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 1. | |||||||||||
TABLE OF CONTENTS | |||||||||||
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Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 4. | |||||||||||
Item 6. | |||||||||||
AFUDC | Allowance for Funds Used During Construction | ||||
AOCI | Accumulated Other Comprehensive Income (Loss) | ||||
APSC | Arkansas Public Service Commission | ||||
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). | ||||
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 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 | ||||
Blockchain Interruptible Service (BCIS) tariff | The BCIS tariff was proposed by Wyoming Electric and approved by the WPSC in 2019. The tariff was developed to attract new large electric loads related to blockchain and other industry growth with high energy demand. | ||||
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. | ||||
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). | ||||
Common Use System | The Common Use System is a jointly operated transmission system we participate in with Basin Electric Power Cooperative and Powder River Energy Corporation. The Common Use System provides transmission service over these utilities' combined 230-kilovolt (kV) and limited 69-kV transmission facilities within areas of southwestern South Dakota and northeastern Wyoming. | ||||
Consolidated Indebtedness to Capitalization Ratio | Any indebtedness outstanding at such time, divided by capital at such time. Capital being consolidated net worth (excluding non-controlling interest) plus consolidated indebtedness (including letters of credit and certain guarantees issued) as defined within the current Revolving Credit Facility. | ||||
Cooling Degree Day | 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. | ||||
CPCN | Certificate of Public Convenience and Necessity | ||||
CP Program | Commercial Paper Program |
CPUC | Colorado Public Utilities Commission | ||||
Dth | Dekatherm. A unit of energy equal to 10 therms or approximately one million British thermal units (MMBtu) | ||||||||
EPA | |||||||||
United States Environmental Protection Agency | |||||||||
FASB | Financial Accounting Standards Board | ||||||||
Fitch | Fitch Ratings Inc. | ||||||||
GAAP | Accounting principles generally accepted in the United States of America | ||||||||
Heating Degree Day | 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. | ||||||||
Integrated Generation | Non-regulated power generation and mining businesses that are vertically integrated within our Electric Utilities segment. | ||||||||
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 Power Producer | ||||||||
IRS | United States Internal Revenue Service | ||||||||
Kansas Gas | Black Hills Kansas Gas Utility Company, LLC, a direct, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Kansas (doing business as Black Hills Energy). | ||||||||
KCC | Kansas Corporation Commission | ||||||||
kV | Kilovolt | ||||||||
LIBOR | London Interbank Offered Rate | ||||||||
MEAN | Municipal Energy Agency of Nebraska | ||||||||
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. | ||||||||
NOx | Nitrogen oxide | ||||||||
NPSC | Nebraska Public Service Commission | ||||||||
OCI | Other Comprehensive Income | ||||||||
PPA | Power Purchase Agreement | ||||||||
PTC | Production Tax Credit | ||||||||
Pueblo Airport Generation | The 420 MW combined cycle gas-fired power generating plants jointly owned by Colorado Electric (220 MW) and Black Hills Colorado IPP (200 MW). Black Hills Colorado IPP operates this facility. The plants commenced operation on January 1, 2012. | ||||||||
Ready Wyoming | A 260-mile, multi-phase transmission expansion project in Wyoming. This transmission project will serve the growing needs of customers by enhancing resiliency of Wyoming Electric’s overall electric system and expanding access to power markets and renewable resources. The project will help Wyoming Electric maintain top-quartile reliability and enable economic development in the Cheyenne, Wyoming region. | ||||||||
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 19, 2021, and now terminates on July 19, 2026. | ||||||||
RMNG | Rocky Mountain Natural Gas LLC, an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas transmission and wholesale services in western Colorado (doing business as Black Hills Energy). |
RNG | Renewable Natural Gas | ||||
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 | S&P Global Ratings, a division of S&P Global 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 |
SPP | Southwest Power Pool | ||||
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 potential. | ||||
Winter Storm Uri | February 2021 winter weather event that caused extreme 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 | ||||
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 generating 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) | Three Months Ended March 31, | |||||||||||||
2022 | 2021 | |||||||||||||
(in thousands, except per share amounts) | ||||||||||||||
Revenue | $ | 823,570 | $ | 633,432 | ||||||||||
Operating expenses: | ||||||||||||||
Fuel, purchased power and cost of natural gas sold | 436,926 | 293,147 | ||||||||||||
Operations and maintenance | 136,132 | 129,679 | ||||||||||||
Depreciation, depletion and amortization | 60,463 | 57,269 | ||||||||||||
Taxes - property and production | 16,696 | 15,022 | ||||||||||||
Total operating expenses | 650,217 | 495,117 | ||||||||||||
Operating income | 173,353 | 138,315 | ||||||||||||
Other income (expense): | ||||||||||||||
Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) | (38,821) | (37,825) | ||||||||||||
Interest income | 276 | 225 | ||||||||||||
Other income, net | 704 | 266 | ||||||||||||
Total other income (expense) | (37,841) | (37,334) | ||||||||||||
Income before income taxes | 135,512 | 100,981 | ||||||||||||
Income tax expense | (14,488) | (494) | ||||||||||||
Net income | 121,024 | 100,487 | ||||||||||||
Net income attributable to non-controlling interest | (3,498) | (4,171) | ||||||||||||
Net income available for common stock | $ | 117,526 | $ | 96,316 | ||||||||||
Earnings per share of common stock: | ||||||||||||||
Earnings per share, Basic | $ | 1.82 | $ | 1.54 | ||||||||||
Earnings per share, Diluted | $ | 1.82 | $ | 1.54 | ||||||||||
Weighted average common shares outstanding: | ||||||||||||||
Basic | 64,565 | 62,633 | ||||||||||||
Diluted | 64,721 | 62,691 |
(unaudited) | Three Months Ended March 31, | |||||||||||||
2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Net income | $ | 121,024 | $ | 100,487 | ||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||
Reclassification adjustments of benefit plan liability - prior service cost (net of tax of $6 and $9, respectively) | (18) | (16) | ||||||||||||
Reclassification adjustments of benefit plan liability - net loss (net of tax of $(45) and $(217), respectively) | 143 | 381 | ||||||||||||
Derivative instruments designated as cash flow hedges: | ||||||||||||||
Reclassification of net realized (gains) losses on settled/amortized interest rate swaps (net of tax of $(177) and $(190), respectively) | 536 | 523 | ||||||||||||
Net unrealized gains (losses) on commodity derivatives (net of tax of $(340) and $(35), respectively) | 1,047 | 107 | ||||||||||||
Reclassification of net realized (gains) losses on settled commodity derivatives (net of tax of $552 and $(8), respectively) | (1,702) | 23 | ||||||||||||
Other comprehensive income, net of tax | 6 | 1,018 | ||||||||||||
Comprehensive income | 121,030 | 101,505 | ||||||||||||
Less: comprehensive income attributable to non-controlling interest | (3,498) | (4,171) | ||||||||||||
Comprehensive income available for common stock | $ | 117,532 | $ | 97,334 |
(unaudited) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||
(in thousands, except per share amounts) | ||||||||||||||
Revenue | $ | 462,612 | $ | 380,590 | $ | 1,760,377 | $ | 1,386,594 | ||||||
Operating expenses: | ||||||||||||||
Fuel, purchased power and cost of natural gas sold | 168,535 | 94,057 | 793,632 | 495,678 | ||||||||||
Operations and maintenance | 134,449 | 122,277 | 403,549 | 375,201 | ||||||||||
Depreciation, depletion and amortization | 64,019 | 59,159 | 188,610 | 174,871 | ||||||||||
Taxes - property and production | 16,130 | 15,224 | 49,365 | 45,390 | ||||||||||
Total operating expenses | 383,133 | 290,717 | 1,435,156 | 1,091,140 | ||||||||||
Operating income | 79,479 | 89,873 | 325,221 | 295,454 | ||||||||||
Other income (expense): | ||||||||||||||
Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) | (40,580) | (38,604) | (118,454) | (115,098) | ||||||||||
Interest income | 561 | 586 | 1,126 | 1,278 | ||||||||||
Other income, net | 464 | 1,560 | 2,731 | 1,635 | ||||||||||
Total other income (expense) | (39,555) | (36,458) | (114,597) | (112,185) | ||||||||||
Income before income taxes | 39,924 | 53,415 | 210,624 | 183,269 | ||||||||||
Income tax (expense) | (2,090) | (5,253) | (15,920) | (6,333) | ||||||||||
Net income | 37,834 | 48,162 | 194,704 | 176,936 | ||||||||||
Net income attributable to non-controlling interest | (2,861) | (4,050) | (8,790) | (11,347) | ||||||||||
Net income available for common stock | $ | 34,973 | $ | 44,112 | $ | 185,914 | $ | 165,589 | ||||||
Earnings per share of common stock: | ||||||||||||||
Earnings per share, Basic | $ | 0.54 | $ | 0.70 | $ | 2.87 | $ | 2.63 | ||||||
Earnings per share, Diluted | $ | 0.54 | $ | 0.70 | $ | 2.86 | $ | 2.63 | ||||||
Weighted average common shares outstanding: | ||||||||||||||
Basic | 64,876 | 63,341 | 64,722 | 62,950 | ||||||||||
Diluted | 65,061 | 63,436 | 64,910 | 63,046 |
(unaudited) | As of | ||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
(in thousands) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 16,330 | $ | 8,921 | |||||||
Restricted cash and equivalents | 5,017 | 4,889 | |||||||||
Accounts receivable, net | 383,790 | 321,652 | |||||||||
Materials, supplies and fuel | 108,232 | 150,979 | |||||||||
Derivative assets, current | 7,382 | 4,373 | |||||||||
Income tax receivable, net | 17,991 | 18,017 | |||||||||
Regulatory assets, current | 265,496 | 270,290 | |||||||||
Other current assets | 45,070 | 29,012 | |||||||||
Total current assets | 849,308 | 808,133 | |||||||||
Property, plant and equipment | 7,927,840 | 7,856,573 | |||||||||
Less: accumulated depreciation and depletion | (1,454,425) | (1,407,397) | |||||||||
Total property, plant and equipment, net | 6,473,415 | 6,449,176 | |||||||||
Other assets: | |||||||||||
Goodwill | 1,299,454 | 1,299,454 | |||||||||
Intangible assets, net | 10,474 | 10,770 | |||||||||
Regulatory assets, non-current | 457,848 | 526,309 | |||||||||
Other assets, non-current | 40,155 | 38,054 | |||||||||
Total other assets, non-current | 1,807,931 | 1,874,587 | |||||||||
TOTAL ASSETS | $ | 9,130,654 | $ | 9,131,896 |
(unaudited) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||
(in thousands) | ||||||||||||||
Net income | $ | 37,834 | $ | 48,162 | $ | 194,704 | $ | 176,936 | ||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||
Reclassification adjustments of benefit plan liability - prior service cost (net of tax of $8, $6, $22 and $21, respectively) | (16) | (19) | (48) | (53) | ||||||||||
Reclassification adjustments of benefit plan liability - net loss (net of tax of $(66), $(139), $(179) and $(513), respectively) | 122 | 459 | 384 | 1,280 | ||||||||||
Derivative instruments designated as cash flow hedges: | ||||||||||||||
Reclassification of net realized losses on settled/amortized interest rate swaps (net of tax of $(134), $(55), $(549) and $(395), respectively) | 578 | 657 | 1,589 | 1,743 | ||||||||||
Net unrealized gains on commodity derivatives (net of tax of $(559), $(1,437), $(165) and $(1,776), respectively) | 1,776 | 4,430 | 509 | 5,476 | ||||||||||
Reclassification of net realized (gains) on settled commodity derivatives (net of tax of $10, $81, $881 and $87, respectively) | (33) | (250) | (2,739) | (269) | ||||||||||
Other comprehensive income (loss), net of tax | 2,427 | 5,277 | (305) | 8,177 | ||||||||||
Comprehensive income | 40,261 | 53,439 | 194,399 | 185,113 | ||||||||||
Less: comprehensive income attributable to non-controlling interest | (2,861) | (4,050) | (8,790) | (11,347) | ||||||||||
Comprehensive income available for common stock | $ | 37,400 | $ | 49,389 | $ | 185,609 | $ | 173,766 |
(unaudited) | As of | ||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
(in thousands, except share amounts) | |||||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 173,102 | $ | 217,761 | |||||||
Accrued liabilities | 227,209 | 244,759 | |||||||||
Derivative liabilities, current | 191 | 1,439 | |||||||||
Regulatory liabilities, current | 52,742 | 17,574 | |||||||||
Notes payable | 341,480 | 420,180 | |||||||||
Total current liabilities | 794,724 | 901,713 | |||||||||
Long-term debt, net of current maturities | 4,128,291 | 4,126,923 | |||||||||
Deferred credits and other liabilities: | |||||||||||
Deferred income tax liabilities, net | 490,384 | 465,388 | |||||||||
Regulatory liabilities, non-current | 482,442 | 485,377 | |||||||||
Benefit plan liabilities | 123,111 | 123,925 | |||||||||
Other deferred credits and other liabilities | 140,680 | 141,447 | |||||||||
Total deferred credits and other liabilities | 1,236,617 | 1,216,137 | |||||||||
0 | 0 | ||||||||||
Equity: | |||||||||||
Stockholders’ equity — | |||||||||||
Common stock $1 par value; 100,000,000 shares authorized; issued 64,849,227 and 64,793,095 shares, respectively | 64,849 | 64,793 | |||||||||
Additional paid-in capital | 1,786,980 | 1,783,436 | |||||||||
Retained earnings | 1,041,451 | 962,458 | |||||||||
Treasury stock, at cost – 19,685 and 54,078 shares, respectively | (1,287) | (3,509) | |||||||||
Accumulated other comprehensive income (loss) | (20,078) | (20,084) | |||||||||
Total stockholders’ equity | 2,871,915 | 2,787,094 | |||||||||
Non-controlling interest | 99,107 | 100,029 | |||||||||
Total equity | 2,971,022 | 2,887,123 | |||||||||
TOTAL LIABILITIES AND TOTAL EQUITY | $ | 9,130,654 | $ | 9,131,896 |
(unaudited) | As of | ||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
(in thousands) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 11,693 | $ | 8,921 | |||||||
Restricted cash and equivalents | 5,399 | 4,889 | |||||||||
Accounts receivable, net | 249,747 | 321,652 | |||||||||
Materials, supplies and fuel | 223,162 | 150,979 | |||||||||
Derivative assets, current | 3,868 | 4,373 | |||||||||
Income tax receivable, net | 17,112 | 18,017 | |||||||||
Regulatory assets, current | 290,087 | 270,290 | |||||||||
Other current assets | 48,180 | 29,012 | |||||||||
Total current assets | 849,248 | 808,133 | |||||||||
Property, plant and equipment | 8,236,053 | 7,856,573 | |||||||||
Less: accumulated depreciation and depletion | (1,538,731) | (1,407,397) | |||||||||
Total property, plant and equipment, net | 6,697,322 | 6,449,176 | |||||||||
Other assets: | |||||||||||
Goodwill | 1,299,454 | 1,299,454 | |||||||||
Intangible assets, net | 9,883 | 10,770 | |||||||||
Regulatory assets, non-current | 416,119 | 526,309 | |||||||||
Other assets, non-current | 50,268 | 38,054 | |||||||||
Total other assets, non-current | 1,775,724 | 1,874,587 | |||||||||
TOTAL ASSETS | $ | 9,322,294 | $ | 9,131,896 |
(unaudited) | Three Months Ended March 31, | |||||||
2022 | 2021 | |||||||
Operating activities: | (in thousands) | |||||||
Net income | $ | 121,024 | $ | 100,487 | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||
Depreciation, depletion and amortization | 60,463 | 57,269 | ||||||
Deferred financing cost amortization | 2,475 | 2,214 | ||||||
Stock compensation | 3,638 | 3,257 | ||||||
Deferred income taxes | 14,462 | 153 | ||||||
Employee benefit plans | 1,173 | 2,304 | ||||||
Other adjustments, net | 5,337 | 6,151 | ||||||
Changes in certain operating assets and liabilities: | ||||||||
Materials, supplies and fuel | 34,995 | 15,932 | ||||||
Accounts receivable and other current assets | (71,241) | (11,599) | ||||||
Accounts payable and other current liabilities | (8,422) | (23,602) | ||||||
Regulatory assets | 98,528 | (533,006) | ||||||
Regulatory liabilities | — | (5,291) | ||||||
Other operating activities, net | 1,689 | (355) | ||||||
Net cash provided by (used in) operating activities | 264,121 | (386,086) | ||||||
Investing activities: | ||||||||
Property, plant and equipment additions | (136,779) | (146,302) | ||||||
Other investing activities | (1,065) | 78 | ||||||
Net cash (used in) investing activities | (137,844) | (146,224) | ||||||
Financing activities: | ||||||||
Dividends paid on common stock | (38,533) | (35,514) | ||||||
Common stock issued | 3,791 | — | ||||||
Term loan - borrowings | — | 800,000 | ||||||
Term loan - repayments | — | (200,000) | ||||||
Net borrowings (payments) of Revolving Credit Facility and CP Program | (78,700) | (18,170) | ||||||
Long-term debt - repayments | — | (1,436) | ||||||
Distributions to non-controlling interest | (4,420) | (4,644) | ||||||
Other financing activities | (878) | (740) | ||||||
Net cash provided by (used in) financing activities | (118,740) | 539,496 | ||||||
Net change in cash, restricted cash and cash equivalents | 7,537 | 7,186 | ||||||
Cash, restricted cash and cash equivalents at beginning of period | 13,810 | 10,739 | ||||||
Cash, restricted cash and cash equivalents at end of period | $ | 21,347 | $ | 17,925 | ||||
Supplemental cash flow information: | ||||||||
Cash (paid) refunded during the period: | ||||||||
Interest, net of amounts capitalized | $ | (23,605) | $ | (21,232) | ||||
Income taxes | — | 990 | ||||||
Non-cash investing and financing activities: | ||||||||
Accrued property, plant and equipment purchases at March 31 | 39,559 | 51,914 |
(unaudited) | As of | ||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
(in thousands, except share amounts) | |||||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 187,046 | $ | 217,761 | |||||||
Accrued liabilities | 250,835 | 244,759 | |||||||||
Derivative liabilities, current | 5,569 | 1,439 | |||||||||
Regulatory liabilities, current | 24,797 | 17,574 | |||||||||
Notes payable | 501,350 | 420,180 | |||||||||
Total current liabilities | 969,597 | 901,713 | |||||||||
Long-term debt, net of current maturities | 4,131,033 | 4,126,923 | |||||||||
Deferred credits and other liabilities: | |||||||||||
Deferred income tax liabilities, net | 491,859 | 465,388 | |||||||||
Regulatory liabilities, non-current | 469,963 | 485,377 | |||||||||
Benefit plan liabilities | 120,629 | 123,925 | |||||||||
Other deferred credits and other liabilities | 155,456 | 141,447 | |||||||||
Total deferred credits and other liabilities | 1,237,907 | 1,216,137 | |||||||||
Equity: | |||||||||||
Stockholders’ equity — | |||||||||||
Common stock $1 par value; 100,000,000 shares authorized; issued 65,105,205 and 64,793,095 shares, respectively | 65,105 | 64,793 | |||||||||
Additional paid-in capital | 1,811,093 | 1,783,436 | |||||||||
Retained earnings | 1,032,522 | 962,458 | |||||||||
Treasury stock, at cost – 26,208 and 54,078 shares, respectively | (1,715) | (3,509) | |||||||||
Accumulated other comprehensive (loss) | (20,389) | (20,084) | |||||||||
Total stockholders’ equity | 2,886,616 | 2,787,094 | |||||||||
Non-controlling interest | 97,141 | 100,029 | |||||||||
Total equity | 2,983,757 | 2,887,123 | |||||||||
TOTAL LIABILITIES AND TOTAL EQUITY | $ | 9,322,294 | $ | 9,131,896 |
(unaudited) | Nine Months Ended September 30, | |||||||
2022 | 2021 | |||||||
Operating activities: | (in thousands) | |||||||
Net income | $ | 194,704 | $ | 176,936 | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||
Depreciation, depletion and amortization | 188,610 | 174,871 | ||||||
Deferred financing cost amortization | 7,430 | 3,892 | ||||||
Stock compensation | 6,779 | 7,245 | ||||||
Deferred income taxes | 16,062 | 5,844 | ||||||
Employee benefit plans | 2,677 | 6,779 | ||||||
Other adjustments, net | (10,243) | 2,708 | ||||||
Changes in certain operating assets and liabilities: | ||||||||
Materials, supplies and fuel | (88,405) | (29,948) | ||||||
Accounts receivable and other current assets | 64,280 | 97,348 | ||||||
Accounts payable and other current liabilities | 5,963 | (20,094) | ||||||
Regulatory assets | 118,330 | (559,389) | ||||||
Regulatory liabilities | — | (9,533) | ||||||
Other operating activities, net | (11,900) | (1,419) | ||||||
Net cash provided by (used in) operating activities | 494,287 | (144,760) | ||||||
Investing activities: | ||||||||
Property, plant and equipment additions | (466,302) | (497,849) | ||||||
Other investing activities | (19) | 13,743 | ||||||
Net cash (used in) investing activities | (466,321) | (484,106) | ||||||
Financing activities: | ||||||||
Dividends paid on common stock | (115,850) | (106,957) | ||||||
Common stock issued | 20,027 | 62,977 | ||||||
Term loan - borrowings | — | 800,000 | ||||||
Term loan - repayments | — | (800,000) | ||||||
Net borrowings (payments) of Revolving Credit Facility and CP Program | 81,170 | 98,485 | ||||||
Long-term debt - issuances | — | 600,000 | ||||||
Long-term debt - repayments | — | (8,436) | ||||||
Distributions to non-controlling interest | (11,678) | (10,230) | ||||||
Other financing activities | 1,647 | (2,778) | ||||||
Net cash provided by (used in) financing activities | (24,684) | 633,061 | ||||||
Net change in cash, restricted cash and cash equivalents | 3,282 | 4,195 | ||||||
Cash, restricted cash and cash equivalents at beginning of period | 13,810 | 10,739 | ||||||
Cash, restricted cash and cash equivalents at end of period | $ | 17,092 | $ | 14,934 | ||||
Supplemental cash flow information: | ||||||||
Cash (paid) refunded during the period: | ||||||||
Interest, net of amounts capitalized | $ | (98,227) | $ | (93,325) | ||||
Income taxes | 746 | 1,486 | ||||||
Non-cash investing and financing activities: | ||||||||
Accrued property, plant and equipment purchases at September 30 | 42,687 | 55,619 |
(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, 2021 | December 31, 2021 | 64,793,095 | $ | 64,793 | 54,078 | $ | (3,509) | $ | 1,783,436 | $ | 962,458 | $ | (20,084) | $ | 100,029 | $ | 2,887,123 | December 31, 2021 | 64,793,095 | $ | 64,793 | 54,078 | $ | (3,509) | $ | 1,783,436 | $ | 962,458 | $ | (20,084) | $ | 100,029 | $ | 2,887,123 | ||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 117,526 | — | 3,498 | 121,024 | Net income | — | — | — | — | — | 117,526 | — | 3,498 | 121,024 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | Other comprehensive income, net of tax | — | — | — | — | — | — | 6 | — | 6 | Other comprehensive income, net of tax | — | — | — | — | — | — | 6 | — | 6 | ||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($0.595 per share) | Dividends on common stock ($0.595 per share) | — | — | — | — | — | (38,533) | — | — | (38,533) | Dividends on common stock ($0.595 per share) | — | — | — | — | — | (38,533) | — | — | (38,533) | ||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | 425 | — | (34,393) | 2,222 | (191) | — | — | — | 2,031 | Share-based compensation | 425 | — | (34,393) | 2,222 | (191) | — | — | — | 2,031 | ||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | 55,707 | 56 | — | — | 3,776 | — | — | — | 3,832 | Issuance of common stock | 55,707 | 56 | — | — | 3,776 | — | — | — | 3,832 | ||||||||||||||||||||||||||||||||||||||
Issuance costs | Issuance costs | — | — | — | — | (41) | — | — | — | (41) | Issuance costs | — | — | — | — | (41) | — | — | — | (41) | ||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interest | Distributions to non-controlling interest | — | — | — | — | — | — | — | (4,420) | (4,420) | Distributions to non-controlling interest | — | — | — | — | — | — | — | (4,420) | (4,420) | ||||||||||||||||||||||||||||||||||||||
March 31, 2022 | March 31, 2022 | 64,849,227 | $ | 64,849 | 19,685 | $ | (1,287) | $ | 1,786,980 | $ | 1,041,451 | $ | (20,078) | $ | 99,107 | $ | 2,971,022 | March 31, 2022 | 64,849,227 | $ | 64,849 | 19,685 | $ | (1,287) | $ | 1,786,980 | $ | 1,041,451 | $ | (20,078) | $ | 99,107 | $ | 2,971,022 | ||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 33,415 | — | 2,431 | 35,846 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss), net of tax | Other comprehensive (loss), net of tax | — | — | — | — | — | — | (2,738) | — | (2,738) | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($0.595 per share) | Dividends on common stock ($0.595 per share) | — | — | — | — | — | (38,603) | — | — | (38,603) | ||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | 39,066 | 39 | 4,006 | (255) | 5,370 | — | — | — | 5,154 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | 216,885 | 217 | — | — | 16,353 | — | — | — | 16,570 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance costs | Issuance costs | — | — | — | — | (266) | — | — | — | (266) | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interest | Distributions to non-controlling interest | — | — | — | — | — | — | — | (4,184) | (4,184) | ||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2022 | 65,105,178 | $ | 65,105 | 23,691 | $ | (1,542) | $ | 1,808,437 | $ | 1,036,263 | $ | (22,816) | $ | 97,354 | $ | 2,982,801 | |||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 34,973 | — | 2,861 | 37,834 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | Other comprehensive income, net of tax | — | — | — | — | — | — | 2,427 | — | 2,427 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($0.595 per share) | Dividends on common stock ($0.595 per share) | — | — | — | — | — | (38,714) | — | — | (38,714) | ||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | 27 | — | 2,517 | (173) | 2,724 | — | — | — | 2,551 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance costs | Issuance costs | — | — | — | — | (68) | — | — | — | (68) | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interest | Distributions to non-controlling interest | — | — | — | — | — | — | — | (3,074) | (3,074) | ||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | 65,105,205 | $ | 65,105 | 26,208 | $ | (1,715) | $ | 1,811,093 | $ | 1,032,522 | $ | (20,389) | $ | 97,141 | $ | 2,983,757 |
(unaudited) | Common Stock | Treasury Stock | |||||||||||||||||||||||||||
(in thousands except share amounts) | Shares | Value | Shares | Value | Additional Paid in Capital | Retained Earnings | AOCI | Non-controlling Interest | Total | ||||||||||||||||||||
December 31, 2020 | 62,827,179 | $ | 62,827 | 32,492 | $ | (2,119) | $ | 1,657,285 | $ | 870,738 | $ | (27,346) | $ | 101,262 | $ | 2,662,647 | |||||||||||||
Net income | — | — | — | — | — | 96,316 | — | 4,171 | 100,487 | ||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | 1,018 | — | 1,018 | ||||||||||||||||||||
Dividends on common stock ($0.565 per share) | — | — | — | — | — | (35,514) | — | — | (35,514) | ||||||||||||||||||||
Share-based compensation | 82,794 | 83 | 7,448 | (445) | 1,672 | — | — | — | 1,310 | ||||||||||||||||||||
Other | — | — | — | — | — | (2) | — | — | (2) | ||||||||||||||||||||
Distributions to non-controlling interest | — | — | — | — | — | — | — | (4,644) | (4,644) | ||||||||||||||||||||
March 31, 2021 | 62,909,973 | $ | 62,910 | 39,940 | $ | (2,564) | $ | 1,658,957 | $ | 931,538 | $ | (26,328) | $ | 100,789 | $ | 2,725,302 | |||||||||||||
(unaudited) | Common Stock | Treasury Stock | |||||||||||||||||||||||||||
(in thousands except share amounts) | Shares | Value | Shares | Value | Additional Paid in Capital | Retained Earnings | AOCI | Non-controlling Interest | Total | ||||||||||||||||||||
December 31, 2020 | 62,827,179 | $ | 62,827 | 32,492 | $ | (2,119) | $ | 1,657,285 | $ | 870,738 | $ | (27,346) | $ | 101,262 | $ | 2,662,647 | |||||||||||||
Net income | — | — | — | — | — | 96,316 | — | 4,171 | 100,487 | ||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | 1,018 | — | 1,018 | ||||||||||||||||||||
Dividends on common stock ($0.565 per share) | — | — | — | — | — | (35,514) | — | — | (35,514) | ||||||||||||||||||||
Share-based compensation | 82,794 | 83 | 7,448 | (445) | 1,672 | — | — | — | 1,310 | ||||||||||||||||||||
Other | — | — | — | — | — | (2) | — | — | (2) | ||||||||||||||||||||
Distributions to non-controlling interest | — | — | — | — | — | — | — | (4,644) | (4,644) | ||||||||||||||||||||
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 | — | — | — | — | — | 25,161 | — | 3,126 | 28,287 | ||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | 1,882 | — | 1,882 | ||||||||||||||||||||
Dividends on common stock ($0.565 per share) | — | — | — | — | — | (35,578) | — | — | (35,578) | ||||||||||||||||||||
Share-based compensation | 20,905 | 21 | 6,588 | (424) | 3,698 | — | — | — | 3,295 | ||||||||||||||||||||
Issuance of common stock | 596,035 | 596 | — | — | 39,636 | — | — | — | 40,232 | ||||||||||||||||||||
Issuance costs | — | — | — | — | (466) | — | — | — | (466) | ||||||||||||||||||||
Other | — | — | — | — | — | 1 | — | — | 1 | ||||||||||||||||||||
Distributions to non-controlling interest | — | — | — | — | — | — | — | (4,061) | (4,061) | ||||||||||||||||||||
June 30, 2021 | 63,526,913 | $ | 63,527 | 46,528 | $ | (2,988) | $ | 1,701,825 | $ | 921,122 | $ | (24,446) | $ | 99,854 | $ | 2,758,894 | |||||||||||||
Net income | — | — | — | — | — | 44,112 | — | 4,050 | 48,162 | ||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | 5,277 | — | 5,277 | ||||||||||||||||||||
Dividends on common stock ($0.565 per share) | — | — | — | — | — | (35,865) | — | — | (35,865) | ||||||||||||||||||||
Share-based compensation | 17 | — | (2,643) | 169 | 1,849 | — | — | — | 2,018 | ||||||||||||||||||||
Issuance of common stock | 338,221 | 338 | — | — | 22,834 | — | — | — | 23,172 | ||||||||||||||||||||
Issuance costs | — | — | — | — | (231) | — | — | — | (231) | ||||||||||||||||||||
Distributions to non-controlling interest | — | — | — | — | — | — | — | (1,525) | (1,525) | ||||||||||||||||||||
September 30, 2021 | 63,865,151 | $ | 63,865 | 43,885 | $ | (2,819) | $ | 1,726,277 | $ | 929,369 | $ | (19,169) | $ | 102,379 | $ | 2,799,902 | |||||||||||||
As of | As of | |||||||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||
Regulatory assets | Regulatory assets | Regulatory assets | ||||||||||||||
Winter Storm Uri (a) | Winter Storm Uri (a) | $ | 438,675 | $ | 509,025 | Winter Storm Uri (a) | $ | 392,994 | $ | 509,025 | ||||||
Deferred energy and fuel cost adjustments (b) | Deferred energy and fuel cost adjustments (b) | 67,068 | 59,973 | Deferred energy and fuel cost adjustments (b) | 74,998 | 59,973 | ||||||||||
Deferred gas cost adjustments (b) | Deferred gas cost adjustments (b) | 1,917 | 9,488 | Deferred gas cost adjustments (b) | 18,764 | 9,488 | ||||||||||
Gas price derivatives (b) | Gas price derivatives (b) | 220 | 2,584 | Gas price derivatives (b) | 10,776 | 2,584 | ||||||||||
Deferred taxes on AFUDC (b) | Deferred taxes on AFUDC (b) | 7,420 | 7,457 | Deferred taxes on AFUDC (b) | 7,407 | 7,457 | ||||||||||
Employee benefit plans and related deferred taxes (c) | Employee benefit plans and related deferred taxes (c) | 87,947 | 88,923 | Employee benefit plans and related deferred taxes (c) | 86,335 | 88,923 | ||||||||||
Environmental (b) | Environmental (b) | 1,375 | 1,385 | Environmental (b) | 1,346 | 1,385 | ||||||||||
Loss on reacquired debt (b) | Loss on reacquired debt (b) | 20,561 | 21,011 | Loss on reacquired debt (b) | 19,663 | 21,011 | ||||||||||
Deferred taxes on flow through accounting (b) | Deferred taxes on flow through accounting (b) | 69,387 | 63,243 | Deferred taxes on flow through accounting (b) | 66,039 | 63,243 | ||||||||||
Decommissioning costs (b) | Decommissioning costs (b) | 5,339 | 5,961 | Decommissioning costs (b) | 4,094 | 5,961 | ||||||||||
Other regulatory assets (b) | Other regulatory assets (b) | 23,435 | 27,549 | Other regulatory assets (b) | 23,790 | 27,549 | ||||||||||
Total regulatory assets | Total regulatory assets | 723,344 | 796,599 | Total regulatory assets | 706,206 | 796,599 | ||||||||||
Less current regulatory assets | Less current regulatory assets | (265,496) | (270,290) | Less current regulatory assets | (290,087) | (270,290) | ||||||||||
Regulatory assets, non-current | Regulatory assets, non-current | $ | 457,848 | $ | 526,309 | Regulatory assets, non-current | $ | 416,119 | $ | 526,309 | ||||||
Regulatory liabilities | Regulatory liabilities | Regulatory liabilities | ||||||||||||||
Deferred energy and gas costs (b) | Deferred energy and gas costs (b) | $ | 38,343 | $ | 6,113 | Deferred energy and gas costs (b) | $ | 6,283 | $ | 6,113 | ||||||
Employee benefit plan costs and related deferred taxes (c) | Employee benefit plan costs and related deferred taxes (c) | 31,943 | 32,241 | Employee benefit plan costs and related deferred taxes (c) | 31,168 | 32,241 | ||||||||||
Cost of removal (b) | Cost of removal (b) | 181,690 | 179,976 | Cost of removal (b) | 174,312 | 179,976 | ||||||||||
Excess deferred income taxes (c) | Excess deferred income taxes (c) | 259,856 | 264,042 | Excess deferred income taxes (c) | 257,282 | 264,042 | ||||||||||
Other regulatory liabilities (c) | Other regulatory liabilities (c) | 23,352 | 20,579 | Other regulatory liabilities (c) | 25,715 | 20,579 | ||||||||||
Total regulatory liabilities | Total regulatory liabilities | 535,184 | 502,951 | Total regulatory liabilities | 494,760 | 502,951 | ||||||||||
Less current regulatory liabilities | Less current regulatory liabilities | (52,742) | (17,574) | Less current regulatory liabilities | (24,797) | (17,574) | ||||||||||
Regulatory liabilities, non-current | Regulatory liabilities, non-current | $ | 482,442 | $ | 485,377 | Regulatory liabilities, non-current | $ | 469,963 | $ | 485,377 |
Three Months Ended March 31, 2022 | Electric Utilities | Gas Utilities | Inter-company Revenues | Total | ||||||||||
Customer types: | (in thousands) | |||||||||||||
Retail | $ | 172,806 | $ | 561,013 | $ | — | $ | 733,819 | ||||||
Transportation | — | 49,523 | (99) | 49,424 | ||||||||||
Wholesale | 10,275 | — | — | 10,275 | ||||||||||
Market - off-system sales | 7,154 | 238 | — | 7,392 | ||||||||||
Transmission/Other | 15,433 | 9,575 | (4,149) | 20,859 | ||||||||||
Revenue from contracts with customers | $ | 205,668 | $ | 620,349 | $ | (4,248) | $ | 821,769 | ||||||
Other revenues | 870 | 1,043 | (112) | 1,801 | ||||||||||
Total revenues | $ | 206,538 | $ | 621,392 | $ | (4,360) | $ | 823,570 | ||||||
Timing of revenue recognition: | ||||||||||||||
Services transferred at a point in time | $ | 7,113 | $ | — | $ | — | $ | 7,113 | ||||||
Services transferred over time | 198,555 | 620,349 | (4,248) | 814,656 | ||||||||||
Revenue from contracts with customers | $ | 205,668 | $ | 620,349 | $ | (4,248) | $ | 821,769 | ||||||
Three Months Ended March 31, 2021 | Electric Utilities | Gas Utilities | Inter-company Revenues | Total | ||||||||||||||||||||||||
Customer Types: | (in thousands) | |||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | Electric Utilities | Gas Utilities | Inter-company Revenues | Total | |||||||||||||||||||||||
Customer types: | Customer types: | (in thousands) | ||||||||||||||||||||||||||
Retail | Retail | $ | 204,280 | $ | 341,605 | $ | — | $ | 545,885 | Retail | $ | 211,489 | $ | 157,203 | $ | — | $ | 368,692 | ||||||||||
Transportation | Transportation | — | 47,951 | (110) | 47,841 | Transportation | — | 41,006 | (99) | 40,907 | ||||||||||||||||||
Wholesale | Wholesale | 11,359 | — | — | 11,359 | Wholesale | 13,667 | — | — | 13,667 | ||||||||||||||||||
Market - off-system sales | Market - off-system sales | 4,772 | 73 | — | 4,845 | Market - off-system sales | 16,770 | 186 | — | 16,956 | ||||||||||||||||||
Transmission/Other | Transmission/Other | 14,186 | 10,390 | (4,289) | 20,287 | Transmission/Other | 15,919 | 8,875 | (4,148) | 20,646 | ||||||||||||||||||
Revenue from contracts with customers | Revenue from contracts with customers | $ | 234,597 | $ | 400,019 | $ | (4,399) | $ | 630,217 | Revenue from contracts with customers | $ | 257,845 | $ | 207,270 | $ | (4,247) | $ | 460,868 | ||||||||||
Other revenues | Other revenues | 807 | 2,500 | (92) | 3,215 | Other revenues | 824 | 1,018 | (98) | 1,744 | ||||||||||||||||||
Total Revenues | $ | 235,404 | $ | 402,519 | $ | (4,491) | $ | 633,432 | ||||||||||||||||||||
Total revenues | Total revenues | $ | 258,669 | $ | 208,288 | $ | (4,345) | $ | 462,612 | |||||||||||||||||||
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 | $ | 6,976 | $ | — | $ | — | $ | 6,976 | Services transferred at a point in time | $ | 7,928 | $ | — | $ | — | $ | 7,928 | ||||||||||
Services transferred over time | Services transferred over time | 227,621 | 400,019 | (4,399) | 623,241 | Services transferred over time | 249,917 | 207,270 | (4,247) | 452,940 | ||||||||||||||||||
Revenue from contracts with customers | Revenue from contracts with customers | $ | 234,597 | $ | 400,019 | $ | (4,399) | $ | 630,217 | Revenue from contracts with customers | $ | 257,845 | $ | 207,270 | $ | (4,247) | $ | 460,868 |
Three Months Ended September 30, 2021 | Electric Utilities | Gas Utilities | Inter-company Revenues | Total | ||||||||||
Customer Types: | (in thousands) | |||||||||||||
Retail | $ | 185,892 | $ | 115,908 | $ | — | $ | 301,800 | ||||||
Transportation | — | 37,651 | (110) | 37,541 | ||||||||||
Wholesale | 7,247 | — | — | 7,247 | ||||||||||
Market - off-system sales | 13,511 | 75 | — | 13,586 | ||||||||||
Transmission/Other | 12,904 | 9,863 | (4,288) | 18,479 | ||||||||||
Revenue from contracts with customers | $ | 219,554 | $ | 163,497 | $ | (4,398) | $ | 378,653 | ||||||
Other revenues | 850 | 1,186 | (99) | 1,937 | ||||||||||
Total Revenues | $ | 220,404 | $ | 164,683 | $ | (4,497) | $ | 380,590 | ||||||
Timing of Revenue Recognition: | ||||||||||||||
Services transferred at a point in time | $ | 6,968 | $ | — | $ | — | $ | 6,968 | ||||||
Services transferred over time | 212,586 | 163,497 | (4,398) | 371,685 | ||||||||||
Revenue from contracts with customers | $ | 219,554 | $ | 163,497 | $ | (4,398) | $ | 378,653 | ||||||
Nine Months Ended September 30, 2022 | Electric Utilities | Gas Utilities | Inter-company Revenues | Total | ||||||||||
Customer types: | (in thousands) | |||||||||||||
Retail | $ | 553,327 | $ | 947,290 | $ | — | $ | 1,500,617 | ||||||
Transportation | — | 125,196 | (298) | 124,898 | ||||||||||
Wholesale | 32,370 | — | — | 32,370 | ||||||||||
Market - off-system sales | 32,590 | 602 | — | 33,192 | ||||||||||
Transmission/Other | 46,535 | 27,794 | (12,445) | 61,884 | ||||||||||
Revenue from contracts with customers | $ | 664,822 | $ | 1,100,882 | $ | (12,743) | $ | 1,752,961 | ||||||
Other revenues | 4,764 | 2,967 | (315) | 7,416 | ||||||||||
Total revenues | $ | 669,586 | $ | 1,103,849 | $ | (13,058) | $ | 1,760,377 | ||||||
Timing of revenue recognition: | ||||||||||||||
Services transferred at a point in time | $ | 21,712 | $ | — | $ | — | $ | 21,712 | ||||||
Services transferred over time | 643,110 | 1,100,882 | (12,743) | 1,731,249 | ||||||||||
Revenue from contracts with customers | $ | 664,822 | $ | 1,100,882 | $ | (12,743) | $ | 1,752,961 | ||||||
Nine Months Ended September 30, 2021 | Electric Utilities | Gas Utilities | Inter-company Revenues | Total | ||||||||||
Customer Types: | (in thousands) | |||||||||||||
Retail | $ | 554,143 | $ | 601,358 | $ | — | $ | 1,155,501 | ||||||
Transportation | — | 117,251 | (329) | 116,922 | ||||||||||
Wholesale | 24,261 | — | — | 24,261 | ||||||||||
Market - off-system sales | 25,549 | 235 | — | 25,784 | ||||||||||
Transmission/Other | 38,315 | 29,378 | (12,868) | 54,825 | ||||||||||
Revenue from contracts with customers | $ | 642,268 | $ | 748,222 | $ | (13,197) | $ | 1,377,293 | ||||||
Other revenues | 4,556 | 5,030 | (285) | 9,301 | ||||||||||
Total Revenues | $ | 646,824 | $ | 753,252 | $ | (13,482) | $ | 1,386,594 | ||||||
Timing of Revenue Recognition: | ||||||||||||||
Services transferred at a point in time | $ | 20,658 | $ | — | $ | — | $ | 20,658 | ||||||
Services transferred over time | 621,610 | 748,222 | (13,197) | 1,356,635 | ||||||||||
Revenue from contracts with customers | $ | 642,268 | $ | 748,222 | $ | (13,197) | $ | 1,377,293 | ||||||
March 31, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Balance Outstanding | Letters of Credit (a) | Balance Outstanding | Letters of Credit (a) | Balance Outstanding | Letters of Credit (a) | Balance Outstanding | Letters of Credit (a) | |||||||||||||||||||||
Revolving Credit Facility | Revolving Credit Facility | — | 16,855 | — | 27,209 | Revolving Credit Facility | $ | — | $ | 20,193 | $ | — | $ | 27,209 | ||||||||||||||
CP Program | CP Program | 341,480 | — | 420,180 | — | CP Program | 501,350 | — | 420,180 | — | ||||||||||||||||||
Total Notes payable | Total Notes payable | $ | 341,480 | $ | 16,855 | $ | 420,180 | $ | 27,209 | Total Notes payable | $ | 501,350 | $ | 20,193 | $ | 420,180 | $ | 27,209 |
As of March 31, 2022 | Covenant Requirement | |||||||||||||
Consolidated Indebtedness to Capitalization Ratio | 61.0% | Less than | 65% |
As of September 30, 2022 | Covenant Requirement | |||||||||||||
Consolidated Indebtedness to Capitalization Ratio | 61.7% | Less than | 65% |
Three Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Net income available for common stock | Net income available for common stock | $ | 117,526 | $ | 96,316 | Net income available for common stock | $ | 34,973 | $ | 44,112 | $ | 185,914 | $ | 165,589 | ||||||||||||||||||||
Weighted average shares - basic | Weighted average shares - basic | 64,565 | 62,633 | Weighted average shares - basic | 64,876 | 63,341 | 64,722 | 62,950 | ||||||||||||||||||||||||||
Dilutive effect of: | Dilutive effect of: | Dilutive effect of: | ||||||||||||||||||||||||||||||||
Equity compensation | Equity compensation | 156 | 58 | Equity compensation | 185 | 95 | 188 | 96 | ||||||||||||||||||||||||||
Weighted average shares - diluted | Weighted average shares - diluted | 64,721 | 62,691 | Weighted average shares - diluted | 65,061 | 63,436 | 64,910 | 63,046 | ||||||||||||||||||||||||||
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 | $ | 1.82 | $ | 1.54 | Earnings per share, Basic | $ | 0.54 | $ | 0.70 | $ | 2.87 | $ | 2.63 | ||||||||||||||||||||
Earnings per share, Diluted | Earnings per share, Diluted | $ | 1.82 | $ | 1.54 | Earnings per share, Diluted | $ | 0.54 | $ | 0.70 | $ | 2.86 | $ | 2.63 |
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Equity compensation | — | 14 | |||||||||||||||
Restricted stock | — | 19 | |||||||||||||||
Anti-dilutive shares | — | 33 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Equity compensation | — | 9 | — | 12 | |||||||||||||
Restricted stock | — | — | — | 1 | |||||||||||||
Anti-dilutive shares | — | 9 | — | 13 |
March 31, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional Amounts (MMBtus) | Maximum Term (months) (a) | Notional Amounts (MMBtus) | Maximum Term (months) (a) | Notional Amounts (MMBtus) | Maximum Term (months) (a) | Notional Amounts (MMBtus) | Maximum Term (months) (a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas futures purchased | Natural gas futures purchased | — | 0 | 590,000 | 3 | Natural gas futures purchased | 1,780,000 | 6 | 590,000 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas options purchased, net | Natural gas options purchased, net | — | 0 | 3,100,000 | 3 | Natural gas options purchased, net | 5,500,000 | 6 | 3,100,000 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas basis swaps purchased | Natural gas basis swaps purchased | — | 0 | 870,000 | 3 | Natural gas basis swaps purchased | 1,530,000 | 6 | 870,000 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas over-the-counter swaps, net (b) | Natural gas over-the-counter swaps, net (b) | 2,750,000 | 33 | 4,570,000 | 34 | Natural gas over-the-counter swaps, net (b) | 6,050,000 | 27 | 4,570,000 | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas physical contracts, net (c) | Natural gas physical contracts, net (c) | 4,181,531 | 21 | 16,416,677 | 24 | Natural gas physical contracts, net (c) | 29,017,775 | 15 | 16,416,677 | 24 |
Balance Sheet Location | March 31, 2022 | December 31, 2021 | Balance Sheet Location | September 30, 2022 | December 31, 2021 | |||||||||||||||||
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 | $ | 1,081 | $ | 2,017 | Current commodity derivatives | Derivative assets, current | $ | 21 | $ | 2,017 | ||||||||||
Noncurrent commodity derivatives | Noncurrent commodity derivatives | Other assets, non-current | 11 | 18 | Noncurrent commodity derivatives | Other assets, non-current | 383 | 18 | ||||||||||||||
Liability derivative instruments: | Liability derivative instruments: | |||||||||||||||||||||
Current commodity derivatives | Current commodity derivatives | Derivative liabilities, current | (1,211) | — | ||||||||||||||||||
Total derivatives designated as hedges | Total derivatives designated as hedges | $ | 1,092 | $ | 2,035 | Total derivatives designated as hedges | $ | (807) | $ | 2,035 | ||||||||||||
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 | $ | 6,301 | $ | 2,356 | Current commodity derivatives | Derivative assets, current | $ | 3,847 | $ | 2,356 | ||||||||||
Noncurrent commodity derivatives | Noncurrent commodity derivatives | Other assets, non-current | 596 | 804 | Noncurrent commodity derivatives | Other assets, non-current | 986 | 804 | ||||||||||||||
Liability derivative instruments: | Liability derivative instruments: | Liability derivative instruments: | ||||||||||||||||||||
Current commodity derivatives | Current commodity derivatives | Derivative liabilities, current | (191) | (1,439) | Current commodity derivatives | Derivative liabilities, current | (4,358) | (1,439) | ||||||||||||||
Noncurrent commodity derivatives | Noncurrent commodity derivatives | Other deferred credits and other liabilities | (29) | (20) | Noncurrent commodity derivatives | Other deferred credits and other liabilities | (23) | (20) | ||||||||||||||
Total derivatives not designated as hedges | Total derivatives not designated as hedges | $ | 6,677 | $ | 1,701 | Total derivatives not designated as hedges | $ | 452 | $ | 1,701 |
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 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 | 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) | (in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
Interest rate swaps | Interest rate swaps | $ | 713 | $ | 713 | Interest expense | $ | (713) | $ | (713) | Interest rate swaps | $ | 712 | $ | 712 | Interest expense | $ | (712) | $ | (712) | ||||||||||||||
Commodity derivatives | Commodity derivatives | (867) | 173 | Fuel, purchased power and cost of natural gas sold | 2,254 | (31) | Commodity derivatives | 2,292 | 5,536 | Fuel, purchased power and cost of natural gas sold | 43 | 331 | ||||||||||||||||||||||
Total | Total | $ | (154) | $ | 886 | $ | 1,541 | $ | (744) | Total | $ | 3,004 | $ | 6,248 | $ | (669) | $ | (381) |
Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain/(Loss) Recognized in OCI | Income Statement Location | Amount of Gain/(Loss) Reclassified from AOCI into Income | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Interest rate swaps | $ | 2,138 | $ | 2,138 | Interest expense | $ | (2,138) | $ | (2,138) | ||||||||
Commodity derivatives | (2,946) | 6,896 | Fuel, purchased power and cost of natural gas sold | 3,620 | 356 | ||||||||||||
Total | $ | (808) | $ | 9,034 | $ | 1,482 | $ | (1,782) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Derivatives Not Designated as Hedging Instruments | Income Statement Location | Amount of Gain/(Loss) on Derivatives Recognized in Income | Derivatives Not Designated as Hedging Instruments | Income Statement Location | Amount of Gain/(Loss) on Derivatives Recognized in Income | ||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||
Commodity derivatives - Electric | Commodity derivatives - Electric | Fuel, purchased power and cost of natural gas sold | $ | — | $ | (1,524) | Commodity derivatives - Electric | Fuel, purchased power and cost of natural gas sold | $ | — | $ | (2,628) | ||||||||||
Commodity derivatives - Natural Gas | Commodity derivatives - Natural Gas | Fuel, purchased power and cost of natural gas sold | 3,494 | 366 | Commodity derivatives - Natural Gas | Fuel, purchased power and cost of natural gas sold | 2,779 | 6,186 | ||||||||||||||
$ | 3,494 | $ | (1,158) | $ | 2,779 | $ | 3,558 |
As of March 31, 2022 | As of September 30, 2022 | |||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting (a) | Total | Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting (a) | Total | |||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||
Commodity derivatives — Gas Utilities | Commodity derivatives — Gas Utilities | $ | — | $ | 7,989 | $ | — | $ | — | $ | 7,989 | Commodity derivatives — Gas Utilities | $ | — | $ | 11,832 | $ | — | $ | (6,594) | $ | 5,238 | ||||||||||||||||||
Total | Total | $ | — | $ | 7,989 | $ | — | $ | — | $ | 7,989 | Total | $ | — | $ | 11,832 | $ | — | $ | (6,594) | $ | 5,238 | ||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||
Commodity derivatives — Gas Utilities | Commodity derivatives — Gas Utilities | $ | — | $ | 220 | $ | — | $ | — | $ | 220 | Commodity derivatives — Gas Utilities | $ | — | $ | 12,212 | $ | — | $ | (6,619) | $ | 5,593 | ||||||||||||||||||
Total | Total | $ | — | $ | 220 | $ | — | $ | — | $ | 220 | Total | $ | — | $ | 12,212 | $ | — | $ | (6,619) | $ | 5,593 |
As of December 31, 2021 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Cash Collateral and Counterparty Netting (a) | Total | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Commodity derivatives — Gas Utilities | $ | — | $ | 7,569 | $ | — | $ | (2,374) | $ | 5,195 | ||||||||||
Total | $ | — | $ | 7,569 | $ | — | $ | (2,374) | $ | 5,195 | ||||||||||
Liabilities: | ||||||||||||||||||||
Commodity derivatives — Gas Utilities | $ | — | $ | 3,273 | $ | — | $ | (1,814) | $ | 1,459 | ||||||||||
Total | $ | — | $ | 3,273 | $ | — | $ | (1,814) | $ | 1,459 |
March 31, 2022 | December 31, 2021 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Long-term debt, including current maturities (a) | $ | 4,128,291 | $ | 4,201,135 | $ | 4,126,923 | $ | 4,570,619 |
September 30, 2022 | December 31, 2021 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Long-term debt, including current maturities (a) | $ | 4,131,033 | $ | 3,736,930 | $ | 4,126,923 | $ | 4,570,619 |
Location on the Condensed Consolidated Statements of Income | Amount Reclassified from AOCI | Location on the Condensed Consolidated Statements of Income | Amount Reclassified from AOCI | Amount Reclassified from AOCI | ||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Location on the Condensed Consolidated Statements of Income | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
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 | $ | (712) | $ | (712) | $ | (2,138) | $ | (2,138) | ||||||||||||||||||||||||
Commodity contracts | Commodity contracts | Fuel, purchased power and cost of natural gas sold | 2,254 | (31) | Commodity contracts | Fuel, purchased power and cost of natural gas sold | 43 | 331 | 3,620 | 356 | ||||||||||||||||||||||||||||||
1,541 | (744) | (669) | (381) | 1,482 | (1,782) | |||||||||||||||||||||||||||||||||||
Income tax | Income tax | Income tax expense | (375) | 198 | Income tax | Income tax expense | 124 | (26) | (332) | 308 | ||||||||||||||||||||||||||||||
Total reclassification adjustments related to cash flow hedges, net of tax | Total reclassification adjustments related to cash flow hedges, net of tax | $ | 1,166 | $ | (546) | Total reclassification adjustments related to cash flow hedges, net of tax | $ | (545) | $ | (407) | $ | 1,150 | $ | (1,474) | ||||||||||||||||||||||||||
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 | $ | 24 | $ | 25 | Prior service cost | Operations and maintenance | $ | 24 | $ | 25 | $ | 70 | $ | 74 | ||||||||||||||||||||||||
Actuarial gain (loss) | Actuarial gain (loss) | Operations and maintenance | (188) | (598) | Actuarial gain (loss) | Operations and maintenance | (188) | (598) | (563) | (1,793) | ||||||||||||||||||||||||||||||
(164) | (573) | (164) | (573) | (493) | (1,719) | |||||||||||||||||||||||||||||||||||
Income tax | Income tax | Income tax expense | 39 | 208 | Income tax | Income tax expense | 58 | 133 | 157 | 492 | ||||||||||||||||||||||||||||||
Total reclassification adjustments related to defined benefit plans, net of tax | Total reclassification adjustments related to defined benefit plans, net of tax | $ | (125) | $ | (365) | Total reclassification adjustments related to defined benefit plans, net of tax | $ | (106) | $ | (440) | $ | (336) | $ | (1,227) | ||||||||||||||||||||||||||
Total reclassifications | Total reclassifications | $ | 1,041 | $ | (911) | Total reclassifications | $ | (651) | $ | (847) | $ | 814 | $ | (2,701) |
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, 2021 | As of December 31, 2021 | $ | (10,384) | $ | 1,476 | $ | (11,176) | $ | (20,084) | As of December 31, 2021 | $ | (10,384) | $ | 1,476 | $ | (11,176) | $ | (20,084) | ||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | Other comprehensive income (loss) | ||||||||||||||||||||||||||
before reclassifications | before reclassifications | — | 1,047 | — | 1,047 | before reclassifications | — | 509 | — | 509 | ||||||||||||||||||
Amounts reclassified from AOCI | Amounts reclassified from AOCI | 536 | (1,702) | 125 | (1,041) | Amounts reclassified from AOCI | 1,589 | (2,739) | 336 | (814) | ||||||||||||||||||
As of March 31, 2022 | $ | (9,848) | $ | 821 | $ | (11,051) | $ | (20,078) | ||||||||||||||||||||
As of September 30, 2022 | As of September 30, 2022 | $ | (8,795) | $ | (754) | $ | (10,840) | $ | (20,389) | |||||||||||||||||||
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 | — | 107 | — | 107 | before reclassifications | — | 5,476 | — | 5,476 | ||||||||||||||||||
Amounts reclassified from AOCI | Amounts reclassified from AOCI | 523 | 23 | 365 | 911 | Amounts reclassified from AOCI | 1,743 | (269) | 1,227 | 2,701 | ||||||||||||||||||
As of March 31, 2021 | $ | (12,035) | $ | 132 | $ | (14,425) | $ | (26,328) | ||||||||||||||||||||
As of September 30, 2021 | As of September 30, 2021 | $ | (10,815) | $ | 5,209 | $ | (13,563) | $ | (19,169) |
Defined Benefit Pension Plan | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plan | Defined Benefit Pension Plan | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plan | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||
Service cost | $ | 982 | $ | 1,259 | $ | (392) | $ | 693 | $ | 492 | $ | 559 | ||||||||||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||
Net Service cost | Net Service cost | $ | 982 | $ | 1,260 | $ | (271) | $ | 235 | $ | 492 | $ | 560 | |||||||||||||||||||||||||||
Interest cost | Interest cost | 2,705 | 2,328 | 208 | 177 | 321 | 265 | Interest cost | 2,705 | 2,328 | 209 | 176 | 321 | 264 | ||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (4,631) | (5,219) | — | — | (31) | (34) | Expected return on plan assets | (4,631) | (5,219) | — | — | (31) | (34) | ||||||||||||||||||||||||||
Net amortization of prior service costs | Net amortization of prior service costs | (17) | — | — | — | (72) | (109) | Net amortization of prior service costs | (17) | — | — | — | (72) | (108) | ||||||||||||||||||||||||||
Recognized net actuarial loss | Recognized net actuarial loss | 1,523 | 1,829 | 69 | 439 | 16 | 117 | Recognized net actuarial loss | 1,522 | 1,828 | 69 | 439 | 16 | 116 | ||||||||||||||||||||||||||
Net periodic expense (benefit) | Net periodic expense (benefit) | $ | 562 | $ | 197 | $ | (115) | $ | 1,309 | $ | 726 | $ | 798 | Net periodic expense (benefit) | $ | 561 | $ | 197 | $ | 7 | $ | 850 | $ | 726 | $ | 798 |
Defined Benefit Pension Plan | Supplemental Non-qualified Defined Benefit Plans | Non-pension Defined Benefit Postretirement Healthcare Plan | ||||||||||||||||||
Nine Months Ended September 30, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||
Net Service cost | $ | 2,946 | $ | 3,779 | $ | (2,018) | $ | 1,948 | $ | 1,476 | $ | 1,678 | ||||||||
Interest cost | 8,114 | 6,984 | 626 | 530 | 963 | 793 | ||||||||||||||
Expected return on plan assets | (13,892) | (15,657) | — | — | (93) | (102) | ||||||||||||||
Net amortization of prior service costs | (51) | — | — | — | (217) | (326) | ||||||||||||||
Recognized net actuarial loss | 4,568 | 5,486 | 207 | 1,316 | 48 | 350 | ||||||||||||||
Net periodic expense (benefit) | $ | 1,685 | $ | 592 | $ | (1,185) | $ | 3,794 | $ | 2,177 | $ | 2,393 |
Contributions Made | Additional Contributions | Contributions | Contributions Made | Additional Contributions | Contributions | |||||||||||||||||||||||
Three Months Ended March 31, 2022 | Anticipated for 2022 | Anticipated for 2023 | Nine Months Ended September 30, 2022 | Anticipated for 2022 | Anticipated for 2023 | |||||||||||||||||||||||
Defined Benefit Pension Plan | Defined Benefit Pension Plan | $ | — | $ | 3,900 | $ | 3,200 | Defined Benefit Pension Plan | $ | — | $ | — | $ | — | ||||||||||||||
Non-pension Defined Benefit Postretirement Healthcare Plan | Non-pension Defined Benefit Postretirement Healthcare Plan | $ | 1,276 | $ | 3,828 | $ | 4,761 | Non-pension Defined Benefit Postretirement Healthcare Plan | $ | 3,828 | $ | 1,276 | $ | 5,062 | ||||||||||||||
Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | $ | 539 | $ | 1,617 | $ | 2,215 | Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | $ | 1,617 | $ | 539 | $ | 2,224 |
Total assets (net of intercompany eliminations) as of: | March 31, 2022 | December 31, 2021 | |||||||||
Electric Utilities | $ | 3,804,335 | $ | 3,796,662 | |||||||
Gas Utilities | 5,232,594 | 5,246,370 | |||||||||
Corporate and Other | 93,725 | 88,864 | |||||||||
Total assets | $ | 9,130,654 | $ | 9,131,896 |
Three Months Ended March 31, 2022 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | ||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | ||||||||||||||||||||
Segment: | |||||||||||||||||||||||
Electric Utilities | $ | 202,739 | $ | 870 | $ | 2,929 | $ | — | $ | 206,538 | |||||||||||||
Gas Utilities | 619,030 | 931 | 1,319 | 112 | 621,392 | ||||||||||||||||||
Inter-company eliminations | — | — | (4,248) | (112) | (4,360) | ||||||||||||||||||
Total | $ | 821,769 | $ | 1,801 | $ | — | $ | — | $ | 823,570 |
Three Months Ended March 31, 2021 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | ||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | ||||||||||||||||||||
Segment: | |||||||||||||||||||||||
Electric Utilities | $ | 231,718 | $ | 807 | $ | 2,879 | $ | — | $ | 235,404 | |||||||||||||
Gas Utilities | 398,499 | 2,408 | 1,520 | 92 | 402,519 | ||||||||||||||||||
Inter-company eliminations | — | — | (4,399) | (92) | (4,491) | ||||||||||||||||||
Total | $ | 630,217 | $ | 3,215 | $ | — | $ | — | $ | 633,432 |
Total assets (net of intercompany eliminations) as of: | September 30, 2022 | December 31, 2021 | |||||||||
Electric Utilities | $ | 3,889,596 | $ | 3,796,662 | |||||||
Gas Utilities | 5,330,209 | 5,246,370 | |||||||||
Corporate and Other | 102,489 | 88,864 | |||||||||
Total assets | $ | 9,322,294 | $ | 9,131,896 |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Operating income (loss): | ||||||||||||||
Electric Utilities | $ | 50,746 | $ | 39,343 | ||||||||||
Gas Utilities | 123,540 | 102,094 | ||||||||||||
Corporate and Other | (933) | (3,122) | ||||||||||||
Operating income | 173,353 | 138,315 | ||||||||||||
Interest expense, net | (38,545) | (37,600) | ||||||||||||
Other income, net | 704 | 266 | ||||||||||||
Income tax expense | (14,488) | (494) | ||||||||||||
Net income | 121,024 | 100,487 | ||||||||||||
Net income attributable to non-controlling interest | (3,498) | (4,171) | ||||||||||||
Net income available for common stock | $ | 117,526 | $ | 96,316 |
Three Months Ended September 30, 2022 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | ||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | ||||||||||||||||||||
Segment: | |||||||||||||||||||||||
Electric Utilities | $ | 254,917 | $ | 824 | $ | 2,928 | $ | — | $ | 258,669 | |||||||||||||
Gas Utilities | 205,951 | 920 | 1,319 | 98 | 208,288 | ||||||||||||||||||
Inter-company eliminations | — | — | (4,247) | (98) | (4,345) | ||||||||||||||||||
Total | $ | 460,868 | $ | 1,744 | $ | — | $ | — | $ | 462,612 |
Three Months Ended September 30, 2021 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | ||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | ||||||||||||||||||||
Segment: | |||||||||||||||||||||||
Electric Utilities | $ | 216,676 | $ | 850 | $ | 2,878 | $ | — | $ | 220,404 | |||||||||||||
Gas Utilities | 161,977 | 1,087 | 1,520 | 99 | 164,683 | ||||||||||||||||||
Inter-company eliminations | — | — | (4,398) | (99) | (4,497) | ||||||||||||||||||
Total | $ | 378,653 | $ | 1,937 | $ | — | $ | — | $ | 380,590 |
Nine Months Ended September 30, 2022 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | ||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | ||||||||||||||||||||
Segment: | |||||||||||||||||||||||
Electric Utilities | $ | 656,036 | $ | 4,764 | $ | 8,786 | $ | — | $ | 669,586 | |||||||||||||
Gas Utilities | 1,096,925 | 2,652 | 3,957 | 315 | 1,103,849 | ||||||||||||||||||
Inter-company eliminations | — | — | (12,743) | (315) | (13,058) | ||||||||||||||||||
Total | $ | 1,752,961 | $ | 7,416 | $ | — | $ | — | $ | 1,760,377 |
Nine Months Ended September 30, 2021 | External Operating Revenue | Inter-company Operating Revenue | Total Revenues | ||||||||||||||||||||
Contract Customers | Other Revenues | Contract Customers | Other Revenues | ||||||||||||||||||||
Segment: | |||||||||||||||||||||||
Electric Utilities | $ | 633,630 | $ | 4,556 | $ | 8,638 | $ | — | $ | 646,824 | |||||||||||||
Gas Utilities | 743,663 | 4,745 | 4,559 | 285 | 753,252 | ||||||||||||||||||
Inter-company eliminations | — | — | (13,197) | (285) | (13,482) | ||||||||||||||||||
Total | $ | 1,377,293 | $ | 9,301 | $ | — | $ | — | $ | 1,386,594 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||
Operating income (loss): | ||||||||||||||
Electric Utilities | $ | 69,483 | $ | 72,840 | $ | 165,455 | $ | 159,645 | ||||||
Gas Utilities | 10,583 | 17,257 | 162,318 | 139,336 | ||||||||||
Corporate and Other | (587) | (224) | (2,552) | (3,527) | ||||||||||
Operating income | 79,479 | 89,873 | 325,221 | 295,454 | ||||||||||
Interest expense, net | (40,019) | (38,018) | (117,328) | (113,820) | ||||||||||
Other income, net | 464 | 1,560 | 2,731 | 1,635 | ||||||||||
Income tax (expense) | (2,090) | (5,253) | (15,920) | (6,333) | ||||||||||
Net income | 37,834 | 48,162 | 194,704 | 176,936 | ||||||||||
Net income attributable to non-controlling interest | (2,861) | (4,050) | (8,790) | (11,347) | ||||||||||
Net income available for common stock | $ | 34,973 | $ | 44,112 | $ | 185,914 | $ | 165,589 |
March 31, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Billed Accounts Receivable | Billed Accounts Receivable | $ | 257,982 | $ | 181,027 | Billed Accounts Receivable | $ | 168,757 | $ | 181,027 | ||||||||||||
Unbilled Revenue | Unbilled Revenue | 130,294 | 142,738 | Unbilled Revenue | 82,925 | 142,738 | ||||||||||||||||
Less: Allowance for Credit Losses | Less: Allowance for Credit Losses | (4,486) | (2,113) | Less: Allowance for Credit Losses | (1,935) | (2,113) | ||||||||||||||||
Accounts Receivable, net | Accounts Receivable, net | $ | 383,790 | $ | 321,652 | Accounts Receivable, net | $ | 249,747 | $ | 321,652 |
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 September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | $ | 2,113 | $ | 3,416 | $ | 655 | $ | (1,698) | $ | 4,486 | 2022 | $ | 2,113 | $ | 6,473 | $ | 2,117 | $ | (8,768) | $ | 1,935 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | $ | 7,003 | $ | 1,877 | $ | 1,014 | $ | (1,643) | $ | 8,251 | 2021 | $ | 7,003 | $ | 1,111 | $ | 2,420 | $ | (8,222) | $ | 2,312 |
March 31, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | ||||||||||||||||
Materials and supplies | Materials and supplies | $ | 92,224 | $ | 86,400 | Materials and supplies | $ | 95,390 | $ | 86,400 | |||||||||
Fuel - Electric Utilities | Fuel - Electric Utilities | 1,459 | 1,267 | Fuel - Electric Utilities | 1,362 | 1,267 | |||||||||||||
Natural gas in storage | Natural gas in storage | 14,549 | 63,312 | Natural gas in storage | 126,410 | 63,312 | |||||||||||||
Total materials, supplies and fuel | Total materials, supplies and fuel | $ | 108,232 | $ | 150,979 | Total materials, supplies and fuel | $ | 223,162 | $ | 150,979 |
March 31, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | ||||||||||||||||
Accrued employee compensation, benefits and withholdings | Accrued employee compensation, benefits and withholdings | $ | 51,032 | $ | 74,387 | Accrued employee compensation, benefits and withholdings | $ | 64,855 | $ | 74,387 | |||||||||
Accrued property taxes | Accrued property taxes | 53,389 | 50,874 | Accrued property taxes | 46,513 | 50,874 | |||||||||||||
Customer deposits and prepayments | Customer deposits and prepayments | 39,543 | 48,814 | Customer deposits and prepayments | 44,254 | 48,814 | |||||||||||||
Accrued interest | Accrued interest | 46,396 | 33,680 | Accrued interest | 46,408 | 33,680 | |||||||||||||
Other (none of which is individually significant) | Other (none of which is individually significant) | 36,849 | 37,004 | Other (none of which is individually significant) | 48,805 | 37,004 | |||||||||||||
Total accrued liabilities | Total accrued liabilities | $ | 227,209 | $ | 244,759 | Total accrued liabilities | $ | 250,835 | $ | 244,759 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||
Operating income (loss): | ||||||||||||||||||||
Electric Utilities | $ | 69,483 | $ | 72,840 | $ | 165,455 | $ | 159,645 | ||||||||||||
Gas Utilities | 10,583 | 17,257 | 162,318 | 139,336 | ||||||||||||||||
Corporate and Other | (587) | (224) | (2,552) | (3,527) | ||||||||||||||||
Operating income | 79,479 | 89,873 | 325,221 | 295,454 | ||||||||||||||||
Interest expense, net | (40,019) | (38,018) | (117,328) | (113,820) | ||||||||||||||||
Other income, net | 464 | 1,560 | 2,731 | 1,635 | ||||||||||||||||
Income tax (expense) | (2,090) | (5,253) | (15,920) | (6,333) | ||||||||||||||||
Net income | 37,834 | 48,162 | 194,704 | 176,936 | ||||||||||||||||
Net income attributable to non-controlling interest | (2,861) | (4,050) | (8,790) | (11,347) | ||||||||||||||||
Net income available for common stock | $ | 34,973 | $ | 44,112 | $ | 185,914 | $ | 165,589 | ||||||||||||
Total earnings per share of common stock, Diluted | $ | 0.54 | $ | 0.70 | $ | 2.86 | $ | 2.63 |
Three Months Ended March 31, | ||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||
Operating income (loss): | ||||||||||||||||||||
Electric Utilities | $ | 50,746 | $ | 39,343 | ||||||||||||||||
Gas Utilities | 123,540 | 102,094 | ||||||||||||||||||
Corporate and Other | (933) | (3,122) | ||||||||||||||||||
Operating income | 173,353 | 138,315 | ||||||||||||||||||
Interest expense, net | (38,545) | (37,600) | ||||||||||||||||||
Other income, net | 704 | 266 | ||||||||||||||||||
Income tax expense | (14,488) | (494) | ||||||||||||||||||
Net income | 121,024 | 100,487 | ||||||||||||||||||
Net income attributable to non-controlling interest | (3,498) | (4,171) | ||||||||||||||||||
Net income available for common stock | $ | 117,526 | $ | 96,316 | ||||||||||||||||
Total earnings per share of common stock, Diluted | $ | 1.82 | $ | 1.54 |
Three Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Variance | 2022 | 2021 | Variance | 2022 | 2021 | Variance | ||||||||||||||||||||||||||||||||
Revenue: | Revenue: | Revenue: | ||||||||||||||||||||||||||||||||||||||
Electric - regulated | Electric - regulated | $ | 195,725 | $ | 223,096 | $ | (27,371) | Electric - regulated | $ | 245,269 | $ | 210,053 | $ | 35,216 | $ | 635,190 | $ | 614,652 | $ | 20,538 | ||||||||||||||||||||
Other - non-regulated | Other - non-regulated | 10,813 | 12,308 | (1,495) | Other - non-regulated | 13,401 | 10,351 | 3,050 | 34,396 | 32,172 | 2,224 | |||||||||||||||||||||||||||||
Total revenue | Total revenue | 206,538 | 235,404 | (28,866) | Total revenue | 258,669 | 220,404 | 38,265 | 669,586 | 646,824 | 22,762 | |||||||||||||||||||||||||||||
Cost of fuel and purchased power: | Cost of fuel and purchased power: | Cost of fuel and purchased power: | ||||||||||||||||||||||||||||||||||||||
Electric - regulated | Electric - regulated | 51,479 | 99,469 | (47,990) | Electric - regulated | 84,309 | 50,238 | 34,071 | 191,511 | 194,314 | (2,803) | |||||||||||||||||||||||||||||
Other - non-regulated | Other - non-regulated | 931 | 830 | 101 | Other - non-regulated | 1,644 | 893 | 751 | 3,484 | 2,679 | 805 | |||||||||||||||||||||||||||||
Total cost of fuel and purchased power | Total cost of fuel and purchased power | 52,410 | 100,299 | (47,889) | Total cost of fuel and purchased power | 85,953 | 51,131 | 34,822 | 194,995 | 196,993 | (1,998) | |||||||||||||||||||||||||||||
Electric Utility margin (non-GAAP) | Electric Utility margin (non-GAAP) | 154,128 | 135,105 | 19,023 | Electric Utility margin (non-GAAP) | 172,716 | 169,273 | 3,443 | 474,591 | 449,831 | 24,760 | |||||||||||||||||||||||||||||
Operations and maintenance | Operations and maintenance | 69,669 | 63,734 | 5,935 | Operations and maintenance | 68,896 | 63,472 | 5,424 | 207,565 | 192,507 | 15,058 | |||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 33,713 | 32,028 | 1,685 | Depreciation and amortization | 34,337 | 32,961 | 1,376 | 101,571 | 97,679 | 3,892 | |||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 103,382 | 95,762 | 7,620 | Total operating expenses | 103,233 | 96,433 | 6,800 | 309,136 | 290,186 | 18,950 | |||||||||||||||||||||||||||||
Operating income | Operating income | $ | 50,746 | $ | 39,343 | $ | 11,403 | Operating income | $ | 69,483 | $ | 72,840 | $ | (3,357) | $ | 165,455 | $ | 159,645 | $ | 5,810 |
(in millions) | |||||
New rates and rider recovery | $ | 3.9 | |||
Transmission services and off-system excess energy sales | 1.7 | ||||
Integrated Generation (a) | 0.7 | ||||
Lower pricing on new Wygen I PPA | |||||
Other | |||||
Total increase in Electric Utility margin | $ |
(in millions) | |||||
New rates and rider recovery | $ | 10.5 | |||
Prior year TCJA-related bill credits (a) | 9.3 | ||||
Transmission services and off-system excess energy sales | 4.4 | ||||
Prior year mark-to-market on wholesale energy contracts | 2.6 | ||||
Integrated Generation (b) | 1.8 | ||||
Prior year Winter Storm Uri impacts (c) | 1.2 | ||||
Weather | 0.8 | ||||
Lower pricing on new Wygen I PPA | (7.9) | ||||
Other | 2.1 | ||||
Total increase in Electric Utility margin | $ | 24.8 |
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 September 30, | Nine Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | $ | 62,249 | $ | 72,760 | 391,582 | 396,086 | Residential | $ | 72,115 | $ | 66,138 | $ | 187,217 | $ | 192,349 | 421,782 | 419,001 | 1,137,139 | 1,150,150 | ||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 64,353 | 77,007 | 490,418 | 492,955 | Commercial | 77,314 | 70,696 | 210,423 | 214,512 | 581,239 | 576,037 | 1,581,487 | 1,570,455 | ||||||||||||||||||||||||||||||||||||||||||||
Industrial | Industrial | 35,408 | 43,009 | 463,768 | 415,191 | Industrial | 47,090 | 37,323 | 120,688 | 115,518 | 483,223 | 459,076 | 1,411,919 | 1,316,060 | ||||||||||||||||||||||||||||||||||||||||||||
Municipal | Municipal | 4,575 | 5,020 | 35,305 | 36,242 | Municipal | 6,093 | 5,069 | 15,660 | 14,471 | 46,745 | 47,515 | 122,290 | 123,620 | ||||||||||||||||||||||||||||||||||||||||||||
Subtotal Retail Revenue - Electric | Subtotal Retail Revenue - Electric | 166,585 | 197,796 | 1,381,073 | 1,340,474 | Subtotal Retail Revenue - Electric | 202,612 | 179,226 | 533,989 | 536,850 | 1,532,989 | 1,501,629 | 4,252,835 | 4,160,285 | ||||||||||||||||||||||||||||||||||||||||||||
Contract Wholesale | Contract Wholesale | 5,923 | 5,922 | 182,207 | 156,995 | Contract Wholesale | 8,378 | 3,855 | 18,639 | 12,787 | 160,070 | 129,221 | 492,922 | 415,979 | ||||||||||||||||||||||||||||||||||||||||||||
Off-system/Power Marketing Wholesale | Off-system/Power Marketing Wholesale | 7,154 | 4,772 | 160,441 | 60,221 | Off-system/Power Marketing Wholesale | 16,769 | 13,511 | 32,590 | 25,549 | 131,469 | 120,224 | 436,335 | 329,426 | ||||||||||||||||||||||||||||||||||||||||||||
Other (a) | Other (a) | 16,063 | 14,606 | — | — | Other (a) | 17,509 | 13,461 | 49,972 | 39,466 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total Regulated | Total Regulated | 195,725 | 223,096 | 1,723,721 | 1,557,690 | Total Regulated | 245,269 | 210,053 | 635,190 | 614,652 | 1,824,528 | 1,751,074 | 5,182,092 | 4,905,690 | ||||||||||||||||||||||||||||||||||||||||||||
Non-Regulated (b) | Non-Regulated (b) | 10,813 | 12,308 | 89,094 | 79,515 | Non-Regulated (b) | 13,401 | 10,351 | 34,396 | 32,172 | 59,745 | 56,583 | 221,609 | 197,506 | ||||||||||||||||||||||||||||||||||||||||||||
Total Revenue and Quantities Sold | Total Revenue and Quantities Sold | $ | 206,538 | $ | 235,404 | 1,812,815 | 1,637,205 | Total Revenue and Quantities Sold | $ | 258,669 | $ | 220,404 | $ | 669,586 | $ | 646,824 | 1,884,273 | 1,807,657 | 5,403,701 | 5,103,196 | ||||||||||||||||||||||||||||||||||||||
Other Uses, Losses or Generation, net (c) | Other Uses, Losses or Generation, net (c) | 113,286 | 132,748 | Other Uses, Losses or Generation, net (c) | 125,613 | 139,521 | 337,222 | 367,201 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Energy | Total Energy | 1,926,101 | 1,769,953 | Total Energy | 2,009,886 | 1,947,178 | 5,740,923 | 5,470,397 |
Revenue (in thousands) | Quantities Sold (MWh) | |||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Colorado Electric | $ | 75,445 | $ | 79,437 | 619,588 | 553,980 | ||||||||||||||||||||
South Dakota Electric | 78,597 | 94,129 | 644,223 | 581,848 | ||||||||||||||||||||||
Wyoming Electric | 42,089 | 49,950 | 459,910 | 421,862 | ||||||||||||||||||||||
Integrated Generation | 10,407 | 11,888 | 89,094 | 79,515 | ||||||||||||||||||||||
Total Revenue and Quantities Sold | $ | 206,538 | $ | 235,404 | 1,812,815 | 1,637,205 | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||
Quantities Generated and Purchased by Fuel Type (MWh) | 2022 | 2021 | ||||||||||||
Generated: | ||||||||||||||
Coal | 663,438 | 618,134 | ||||||||||||
Natural Gas and Oil | 296,422 | 373,786 | ||||||||||||
Wind | 253,568 | 213,847 | ||||||||||||
Total Generated | 1,213,428 | 1,205,767 | ||||||||||||
Purchased: | ||||||||||||||
Coal, Natural Gas, Oil and Other Market Purchases | 588,160 | 464,541 | ||||||||||||
Wind | 124,513 | 99,645 | ||||||||||||
Total Purchased | 712,673 | 564,186 | ||||||||||||
Total Generated and Purchased | 1,926,101 | 1,769,953 |
Revenue (in thousands) | Quantities Sold (MWh) | |||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Colorado Electric | $ | 96,380 | $ | 82,971 | $ | 243,022 | $ | 226,417 | 647,532 | 667,477 | 1,836,010 | 1,817,821 | ||||||||||||||||||||||||||
South Dakota Electric | 94,281 | 80,674 | 249,073 | 247,443 | 684,059 | 630,832 | 1,928,454 | 1,794,308 | ||||||||||||||||||||||||||||||
Wyoming Electric | 55,058 | 46,813 | 144,293 | 142,364 | 492,938 | 452,765 | 1,417,629 | 1,293,561 | ||||||||||||||||||||||||||||||
Integrated Generation | 12,950 | 9,946 | 33,198 | 30,600 | 59,744 | 56,583 | 221,608 | 197,506 | ||||||||||||||||||||||||||||||
Total Revenue and Quantities Sold | $ | 258,669 | $ | 220,404 | $ | 669,586 | $ | 646,824 | 1,884,273 | 1,807,657 | 5,403,701 | 5,103,196 | ||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||
Quantities Generated and Purchased (MWh) | 2022 | 2021 | ||||||||||||
Generated: | ||||||||||||||
Colorado Electric | 85,431 | 90,256 | ||||||||||||
South Dakota Electric | 455,605 | 468,816 | ||||||||||||
Wyoming Electric | 204,598 | 173,990 | ||||||||||||
Integrated Generation | 467,794 | 472,704 | ||||||||||||
Total Generated | 1,213,428 | 1,205,766 | ||||||||||||
Purchased: | ||||||||||||||
Colorado Electric | 300,397 | 220,245 | ||||||||||||
South Dakota Electric | 197,063 | 142,002 | ||||||||||||
Wyoming Electric | 190,805 | 172,425 | ||||||||||||
Integrated Generation | 24,408 | 29,515 | ||||||||||||
Total Purchased | 712,673 | 564,187 | ||||||||||||
Total Generated and Purchased | 1,926,101 | 1,769,953 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
Quantities Generated and Purchased by Fuel Type (MWh) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Generated: | ||||||||||||||
Coal | 736,181 | 711,148 | 1,989,057 | 1,953,104 | ||||||||||
Natural Gas and Oil | 457,790 | 508,170 | 1,016,369 | 1,259,111 | ||||||||||
Wind | 143,278 | 162,924 | 641,302 | 572,507 | ||||||||||
Total Generated | 1,337,249 | 1,382,242 | 3,646,728 | 3,784,722 | ||||||||||
Purchased: | ||||||||||||||
Coal, Natural Gas, Oil and Other Market Purchases | 609,699 | 495,905 | 1,805,904 | 1,441,792 | ||||||||||
Wind | 62,938 | 69,031 | 288,291 | 243,883 | ||||||||||
Total Purchased | 672,637 | 564,936 | 2,094,195 | 1,685,675 | ||||||||||
Total Generated and Purchased | 2,009,886 | 1,947,178 | 5,740,923 | 5,470,397 |
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Degree Days | Actual | Variance from Normal | Actual | Variance from Normal | |||||||||||||||||||
Heating Degree Days | |||||||||||||||||||||||
Colorado Electric | 2,715 | 8 | % | 2,731 | 3 | % | |||||||||||||||||
South Dakota Electric | 3,248 | (1) | % | 3,324 | 3 | % | |||||||||||||||||
Wyoming Electric | 3,132 | 4 | % | 3,261 | 8 | % | |||||||||||||||||
Combined (a) | 2,981 | 4 | % | 3,040 | 4 | % | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
Quantities Generated and Purchased (MWh) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Generated: | ||||||||||||||
Colorado Electric | 127,090 | 150,646 | 324,638 | 351,723 | ||||||||||
South Dakota Electric | 510,443 | 538,632 | 1,333,984 | 1,450,113 | ||||||||||
Wyoming Electric | 236,761 | 221,845 | 667,079 | 618,375 | ||||||||||
Integrated Generation | 462,955 | 471,119 | 1,321,027 | 1,364,511 | ||||||||||
Total Generated | 1,337,249 | 1,382,242 | 3,646,728 | 3,784,722 | ||||||||||
Purchased: | ||||||||||||||
Colorado Electric | 251,076 | 244,613 | 807,442 | 716,506 | ||||||||||
South Dakota Electric | 221,872 | 150,269 | 667,560 | 446,904 | ||||||||||
Wyoming Electric | 174,946 | 146,489 | 551,683 | 454,091 | ||||||||||
Integrated Generation | 24,743 | 23,565 | 67,510 | 68,174 | ||||||||||
Total Purchased | 672,637 | 564,936 | 2,094,195 | 1,685,675 | ||||||||||
Total Generated and Purchased | 2,009,886 | 1,947,178 | 5,740,923 | 5,470,397 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Degree Days | Actual | Variance from Normal | Actual | Variance from Normal | Actual | Variance from Normal | Actual | Variance from Normal | |||||||||||||||||||||
Heating Degree Days: | |||||||||||||||||||||||||||||
Colorado Electric | 25 | (66) | % | 22 | (78) | % | 3,296 | 4 | % | 3,348 | (1) | % | |||||||||||||||||
South Dakota Electric | 91 | (57) | % | 90 | (60) | % | 4,560 | — | % | 4,462 | — | % | |||||||||||||||||
Wyoming Electric | 119 | (60) | % | 112 | (62) | % | 4,410 | (2) | % | 4,594 | 2 | % | |||||||||||||||||
Combined (a) | 66 | (60) | % | 63 | (65) | % | 3,952 | 1 | % | 3,979 | — | % | |||||||||||||||||
Cooling Degree Days: | |||||||||||||||||||||||||||||
Colorado Electric | 1,028 | 28 | % | 942 | 38 | % | 1,361 | 27 | % | 1,242 | 39 | % | |||||||||||||||||
South Dakota Electric | 707 | 38 | % | 649 | 22 | % | 814 | 35 | % | 816 | 29 | % | |||||||||||||||||
Wyoming Electric | 580 | 72 | % | 487 | 63 | % | 701 | 77 | % | 604 | 74 | % | |||||||||||||||||
Combined (a) | 828 | 36 | % | 751 | 35 | % | 1,041 | 34 | % | 968 | 39 | % |
Three Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
Contracted generating facilities Availability by fuel type (a) | Contracted generating facilities Availability by fuel type (a) | 2022 | 2021 | Contracted generating facilities Availability by fuel type (a) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Coal (b) | 90.6 | % | 86.2 | % | ||||||||||||||||||||||||
Coal (b) (c) | Coal (b) (c) | 96.5 | % | 94.4 | % | 89.7 | % | 88.9 | % | |||||||||||||||||||
Natural gas and diesel oil | Natural gas and diesel oil | 95.3 | % | 90.0 | % | Natural gas and diesel oil | 97.0 | % | 97.4 | % | 95.8 | % | 95.0 | % | ||||||||||||||
Wind | Wind | 95.6 | % | 93.8 | % | Wind | 94.4 | % | 96.5 | % | 94.6 | % | 95.7 | % | ||||||||||||||
Total Availability | Total Availability | 94.1 | % | 89.8 | % | Total Availability | 96.4 | % | 96.4 | % | 94.0 | % | 93.5 | % | ||||||||||||||
Wind Capacity Factor | Wind Capacity Factor | 42.0 | % | 37.2 | % | Wind Capacity Factor | 22.9 | % | 26.8 | % | 34.7 | % | 30.9 | % |
Three Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Variance | 2022 | 2021 | Variance | 2022 | 2021 | Variance | ||||||||||||||||||||||||||||||||
Revenue: | Revenue: | Revenue: | ||||||||||||||||||||||||||||||||||||||
Natural gas - regulated | Natural gas - regulated | $ | 596,458 | $ | 378,077 | $ | 218,381 | Natural gas - regulated | $ | 192,104 | $ | 150,075 | $ | 42,029 | $ | 1,046,910 | $ | 700,617 | $ | 346,293 | ||||||||||||||||||||
Other - non-regulated | Other - non-regulated | 24,934 | 24,442 | 492 | Other - non-regulated | 16,184 | 14,608 | 1,576 | 56,938 | 52,635 | 4,303 | |||||||||||||||||||||||||||||
Total revenue | Total revenue | 621,392 | 402,519 | 218,873 | Total revenue | 208,288 | 164,683 | 43,605 | 1,103,849 | 753,252 | 350,597 | |||||||||||||||||||||||||||||
Cost of natural gas sold: | Cost of natural gas sold: | Cost of natural gas sold: | ||||||||||||||||||||||||||||||||||||||
Natural gas - regulated | Natural gas - regulated | 383,712 | 182,967 | 200,745 | Natural gas - regulated | 77,590 | 43,884 | 33,706 | 588,007 | 289,168 | 298,839 | |||||||||||||||||||||||||||||
Other - non-regulated | Other - non-regulated | 1,015 | 10,083 | (9,068) | Other - non-regulated | 5,187 | (750) | 5,937 | 11,242 | 10,131 | 1,111 | |||||||||||||||||||||||||||||
Total cost of natural gas sold | Total cost of natural gas sold | 384,727 | 193,050 | 191,677 | Total cost of natural gas sold | 82,778 | 43,134 | 39,644 | 599,249 | 299,299 | 299,950 | |||||||||||||||||||||||||||||
Gas Utility margin (non-GAAP) | Gas Utility margin (non-GAAP) | 236,665 | 209,469 | 27,196 | Gas Utility margin (non-GAAP) | 125,510 | 121,549 | 3,961 | 504,600 | 453,953 | 50,647 | |||||||||||||||||||||||||||||
Operations and maintenance | Operations and maintenance | 86,441 | 82,200 | 4,241 | Operations and maintenance | 85,311 | 78,161 | 7,150 | 255,441 | 237,624 | 17,817 | |||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 26,684 | 25,175 | 1,509 | Depreciation and amortization | 29,616 | 26,131 | 3,485 | 86,841 | 76,993 | 9,848 | |||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 113,125 | 107,375 | 5,750 | Total operating expenses | 114,927 | 104,292 | 10,635 | 342,282 | 314,617 | 27,665 | |||||||||||||||||||||||||||||
Operating income | Operating income | $ | 123,540 | $ | 102,094 | $ | 21,446 | Operating income | $ | 10,583 | $ | 17,257 | $ | (6,674) | $ | 162,318 | $ | 139,336 | $ | 22,982 |
(in millions) | ||||||
Weather (a) | $ | 4.4 | ||||
New rates and rider recovery | ||||||
Mark-to-market on non-utility natural gas commodity contracts | ||||||
Other | ||||||
Total increase in Gas Utility margin | $ |
(in millions) | |||||
New rates and rider recovery | $ | 21.0 | |||
Carrying costs on Winter Storm Uri regulatory asset (a) | 16.5 | ||||
Prior year Black Hills Energy Services Winter Storm Uri costs (b) | 8.2 | ||||
Customer growth and increased usage per customer | 4.8 | ||||
Weather (c) | 3.4 | ||||
Increased transportation and transmission volumes | 1.1 | ||||
Current and prior year TCJA-related bill credits (d) | 0.8 | ||||
Mark-to-market on non-utility natural gas commodity contracts | (3.4) | ||||
Other | (1.8) | ||||
Total increase in Gas Utility margin | $ | 50.6 |
Revenue (in thousands) | Quantities Sold and Transported (Dth) | ||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Residential | $ | 376,044 | $ | 234,397 | 31,814,250 | 30,568,738 | |||||||||||||||||||||||
Commercial | 158,642 | 91,089 | 14,631,703 | 13,812,321 | |||||||||||||||||||||||||
Industrial | 9,238 | 4,902 | 1,164,583 | 898,289 | |||||||||||||||||||||||||
Other | 2,772 | (472) | — | — | |||||||||||||||||||||||||
Total Distribution | 546,696 | 329,916 | 47,610,536 | 45,279,348 | |||||||||||||||||||||||||
Transportation and Transmission | 49,762 | 48,161 | 45,045,203 | 45,314,438 | |||||||||||||||||||||||||
Total Regulated | 596,458 | 378,077 | 92,655,739 | 90,593,786 | |||||||||||||||||||||||||
Non-regulated Services | 24,934 | 24,442 | — | — | |||||||||||||||||||||||||
Total Revenue and Quantities Sold | $ | 621,392 | $ | 402,519 | 92,655,739 | 90,593,786 |
Revenue (in thousands) | Quantities Sold and Transported (Dth) | ||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Residential | $ | 85,398 | $ | 68,646 | $ | 604,568 | $ | 401,413 | 3,572,971 | 3,564,722 | 43,910,976 | 42,708,511 | |||||||||||||||||
Commercial | 36,819 | 27,038 | 256,643 | 155,015 | 2,374,179 | 2,426,019 | 21,505,127 | 20,732,271 | |||||||||||||||||||||
Industrial | 26,155 | 13,863 | 52,268 | 24,576 | 3,153,641 | 2,873,540 | 6,468,756 | 5,109,501 | |||||||||||||||||||||
Other | 2,566 | 2,706 | 7,638 | 1,816 | — | — | — | — | |||||||||||||||||||||
Total Distribution | 150,937 | 112,253 | 921,117 | 582,820 | 9,100,791 | 8,864,281 | 71,884,859 | 68,550,283 | |||||||||||||||||||||
Transportation and Transmission | 41,166 | 37,822 | 125,794 | 117,797 | 35,302,591 | 34,735,601 | 117,971,404 | 114,124,253 | |||||||||||||||||||||
Total Regulated | 192,104 | 150,075 | 1,046,910 | 700,617 | 44,403,382 | 43,599,882 | 189,856,263 | 182,674,536 | |||||||||||||||||||||
Non-regulated Services | 16,184 | 14,608 | 56,938 | 52,635 | — | — | — | — | |||||||||||||||||||||
Total Revenue and Quantities Sold | $ | 208,288 | $ | 164,683 | $ | 1,103,849 | $ | 753,252 | 44,403,382 | 43,599,882 | 189,856,263 | 182,674,536 | |||||||||||||||||
Revenue (in thousands) | Quantities Sold and Transported (Dth) | Revenue (in thousands) | Quantities Sold & Transported (Dth) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Arkansas Gas | Arkansas Gas | $ | 127,809 | $ | 86,994 | 12,927,736 | 13,306,734 | Arkansas Gas | $ | 30,663 | $ | 25,188 | $ | 210,287 | $ | 145,176 | 4,396,388 | 4,319,944 | 22,769,574 | 23,345,095 | ||||||||||||||||||||||||||||||||||||||
Colorado Gas | Colorado Gas | 120,053 | 79,122 | 13,418,684 | 13,366,015 | Colorado Gas | 32,239 | 22,452 | 202,620 | 135,764 | 3,408,420 | 3,798,587 | 23,192,881 | 23,121,887 | ||||||||||||||||||||||||||||||||||||||||||||
Iowa Gas | Iowa Gas | 120,579 | 56,754 | 15,376,182 | 14,313,973 | Iowa Gas | 24,580 | 22,015 | 187,209 | 108,600 | 5,103,212 | 5,810,932 | 28,658,007 | 27,141,518 | ||||||||||||||||||||||||||||||||||||||||||||
Kansas Gas | Kansas Gas | 58,851 | 40,063 | 10,989,067 | 10,462,797 | Kansas Gas | 38,029 | 25,972 | 132,362 | 87,198 | 9,202,701 | 9,075,960 | 28,954,575 | 26,694,184 | ||||||||||||||||||||||||||||||||||||||||||||
Nebraska Gas | Nebraska Gas | 134,234 | 93,098 | 27,335,774 | 27,284,101 | Nebraska Gas | 61,588 | 51,538 | 258,159 | 187,673 | 17,237,325 | 16,174,821 | 61,287,579 | 59,281,802 | ||||||||||||||||||||||||||||||||||||||||||||
Wyoming Gas | Wyoming Gas | 59,866 | 46,488 | 12,608,296 | 11,860,166 | Wyoming Gas | 21,189 | 17,518 | 113,212 | 88,841 | 5,055,336 | 4,419,638 | 24,993,647 | 23,090,050 | ||||||||||||||||||||||||||||||||||||||||||||
Total Revenue and Quantities Sold | Total Revenue and Quantities Sold | $ | 621,392 | $ | 402,519 | 92,655,739 | 90,593,786 | Total Revenue and Quantities Sold | $ | 208,288 | $ | 164,683 | $ | 1,103,849 | $ | 753,252 | 44,403,382 | 43,599,882 | 189,856,263 | 182,674,536 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||
Heating Degree Days: | Actual | Variance from Normal | Actual | Variance from Normal | |||||||||||||||||||||||||
Arkansas Gas (a) | 2,099 | —% | 2,121 | 1% | |||||||||||||||||||||||||
Colorado Gas | 2,946 | 1% | 2,965 | 1% | |||||||||||||||||||||||||
Iowa Gas | 3,579 | 6% | 3,422 | 1% | |||||||||||||||||||||||||
Kansas Gas (a) | 2,584 | 5% | 2,576 | 5% | |||||||||||||||||||||||||
Nebraska Gas | 3,041 | —% | 3,097 | 2% | |||||||||||||||||||||||||
Wyoming Gas | 3,272 | 3% | 3,425 | 7% | |||||||||||||||||||||||||
Combined Gas (b) | 3,165 | 2% | 3,186 | 3% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Heating Degree Days | Actual | Variance from Normal | Actual | Variance from Normal | Actual | Variance from Normal | Actual | Variance from Normal | |||||||||||||||||||||
Arkansas Gas (a) | 16 | (63)% | 11 | (74)% | 2,386 | (4)% | 2,515 | 1% | |||||||||||||||||||||
Colorado Gas | 84 | (61)% | 92 | (51)% | 3,847 | (6)% | 3,922 | (4)% | |||||||||||||||||||||
Iowa Gas | 92 | (34)% | 42 | (70)% | 4,474 | 7% | 4,155 | (1)% | |||||||||||||||||||||
Kansas Gas (a) | 23 | (58)% | 10 | (82)% | 3,043 | 3% | 3,079 | 4% | |||||||||||||||||||||
Nebraska Gas | 48 | (56)% | 33 | (70)% | 3,768 | —% | 3,754 | (1)% | |||||||||||||||||||||
Wyoming Gas | 140 | (55)% | 153 | (50)% | 4,738 | 1% | 4,778 | 1% | |||||||||||||||||||||
Combined (b) | 70 | (53)% | 53 | (61)% | 4,003 | —% | 3,978 | —% |
Three Months Ended March 31, | ||||||||||||||||||||
2022 | 2021 | Variance | ||||||||||||||||||
Operating (loss) | $ | (933) | $ | (3,122) | $ | 2,189 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2022 | 2021 | Variance | 2022 | 2021 | Variance | |||||||||||||||
Operating (loss) | $ | (587) | $ | (224) | $ | (363) | $ | (2,552) | $ | (3,527) | $ | 975 |
Three Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Variance | 2022 | 2021 | Variance | 2022 | 2021 | Variance | ||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||
Interest expense, net | Interest expense, net | $ | (38,545) | $ | (37,600) | $ | (945) | Interest expense, net | $ | (40,019) | $ | (38,018) | $ | (2,001) | $ | (117,328) | $ | (113,820) | $ | (3,508) | ||||||||||||||||||||
Other income, net | Other income, net | $ | 704 | $ | 266 | $ | 438 | Other income, net | 464 | 1,560 | $ | (1,096) | $ | 2,731 | $ | 1,635 | $ | 1,096 | ||||||||||||||||||||||
Income tax expense | $ | (14,488) | $ | (494) | $ | (13,994) | ||||||||||||||||||||||||||||||||||
Income tax (expense) | Income tax (expense) | (2,090) | (5,253) | $ | 3,163 | $ | (15,920) | $ | (6,333) | $ | (9,587) |
Cash provided by (used in): | Cash provided by (used in): | 2022 | 2021 | Variance | Cash provided by (used in): | 2022 | 2021 | Variance | ||||||||||||||
Operating activities | Operating activities | $ | 264,121 | $ | (386,086) | $ | 650,207 | Operating activities | $ | 494,287 | $ | (144,760) | $ | 639,047 | ||||||||
Investing activities | Investing activities | $ | (137,844) | $ | (146,224) | $ | 8,380 | Investing activities | $ | (466,321) | $ | (484,106) | $ | 17,785 | ||||||||
Financing activities | Financing activities | $ | (118,740) | $ | 539,496 | $ | (658,236) | Financing activities | $ | (24,684) | $ | 633,061 | $ | (657,745) |
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, 2022 | Credit Facility | Expiration | Capacity | September 30, 2022 | ||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||
Revolving Credit Facility and CP Program | Revolving Credit Facility and CP Program | July 19, 2026 | $ | 750 | $ | 341 | $ | 17 | $ | 392 | Revolving Credit Facility and CP Program | July 19, 2026 | $ | 750 | $ | 501 | $ | 20 | $ | 229 |
(dollars in millions) | |||||
Maximum amount outstanding (based on daily outstanding balances) | $ | ||||
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 | ||||
Fitch (b) | A |
Actual | Forecasted | Actual | Forecasted (c) | |||||||||||||||||||||||||||||||||||||||||||
Capital Expenditures by Segment | Capital Expenditures by Segment | Three Months Ended March 31, 2022 (a) | 2022 (b) | 2023 | 2024 | 2025 | 2026 | Capital Expenditures by Segment | Nine Months Ended September 30, 2022 (a) | 2022 (b) | 2023 | 2024 | 2025 | 2026 | ||||||||||||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Electric Utilities | Electric Utilities | $ | 48 | $ | 239 | $ | 205 | $ | 285 | $ | 231 | $ | 155 | Electric Utilities | $ | 180 | $ | 255 | $ | 197 | $ | 348 | $ | 226 | $ | 194 | ||||||||||||||||||||
Gas Utilities | Gas Utilities | 57 | 363 | 383 | 386 | 349 | 346 | Gas Utilities | 255 | 364 | 386 | 452 | 412 | 393 | ||||||||||||||||||||||||||||||||
Corporate and Other | Corporate and Other | 3 | 9 | 12 | 13 | 13 | 13 | Corporate and Other | 7 | 8 | 17 | 19 | 20 | 19 | ||||||||||||||||||||||||||||||||
Incremental Projects | Incremental Projects | — | — | — | — | 60 | 140 | Incremental Projects | — | — | — | — | 45 | 100 | ||||||||||||||||||||||||||||||||
$ | 108 | $ | 611 | $ | 600 | $ | 684 | $ | 653 | $ | 654 | $ | 442 | $ | 627 | $ | 600 | $ | 819 | $ | 703 | $ | 706 |
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, 2022 | 111 | $ | 70.57 | — | — | |||||||||
February 1, 2022 - February 28, 2022 | 12,916 | $ | 66.73 | — | — | |||||||||
March 1, 2022 - March 31, 2022 | 3 | $ | 68.49 | — | — | |||||||||
Total | 13,030 | $ | 66.76 | — | — |
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 | ||||||||||
July 1, 2022 - July 31, 2022 | 2 | $ | 75.59 | — | — | |||||||||
August 1, 2022 - August 31, 2022 | 341 | $ | 74.67 | — | — | |||||||||
September 1, 2022 - September 30, 2022 | 3 | $ | 76.42 | — | — | |||||||||
Total | 346 | $ | 74.69 | — | — |
Exhibit Number | Description | ||||
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: |