | 1,498 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Service cost | Service cost | $ | 693 | $ | (1,370) | Service cost | $ | 1,020 | $ | 1,817 | $ | 1,713 | $ | 447 | ||||||||||||||||||||
Interest cost | Interest cost | 177 | 275 | Interest cost | 177 | 275 | 354 | 550 | ||||||||||||||||||||||||||
Net loss (gain) | 439 | 426 | ||||||||||||||||||||||||||||||||
Net loss | Net loss | 438 | 426 | 877 | 852 | |||||||||||||||||||||||||||||
Net periodic benefit cost | Net periodic benefit cost | $ | 1,309 | $ | (669) | Net periodic benefit cost | $ | 1,635 | $ | 2,518 | $ | 2,944 | $ | 1,849 |
Contributions Made | Additional Contributions | Contributions | Contributions Made | Additional Contributions | Contributions | |||||||||||||||||||||||
Three Months Ended March 31, 2021 | Anticipated for 2021 | Anticipated for 2022 | Six Months Ended June 30, 2021 | Anticipated for 2021 | Anticipated for 2022 | |||||||||||||||||||||||
Defined Benefit Pension Plan | Defined Benefit Pension Plan | $ | 0 | $ | 0 | $ | 3,788 | Defined Benefit Pension Plan | $ | 0 | $ | 0 | $ | 3,788 | ||||||||||||||
Non-pension Defined Benefit Postretirement Healthcare Plan | Non-pension Defined Benefit Postretirement Healthcare Plan | $ | 1,382 | $ | 4,145 | $ | 5,241 | Non-pension Defined Benefit Postretirement Healthcare Plan | $ | 2,763 | $ | 2,763 | $ | 5,241 | ||||||||||||||
Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | $ | 482 | $ | 1,445 | $ | 1,967 | Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | $ | 964 | $ | 964 | $ | 1,967 |
Total assets (net of intercompany eliminations) as of: | Total assets (net of intercompany eliminations) as of: | March 31, 2021 | December 31, 2020 | Total assets (net of intercompany eliminations) as of: | June 30, 2021 | December 31, 2020 | ||||||||||||||||
Electric Utilities | Electric Utilities | $ | 3,217,474 | $ | 3,120,928 | Electric Utilities | $ | 3,239,628 | $ | 3,120,928 | ||||||||||||
Gas Utilities | Gas Utilities | 4,900,939 | 4,376,204 | Gas Utilities | 4,935,784 | 4,376,204 | ||||||||||||||||
Power Generation | Power Generation | 406,742 | 404,220 | Power Generation | 394,213 | 404,220 | ||||||||||||||||
Mining | Mining | 76,097 | 77,085 | Mining | 75,109 | 77,085 | ||||||||||||||||
Corporate and Other | Corporate and Other | 94,947 | 110,349 | Corporate and Other | 93,318 | 110,349 | ||||||||||||||||
Total assets | Total assets | $ | 8,696,199 | $ | 8,088,786 | Total assets | $ | 8,738,052 | $ | 8,088,786 |
Three Months Ended March 31, 2021 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | |||||||||||||||||||||||||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2021 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | ||||||||||||||||||||||||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | |||||||||||||||||||||||||||||||||||||||||||
Segment: | Segment: | Segment: | ||||||||||||||||||||||||||||||||||||||||||||
Electric Utilities | Electric Utilities | $ | 220,500 | $ | 137 | $ | 6,771 | $ | 0 | $ | 227,408 | Electric Utilities | $ | 177,092 | $ | 2,279 | $ | 5,562 | $ | 0 | $ | 184,933 | ||||||||||||||||||||||||
Gas Utilities | Gas Utilities | 398,499 | 2,408 | 1,520 | 92 | 402,519 | Gas Utilities | 183,187 | 1,250 | 1,519 | 94 | 186,050 | ||||||||||||||||||||||||||||||||||
Power Generation | Power Generation | 4,241 | 421 | 24,451 | 50 | 29,163 | Power Generation | 1,432 | 386 | 23,480 | 50 | 25,348 | ||||||||||||||||||||||||||||||||||
Mining | Mining | 6,977 | 249 | 7,106 | 340 | 14,672 | Mining | 6,712 | 234 | 7,142 | 341 | 14,429 | ||||||||||||||||||||||||||||||||||
Inter-company eliminations | Inter-company eliminations | — | — | (39,848) | (482) | (40,330) | Inter-company eliminations | — | — | (37,703) | (485) | (38,188) | ||||||||||||||||||||||||||||||||||
Total | Total | $ | 630,217 | $ | 3,215 | $ | 0 | $ | 0 | $ | 633,432 | Total | $ | 368,423 | $ | 4,149 | $ | 0 | $ | 0 | $ | 372,572 |
Three Months Ended March 31, 2020 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | |||||||||||||||||||||||||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2020 | Three Months Ended June 30, 2020 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | ||||||||||||||||||||||||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | |||||||||||||||||||||||||||||||||||||||||||
Segment: | Segment: | Segment: | ||||||||||||||||||||||||||||||||||||||||||||
Electric Utilities | Electric Utilities | $ | 167,503 | $ | 223 | $ | 6,413 | $ | 0 | $ | 174,139 | Electric Utilities | $ | 156,197 | $ | 1,627 | $ | 5,376 | $ | 0 | $ | 163,200 | ||||||||||||||||||||||||
Gas Utilities | Gas Utilities | 354,287 | 5,708 | 778 | 0 | 360,773 | Gas Utilities | 159,824 | 512 | 774 | 0 | 161,110 | ||||||||||||||||||||||||||||||||||
Power Generation | Power Generation | 1,855 | 443 | 23,612 | 56 | 25,966 | Power Generation | 1,242 | 349 | 24,476 | 55 | 26,122 | ||||||||||||||||||||||||||||||||||
Mining | Mining | 6,564 | 467 | 7,839 | 335 | 15,205 | Mining | 6,930 | 233 | 7,916 | 337 | 15,416 | ||||||||||||||||||||||||||||||||||
Inter-company eliminations | Inter-company eliminations | — | — | (38,642) | (391) | (39,033) | Inter-company eliminations | — | — | (38,542) | (392) | (38,934) | ||||||||||||||||||||||||||||||||||
Total | Total | $ | 530,209 | $ | 6,841 | $ | 0 | $ | 0 | $ | 537,050 | Total | $ | 324,193 | $ | 2,721 | $ | 0 | $ | 0 | $ | 326,914 |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Adjusted operating income: | ||||||||||||||
Electric Utilities | $ | 21,813 | $ | 35,650 | ||||||||||
Gas Utilities | 102,094 | 102,897 | ||||||||||||
Power Generation | 14,269 | 11,349 | ||||||||||||
Mining | 3,261 | 3,129 | ||||||||||||
Corporate and Other | (3,122) | 160 | ||||||||||||
Operating income | 138,315 | 153,185 | ||||||||||||
Interest expense, net | (37,600) | (35,453) | ||||||||||||
Impairment of investment | 0 | (6,859) | ||||||||||||
Other income (expense), net | 266 | 2,353 | ||||||||||||
Income tax (expense) | (494) | (16,002) | ||||||||||||
Net income | 100,487 | 97,224 | ||||||||||||
Net income attributable to noncontrolling interest | (4,171) | (4,050) | ||||||||||||
Net income available for common stock | $ | 96,316 | $ | 93,174 |
Six Months Ended June 30, 2021 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | ||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | ||||||||||||||||||||
Segment: | |||||||||||||||||||||||
Electric Utilities | $ | 397,592 | $ | 2,416 | $ | 12,333 | $ | 0 | $ | 412,341 | |||||||||||||
Gas Utilities | 581,686 | 3,658 | 3,039 | 186 | 588,569 | ||||||||||||||||||
Power Generation | 5,673 | 807 | 47,931 | 100 | 54,511 | ||||||||||||||||||
Mining | 13,689 | 483 | 14,248 | 681 | 29,101 | ||||||||||||||||||
Inter-company eliminations | — | — | (77,551) | (967) | (78,518) | ||||||||||||||||||
Total | $ | 998,640 | $ | 7,364 | $ | 0 | $ | 0 | $ | 1,006,004 |
Six Months Ended June 30, 2020 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | ||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | ||||||||||||||||||||
Segment: | |||||||||||||||||||||||
Electric Utilities | $ | 323,700 | $ | 1,850 | $ | 11,789 | $ | 0 | $ | 337,339 | |||||||||||||
Gas Utilities | 514,111 | 6,220 | 1,552 | 0 | 521,883 | ||||||||||||||||||
Power Generation | 3,097 | 792 | 48,088 | 111 | 52,088 | ||||||||||||||||||
Mining | 13,494 | 700 | 15,755 | 672 | 30,621 | ||||||||||||||||||
Inter-company eliminations | — | — | (77,184) | (783) | (77,967) | ||||||||||||||||||
Total | $ | 854,402 | $ | 9,562 | $ | 0 | $ | 0 | $ | 863,964 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
Adjusted operating income: | ||||||||||||||
Electric Utilities | $ | 35,568 | $ | 33,993 | $ | 57,381 | $ | 69,643 | ||||||
Gas Utilities | 19,985 | 18,209 | 122,079 | 121,106 | ||||||||||
Power Generation | 8,250 | 11,402 | 22,519 | 22,751 | ||||||||||
Mining | 3,644 | 3,358 | 6,905 | 6,487 | ||||||||||
Corporate and Other | (181) | (29) | (3,303) | 131 | ||||||||||
Operating income | 67,266 | 66,933 | 205,581 | 220,118 | ||||||||||
Interest expense, net | (38,202) | (35,545) | (75,802) | (70,998) | ||||||||||
Impairment of investment | 0 | 0 | 0 | (6,859) | ||||||||||
Other income (expense), net | (191) | (1,863) | 75 | 490 | ||||||||||
Income tax (expense) | (586) | (4,831) | (1,080) | (20,833) | ||||||||||
Net income | 28,287 | 24,694 | 128,774 | 121,918 | ||||||||||
Net income attributable to noncontrolling interest | (3,126) | (3,728) | (7,297) | (7,778) | ||||||||||
Net income available for common stock | $ | 25,161 | $ | 20,966 | $ | 121,477 | $ | 114,140 |
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||
Accounts receivable, trade | Accounts receivable, trade | $ | 199,548 | $ | 146,899 | Accounts receivable, trade | $ | 132,400 | $ | 146,899 | ||||||||||||
Unbilled revenue | Unbilled revenue | 91,085 | 126,065 | Unbilled revenue | 63,066 | 126,065 | ||||||||||||||||
Less: Allowance for credit losses | Less: Allowance for credit losses | (8,251) | (7,003) | Less: Allowance for credit losses | (6,029) | (7,003) | ||||||||||||||||
Accounts receivable, net | Accounts receivable, net | $ | 282,382 | $ | 265,961 | Accounts receivable, net | $ | 189,437 | $ | 265,961 |
Balance at Beginning of Year | Additions Charged to Costs and Expenses | Recoveries and Other Additions | Write-offs and Other Deductions | Balance at March 31, | Balance at Beginning of Year | Additions Charged to Costs and Expenses | Recoveries and Other Additions | Write-offs and Other Deductions | Balance at June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | $ | 7,003 | $ | 1,877 | $ | 1,014 | $ | (1,643) | $ | 8,251 | 2021 | $ | 7,003 | $ | 1,510 | $ | 1,786 | $ | (4,270) | $ | 6,029 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2020 | $ | 2,444 | $ | 3,519 | $ | 922 | $ | (1,723) | $ | 5,162 | 2020 | $ | 2,444 | $ | 6,715 | $ | 2,203 | $ | (3,777) | $ | 7,585 |
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||
Materials and supplies | Materials and supplies | $ | 88,088 | $ | 85,250 | Materials and supplies | $ | 85,277 | $ | 85,250 | ||||||||||||
Fuel - Electric Utilities | Fuel - Electric Utilities | 1,590 | 1,531 | Fuel - Electric Utilities | 2,310 | 1,531 | ||||||||||||||||
Natural gas in storage | Natural gas in storage | 12,925 | 30,619 | Natural gas in storage | 26,502 | 30,619 | ||||||||||||||||
Total materials, supplies and fuel | Total materials, supplies and fuel | $ | 102,603 | $ | 117,400 | Total materials, supplies and fuel | $ | 114,089 | $ | 117,400 |
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||
Accrued employee compensation, benefits and withholdings | Accrued employee compensation, benefits and withholdings | $ | 57,347 | $ | 77,806 | Accrued employee compensation, benefits and withholdings | $ | 69,067 | $ | 77,806 | ||||||
Accrued property taxes | Accrued property taxes | 49,267 | 47,105 | Accrued property taxes | 39,416 | 47,105 | ||||||||||
Customer deposits and prepayments | Customer deposits and prepayments | 50,194 | 52,185 | Customer deposits and prepayments | 47,583 | 52,185 | ||||||||||
Accrued interest | Accrued interest | 45,896 | 31,520 | Accrued interest | 31,762 | 31,520 | ||||||||||
Other (none of which is individually significant) | Other (none of which is individually significant) | 27,740 | 34,996 | Other (none of which is individually significant) | 31,194 | 34,996 | ||||||||||
Total accrued liabilities | Total accrued liabilities | $ | 230,444 | $ | 243,612 | Total accrued liabilities | $ | 219,022 | $ | 243,612 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
(in thousands except per share amounts) | (in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||
Adjusted operating income (a) | ||||||||||||||||||||||||||||||||||||||||
Adjusted operating income (a): | Adjusted operating income (a): | |||||||||||||||||||||||||||||||||||||||
Electric Utilities | Electric Utilities | $ | 21,813 | $ | 35,650 | Electric Utilities | $ | 35,568 | $ | 33,993 | $ | 57,381 | $ | 69,643 | ||||||||||||||||||||||||||
Gas Utilities | Gas Utilities | 102,094 | 102,897 | Gas Utilities | 19,985 | 18,209 | 122,079 | 121,106 | ||||||||||||||||||||||||||||||||
Power Generation | Power Generation | 14,269 | 11,349 | Power Generation | 8,250 | 11,402 | 22,519 | 22,751 | ||||||||||||||||||||||||||||||||
Mining | Mining | 3,261 | 3,129 | Mining | 3,644 | 3,358 | 6,905 | 6,487 | ||||||||||||||||||||||||||||||||
Corporate and Other | Corporate and Other | (3,122) | 160 | Corporate and Other | (181) | (29) | (3,303) | 131 | ||||||||||||||||||||||||||||||||
Operating income | Operating income | 138,315 | 153,185 | Operating income | 67,266 | 66,933 | 205,581 | 220,118 | ||||||||||||||||||||||||||||||||
Interest expense, net | Interest expense, net | (37,600) | (35,453) | Interest expense, net | (38,202) | (35,545) | (75,802) | (70,998) | ||||||||||||||||||||||||||||||||
Impairment of investment | Impairment of investment | — | (6,859) | Impairment of investment | — | — | — | (6,859) | ||||||||||||||||||||||||||||||||
Other income (expense), net | Other income (expense), net | 266 | 2,353 | Other income (expense), net | (191) | (1,863) | 75 | 490 | ||||||||||||||||||||||||||||||||
Income tax (expense) | Income tax (expense) | (494) | (16,002) | Income tax (expense) | (586) | (4,831) | (1,080) | (20,833) | ||||||||||||||||||||||||||||||||
Net income | Net income | 100,487 | 97,224 | Net income | 28,287 | 24,694 | 128,774 | 121,918 | ||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | Net income attributable to noncontrolling interest | (4,171) | (4,050) | Net income attributable to noncontrolling interest | (3,126) | (3,728) | (7,297) | (7,778) | ||||||||||||||||||||||||||||||||
Net income available for common stock | Net income available for common stock | 96,316 | 93,174 | Net income available for common stock | $ | 25,161 | $ | 20,966 | 121,477 | 114,140 | ||||||||||||||||||||||||||||||
Total earnings per share of common stock, Diluted | Total earnings per share of common stock, Diluted | $ | 1.54 | $ | 1.51 | Total earnings per share of common stock, Diluted | $ | 0.40 | $ | 0.33 | $ | 1.93 | $ | 1.83 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Variance | 2021 | 2020 | Variance | 2021 | 2020 | Variance | ||||||||||||||||||||||||||||||||
Revenue | Revenue | $ | 227,408 | $ | 174,139 | $ | 53,269 | Revenue | $ | 184,933 | $ | 163,200 | $ | 21,733 | $ | 412,341 | $ | 337,339 | $ | 75,002 | ||||||||||||||||||||
Total fuel and purchased power | Total fuel and purchased power | 132,069 | 64,460 | 67,609 | Total fuel and purchased power | 75,238 | 59,053 | 16,185 | 207,307 | 123,513 | 83,794 | |||||||||||||||||||||||||||||
Gross margin (non-GAAP) | Gross margin (non-GAAP) | 95,339 | 109,679 | (14,340) | Gross margin (non-GAAP) | 109,695 | 104,147 | 5,548 | 205,034 | 213,826 | (8,792) | |||||||||||||||||||||||||||||
Operations and maintenance | Operations and maintenance | 48,577 | 50,499 | (1,922) | Operations and maintenance | 48,962 | 47,031 | 1,931 | 97,539 | 97,530 | 9 | |||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 24,949 | 23,530 | 1,419 | Depreciation and amortization | 25,165 | 23,123 | 2,042 | 50,114 | 46,653 | 3,461 | |||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 73,526 | 74,029 | (503) | Total operating expenses | 74,127 | 70,154 | 3,973 | 147,653 | 144,183 | 3,470 | |||||||||||||||||||||||||||||
Adjusted operating income | Adjusted operating income | $ | 21,813 | $ | 35,650 | $ | (13,837) | Adjusted operating income | $ | 35,568 | $ | 33,993 | $ | 1,575 | $ | 57,381 | $ | 69,643 | $ | (12,262) |
(in millions) | ||||||
Winter Storm Uri impacts | ||||||
Residential customer growth | ||||||
Mark-to-market on wholesale energy contracts (b) | (3.4) | |||||
TCJA-related bill credits (c) | (0.9) | |||||
Weather | (0.7) | |||||
Other | ||||||
Total change in Gross margin (non-GAAP) | $ |
(in millions) | |||||
TCJA-related bill credits (a) | $ | (10.2) | |||
Mark-to-market on wholesale energy contracts (b) | (6.3) | ||||
Winter Storm Uri impacts (c) | (2.9) | ||||
Rider recovery | 4.0 | ||||
Wholesale, Power Marketing and Tech Services | 2.7 | ||||
Prior year COVID-19 impacts | 1.5 | ||||
Residential customer growth | 0.7 | ||||
Weather | 0.4 | ||||
Other | 1.3 | ||||
Total change in Gross margin (non-GAAP) | $ | (8.8) |
Revenue (in thousands) | Quantities Sold (MWh) | Revenue (in thousands) | Quantities Sold (MWh) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | $ | 72,760 | $ | 54,505 | 396,086 | 373,150 | Residential | $ | 53,451 | $ | 50,148 | $ | 126,211 | $ | 104,653 | 335,063 | 334,682 | 731,149 | 707,832 | ||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 77,007 | 57,823 | 492,955 | 494,308 | Commercial | 66,809 | 56,400 | 143,816 | 114,223 | 501,463 | 459,632 | 994,418 | 953,940 | ||||||||||||||||||||||||||||||||||||||||||||
Industrial | Industrial | 43,009 | 32,169 | 415,191 | 460,632 | Industrial | 35,186 | 31,896 | 78,195 | 64,065 | 441,793 | 459,533 | 856,984 | 920,165 | ||||||||||||||||||||||||||||||||||||||||||||
Municipal | Municipal | 5,020 | 3,878 | 36,242 | 36,399 | Municipal | 4,382 | 4,020 | 9,402 | 7,898 | 39,863 | 38,372 | 76,105 | 74,771 | ||||||||||||||||||||||||||||||||||||||||||||
Subtotal Retail Revenue - Electric | Subtotal Retail Revenue - Electric | 197,796 | 148,375 | 1,340,474 | 1,364,489 | Subtotal Retail Revenue - Electric | 159,828 | 142,464 | 357,624 | 290,839 | 1,318,182 | 1,292,219 | 2,658,656 | 2,656,708 | ||||||||||||||||||||||||||||||||||||||||||||
Contract Wholesale | Contract Wholesale | 8,465 | 5,553 | 156,995 | 131,778 | Contract Wholesale | 5,751 | 3,470 | 14,216 | 9,023 | 129,763 | 87,253 | 286,758 | 219,031 | ||||||||||||||||||||||||||||||||||||||||||||
Off-system/Power Marketing Wholesale | Off-system/Power Marketing Wholesale | 5,113 | 4,867 | 127,583 | 165,785 | Off-system/Power Marketing Wholesale | 6,200 | 3,537 | 11,313 | 8,404 | 188,607 | 136,311 | 316,190 | 302,096 | ||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 16,034 | 15,344 | — | — | Other | 13,154 | 13,729 | 29,188 | 29,073 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total Revenue and Energy Sold | Total Revenue and Energy Sold | 227,408 | 174,139 | 1,625,052 | 1,662,052 | Total Revenue and Energy Sold | 184,933 | 163,200 | 412,341 | 337,339 | 1,636,552 | 1,515,783 | 3,261,604 | 3,177,835 | ||||||||||||||||||||||||||||||||||||||||||||
Other Uses, Losses or Generation, net | Other Uses, Losses or Generation, net | — | — | 130,975 | 90,871 | Other Uses, Losses or Generation, net | — | — | — | — | 93,747 | 85,185 | 224,722 | 176,056 | ||||||||||||||||||||||||||||||||||||||||||||
Total Revenue and Energy | Total Revenue and Energy | 227,408 | 174,139 | 1,756,027 | 1,752,923 | Total Revenue and Energy | 184,933 | 163,200 | 412,341 | 337,339 | 1,730,299 | 1,600,968 | 3,486,326 | 3,353,891 | ||||||||||||||||||||||||||||||||||||||||||||
Less cost of fuel and purchased power | Less cost of fuel and purchased power | 132,069 | 64,460 | Less cost of fuel and purchased power | 75,238 | 59,053 | 207,307 | 123,513 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Margin (non-GAAP) | Gross Margin (non-GAAP) | $ | 95,339 | $ | 109,679 | Gross Margin (non-GAAP) | $ | 109,695 | $ | 104,147 | $ | 205,034 | $ | 213,826 |
Three Months Ended March 31, | Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Quantities Sold (MWh)(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Quantities Sold (MWh)(a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Colorado Electric | Colorado Electric | $ | 79,741 | $ | 58,558 | $ | 24,091 | $ | 32,270 | 606,343 | 550,771 | Colorado Electric | $ | 64,313 | $ | 57,897 | $ | 34,409 | $ | 32,455 | 618,806 | 547,814 | ||||||||||||||||||||||||||||||||||||
South Dakota Electric | South Dakota Electric | 95,336 | 71,611 | 49,550 | 55,624 | 657,779 | 685,224 | South Dakota Electric | 73,494 | 62,587 | 51,892 | 49,973 | 630,055 | 570,528 | ||||||||||||||||||||||||||||||||||||||||||||
Wyoming Electric | Wyoming Electric | 52,331 | 43,970 | 21,698 | 21,785 | 491,905 | 516,928 | Wyoming Electric | 47,126 | 42,716 | 23,394 | 21,719 | 481,438 | 482,626 | ||||||||||||||||||||||||||||||||||||||||||||
Total Electric Revenue, Gross Margin (non-GAAP), and Quantities Sold | Total Electric Revenue, Gross Margin (non-GAAP), and Quantities Sold | $ | 227,408 | $ | 174,139 | $ | 95,339 | $ | 109,679 | 1,756,027 | 1,752,923 | Total Electric Revenue, Gross Margin (non-GAAP), and Quantities Sold | $ | 184,933 | $ | 163,200 | $ | 109,695 | $ | 104,147 | 1,730,299 | 1,600,968 |
Six Months Ended June 30, | Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Quantities Sold (MWh)(a) | ||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Colorado Electric | $ | 144,054 | $ | 116,455 | $ | 58,500 | $ | 64,725 | 1,225,149 | 1,098,585 | |||||||||||||||||||
South Dakota Electric | 168,830 | 134,198 | 101,442 | 105,597 | 1,287,834 | 1,255,752 | |||||||||||||||||||||||
Wyoming Electric | 99,457 | 86,686 | 45,092 | 43,504 | 973,343 | 999,554 | |||||||||||||||||||||||
Total Electric Revenue, Gross Margin (non-GAAP), and Quantities Sold | $ | 412,341 | $ | 337,339 | $ | 205,034 | $ | 213,826 | 3,486,326 | 3,353,891 | |||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||
Quantities Generated and Purchased (MWh) | 2021 | 2020 | ||||||||||||
Generated: | ||||||||||||||
Coal | 482,978 | 547,829 | ||||||||||||
Natural Gas and Oil | 132,105 | 167,744 | ||||||||||||
Wind | 62,295 | 73,550 | ||||||||||||
Total Generated | 677,378 | 789,123 | ||||||||||||
Purchased | 1,078,649 | 963,800 | ||||||||||||
Total Generated and Purchased | 1,756,027 | 1,752,923 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
Quantities Generated and Purchased (MWh) | 2021 | 2020 | 2021 | 2020 | ||||||||||
Generated: | ||||||||||||||
Coal | 497,238 | 572,030 | 980,216 | 1,119,859 | ||||||||||
Natural Gas and Oil | 171,610 | 86,798 | 303,715 | 254,542 | ||||||||||
Wind | 107,178 | 63,628 | 225,157 | 137,178 | ||||||||||
Total Generated | 776,026 | 722,456 | 1,509,088 | 1,511,579 | ||||||||||
Purchased | 954,273 | 878,512 | 1,977,238 | 1,842,312 | ||||||||||
Total Generated and Purchased | 1,730,299 | 1,600,968 | 3,486,326 | 3,353,891 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
Quantities Generated and Purchased (MWh) | Quantities Generated and Purchased (MWh) | 2021 | 2020 | Quantities Generated and Purchased (MWh) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Generated: | Generated: | Generated: | ||||||||||||||||||||||||||
Colorado Electric | Colorado Electric | 90,256 | 94,051 | Colorado Electric | 110,821 | 80,456 | 201,077 | 174,507 | ||||||||||||||||||||
South Dakota Electric | South Dakota Electric | 434,322 | 472,966 | South Dakota Electric | 442,665 | 442,566 | 911,481 | 915,532 | ||||||||||||||||||||
Wyoming Electric | Wyoming Electric | 152,800 | 222,106 | Wyoming Electric | 222,540 | 199,434 | 396,530 | 421,540 | ||||||||||||||||||||
Total Generated | Total Generated | 677,378 | 789,123 | Total Generated | 776,026 | 722,456 | 1,509,088 | 1,511,579 | ||||||||||||||||||||
Purchased: | Purchased: | Purchased: | ||||||||||||||||||||||||||
Colorado Electric | Colorado Electric | 516,087 | 456,720 | Colorado Electric | 507,985 | 467,358 | 1,024,072 | 924,078 | ||||||||||||||||||||
South Dakota Electric | South Dakota Electric | 223,457 | 212,258 | South Dakota Electric | 187,389 | 127,962 | 376,353 | 340,220 | ||||||||||||||||||||
Wyoming Electric | Wyoming Electric | 339,105 | 294,822 | Wyoming Electric | 258,899 | 283,192 | 576,813 | 578,014 | ||||||||||||||||||||
Total Purchased | Total Purchased | 1,078,649 | 963,800 | Total Purchased | 954,273 | 878,512 | 1,977,238 | 1,842,312 | ||||||||||||||||||||
Total Generated and Purchased | Total Generated and Purchased | 1,756,027 | 1,752,923 | Total Generated and Purchased | 1,730,299 | 1,600,968 | 3,486,326 | 3,353,891 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Heating Degree Days | Actual | Variance from Normal | Actual | Variance from Normal | |||||||||||||||||||
Colorado Electric | 2,731 | 3 | % | 2,456 | (7) | % | |||||||||||||||||
South Dakota Electric | 3,324 | 3 | % | 3,111 | (3) | % | |||||||||||||||||
Wyoming Electric | 3,261 | 8 | % | 2,999 | (1) | % | |||||||||||||||||
Combined (a) | 3,040 | 4 | % | 2,789 | (4) | % | |||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Degree Days | Actual | Variance from Normal | Actual | Variance from Normal | |||||||||||||||||||
Heating Degree Days: | |||||||||||||||||||||||
Colorado Electric | 595 | (6) | % | 518 | (18) | % | |||||||||||||||||
South Dakota Electric | 1,048 | 2 | % | 1,127 | 10 | % | |||||||||||||||||
Wyoming Electric | 1,221 | 2 | % | 1,149 | (4) | % | |||||||||||||||||
Combined (a) | 875 | — | % | 853 | (3) | % | |||||||||||||||||
Cooling Degree Days: | |||||||||||||||||||||||
Colorado Electric | 300 | 44 | % | 382 | 83 | % | |||||||||||||||||
South Dakota Electric | 167 | 69 | % | 120 | 21 | % | |||||||||||||||||
Wyoming Electric | 117 | 134 | % | 101 | 102 | % | |||||||||||||||||
Combined (a) | 218 | 56 | % | 236 | 69 | % |
Six Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Degree Days | Actual | Variance from Normal | Actual | Variance from Normal | |||||||||||||||||||
Heating Degree Days | |||||||||||||||||||||||
Colorado Electric | 3,326 | 2 | % | 2,974 | (9) | % | |||||||||||||||||
South Dakota Electric | 4,372 | 3 | % | 4,238 | — | % | |||||||||||||||||
Wyoming Electric | 4,482 | 6 | % | 4,148 | (1) | % | |||||||||||||||||
Combined (a) | 3,915 | 3 | % | 3,642 | (4) | % | |||||||||||||||||
Cooling Degree Days: | |||||||||||||||||||||||
Colorado Electric | 300 | 44 | % | 382 | 83 | % | |||||||||||||||||
South Dakota Electric | 167 | 69 | % | 120 | 21 | % | |||||||||||||||||
Wyoming Electric | 117 | 134 | % | 101 | 102 | % | |||||||||||||||||
Combined (a) | 218 | 56 | % | 236 | 69 | % |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
Contracted generating facilities availability by fuel type (a) | Contracted generating facilities availability by fuel type (a) | 2021 | 2020 | Contracted generating facilities availability by fuel type (a) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Coal (b) | Coal (b) | 83.7 | % | 90.8 | % | Coal (b) | 85.4 | % | 94.1 | % | 84.6 | % | 92.5 | % | ||||||||||||||
Natural Gas and diesel oil (b) (c) | Natural Gas and diesel oil (b) (c) | 87.6 | % | 83.5 | % | Natural Gas and diesel oil (b) (c) | 97.2 | % | 78.3 | % | 92.4 | % | 80.9 | % | ||||||||||||||
Wind | Wind | 93.5 | % | 99.0 | % | Wind | 96.4 | % | 98.1 | % | 94.9 | % | 98.6 | % | ||||||||||||||
Total availability | Total availability | 87.2 | % | 87.1 | % | Total availability | 93.4 | % | 85.0 | % | 90.3 | % | 86.0 | % | ||||||||||||||
Wind capacity factor | Wind capacity factor | 43.1 | % | 45.6 | % | Wind capacity factor | 36.9 | % | 39.0 | % | 40.0 | % | 42.3 | % |
Three Months Ended March 31, | ||||||||||||||||||||
2021 | 2020 | Variance | ||||||||||||||||||
Revenue: | ||||||||||||||||||||
Natural gas - regulated | $ | 378,077 | $ | 335,897 | $ | 42,180 | ||||||||||||||
Other - non-regulated services | 24,442 | 24,876 | (434) | |||||||||||||||||
Total revenue | 402,519 | 360,773 | 41,746 | |||||||||||||||||
Cost of sales: | ||||||||||||||||||||
Natural gas - regulated | 182,967 | 153,999 | 28,968 | |||||||||||||||||
Other - non-regulated services | 10,083 | 1,363 | 8,720 | |||||||||||||||||
Total cost of sales | 193,050 | 155,362 | 37,688 | |||||||||||||||||
Gross margin (non-GAAP) | 209,469 | 205,411 | 4,058 | |||||||||||||||||
Operations and maintenance | 82,200 | 77,293 | 4,907 | |||||||||||||||||
Depreciation and amortization | 25,175 | 25,221 | (46) | |||||||||||||||||
Total operating expenses | 107,375 | 102,514 | 4,861 | |||||||||||||||||
Adjusted operating income | $ | 102,094 | $ | 102,897 | $ | (803) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2021 | 2020 | Variance | 2021 | 2020 | Variance | |||||||||||||||
Revenue: | ||||||||||||||||||||
Natural gas - regulated | $ | 172,465 | $ | 148,432 | $ | 24,033 | $ | 550,542 | $ | 484,329 | $ | 66,213 | ||||||||
Other - non-regulated services | 13,585 | 12,678 | 907 | 38,027 | 37,554 | 473 | ||||||||||||||
Total revenue | 186,050 | 161,110 | 24,940 | 588,569 | 521,883 | 66,686 | ||||||||||||||
Cost of sales: | ||||||||||||||||||||
Natural gas - regulated | 62,317 | 42,910 | 19,407 | 245,284 | 196,909 | 48,375 | ||||||||||||||
Other - non-regulated services | 798 | 1,712 | (914) | 10,881 | 3,074 | 7,807 | ||||||||||||||
Total cost of sales | 63,115 | 44,622 | 18,493 | 256,165 | 199,983 | 56,182 | ||||||||||||||
Gross margin (non-GAAP) | 122,935 | 116,488 | 6,447 | 332,404 | 321,900 | 10,504 | ||||||||||||||
Operations and maintenance | 77,263 | 72,415 | 4,848 | 159,463 | 149,709 | 9,754 | ||||||||||||||
Depreciation and amortization | 25,687 | 25,864 | (177) | 50,862 | 51,085 | (223) | ||||||||||||||
Total operating expenses | 102,950 | 98,279 | 4,671 | 210,325 | 200,794 | 9,531 | ||||||||||||||
Adjusted operating income | $ | 19,985 | $ | 18,209 | $ | 1,776 | $ | 122,079 | $ | 121,106 | $ | 973 |
(in millions) | |||||
New rates | $ | ||||
Mark-to-market on non-utility natural gas commodity contracts | |||||
Prior year COVID-19 impacts | 0.9 | ||||
Weather | 0.1 | ||||
TCJA-related bill credits (a) | (2.9) | ||||
Other | |||||
Total increase in Gross margin (non-GAAP) | $ |
(in millions) | |||||
New rates | $ | 14.7 | |||
Weather | 7.6 | ||||
Mark-to-market on non-utility natural gas commodity contracts | 1.2 | ||||
Prior year COVID-19 impacts | 0.9 | ||||
Black Hills Energy Services Winter Storm Uri costs (a) | (8.2) | ||||
TCJA-related bill credits (b) | (2.9) | ||||
Non-utility - Service Guard Comfort Plan and Gas Supply Services | (2.3) | ||||
Other | (0.5) | ||||
Total increase in Gross margin (non-GAAP) | $ | 10.5 |
Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Quantities Sold & Transported (Dth) | Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Gas Utilities Quantities Sold & Transported (Dth) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | $ | 234,397 | $ | 207,231 | $ | 110,148 | $ | 103,121 | 30,568,738 | 28,230,795 | Residential | $ | 98,370 | $ | 83,240 | $ | 60,388 | $ | 56,368 | 8,575,051 | 8,501,835 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 91,089 | 80,236 | 35,484 | 33,519 | 13,812,321 | 12,834,803 | Commercial | 36,888 | 27,441 | 16,964 | 15,336 | 4,493,931 | 3,965,529 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial | Industrial | 4,902 | 5,200 | 1,789 | 2,043 | 898,289 | 1,061,052 | Industrial | 5,811 | 6,059 | 1,400 | 2,140 | 1,337,672 | 2,036,553 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | (472) | (1,242) | (472) | (1,242) | — | — | Other | (418) | 828 | (418) | 827 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Distribution | Total Distribution | 329,916 | 291,425 | 146,949 | 137,441 | 45,279,348 | 42,126,650 | Total Distribution | 140,651 | 117,568 | 78,334 | 74,671 | 14,406,654 | 14,503,917 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation and Transmission | Transportation and Transmission | 48,161 | 44,472 | 48,161 | 44,457 | 45,314,438 | 45,055,507 | Transportation and Transmission | 31,814 | 30,864 | 31,814 | 30,851 | 34,074,214 | 30,243,501 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Regulated | Total Regulated | 378,077 | 335,897 | 195,110 | 181,898 | 90,593,786 | 87,182,157 | Total Regulated | 172,465 | 148,432 | 110,148 | 105,522 | 48,480,868 | 44,747,418 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-regulated Services | Non-regulated Services | 24,442 | 24,876 | 14,359 | 23,513 | Non-regulated Services | 13,585 | 12,678 | 12,787 | 10,966 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Gas Revenue & Gross Margin (non-GAAP) | Total Gas Revenue & Gross Margin (non-GAAP) | $ | 402,519 | $ | 360,773 | $ | 209,469 | $ | 205,411 | Total Gas Revenue & Gross Margin (non-GAAP) | $ | 186,050 | $ | 161,110 | $ | 122,935 | $ | 116,488 |
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, | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Residential | $ | 332,767 | $ | 290,471 | $ | 170,536 | $ | 159,489 | 39,143,789 | 36,732,630 | |||||||||||||||||||
Commercial | 127,977 | 107,677 | 52,448 | 48,855 | 18,306,252 | 16,800,332 | |||||||||||||||||||||||
Industrial | 10,713 | 11,259 | 3,189 | 4,183 | 2,235,961 | 3,097,605 | |||||||||||||||||||||||
Other | (890) | (415) | (890) | (415) | — | — | |||||||||||||||||||||||
Total Distribution | 470,567 | 408,992 | 225,283 | 212,112 | 59,686,002 | 56,630,567 | |||||||||||||||||||||||
Transportation and Transmission | 79,975 | 75,337 | 79,975 | 75,308 | 79,388,652 | 75,299,008 | |||||||||||||||||||||||
Total Regulated | 550,542 | 484,329 | 305,258 | 287,420 | 139,074,654 | 131,929,575 | |||||||||||||||||||||||
Non-regulated Services | 38,027 | 37,554 | 27,146 | 34,480 | |||||||||||||||||||||||||
Total Gas Revenue & Gross Margin (non-GAAP) | $ | 588,569 | $ | 521,883 | $ | 332,404 | $ | 321,900 |
Revenue (in thousands) | Gross Margin (non-GAAP) (in thousands) | Gas Utilities Quantities Sold & Transported (Dth) | |||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Arkansas Gas | $ | 86,994 | $ | 74,845 | $ | 51,949 | $ | 48,855 | 13,306,734 | 10,962,948 | |||||||||||||||||||
Colorado Gas | 79,122 | 72,606 | 38,212 | 38,006 | 13,366,015 | 13,096,405 | |||||||||||||||||||||||
Iowa Gas | 56,754 | 54,824 | 22,631 | 21,328 | 14,313,973 | 14,280,273 | |||||||||||||||||||||||
Kansas Gas | 40,063 | 33,494 | 18,766 | 18,603 | 10,462,797 | 9,914,858 | |||||||||||||||||||||||
Nebraska Gas | 93,098 | 83,666 | 49,932 | 51,666 | 27,284,101 | 26,509,036 | |||||||||||||||||||||||
Wyoming Gas | 46,488 | 41,338 | 27,979 | 26,953 | 11,860,166 | 12,418,637 | |||||||||||||||||||||||
Total Gas Revenue & Gross Margin (non-GAAP) | $ | 402,519 | $ | 360,773 | $ | 209,469 | $ | 205,411 | 90,593,786 | 87,182,157 |
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, | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Arkansas Gas | $ | 32,994 | $ | 28,733 | $ | 22,902 | $ | 21,906 | 5,718,417 | 4,906,236 | |||||||||||||||||||||||||||||||||||||
Colorado Gas | 34,190 | 28,613 | 20,610 | 18,807 | 5,957,285 | 5,046,844 | |||||||||||||||||||||||||||||||||||||||||
Iowa Gas | 29,831 | 21,407 | 16,009 | 14,355 | 7,016,613 | 5,521,119 | |||||||||||||||||||||||||||||||||||||||||
Kansas Gas | 21,163 | 18,486 | 12,744 | 12,460 | 7,155,427 | 6,722,914 | |||||||||||||||||||||||||||||||||||||||||
Nebraska Gas | 43,037 | 40,466 | 32,095 | 30,719 | 15,822,880 | 13,822,478 | |||||||||||||||||||||||||||||||||||||||||
Wyoming Gas | 24,835 | 23,405 | 18,575 | 18,241 | 6,810,246 | 8,727,827 | |||||||||||||||||||||||||||||||||||||||||
Total Gas Revenue & Gross Margin (non-GAAP) | $ | 186,050 | $ | 161,110 | $ | 122,935 | $ | 116,488 | 48,480,868 | 44,747,418 |
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, | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Arkansas Gas | $ | 119,988 | $ | 103,578 | $ | 74,851 | $ | 70,761 | 19,025,151 | 15,869,184 | |||||||||||||||||||
Colorado Gas | 113,312 | 101,219 | 58,822 | 56,813 | 19,323,300 | 18,143,249 | |||||||||||||||||||||||
Iowa Gas | 86,585 | 76,231 | 38,640 | 35,683 | 21,330,586 | 19,801,392 | |||||||||||||||||||||||
Kansas Gas | 61,226 | 51,980 | 31,510 | 31,063 | 17,618,224 | 16,637,772 | |||||||||||||||||||||||
Nebraska Gas | 136,135 | 124,132 | 82,027 | 82,385 | 43,106,981 | 40,331,514 | |||||||||||||||||||||||
Wyoming Gas | 71,323 | 64,743 | 46,554 | 45,195 | 18,670,412 | 21,146,464 | |||||||||||||||||||||||
Total Gas Revenue & Gross Margin (non-GAAP) | $ | 588,569 | $ | 521,883 | $ | 332,404 | $ | 321,900 | 139,074,654 | 131,929,575 |
Three Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Heating Degree Days | Actual | Variance from Normal | Actual | Variance from Normal | |||||||||||||||||||
Arkansas Gas (a) | 383 | 16% | 353 | 7% | |||||||||||||||||||
Colorado Gas | 865 | (9)% | 809 | (15)% | |||||||||||||||||||
Iowa Gas | 691 | 1% | 783 | 14% | |||||||||||||||||||
Kansas Gas (a) | 493 | 10% | 477 | 7% | |||||||||||||||||||
Nebraska Gas | 624 | (1)% | 692 | 9% | |||||||||||||||||||
Wyoming Gas | 1,200 | (1)% | 1,216 | —% | |||||||||||||||||||
Combined Gas (b) | 739 | 1% | 688 | 2% |
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||
Heating Degree Days: | Actual | Variance from Normal | Actual | Variance from Normal | |||||||||||||||||||||||||
Arkansas Gas (a) | 2,121 | 1% | 1,659 | (21)% | |||||||||||||||||||||||||
Colorado Gas | 2,965 | 1% | 2,829 | (3)% | |||||||||||||||||||||||||
Iowa Gas | 3,422 | 1% | 3,181 | (6)% | |||||||||||||||||||||||||
Kansas Gas (a) | 2,576 | 5% | 2,304 | (7)% | |||||||||||||||||||||||||
Nebraska Gas | 3,097 | 2% | 2,835 | (7)% | |||||||||||||||||||||||||
Wyoming Gas | 3,425 | 7% | 3,217 | 1% | |||||||||||||||||||||||||
Combined Gas (b) | 3,186 | 3% | 2,918 | (6)% |
Six Months Ended June 30, | |||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||
Heating Degree Days: | Actual | Variance from Normal | Actual | Variance from Normal | |||||||||||||||||||||||||
Arkansas Gas (a) | 2,504 | 3% | 2,012 | (17)% | |||||||||||||||||||||||||
Colorado Gas | 3,830 | (1)% | 3,638 | (6)% | |||||||||||||||||||||||||
Iowa Gas | 4,113 | 1% | 3,964 | (2)% | |||||||||||||||||||||||||
Kansas Gas (a) | 3,069 | 5% | 2,781 | (4)% | |||||||||||||||||||||||||
Nebraska Gas | 3,721 | 1% | 3,527 | (4)% | |||||||||||||||||||||||||
Wyoming Gas | 4,625 | 5% | 4,433 | 1% | |||||||||||||||||||||||||
Combined Gas (b) | 3,925 | 2% | 3,606 | (4)% |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Variance | 2021 | 2020 | Variance | 2021 | 2020 | Variance | ||||||||||||||||||||||||||||||||
Revenue | Revenue | $ | 29,163 | $ | 25,966 | $ | 3,197 | Revenue | $ | 25,348 | $ | 26,122 | $ | (774) | $ | 54,511 | $ | 52,088 | $ | 2,423 | ||||||||||||||||||||
Fuel expense | Fuel expense | 2,671 | 2,285 | 386 | Fuel expense | 2,621 | 2,087 | 534 | 5,292 | 4,372 | 920 | |||||||||||||||||||||||||||||
Operations and maintenance | Operations and maintenance | 7,358 | 6,997 | 361 | Operations and maintenance | 9,322 | 7,350 | 1,972 | 16,680 | 14,347 | 2,333 | |||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 4,865 | 5,335 | (470) | Depreciation and amortization | 5,155 | 5,283 | (128) | 10,020 | 10,618 | (598) | |||||||||||||||||||||||||||||
Total operating expense | Total operating expense | 14,894 | 14,617 | 277 | Total operating expense | 17,098 | 14,720 | 2,378 | 31,992 | 29,337 | 2,655 | |||||||||||||||||||||||||||||
Adjusted operating income | Adjusted operating income | $ | 14,269 | $ | 11,349 | $ | 2,920 | Adjusted operating income | $ | 8,250 | $ | 11,402 | $ | (3,152) | $ | 22,519 | $ | 22,751 | $ | (232) |
Revenue (in thousands) | Quantities Sold (MWh) (a) | ||||||||||||||||
Three Months Ended March 31, | 2021 | 2020 | 2021 | 2020 | |||||||||||||
Black Hills Colorado IPP | $ | 14,254 | $ | 14,179 | 239,194 | 265,225 | |||||||||||
Black Hills Wyoming (b) | 13,433 | 10,158 | 164,957 | 156,352 | |||||||||||||
Black Hills Electric Generation | 1,476 | 1,629 | 96,294 | 97,279 | |||||||||||||
Total Power Generation Revenue and Quantities Sold | $ | 29,163 | $ | 25,966 | 500,445 | 518,856 |
Three Months Ended March 31, | ||||||||||||||||||||
Quantities Generated and Purchased (MWh) (a) | Fuel Type | 2021 | 2020 | |||||||||||||||||
Generated | ||||||||||||||||||||
Black Hills Colorado IPP | Natural Gas | 239,194 | 265,225 | |||||||||||||||||
Black Hills Wyoming (b) | Coal | 136,104 | 126,485 | |||||||||||||||||
Black Hills Electric Generation | Wind | 96,294 | 97,279 | |||||||||||||||||
Total Generated | 471,592 | 488,989 | ||||||||||||||||||
Purchased | ||||||||||||||||||||
Black Hills Wyoming (b) | Various | 29,567 | 29,856 | |||||||||||||||||
Total Purchased | 29,567 | 29,856 |
Revenue (in thousands) | Quantities Sold (MWh) (a) | Revenue (in thousands) | Quantities Sold (MWh) (a) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Black Hills Colorado IPP | $ | 13,981 | $ | 14,211 | 204,065 | 263,701 | $ | 28,235 | $ | 28,390 | 443,259 | 528,926 | ||||||||||||||
Black Hills Wyoming (b) | 10,141 | 10,488 | 141,809 | 156,866 | 23,574 | 20,646 | 306,766 | 313,218 | ||||||||||||||||||
Black Hills Electric Generation | 1,226 | 1,423 | 88,724 | 92,629 | 2,702 | 3,052 | 185,018 | 189,908 | ||||||||||||||||||
Total Power Generation Revenue and Quantities Sold | $ | 25,348 | $ | 26,122 | 434,598 | 513,196 | $ | 54,511 | $ | 52,088 | 935,043 | 1,032,052 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
Quantities Generated and Purchased (MWh) (a) | Fuel Type | 2021 | 2020 | 2021 | 2020 | |||||||||||||||
Generated | ||||||||||||||||||||
Black Hills Colorado IPP | Natural Gas | 204,065 | 263,701 | 443,259 | 528,926 | |||||||||||||||
Black Hills Wyoming (b) | Coal | 128,270 | 142,747 | 264,374 | 269,232 | |||||||||||||||
Black Hills Electric Generation | Wind | 88,724 | 92,629 | 185,018 | 189,908 | |||||||||||||||
Total Generated | 421,059 | 499,077 | 892,651 | 988,066 | ||||||||||||||||
Purchased | ||||||||||||||||||||
Black Hills Wyoming (b) | Various | 15,102 | 14,160 | 44,616 | 44,093 | |||||||||||||||
Total Purchased | 15,102 | 14,160 | 44,616 | 44,093 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
Contracted generating facilities availability by fuel type (a) | Contracted generating facilities availability by fuel type (a) | 2021 | 2020 | Contracted generating facilities availability by fuel type (a) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Coal (b) | Coal (b) | 97.0 | % | 89.3 | % | Coal (b) | 89.3 | % | 98.2 | % | 93.1 | % | 93.7 | % | ||||||||||||||||||||
Natural gas | Natural gas | 98.6 | % | 99.5 | % | Natural gas | 87.6 | % | 99.7 | % | 93.1 | % | 99.6 | % | ||||||||||||||||||||
Wind | Wind | 94.2 | % | 99.3 | % | Wind | 97.2 | % | 93.1 | % | 95.7 | % | 94.0 | % | ||||||||||||||||||||
Total availability | Total availability | 96.7 | % | 97.8 | % | Total availability | 91.4 | % | 97.0 | % | 94.1 | % | 96.6 | % | ||||||||||||||||||||
Wind capacity factor | Wind capacity factor | 32.6 | % | 30.4 | % | Wind capacity factor | 26.5 | % | 27.5 | % | 27.7 | % | 28.9 | % |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Variance | 2021 | 2020 | Variance | 2021 | 2020 | Variance | ||||||||||||||||||||||||||||||||
Revenue | Revenue | $ | 14,672 | $ | 15,205 | $ | (533) | Revenue | $ | 14,429 | $ | 15,416 | $ | (987) | $ | 29,101 | $ | 30,621 | $ | (1,520) | ||||||||||||||||||||
Operations and maintenance | Operations and maintenance | 9,197 | 9,826 | (629) | Operations and maintenance | 8,415 | 9,732 | (1,317) | 17,612 | 19,558 | (1,946) | |||||||||||||||||||||||||||||
Depreciation, depletion and amortization | Depreciation, depletion and amortization | 2,214 | 2,250 | (36) | Depreciation, depletion and amortization | 2,370 | 2,326 | 44 | 4,584 | 4,576 | 8 | |||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 11,411 | 12,076 | (665) | Total operating expenses | 10,785 | 12,058 | (1,273) | 22,196 | 24,134 | (1,938) | |||||||||||||||||||||||||||||
Adjusted operating income | Adjusted operating income | $ | 3,261 | $ | 3,129 | $ | 132 | Adjusted operating income | $ | 3,644 | $ | 3,358 | $ | 286 | $ | 6,905 | $ | 6,487 | $ | 418 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Tons of coal sold | Tons of coal sold | 875 | 896 | Tons of coal sold | 856 | 972 | 1,731 | 1,868 | ||||||||||||||||||||||||||
Cubic yards of overburden moved | Cubic yards of overburden moved | 1,822 | 2,267 | Cubic yards of overburden moved | 1,609 | 2,211 | 3,431 | 4,478 | ||||||||||||||||||||||||||
Revenue per ton | Revenue per ton | $ | 16.09 | $ | 16.08 | Revenue per ton | $ | 16.18 | $ | 15.27 | $ | 16.14 | $ | 15.66 |
Three Months Ended March 31, | ||||||||||||||||||||
2021 | 2020 | Variance | ||||||||||||||||||
Adjusted operating income (loss) | $ | (3,122) | $ | 160 | $ | (3,282) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2021 | 2020 | Variance | 2021 | 2020 | Variance | |||||||||||||||
Adjusted operating income (loss) | $ | (181) | $ | (29) | $ | (152) | $ | (3,303) | $ | 131 | $ | (3,434) |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2021 | 2020 | Variance | 2021 | 2020 | Variance | 2021 | 2020 | Variance | |||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||
Interest expense, net | Interest expense, net | $ | (37,600) | $ | (35,453) | $ | (2,147) | Interest expense, net | $ | (38,202) | $ | (35,545) | $ | (2,657) | $ | (75,802) | $ | (70,998) | $ | (4,804) | |||||||||||
Impairment of investment | Impairment of investment | — | (6,859) | $ | 6,859 | Impairment of investment | — | — | $ | — | $ | — | $ | (6,859) | $ | 6,859 | |||||||||||||||
Other income (expense), net | Other income (expense), net | 266 | 2,353 | $ | (2,087) | Other income (expense), net | (191) | (1,863) | $ | 1,672 | $ | 75 | $ | 490 | $ | (415) | |||||||||||||||
Income tax (expense) | Income tax (expense) | (494) | (16,002) | $ | 15,508 | Income tax (expense) | (586) | (4,831) | $ | 4,245 | $ | (1,080) | $ | (20,833) | $ | 19,753 |
Cash provided by (used in): | Cash provided by (used in): | 2021 | 2020 | Variance | Cash provided by (used in): | 2021 | 2020 | Variance | ||||||||||||||
Operating activities | Operating activities | $ | (386,086) | $ | 191,969 | $ | (578,055) | Operating activities | $ | (250,173) | $ | 309,006 | $ | (559,179) | ||||||||
Investing activities | Investing activities | $ | (146,224) | $ | (173,084) | $ | 26,860 | Investing activities | $ | (309,737) | $ | (349,725) | $ | 39,988 | ||||||||
Financing activities | Financing activities | $ | 539,496 | $ | 25,621 | $ | 513,875 | Financing activities | $ | 554,905 | $ | 62,774 | $ | 492,131 |
Current | Short-term borrowings at | Letters of Credit (a) at | Available Capacity at | Current | Short-term borrowings at | Letters of Credit (a) at | Available Capacity at | |||||||||||||||||||||||||||
Credit Facility | Credit Facility | Expiration | Capacity | March 31, 2021 | Credit Facility | Expiration | Capacity | June 30, 2021 | ||||||||||||||||||||||||||
Revolving Credit Facility and CP Program | Revolving Credit Facility and CP Program | July 30, 2023 | $ | 750 | $ | 216 | $ | 17 | $ | 517 | Revolving Credit Facility and CP Program | July 19, 2026 | $ | 750 | $ | 230 | $ | 13 | $ | 507 |
(dollars in millions) | |||||
Maximum amount outstanding (based on daily outstanding balances) | $ | 311 | |||
Average amount outstanding (based on daily outstanding balances) | $ | ||||
Weighted average interest rates | % |
Rating Agency | Senior Unsecured Rating | Outlook | ||||||
S&P (a) | BBB+ | Stable | ||||||
Moody’s (b) | Baa2 | Stable | ||||||
Fitch (c) | BBB+ | Stable |
Rating Agency | Senior Secured Rating | ||||
S&P (a) | A | ||||
Moody’s (b) | A1 | ||||
Fitch (c) | A |
Actual | Forecasted | Actual | Forecasted | |||||||||||||||||||||||||||||||||||||||||||
Capital Expenditures by Segment | Capital Expenditures by Segment | Three Months Ended March 31, 2021 (a) | 2021 (b) | 2022 | 2023 | 2024 | 2025 | Capital Expenditures by Segment | Six Months Ended June 30, 2021 (a) | 2021 (b) | 2022 | 2023 | 2024 | 2025 | ||||||||||||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Electric Utilities | Electric Utilities | $ | 52 | $ | 240 | $ | 180 | $ | 143 | $ | 156 | $ | 154 | Electric Utilities | $ | 114 | $ | 240 | $ | 180 | $ | 143 | $ | 156 | $ | 154 | ||||||||||||||||||||
Gas Utilities | Gas Utilities | 73 | 377 | 347 | 339 | 330 | 326 | Gas Utilities | 179 | 377 | 347 | 339 | 330 | 326 | ||||||||||||||||||||||||||||||||
Power Generation | Power Generation | 3 | 10 | 9 | 6 | 4 | 5 | Power Generation | 7 | 10 | 9 | 6 | 4 | 5 | ||||||||||||||||||||||||||||||||
Mining | Mining | 1 | 9 | 9 | 9 | 9 | 10 | Mining | 2 | 9 | 9 | 9 | 9 | 10 | ||||||||||||||||||||||||||||||||
Corporate and Other | Corporate and Other | 3 | 11 | 5 | 13 | 13 | 13 | Corporate and Other | 3 | 11 | 5 | 13 | 13 | 13 | ||||||||||||||||||||||||||||||||
Incremental Projects (c) | Incremental Projects (c) | — | — | 50 | 100 | 100 | 100 | Incremental Projects (c) | — | — | 50 | 100 | 100 | 100 | ||||||||||||||||||||||||||||||||
$ | 132 | $ | 647 | $ | 600 | $ | 610 | $ | 612 | $ | 608 | $ | 305 | $ | 647 | $ | 600 | $ | 610 | $ | 612 | $ | 608 |
Period | Total Number of Shares Purchased (a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plans or Programs | ||||||||||
January 1, 2021 - January 31, 2021 | 116.0 | $ | 60.06 | — | — | |||||||||
February 1, 2021 - February 28, 2021 | 11,696.0 | 61.92 | — | — | ||||||||||
March 1, 2021 - March 31, 2021 | 1.4 | 59.86 | — | — | ||||||||||
Total | 11,813 | $ | 61.90 | — | — |
Period | Total Number of Shares Purchased (a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plans or Programs | ||||||||||
April 1, 2021 - April 30, 2021 | 2 | $ | 66.69 | — | — | |||||||||
May 1, 2021 - May 31, 2021 | 805 | $ | 68.43 | — | — | |||||||||
June 1, 2021 - June 30, 2021 | 1 | $ | 65.97 | — | — | |||||||||
Total | 808 | $ | 68.42 | — | — |
Exhibit Number | Description | ||||
3.1 | |||||
3.2 | |||||
4.1 | |||||
4.1.1 | |||||
4.1.2 | |||||
4.1.3 |
4.1.4 | |||||
4.1.5 | |||||
4.1.6 | |||||
4.1.7 | |||||
4.1.8 | |||||
4.2 | |||||
4.2.1 | |||||
4.2.2 | |||||
4.2.3 | |||||
4.3 | |||||
4.3.1 | |||||
4.3.2 | |||||
4.4 | |||||
31.1* | |||||
31.2* | |||||
32.1* | |||||
32.2* | |||||
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) |
/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: |