Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document and Entity Information [Abstract] | ||
Trading Symbol | BKH | |
Entity Registrant Name | BLACK HILLS CORP /SD/ | |
Entity Central Index Key | 0001130464 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 60,367,972 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Total revenues | $ 597,810 | $ 575,389 |
Operating expenses: | ||
Fuel, purchased power and cost of natural gas sold | 248,779 | 247,639 |
Operations and maintenance | 123,913 | 116,096 |
Depreciation, depletion and amortization | 51,028 | 48,590 |
Taxes - property and production | 13,519 | 13,300 |
Other operating expenses | 440 | 1,490 |
Total operating expenses | 437,679 | 427,115 |
Operating income | 160,131 | 148,274 |
Interest charges - | ||
Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) | (35,974) | (35,438) |
Allowance for funds used during construction - borrowed | 958 | 133 |
Interest income | 299 | 310 |
Allowance for funds used during construction - equity | 48 | 68 |
Other income (expense), net | (837) | (172) |
Total other income (expense) | (35,506) | (35,099) |
Income before income taxes | 124,625 | 113,175 |
Income tax benefit (expense) | (17,263) | 25,802 |
Income from continuing operations | 107,362 | 138,977 |
Net (loss) from discontinued operations | 0 | (2,343) |
Net income | 107,362 | 136,634 |
Net income attributable to noncontrolling interest | (3,554) | (3,630) |
Net income from continuing operations | 103,808 | 135,347 |
Net income available for common stock | $ 103,808 | $ 133,004 |
Earnings Per Share, Basic [Abstract] | ||
Income from continuing operations, Basic (usd per share) | $ 1.73 | $ 2.54 |
(Loss) from discontinued operations, Basic (usd per share) | 0 | (0.05) |
Earnings (loss) per share, Basic (usd per share) | 1.73 | 2.49 |
Earnings Per Share, Diluted [Abstract] | ||
Income from continuing operations, Diluted (usd per share) | 1.73 | 2.50 |
(Loss) from discontinued operations, Diluted (usd per share) | 0 | (0.04) |
Earnings (loss) per share, Diluted (usd per share) | $ 1.73 | $ 2.46 |
Weighted Average Number of Shares Outstanding, Basic and Diluted [Abstract] | ||
Basic (in shares) | 59,920 | 53,319 |
Diluted (in shares) | 60,060 | 54,122 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net income | $ 107,362 | $ 136,634 |
Other comprehensive income (loss), net of tax: | ||
Reclassification adjustments of benefit plan liability - prior service cost | (14) | (35) |
Reclassification adjustments of benefit plan liability - net gain (loss) | 167 | 486 |
Other comprehensive income, net of tax | 457 | 1,260 |
Comprehensive income | 107,819 | 137,894 |
Less: comprehensive income attributable to noncontrolling interest | (3,554) | (3,630) |
Comprehensive income available for common stock | 104,265 | 134,264 |
Interest rate swaps | ||
Other comprehensive income (loss), net of tax: | ||
Reclassification of net realized (gains) losses | 550 | 561 |
Commodity Contract | ||
Other comprehensive income (loss), net of tax: | ||
Reclassification of net realized (gains) losses | (426) | 476 |
Net unrealized gains (losses) | $ 180 | $ (228) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reclassification adjustment of benefit plan - prior service cost, (tax) benefit | $ 5 | $ 10 |
Reclassification adjustment of benefit plan liabilities, (tax) benefit | (53) | (136) |
Interest rate swaps | ||
Reclassification of net realized gains/losses, (tax) benefit | (163) | (152) |
Commodity Contract | ||
Net unrealized gains/losses, (tax) benefit | (54) | 69 |
Reclassification of net realized gains/losses, (tax) benefit | $ 128 | $ (145) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Current assets: | |||
Cash and cash equivalents | $ 12,225 | $ 20,776 | $ 30,947 |
Restricted cash | 3,494 | 3,369 | 2,958 |
Accounts receivable, net | 282,602 | 269,153 | 257,772 |
Materials, supplies and fuel | 87,676 | 117,299 | 82,045 |
Derivative assets, current | 932 | 1,500 | 295 |
Income tax receivable, net | 15,309 | 12,978 | 13,900 |
Regulatory assets, current | 54,303 | 48,776 | 54,492 |
Other current assets | 28,029 | 29,982 | 24,972 |
Current assets held for sale | 0 | 0 | 24,724 |
Total current assets | 484,570 | 503,833 | 492,105 |
Investments | 41,247 | 41,013 | 40,927 |
Property, plant and equipment | 6,127,050 | 6,000,015 | 5,608,539 |
Less: accumulated depreciation and depletion | (1,187,112) | (1,145,136) | (1,048,933) |
Total property, plant and equipment, net | 4,939,938 | 4,854,879 | 4,559,606 |
Other assets: | |||
Goodwill | 1,299,454 | 1,299,454 | 1,299,454 |
Intangible assets, net | 14,136 | 14,337 | 7,357 |
Regulatory assets, non-current | 232,404 | 235,459 | 212,740 |
Other assets, non-current | 25,823 | 14,352 | 14,800 |
Total other assets, non-current | 1,571,817 | 1,563,602 | 1,534,351 |
TOTAL ASSETS | 7,037,572 | 6,963,327 | 6,626,989 |
Current liabilities: | |||
Accounts payable | 178,678 | 210,609 | 106,281 |
Accrued liabilities | 196,072 | 215,501 | 194,040 |
Derivative liabilities, current | 95 | 947 | 891 |
Regulatory liabilities, current | 45,777 | 29,810 | 42,499 |
Notes payable | 164,650 | 185,620 | 164,200 |
Current maturities of long-term debt | 5,743 | 5,743 | 255,743 |
Current liabilities held for sale | 0 | 0 | 24,910 |
Total current liabilities | 591,015 | 648,230 | 788,564 |
Long-term debt | 2,950,299 | 2,950,835 | 2,858,787 |
Deferred credits and other liabilities: | |||
Deferred income tax liabilities, net | 337,184 | 311,331 | 290,491 |
Regulatory liabilities, non-current | 511,482 | 510,984 | 495,362 |
Benefit plan liabilities | 145,883 | 145,147 | 160,580 |
Other deferred credits and other liabilities | 118,007 | 109,377 | 105,221 |
Total deferred credits and other liabilities | 1,112,556 | 1,076,839 | 1,051,654 |
Commitments and contingencies (See Notes 8, 10, 15, 16) | |||
Equity: | |||
Common stock $1 par value; 100,000,000 shares authorized; issued 60,378,020; 60,048,567; and 53,648,817 shares, respectively | 60,378 | 60,049 | 53,649 |
Additional paid-in capital | 1,469,410 | 1,450,569 | 1,151,933 |
Retained earnings | 777,262 | 700,396 | 656,161 |
Treasury stock, at cost – 23,756; 44,253; and 53,959 shares, respectively | (1,432) | (2,510) | (3,049) |
Accumulated other comprehensive income (loss) | (26,459) | (26,916) | (39,924) |
Total stockholders’ equity | 2,279,159 | 2,181,588 | 1,818,770 |
Noncontrolling interest | 104,543 | 105,835 | 109,214 |
Total equity | 2,383,702 | 2,287,423 | 1,927,984 |
TOTAL LIABILITIES AND TOTAL EQUITY | $ 7,037,572 | $ 6,963,327 | $ 6,626,989 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Statement of Financial Position [Abstract] | |||
Common Stock, Par Value (usd per share) | $ 1 | $ 1 | $ 1 |
Common Stock, Shares Issued | 60,378,020 | 60,048,567 | 53,648,817 |
Treasury Stock, Shares | 23,756 | 44,253 | 53,959 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | 100,000,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating activities: | ||
Net income | $ 107,362 | $ 136,634 |
Loss from discontinued operations, net of tax | 0 | 2,343 |
Income from continuing operations | 107,362 | 138,977 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 51,028 | 48,590 |
Deferred financing cost amortization | 2,007 | 1,900 |
Stock compensation | 3,296 | 2,209 |
Deferred income taxes | 19,602 | (25,430) |
Employee benefit plans | 3,137 | 3,378 |
Other adjustments, net | 4,428 | 3,053 |
Changes in certain operating assets and liabilities: | ||
Materials, supplies and fuel | 29,387 | 31,196 |
Accounts receivable, unbilled revenues and other operating assets | (15,857) | (25,113) |
Accounts payable and other operating liabilities | (41,689) | (71,149) |
Regulatory assets - current | 13,031 | 47,903 |
Regulatory liabilities - current | (1,635) | 16,098 |
Other operating activities, net | 1,796 | (278) |
Net cash provided by operating activities of continuing operations | 175,893 | 171,334 |
Net cash provided by (used in) operating activities of discontinued operations | 0 | (1,459) |
Net cash provided by operating activities | 175,893 | 169,875 |
Investing activities: | ||
Property, plant and equipment additions | (144,126) | (69,972) |
Purchase of investment | 0 | (23,500) |
Other investing activities | (901) | (261) |
Net cash provided by (used in) investing activities of continuing operations | (145,027) | (93,733) |
Net cash provided by (used in) investing activities of discontinued operations | 0 | 20,179 |
Net cash provided by (used in) investing activities | (145,027) | (73,554) |
Financing activities: | ||
Dividends paid on common stock | (30,332) | (25,444) |
Common stock issued | 19,949 | 372 |
Net (payments) borrowings of short-term debt | (20,970) | (47,100) |
Long-term debt - repayments | (1,436) | (1,436) |
Distributions to noncontrolling interest | (4,846) | (5,648) |
Other financing activities | (1,657) | (1,400) |
Net cash provided by (used in) financing activities | (39,292) | (80,656) |
Net change in cash, cash equivalents and restricted cash | (8,426) | 15,665 |
Cash, cash equivalents and restricted cash at beginning of period | 24,145 | 18,240 |
Cash, cash equivalents and restricted cash at end of period | $ 15,719 | $ 33,905 |
Management's Statement_
Management's Statement: | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Management's Statement | MANAGEMENT’S STATEMENT The unaudited Condensed Consolidated Financial Statements included herein have been prepared by Black Hills Corporation (together with our subsidiaries the “Company”, “us”, “we” or “our”), pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations; however, we believe that the footnotes adequately disclose the information presented. These Condensed Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and the notes thereto included in our 2018 Annual Report on Form 10-K filed with the SEC. Segment Reporting We conduct our operations through the following reportable segments: Electric Utilities, Gas Utilities, Power Generation and Mining. Our reportable segments are based on our method of internal reporting, which is generally segregated by differences in products, services and regulation. All of our operations and assets are located within the United States. Accounting standards for presentation of segments requires an approach based on the way we organize the segments for making operating decisions and how the chief operating decision maker (CODM) assesses performance. We have changed our segment performance metrics and concluded that adjusted operating income, instead of net income available for common stock which was used previously, is the most relevant metric for measuring segment performance. The CODM assesses the performance of our segments by using adjusted operating income, which considers the power sales arrangement between Colorado IPP and Colorado Electric be treated as an executory contract. Adjusted operating income adjusts this power sales arrangement from being accounted for as a capital lease to being accounted for as an executory contract on an accrual basis. This adjustment impacts Electric Utilities and Power Generation segments and Corporate and Other. There were no adjustments to Gas Utilities and Mining segments and this adjustment had no effect on our consolidated operating income. The change to our segment performance measure resulted in a revision of the Company’s segment disclosures for all periods to report adjusted operating income as the measure of segment profit and adjust revenues, operating income, and total assets for the power sales agreement to an executory contract and not a capital lease. See Notes 2 and 3 for more information. On November 1, 2017, the BHC board of directors approved a complete divestiture of our Oil and Gas segment. We completed the divestiture of our Oil and Gas segment in 2018. The Oil and Gas segment assets and liabilities have been classified as held for sale and the results of operations are shown in income (loss) from discontinued operations, except for certain general and administrative costs and interest expense which do not meet the criteria for income (loss) from discontinued operations. At the time the assets were classified as held for sale, depreciation, depletion and amortization expenses were no longer recorded. Unless otherwise noted, the amounts presented in the accompanying notes to the Condensed Consolidated Financial Statements relate to the Company’s continuing operations. See Note 17 for more information on discontinued operations. Use of Estimates and Basis of Presentation The information furnished in the accompanying Condensed Consolidated Financial Statements reflects certain estimates required and all adjustments, including accruals, which are, in the opinion of management, necessary for a fair presentation of the March 31, 2019 , December 31, 2018 , and March 31, 2018 financial information and are of a normal recurring nature. Certain industries in which we operate are highly seasonal, and revenue from, and certain expenses for, such operations may fluctuate significantly among quarterly periods. Demand for electricity and natural gas is sensitive to seasonal cooling, heating and industrial load requirements. In particular, the normal peak usage season for electric utilities is June through August while the normal peak usage season for gas utilities is November through March. Significant earnings variances can be expected between the Gas Utilities segment’s peak and off-peak seasons. Due to this seasonal nature, our results of operations for the three months ended March 31, 2019 and March 31, 2018 , and our financial condition as of March 31, 2019 , December 31, 2018 , and March 31, 2018 , are not necessarily indicative of the results of operations and financial condition to be expected for any other period. All earnings per share amounts discussed refer to diluted earnings per share unless otherwise noted. Recently Issued Accounting Standards Simplifying the Test for Goodwill Impairment, 2017-04 In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment by eliminating step 2 from the goodwill impairment test. Under the new guidance, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to that excess, limited to the amount of goodwill allocated to that reporting unit. The new standard is effective for interim and annual reporting periods beginning after December 1, 2019, applied on a prospective basis with early adoption permitted. We do not anticipate the adoption of this guidance to have any impact on our financial position, results of operations or cash flows. Recently Adopted Accounting Standards Leases, ASU 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by requiring the recognition of right-of-use assets and lease liabilities on the balance sheet for most leases, whereas previously only financing-type lease liabilities (capital leases) were recognized on the balance sheet. Under the new standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. We adopted the standard effective January 1, 2019. We elected not to recast comparative periods coinciding with the new lease standard transition and will report these comparative periods as presented under previous lease guidance. In addition, we elected the package of practical expedients permitted under the transition guidance with the new standard, which among other things, allowed us to carry forward the historical lease classification. We also elected the practical expedient related to land easements, allowing us to carry forward our accounting treatment for existing land easement agreements. Adoption of the new standard resulted in the recording of an operating lease right-of-use asset of $3.1 million , an operating lease obligation liability of $3.2 million , and an accrued rent receivable of $4.5 million , as of January 1, 2019. The cumulative effect of the adoption, net of tax impact, was $3.4 million , which was recorded as an adjustment to retained earnings. Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities, ASU 2017-12 Effective January 1, 2019, we adopted ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. |
Revenue_
Revenue: | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Revenue Recognition As of January 1, 2018, we adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , and its related amendments (collectively known as ASC 606). Revenue is recognized in an amount that reflects the consideration we expect to receive in exchange for goods or services, when control of the promised goods or services is transferred to our customers. The following tables depict the disaggregation of revenue, including intercompany revenue, from contracts with customers by customer type and timing of revenue recognition for each of the reporting segments, for the three months ended March 31, 2019 and 2018 . Sales tax and other similar taxes are excluded from revenues. Three Months Ended March 31, 2019 Electric Utilities Gas Utilities Power Generation (a) Mining Inter-company Revenues (a) Total Customer types: (in thousands) Retail $ 153,463 $ 354,275 $ — $ 15,829 $ (8,128 ) $ 515,439 Transportation — 44,517 — — (432 ) 44,085 Wholesale 8,343 — 15,469 — (13,213 ) 10,599 Market - off-system sales 6,692 217 — — (2,224 ) 4,685 Transmission/Other 14,175 13,190 — — (4,203 ) 23,162 Revenue from contracts with customers 182,673 412,199 15,469 15,829 (28,200 ) 597,970 Other revenues 254 (1,119 ) (b) 9,776 600 (9,671 ) (160 ) Total revenues $ 182,927 $ 411,080 $ 25,245 $ 16,429 $ (37,871 ) $ 597,810 Timing of revenue recognition: Services transferred at a point in time $ — $ — $ — $ 15,829 $ (8,128 ) $ 7,701 Services transferred over time 182,673 412,199 15,469 — (20,072 ) 590,269 Revenue from contracts with customers $ 182,673 $ 412,199 $ 15,469 $ 15,829 $ (28,200 ) $ 597,970 Three Months Ended March 31, 2018 Electric Utilities Gas Utilities Power Generation (a) Mining Inter-company Revenues (a) Total Customer Types: Retail $ 147,057 $ 341,394 $ — $ 16,557 $ (7,842 ) $ 497,166 Transportation — 41,669 — — (409 ) 41,260 Wholesale 9,050 — 14,769 — (13,049 ) 10,770 Market - Off-System Sales 4,144 427 — — (2,522 ) 2,049 Transmission/Other 13,071 12,670 — — (3,631 ) 22,110 Revenue from contracts with customers $ 173,322 $ 396,160 $ 14,769 $ 16,557 $ (27,453 ) $ 573,355 Other Revenues 233 1,184 (b) 9,170 571 (9,124 ) 2,034 Total Revenues $ 173,555 $ 397,344 $ 23,939 $ 17,128 $ (36,577 ) $ 575,389 Timing of Revenue Recognition: Services transferred at a point in time $ — $ — $ — $ 16,557 $ (7,842 ) $ 8,715 Services transferred over time 173,322 396,160 14,769 — (19,611 ) 564,640 Revenue from contracts with customers $ 173,322 $ 396,160 $ 14,769 $ 16,557 $ (27,453 ) $ 573,355 (a) Due to changes to our segment performance measure as disclosed in Note 1, Power Generation Wholesale revenue was recast for the three months ended March 31, 2018 which resulted in a change of $0.8 million . For the three months ended March 31, 2019, the impact to Power Generation Wholesale revenue was $3.4 million . The changes to Power Generation were offset by changes to eliminations in Inter-company Revenues and there was no impact to our consolidated Total Revenues. (b) Other revenues in the Gas Utilities segment include alternative revenue programs related to weather normalization mechanisms for Arkansas Gas and Kansas Gas that are considered out of scope for ASC 606. Contract Balances |
Business Segment Information_
Business Segment Information: | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting Information, Additional Information [Abstract] | |
Business Segment Information | BUSINESS SEGMENT INFORMATION Our reportable segments are based on our method of internal reporting, which is generally segregated by differences in products, services and regulation. As disclosed in Note 1, changes to our segment performance measure resulted in a revision of the Company’s segment disclosures for all periods to adjust revenues, operating income, and assets related to the power sales arrangement between Colorado IPP and Colorado Electric from being accounted for as a capital lease to being accounted for as an executory contract on an accrual basis. This change had no effect on our consolidated revenues, operating income, or total assets. See below for more information. Segment information and Corporate and Other is as follows (in thousands): Three Months Ended March 31, 2019 External Operating Revenue Inter-company Operating Revenue Total Revenues Contract Customers Other Revenues Contract Customers Other Revenues Segment: Electric Utilities $ 176,663 $ 254 $ 6,010 $ — $ 182,927 Gas Utilities (a) 411,500 (1,119 ) 699 — 411,080 Power Generation (b) 2,257 436 13,212 9,340 25,245 Mining 7,550 269 8,279 331 16,429 Corporate and Other — — — — — Inter-company eliminations (b) — — (28,200 ) (9,671 ) (37,871 ) Total $ 597,970 $ (160 ) $ — $ — $ 597,810 Three Months Ended March 31, 2018 External Operating Revenue Inter-company Operating Revenue Total Revenues Contract Customers Other Revenues Contract Customers Other Revenues Segment: Electric Utilities $ 167,178 $ 233 $ 6,144 $ — $ 173,555 Gas Utilities (a) 395,742 1,184 418 — 397,344 Power Generation (b) 1,720 371 13,049 8,799 23,939 Mining 8,715 246 7,842 325 17,128 Corporate and Other — — — — — Inter-company eliminations (b) — — (27,453 ) (9,124 ) (36,577 ) Total $ 573,355 $ 2,034 $ — $ — $ 575,389 (a) Other revenues in the Gas Utilities segment include alternative revenue programs related to weather normalization mechanisms for Arkansas Gas and Kansas Gas that are considered out of scope for ASC 606. (b) Due to changes to our segment performance measure, Power Generation Inter-company Operating Revenue for Contract Customers was recast for the three months ended March 31, 2018 which resulted in a change of $0.8 million . For the three months ended March 31, 2019, the impact to Power Generation Inter-company Operating Revenue for Contract Customers was $3.4 million . The changes to Power Generation were offset by changes to Inter-company eliminations and there was no impact on our consolidated Total revenues. Three Months Ended March 31, 2019 2018 Adjusted operating income: Electric Utilities (a) $ 41,020 $ 38,480 Gas Utilities 103,314 95,443 Power Generation (a) 11,967 11,776 Mining 4,337 4,271 Corporate and Other (a) (507 ) (1,696 ) Operating income 160,131 148,274 Interest expense, net (34,717 ) (34,995 ) Other income (expense), net (789 ) (104 ) Income tax benefit (expense) (b) (17,263 ) 25,802 Income from continuing operations 107,362 138,977 Net (loss) from discontinued operations — (2,343 ) Net income 107,362 136,634 Net income attributable to noncontrolling interest (3,554 ) (3,630 ) Net income available for common stock $ 103,808 $ 133,004 ___________ (a) Due to changes to our segment performance measure, Adjusted operating income was recast for the three months ended March 31, 2018, for Electric Utilities, Power Generation, and Corporate and Other which resulted in changes of $1.7 million , ($1.6) million , and ($0.1) million , respectively. The impact to Adjusted operating income for the three months ended March 31, 2019, for Electric Utilities, Power Generation, and Corporate and Other was ($5.4) million , $0.7 million , and $4.7 million , respectively. There was no impact on our consolidated Operating income. (b) Income tax benefit (expense) for the three months ended March 31, 2018 included a $49 million tax benefit resulting from legal entity restructuring. See Note 18 for more information. Segment information and Corporate and Other balances included in the accompanying Condensed Consolidated Balance Sheets were as follows (in thousands): Total Assets (net of inter-company eliminations) as of: March 31, 2019 December 31, 2018 March 31, 2018 Segment: Electric Utilities (a) $ 2,755,056 $ 2,707,695 $ 2,629,267 Gas Utilities 3,639,430 3,623,475 3,398,473 Power Generation (a) 372,503 342,085 314,764 Mining 63,088 80,594 65,568 Corporate and Other 207,495 209,478 194,193 Discontinued operations — — 24,724 Total assets $ 7,037,572 $ 6,963,327 $ 6,626,989 ___________ (a) Due to changes to our segment performance measure, Electric Utilities Total assets were recast as of December 31, 2018 and March 31, 2018 which resulted in changes of ($188) million and ($261) million , respectively. Power Generation Total Assets were recast as of December 31, 2018, and March 31, 2018 which resulted in changes of $188 million and $261 million , respectively. The impact to Electric Utilities and Power Generation Total Assets as of March 31, 2019, was ($186) million and $186 million , respectively. There was no |
Accounts Receivable_
Accounts Receivable: | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Accounts Receivable | ACCOUNTS RECEIVABLE Following is a summary of Accounts receivable, net included in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: Accounts Unbilled Less Allowance for Accounts March 31, 2019 Receivable, Trade Revenue Doubtful Accounts Receivable, net Electric Utilities $ 45,764 $ 31,075 $ (535 ) $ 76,304 Gas Utilities 138,005 62,566 (4,008 ) 196,563 Power Generation 3,167 — — 3,167 Mining 2,791 — — 2,791 Corporate 3,946 — (169 ) 3,777 Total $ 193,673 $ 93,641 $ (4,712 ) $ 282,602 Accounts Unbilled Less Allowance for Accounts December 31, 2018 Receivable, Trade Revenue Doubtful Accounts Receivable, net Electric Utilities $ 39,721 $ 35,125 $ (448 ) $ 74,398 Gas Utilities 96,123 90,521 (2,592 ) 184,052 Power Generation 1,876 — — 1,876 Mining 3,988 — — 3,988 Corporate 5,008 — (169 ) 4,839 Total $ 146,716 $ 125,646 $ (3,209 ) $ 269,153 Accounts Unbilled Less Allowance for Accounts March 31, 2018 Receivable, Trade Revenue Doubtful Accounts Receivable, net Electric Utilities $ 40,492 $ 33,907 $ (624 ) $ 73,775 Gas Utilities 120,910 60,142 (3,684 ) 177,368 Power Generation 1,580 — — 1,580 Mining 3,133 — — 3,133 Corporate 1,916 — — 1,916 Total $ 168,031 $ 94,049 $ (4,308 ) $ 257,772 |
Regulatory Accounting_
Regulatory Accounting: | 3 Months Ended |
Mar. 31, 2019 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Accounting | REGULATORY ACCOUNTING We had the following regulatory assets and liabilities (in thousands) as of: March 31, 2019 December 31, 2018 March 31, 2018 Regulatory assets Deferred energy and fuel cost adjustments (a) $ 35,512 $ 29,661 $ 25,056 Deferred gas cost adjustments (a) 5,124 3,362 2,118 Gas price derivatives (a) 3,939 6,201 11,045 Deferred taxes on AFUDC (b) 7,771 7,841 7,808 Employee benefit plans (c) 111,724 110,524 109,999 Environmental (a) 945 959 1,012 Loss on reacquired debt (a) 20,570 21,001 20,267 Renewable energy standard adjustment (a) 1,533 1,722 1,600 Deferred taxes on flow through accounting (c) 33,226 31,044 28,014 Decommissioning costs (b) 11,694 11,700 12,552 Gas supply contract termination (a) 12,866 14,310 18,590 Other regulatory assets (a) 41,803 45,910 29,171 Total regulatory assets 286,707 284,235 267,232 Less current regulatory assets (54,303 ) (48,776 ) (54,492 ) Regulatory assets, non-current $ 232,404 $ 235,459 $ 212,740 Regulatory liabilities Deferred energy and gas costs (a) $ 19,018 $ 6,991 $ 20,194 Employee benefit plan costs and related deferred taxes (c) 42,207 42,533 40,332 Cost of removal (a) 154,170 150,123 139,002 Excess deferred income taxes (c) 307,894 310,562 310,622 TCJA revenue reserve 16,549 18,032 15,239 Other regulatory liabilities (c) 17,421 12,553 12,472 Total regulatory liabilities 557,259 540,794 537,861 Less current regulatory liabilities (45,777 ) (29,810 ) (42,499 ) Regulatory liabilities, non-current $ 511,482 $ 510,984 $ 495,362 __________ (a) We are allowed recovery of costs, but we are not allowed a rate of return. (b) In addition to recovery of costs, we are allowed a rate of return. (c) In addition to recovery or repayment of costs, we are allowed a return on a portion of this amount or a reduction in rate base. Regulatory Matters Except as discussed below, there have been no other significant changes to our Regulatory Matters from those previously disclosed in Note 13 of the Notes to the Consolidated Financial Statements in our 2018 Annual Report on Form 10-K. Regulatory Activity Nebraska On March 29, 2019, Nebraska Gas filed an application with the NPSC requesting to merge its two gas distribution utilities into a new public utility entity. The filing also requests to merge the terms and conditions of the existing tariffs of the two utilities into a single tariff. Wyoming On March 6, 2019, Wyoming Gas filed an application with the WPSC requesting to merge its four gas distribution utilities into a new public utility entity. The filing also requests the new entity adopt the terms and conditions of the existing tariffs. Colorado On February 1, 2019, Colorado Gas filed a rate review with the CPUC requesting approval to consolidate the base rate areas, tariffs, terms and conditions and adjustment clauses of its two legacy utilities. The rate review also requests $2.5 million |
Materials, Supplies and Fuel_
Materials, Supplies and Fuel: | 3 Months Ended |
Mar. 31, 2019 | |
Inventory, Net [Abstract] | |
Materials, Supplies and Fuel | MATERIALS, SUPPLIES AND FUEL The following amounts by major classification are included in Materials, supplies and fuel in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: March 31, 2019 December 31, 2018 March 31, 2018 Materials and supplies $ 76,728 $ 75,081 $ 72,045 Fuel - Electric Utilities 2,485 2,850 2,903 Natural gas in storage held for distribution 8,463 39,368 7,097 Total materials, supplies and fuel $ 87,676 $ 117,299 $ 82,045 |
Earnings Per Share_
Earnings Per Share: | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE A reconciliation of share amounts used to compute Earnings (loss) per share in the accompanying Condensed Consolidated Statements of Income was as follows (in thousands): Three Months Ended March 31, 2019 2018 Net income available for common stock $ 103,808 $ 133,004 Weighted average shares - basic 59,920 53,319 Dilutive effect of: Equity Units (a) — 733 Equity compensation 140 70 Weighted average shares - diluted 60,060 54,122 __________ (a) Calculated using the treasury stock method. On November 1, 2018, we completed settlement of the stock purchase contracts that are components of the Equity Units issued in November 2015. The following outstanding securities were excluded in the computation of diluted net income (loss) per share as their inclusion would have been anti-dilutive (in thousands): Three Months Ended March 31, 2019 2018 Equity compensation 6 71 Anti-dilutive shares 6 71 |
Notes Payable, Current Maturiti
Notes Payable, Current Maturities and Debt: | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Notes Payable, Current Maturities and Debt | NOTES PAYABLE, CURRENT MATURITIES AND DEBT We had the following notes payable outstanding in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: March 31, 2019 December 31, 2018 March 31, 2018 Balance Outstanding Letters of Credit Balance Outstanding Letters of Credit Balance Outstanding Letters of Credit Revolving Credit Facility $ — $ 14,006 $ — $ 22,310 $ — $ 15,830 CP Program 164,650 — 185,620 — 164,200 — Total $ 164,650 $ 14,006 $ 185,620 $ 22,310 $ 164,200 $ 15,830 Revolving Credit Facility and CP Program On July 30, 2018, we amended and restated our corporate Revolving Credit Facility, maintaining total commitments of $750 million and extending the term through July 30, 2023 with two one year extension options (subject to consent from lenders). This facility is similar to the former revolving credit facility, which includes an accordion feature that allows us, with the consent of the administrative agent, the issuing agents and each bank increasing or providing a new commitment, to increase total commitments up to $1.0 billion . Borrowings continue to be available under a base rate or various Eurodollar rate options. The interest costs associated with the letters of credit or borrowings and the commitment fee under the Revolving Credit Facility are determined based upon our Corporate credit rating from S&P, Fitch, and Moody's for our senior unsecured long-term debt. Based on our credit ratings, the margins for base rate borrowings, Eurodollar borrowings, and letters of credit were 0.125% , 1.125% , and 1.125% , respectively, at March 31, 2019 . Based on our credit ratings, a 0.175% commitment fee was charged on the unused amount at March 31, 2019 . We have a $750 million , unsecured CP Program that is backstopped by the Revolving Credit Facility. Amounts outstanding under the Revolving Credit Facility and the CP Program, either individually or in the aggregate, cannot exceed $750 million . The notes issued under the CP Program may have maturities not to exceed 397 days from the date of issuance and bear interest (or are sold at par less a discount representing an interest factor) based on, among other things, the size and maturity date of the note, the frequency of the issuance and our credit ratings. Under the CP Program, any borrowings rank equally with our unsecured debt. Notes under the CP Program are not registered and are offered and issued pursuant to a registration exemption. Our net payments under the CP Program during the three months ended March 31, 2019 were $21 million and our notes outstanding as of March 31, 2019 were $165 million . As of March 31, 2019 , the weighted average interest rate on CP Program borrowings was 2.70% . As of March 31, 2019 , we had outstanding letters of credit of totaling approximately $14 million . Debt Covenants Under our Revolving Credit Facility and term loan agreements, we are required to maintain a Consolidated Indebtedness to Capitalization Ratio not to exceed 0.65 to 1.00 . Our Consolidated Indebtedness to Capitalization Ratio was calculated by dividing (i) Consolidated Indebtedness, which includes letters of credit and certain guarantees issued, by (ii) Capital, which includes Consolidated Indebtedness plus Net Worth, which excludes noncontrolling interest in subsidiaries. Our Revolving Credit Facility and term loans require compliance with the following financial covenant at the end of each quarter: As of March 31, 2019 Covenant Requirement Consolidated Indebtedness to Capitalization Ratio 58.1% Less than 65% As of March 31, 2019 |
Equity_
Equity: | 3 Months Ended |
Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |
Equity | EQUITY A summary of the changes in equity is as follows: Three Months Ended March 31, 2019 Common Stock Treasury Stock (in thousands except share amounts) Shares Value Shares Value Additional Paid in Capital Retained Earnings AOCI Non controlling Interest Total December 31, 2018 60,048,567 $ 60,049 44,253 $ (2,510 ) $ 1,450,569 $ 700,396 $ (26,916 ) $ 105,835 $ 2,287,423 Net income (loss) available for common stock — — — — — 103,808 — 3,554 107,362 Other comprehensive income (loss), net of tax — — — — — — 457 — 457 Dividends on common stock ($0.505 per share) — — — — — (30,332 ) — — (30,332 ) Share-based compensation 48,956 49 (20,497 ) 1,078 (589 ) — — — 538 Issuance of common stock 280,497 280 — — 19,719 — — — 19,999 Issuance costs — — — — (289 ) — — — (289 ) Cumulative effect of ASU 2016-02, Leases implementation — — — — — 3,390 — — 3,390 Distributions to noncontrolling interest — — — — — — — (4,846 ) (4,846 ) March 31, 2019 60,378,020 $ 60,378 23,756 $ (1,432 ) $ 1,469,410 $ 777,262 $ (26,459 ) $ 104,543 $ 2,383,702 Three Months Ended March 31, 2018 Common Stock Treasury Stock (in thousands except share amounts) Shares Value Shares Value Additional Paid in Capital Retained Earnings AOCI Non controlling Interest Total December 31, 2017 53,579,986 $ 53,580 39,064 $ (2,306 ) $ 1,150,285 $ 548,617 $ (41,202 ) $ 111,232 $ 1,820,206 Net income (loss) available for common stock — — — — — 133,004 — 3,630 136,634 Other comprehensive income (loss), net of tax — — — — — — 1,260 — 1,260 Dividends on common stock ($0.475 per share) — — — — — (25,444 ) — — (25,444 ) Share-based compensation 64,770 65 14,895 (743 ) 1,433 — — — 755 Dividend reinvestment and stock purchase plan 4,061 4 — — 215 — — — 219 Other stock transactions — — — — — (16 ) 18 — 2 Distributions to noncontrolling interest — — — — — — — (5,648 ) (5,648 ) March 31, 2018 53,648,817 $ 53,649 53,959 $ (3,049 ) $ 1,151,933 $ 656,161 $ (39,924 ) $ 109,214 $ 1,927,984 At-the-Market Equity Offering Program Our ATM equity offering program allows us to sell shares of our common stock with an aggregate value of up to $300 million . The shares may be offered from time to time pursuant to a sales agreement dated August 4, 2017. Shares of common stock are offered pursuant to our shelf registration statement filed with the SEC. During the three months ended March 31, 2019, we issued a total of 280,497 shares of common stock under the ATM equity offering program for $20 million , net of $0.2 million |
Risk Management Activities_
Risk Management Activities: | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Risk Management Activities | RISK MANAGEMENT ACTIVITIES Our activities in the regulated and non-regulated energy sectors expose us to a number of risks in the normal operation of our businesses. Depending on the activity, we are exposed to varying degrees of market risk and credit risk. To manage and mitigate these identified risks, we have adopted the Black Hills Corporation Risk and Credit Policies and Procedures as discussed in our 2018 Annual Report on Form 10-K. Market Risk Market risk is the potential loss that might occur as a result of an adverse change in market price or rate. We are exposed to, but not limited to, commodity price risk associated with our retail natural gas marketing activities and our fuel procurement for certain gas-fired generation assets. Credit Risk Credit risk is the risk of financial loss resulting from non-performance of contractual obligations by a counterparty. For other than retail utility activities, we attempt to mitigate our credit exposure by conducting business primarily with high credit quality entities, setting tenor and credit limits commensurate with counterparty financial strength, obtaining master netting agreements, and mitigating credit exposure with less creditworthy counterparties through parental guarantees, prepayments, letters of credit, and other security agreements. We perform ongoing credit evaluations of our customers and adjust credit limits based on payment history and the customer’s current creditworthiness, as determined by review of their current credit information. We maintain a provision for estimated credit losses based upon historical experience and any specific customer collection issue that is identified. Our derivative and hedging activities recorded in the accompanying Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income are detailed below and in Note 11 . Utilities The operations of our utilities, including natural gas sold by our Gas Utilities and natural gas used by our Electric Utilities’ generation plants or those plants under PPAs where our Electric Utilities must provide the generation fuel (tolling agreements), expose our utility customers to volatility in natural gas prices. Therefore, as allowed or required by state utility commissions, we have entered into commission-approved hedging programs utilizing natural gas futures, options, over-the-counter swaps and basis swaps to reduce our customers’ underlying exposure to these fluctuations. These transactions are considered derivatives, and in accordance with accounting standards for derivatives and hedging, mark-to-market adjustments are recorded as Derivative assets or Derivative liabilities on the accompanying Condensed Consolidated Balance Sheets, net of balance sheet offsetting as permitted by GAAP. For our regulated utilities’ hedging plans, unrealized and realized gains and losses, as well as option premiums and commissions on these transactions are recorded as Regulatory assets or Regulatory liabilities in the accompanying Condensed Consolidated Balance Sheets in accordance with state commission guidelines. When the related costs are recovered through our rates, the hedging activity is recognized in the Condensed Consolidated Statements of Income. We buy, sell and deliver natural gas at competitive prices by managing commodity price risk. As a result of these activities, this area of our business is exposed to risks associated with changes in the market price of natural gas. We manage our exposure to such risks using over-the-counter and exchange traded options and swaps with counterparties in anticipation of forecasted purchases and/or sales during time frames ranging from April 2019 through May 2021; a portion of these swaps have been designated as cash flow hedges to mitigate the commodity price risk associated with forward contracts to deliver gas to our Choice Gas Program customers. The gain or loss on these designated derivatives is reported in AOCI in the accompanying Condensed Consolidated Balance Sheets. Effectiveness of our hedged position is evaluated at inception of the hedge, upon occurrence of a triggering event and as of the end of each quarter. The contract or notional amounts and terms of the natural gas derivative commodity instruments held at our utilities are composed of both long and short positions. We were in a net long position as of: March 31, 2019 December 31, 2018 March 31, 2018 Notional (MMBtus) Maximum Term (months) (a) Notional (MMBtus) Maximum Term (months) (a) Notional (MMBtus) Maximum Term (months) (a) Natural gas futures purchased 3,120,000 21 4,000,000 24 6,760,000 33 Natural gas options purchased, net 1,150,000 10 4,320,000 13 170,000 11 Natural gas basis swaps purchased 3,020,000 21 3,960,000 24 6,770,000 33 Natural gas over-the-counter swaps, net (b) 3,316,000 26 3,660,000 24 2,760,000 26 Natural gas physical contracts, net (c) 2,786,980 12 18,325,852 30 386,250 32 __________ (a) Term reflects the maximum forward period hedged. (b) As of March 31, 2019 , 534,000 MMBtus were designated as cash flow hedges. (c) Volumes exclude contracts that qualify for the normal purchase, normal sales exception. Based on March 31, 2019 prices, a $0.1 million loss would be realized, reported in pre-tax earnings and reclassified from AOCI during the next 12 months. As market prices fluctuate, estimated and actual realized gains or losses will change during future periods. We have certain derivative contracts which contain credit provisions. These credit provisions may require the Company to post collateral when credit exposure to the Company is in excess of a negotiated line of unsecured credit. At March 31, 2019 , the Company posted $0.2 million related to such provisions, which is included in Other current assets on the Condensed Consolidated Balance Sheets. Cash Flow Hedges The impacts of cash flow hedges on our Condensed Consolidated Statements of Income is presented below for the three months ended March 31, 2019 and 2018 . Note that this presentation does not reflect gains or losses arising from the underlying physical transactions; therefore, it is not indicative of the economic profit or loss we realized when the underlying physical and financial transactions were settled. Three Months Ended March 31, 2019 (in thousands) Derivatives in Cash Flow Hedging Relationships Location of Reclassifications from AOCI into Income Amount of Gain/(Loss) Reclassified from AOCI into Income Interest rate swaps Interest expense $ (713 ) Commodity derivatives Fuel, purchased power and cost of natural gas sold 554 Total $ (159 ) Three Months Ended March 31, 2018 (in thousands) Derivatives in Cash Flow Hedging Relationships Location of Reclassifications from AOCI into Income Amount of Gain/(Loss) Reclassified from AOCI into Income Interest rate swaps Interest expense $ (713 ) Commodity derivatives Fuel, purchased power and cost of natural gas sold (621 ) Total $ (1,334 ) The following tables summarize the gains and losses arising from hedging transactions that were recognized as a component of other comprehensive income (loss) for the three months ended March 31, 2019 and 2018 . Three Months Ended March 31, 2019 2018 (in thousands) Increase (decrease) in fair value: Forward commodity contracts $ 234 $ (297 ) Recognition of (gains) losses in earnings due to settlements: Interest rate swaps 713 713 Forward commodity contracts (554 ) 621 Total other comprehensive income (loss) from hedging $ 393 $ 1,037 Derivatives Not Designated as Hedge Instruments The following table summarizes the impacts of derivative instruments not designated as hedge instruments on our Condensed Consolidated Statements of Income for the three months ended March 31, 2019 and 2018 (in thousands). Note that this presentation does not reflect gains or losses arising from the underlying physical transactions; therefore, it is not indicative of the economic profit or loss we realized when the underlying physical and financial transactions were settled. Three Months Ended March 31, 2019 2018 Derivatives Not Designated as Hedging Instruments Location of Gain/(Loss) on Derivatives Recognized in Income Amount of Gain/(Loss) on Derivatives Recognized in Income Amount of Gain/(Loss) on Derivatives Recognized in Income Commodity derivatives Fuel, purchased power and cost of natural gas sold $ 25 $ 254 $ 25 $ 254 As discussed above, financial instruments used in our regulated utilities are not designated as cash flow hedges. However, there is no earnings impact because the unrealized gains and losses arising from the use of these financial instruments are recorded as Regulatory assets or Regulatory liabilities. The net unrealized losses included in our Regulatory assets or Regulatory liability accounts related to the hedges in our utilities were $3.9 million , $6.2 million and $11 million at March 31, 2019 , December 31, 2018 and March 31, 2018 |
Fair Value Measurements_
Fair Value Measurements: | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Derivative Financial Instruments The accounting guidance for fair value measurements requires certain disclosures about assets and liabilities measured at fair value. This guidance establishes a hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement within the fair value hierarchy levels. We record transfers, if necessary, between levels at the end of the reporting period for all of our financial instruments. For additional information, see Notes 1, 9, 10 and 11 to the Consolidated Financial Statements included in our 2018 Annual Report on Form 10-K filed with the SEC. Transfers into Level 3, if any, occur when significant inputs used to value the derivative instruments become less observable such as a significant decrease in the frequency and volume in which the instrument is traded, negatively impacting the availability of observable pricing inputs. Transfers out of Level 3, if any, occur when the significant inputs become more observable, such as when the time between the valuation date and the delivery date of a transaction becomes shorter, positively impacting the availability of observable pricing inputs. Valuation Methodologies for Derivatives The commodity contracts for our Utilities Segments, are valued using the market approach and include exchange-traded futures, options, basis swaps and over-the-counter swaps and options (Level 2) for natural gas contracts. For exchange-traded futures, options and basis swap assets and liabilities, fair value was derived using broker quotes validated by the exchange settlement pricing for the applicable contract. For over-the-counter instruments, the fair value is obtained by utilizing a nationally recognized service that obtains observable inputs to compute the fair value, which we validate by comparing our valuation with the counterparty. The fair value of these swaps includes a CVA component based on the credit spreads of the counterparties when we are in an unrealized gain position or on our own credit spread when we are in an unrealized loss position. Recurring Fair Value Measurements As of March 31, 2019 Level 1 Level 2 Level 3 Cash Collateral and Counterparty Netting Total (in thousands) Assets: Commodity derivatives — Utilities $ — $ 1,375 $ — $ (388 ) $ 987 Total $ — $ 1,375 $ — $ (388 ) $ 987 Liabilities: Commodity derivatives — Utilities $ — $ 4,122 $ — $ (4,009 ) $ 113 Total $ — $ 4,122 $ — $ (4,009 ) $ 113 As of December 31, 2018 Level 1 Level 2 Level 3 Cash Collateral and Counterparty Netting Total (in thousands) Assets: Commodity derivatives — Utilities $ — $ 2,927 $ — $ (1,408 ) $ 1,519 Total $ — $ 2,927 $ — $ (1,408 ) $ 1,519 Liabilities: Commodity derivatives — Utilities $ — $ 6,801 $ — $ (5,794 ) $ 1,007 Total $ — $ 6,801 $ — $ (5,794 ) $ 1,007 As of March 31, 2018 Level 1 Level 2 Level 3 Cash Collateral and Counterparty Netting Total (in thousands) Assets: Commodity derivatives — Utilities $ — $ 414 $ — $ (119 ) $ 295 Total $ — $ 414 $ — $ (119 ) $ 295 Liabilities: Commodity derivatives — Utilities $ — $ 12,259 $ — $ (11,175 ) $ 1,084 Total $ — $ 12,259 $ — $ (11,175 ) $ 1,084 Fair Value Measures by Balance Sheet Classification As required by accounting standards for derivatives and hedges, fair values within the following tables are presented on a gross basis aside from the netting of asset and liability positions permitted in accordance with accounting standards for offsetting and under terms of our master netting agreements and the impact of legally enforceable master netting agreements that allow us to settle positive and negative positions. The following table presents the fair value and balance sheet classification of our derivative instruments (in thousands) as of: Balance Sheet Location March 31, 2019 December 31, 2018 March 31, 2018 Derivatives designated as hedges: Asset derivative instruments: Current commodity derivatives Derivative assets — current $ 131 $ 415 $ — Noncurrent commodity derivatives Other assets, non-current 9 18 — Liability derivative instruments: Current commodity derivatives Derivative liabilities — current (11 ) (114 ) (394 ) Noncurrent commodity derivatives Other deferred credits and other liabilities — (4 ) (29 ) Total derivatives designated as hedges $ 129 $ 315 $ (423 ) Derivatives not designated as hedges: Asset derivative instruments: Current commodity derivatives Derivative assets — current $ 801 $ 1,085 $ 295 Noncurrent commodity derivatives Other assets, non-current 46 1 — Liability derivative instruments: Current commodity derivatives Derivative liabilities — current (84 ) (833 ) (497 ) Noncurrent commodity derivatives Other deferred credits and other liabilities (18 ) (56 ) (164 ) Total derivatives not designated as hedges $ 745 $ 197 $ (366 ) Fair value measurements also apply to the valuation of our pension and postretirement plan assets. Current accounting guidance requires employers to annually disclose information about the fair value measurements of their assets of a defined benefit pension or other postretirement plan. The fair value of these assets is presented in Note 18 to the Consolidated Financial Statements included in our 2018 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments: | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS The estimated fair values of our financial instruments, excluding derivatives which are presented in Note 11 , were as follows (in thousands) as of: March 31, 2019 December 31, 2018 March 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents (a) $ 12,225 $ 12,225 $ 20,776 $ 20,776 $ 30,947 $ 30,947 Restricted cash (a) $ 3,494 $ 3,494 $ 3,369 $ 3,369 $ 2,958 $ 2,958 Notes payable (b) $ 164,650 $ 164,650 $ 185,620 $ 185,620 $ 164,200 $ 164,200 Long-term debt, including current maturities (c) (d) $ 2,956,042 $ 3,137,538 $ 2,956,578 $ 3,039,108 $ 3,114,530 $ 3,265,965 __________ (a) Carrying value approximates fair value due to either the short-term length of maturity or variable interest rates that approximate prevailing market rates, and therefore is classified in Level 1 in the fair value hierarchy. (b) Notes payable consist of commercial paper borrowings and borrowings on our Revolving Credit Facility. Carrying value approximates fair value due to the short-term length of maturity; since these borrowings are not traded on an exchange, they are classified in Level 2 in the fair value hierarchy. (c) Long-term debt is valued based on observable inputs available either directly or indirectly for similar liabilities in active markets and therefore is classified in Level 2 in the fair value hierarchy. (d) |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss): | 3 Months Ended |
Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |
Other Comprehensive Income (Loss) | OTHER COMPREHENSIVE INCOME (LOSS) We record deferred gains (losses) in AOCI related to interest rate swaps designated as cash flow hedges, commodity contracts designated as cash flow hedges and the amortization of components of our defined benefit plans. Deferred gains (losses) for our commodity contracts designated as cash flow hedges are recognized in earnings upon settlement, while deferred gains (losses) related to our interest rate swaps are recognized in earnings as they are amortized. The following table details reclassifications out of AOCI and into net income. The amounts in parentheses below indicate decreases to net income in the Condensed Consolidated Statements of Income for the period, net of tax (in thousands): Location on the Condensed Consolidated Statements of Income Amount Reclassified from AOCI Three Months Ended March 31, 2019 March 31, 2018 Gains and (losses) on cash flow hedges: Interest rate swaps Interest expense $ (713 ) $ (713 ) Commodity contracts Fuel, purchased power and cost of natural gas sold 554 (621 ) (159 ) (1,334 ) Income tax Income tax benefit (expense) 35 297 Total reclassification adjustments related to cash flow hedges, net of tax $ (124 ) $ (1,037 ) Amortization of components of defined benefit plans: Prior service cost Operations and maintenance $ 19 $ 45 Actuarial gain (loss) Operations and maintenance (220 ) (622 ) (201 ) (577 ) Income tax Income tax benefit (expense) 48 126 Total reclassification adjustments related to defined benefit plans, net of tax $ (153 ) $ (451 ) Total reclassifications $ (277 ) $ (1,488 ) Balances by classification included within AOCI, net of tax on the accompanying Condensed Consolidated Balance Sheets were as follows (in thousands): Interest Rate Swaps Commodity Derivatives Employee Benefit Plans Total As of December 31, 2018 $ (17,307 ) $ 328 $ (9,937 ) $ (26,916 ) Other comprehensive income (loss) before reclassifications — 180 — 180 Amounts reclassified from AOCI 550 (426 ) 153 277 As of March 31, 2019 $ (16,757 ) $ 82 $ (9,784 ) $ (26,459 ) Interest Rate Swaps Commodity Derivatives Employee Benefit Plans Total Balance as of December 31, 2017 $ (19,581 ) $ (518 ) $ (21,103 ) $ (41,202 ) Other comprehensive income (loss) before reclassifications — (228 ) — (228 ) Amounts reclassified from AOCI 561 476 451 1,488 Reclassifications of certain tax effects from AOCI 15 — 3 18 As of March 31, 2018 $ (19,005 ) $ (270 ) $ (20,649 ) $ (39,924 ) |
Supplemental Disclosure of Cash
Supplemental Disclosure of Cash Flow Information: | 3 Months Ended |
Mar. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Disclosure of Cash Flow Information | SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Three Months Ended March 31, 2019 March 31, 2018 (in thousands) Non-cash investing and financing activities — Property, plant and equipment acquired with accrued liabilities $ 56,571 $ 21,708 Cash (paid) refunded during the period — Interest (net of amounts capitalized) $ (30,672 ) $ (36,928 ) Income taxes $ 8 $ (14,336 ) |
Employee Benefit Plans_
Employee Benefit Plans: | 3 Months Ended |
Mar. 31, 2019 | |
Defined Benefit Plan [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS Defined Benefit Pension Plan The components of net periodic benefit cost for the Defined Benefit Pension Plan were as follows (in thousands): Three Months Ended March 31, 2019 2018 Service cost $ 1,346 $ 1,708 Interest cost 4,343 3,867 Expected return on plan assets (6,100 ) (6,185 ) Prior service cost 6 15 Net loss (gain) 941 2,158 Net periodic benefit cost $ 536 $ 1,563 Defined Benefit Postretirement Healthcare Plans The components of net periodic benefit cost for the Defined Benefit Postretirement Healthcare Plans were as follows (in thousands): Three Months Ended March 31, 2019 2018 Service cost $ 454 $ 573 Interest cost 560 521 Expected return on plan assets (57 ) (57 ) Prior service cost (benefit) (99 ) (99 ) Net loss (gain) — 54 Net periodic benefit cost $ 858 $ 992 Supplemental Non-qualified Defined Benefit and Defined Contribution Plans The components of net periodic benefit cost for the Supplemental Non-qualified Defined Benefit and Defined Contribution Plans were as follows (in thousands): Three Months Ended March 31, 2019 2018 Service cost (a) $ 1,285 $ 280 Interest cost 324 293 Net loss (gain) 134 250 Net periodic benefit cost $ 1,743 $ 823 __________ (a) The increase in service cost for the three months ended March 31, 2019 compared to the same period in 2018 is primarily driven by market returns. Contributions Contributions to the Defined Benefit Pension Plan are cash contributions made directly to the Pension Plan Trust account. Contributions to the Postretirement Healthcare and Supplemental Plans are made in the form of benefit payments. Contributions made in 2019 and anticipated contributions for 2019 and 2020 are as follows (in thousands): Contributions Made Additional Contributions Contributions Three Months Ended March 31, 2019 Anticipated for 2019 Anticipated for 2020 Defined Benefit Pension Plan $ — $ 12,700 $ 12,700 Non-pension Defined Benefit Postretirement Healthcare Plans $ 1,109 $ 3,326 $ 4,271 Supplemental Non-qualified Defined Benefit and Defined Contribution Plans $ 366 $ 1,097 $ 1,562 |
Commitments and Contingencies_
Commitments and Contingencies: | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES There have been no significant changes to commitments and contingencies from those previously disclosed in Note 19 of our Notes to the Consolidated Financial Statements in our 2018 Annual Report on Form 10-K except for those described below. Dividend Restrictions Our Revolving Credit Facility and other debt obligations contain restrictions on the payment of cash dividends upon a default or event of default. As of March 31, 2019 , we were in compliance with the debt covenants. Due to our holding company structure, substantially all of our operating cash flows are provided by dividends paid or distributions made by our subsidiaries. The cash to pay dividends to our stockholders is derived from these cash flows. As a result, certain statutory limitations or regulatory or financing agreements could affect the levels of distributions allowed to be made by our subsidiaries. Our utilities are generally limited in the amount of dividends allowed to be paid to us as a utility holding company under the Federal Power Act and settlement agreements with state regulatory jurisdictions and financing agreements. As of March 31, 2019 , the restricted net assets at our Electric Utilities and Gas Utilities were approximately $257 million |
Discontinued Operations_
Discontinued Operations: | 3 Months Ended |
Mar. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS Results of operations for discontinued operations have been classified as Loss from discontinued operations, net of income taxes in the accompanying Condensed Consolidated Statements of Income. Assets and liabilities of the discontinued operations have been reclassified and reflected on the accompanying Condensed Consolidated Balance Sheets as “Current assets held for sale” and “Current liabilities held for sale”, respectively. Prior periods relating to our discontinued operations have also been reclassified to reflect consistency within our condensed consolidated financial statements. Oil and Gas Segment On November 1, 2017, the BHC Board of Directors approved a complete divestiture of our Oil and Gas segment. We completed the divestiture of our Oil and Gas segment in 2018. Total assets and liabilities of our Oil and Gas segment at March 31, 2018 were classified as Current assets held for sale and Current liabilities held for sale on the accompanying Condensed Consolidated Balance Sheets due to the final disposals occurring in 2018. As of (in thousands) March 31, 2018 Other current assets $ 4,332 Deferred income tax assets, noncurrent, net 3,739 Property, plant and equipment, net 16,653 Other current liabilities (17,233 ) Other noncurrent liabilities (7,677 ) Net (liabilities) $ (186 ) |
Income Taxes_
Income Taxes: | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Income tax benefit (expense), net for the three months ended March 31, 2019 was $(17) million compared to $26 million reported for the same period in 2018 . The increase in tax expense was primarily due to: • A prior year $49 million tax benefit resulting from legal entity restructuring, partially offset by: ◦ A prior year $2.3 million income tax expense associated with changes in the prior estimated impact of tax reform on deferred income taxes; and ◦ A current year $3.4 million increase in income tax benefit from forecasted federal production tax credits and state investment tax credits as well as $1.8 million of income tax benefit for deferred tax amortization related to tax reform (which is offset by reduced revenue at our utilities). Prior year tax benefit related to legal restructuring As part of the Company’s ongoing efforts to continue to integrate the legal entities that the Company acquired in recent years, certain legal entity restructuring transactions occurred on March 31, 2018. As a result of these transactions, $49 million of deferred income tax assets, related to goodwill that is amortizable for tax purposes, were recorded and deferred tax benefits of $49 million were recorded to Income tax benefit (expense) on the Condensed Consolidated Statements of Income. Due to this being a common control transaction, it had no effect on the other assets and liabilities of these entities. Prior year TCJA expense On December 22, 2017, the TCJA was signed into law reducing the federal corporate rate from 35% to 21% effective January 1, 2018. During the three months ended March 31, 2018, we recorded approximately $2.3 million |
Accrued Liabilities_
Accrued Liabilities: | 3 Months Ended |
Mar. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES The following amounts by major classification are included in Accrued liabilities in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: March 31, 2019 December 31, 2018 March 31, 2018 Accrued employee compensation, benefits and withholdings $ 48,078 $ 63,742 $ 46,262 Accrued property taxes 43,662 42,510 42,912 Customer deposits and prepayments 39,125 43,574 35,748 Accrued interest and contract adjustment payments 35,149 31,759 30,426 CIAC current portion 1,485 1,485 1,552 Other (none of which is individually significant) 28,573 32,431 37,140 Total accrued liabilities $ 196,072 $ 215,501 $ 194,040 |
Leases_
Leases: | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lessee, Operating Leases | LEASES Lessee We lease from third parties certain office and operation center facilities, communication tower sites, equipment, and materials storage. Our leases have remaining lease terms ranging from less than one year to 37 years , including options to extend that are reasonably certain to be exercised. The components of lease expense were as follows (in thousands): Income Statement Location Three Months Ended March 31, 2019 Operating lease cost Operations and maintenance $ 311 Finance lease cost: Amortization of right-of-use asset Depreciation, depletion and amortization 17 Interest on lease liabilities Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) 3 Total lease cost $ 331 Supplemental balance sheet information related to leases was as follows (in thousands): Balance Sheet Location As of March 31, 2019 Assets: Operating lease assets Other assets, non-current $ 5,331 Finance lease assets Other assets, non-current 481 Total lease assets $ 5,812 Liabilities: Current: Operating leases Accrued liabilities $ 974 Finance leases Accrued liabilities 92 Noncurrent: Operating leases Other deferred credits and other liabilities 4,563 Finance leases Other deferred credits and other liabilities 391 Total lease liabilities $ 6,020 Supplemental cash flow information related to leases was as follows (in thousands): Three Months Ended March 31, 2019 Cash paid included in the measurement of lease liabilities: Operating cash flows from operating leases $ 246 Operating cash flows from finance lease $ 3 Financing cash flows from finance lease $ 15 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 2,328 Finance leases $ — As of March 31, 2019 Weighted average remaining lease term (years): Operating leases 8 years Finance leases 5 years Weighted average discount rate: Operating leases 4.23 % Finance leases 4.21 % As of March 31, 2019 , scheduled maturities of lease liabilities for future years were as follows (in thousands): Operating Leases Finance Leases Total 2019 (a) $ 952 $ 83 $ 1,035 2020 936 111 1,047 2021 820 111 931 2022 698 111 809 2023 699 110 809 Thereafter 2,653 9 2,662 Total lease payments (b) $ 6,758 $ 535 $ 7,293 Less imputed interest 1,221 52 1,273 Present value of lease liabilities $ 5,537 $ 483 $ 6,020 (a) Includes lease liabilities for the remaining nine months of 2019 . (b) Lease payments exclude payments to landlords for common area maintenance, real estate taxes, and insurance. As previously disclosed in Note 14 of the Notes to the Consolidated Financial Statements in our 2018 Annual Report on Form 10-K, prior to the adoption of ASU 2016-02, Leases (Topic 842), the future minimum payments required under operating lease agreements as of December 31, 2018 were as follows (in thousands): Operating Leases 2019 $ 1,052 2020 464 2021 344 2022 224 2023 216 Thereafter 1,776 Total lease payments $ 4,076 |
Lessee, Finance Leases | LEASES Lessee We lease from third parties certain office and operation center facilities, communication tower sites, equipment, and materials storage. Our leases have remaining lease terms ranging from less than one year to 37 years , including options to extend that are reasonably certain to be exercised. The components of lease expense were as follows (in thousands): Income Statement Location Three Months Ended March 31, 2019 Operating lease cost Operations and maintenance $ 311 Finance lease cost: Amortization of right-of-use asset Depreciation, depletion and amortization 17 Interest on lease liabilities Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) 3 Total lease cost $ 331 Supplemental balance sheet information related to leases was as follows (in thousands): Balance Sheet Location As of March 31, 2019 Assets: Operating lease assets Other assets, non-current $ 5,331 Finance lease assets Other assets, non-current 481 Total lease assets $ 5,812 Liabilities: Current: Operating leases Accrued liabilities $ 974 Finance leases Accrued liabilities 92 Noncurrent: Operating leases Other deferred credits and other liabilities 4,563 Finance leases Other deferred credits and other liabilities 391 Total lease liabilities $ 6,020 Supplemental cash flow information related to leases was as follows (in thousands): Three Months Ended March 31, 2019 Cash paid included in the measurement of lease liabilities: Operating cash flows from operating leases $ 246 Operating cash flows from finance lease $ 3 Financing cash flows from finance lease $ 15 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 2,328 Finance leases $ — As of March 31, 2019 Weighted average remaining lease term (years): Operating leases 8 years Finance leases 5 years Weighted average discount rate: Operating leases 4.23 % Finance leases 4.21 % As of March 31, 2019 , scheduled maturities of lease liabilities for future years were as follows (in thousands): Operating Leases Finance Leases Total 2019 (a) $ 952 $ 83 $ 1,035 2020 936 111 1,047 2021 820 111 931 2022 698 111 809 2023 699 110 809 Thereafter 2,653 9 2,662 Total lease payments (b) $ 6,758 $ 535 $ 7,293 Less imputed interest 1,221 52 1,273 Present value of lease liabilities $ 5,537 $ 483 $ 6,020 (a) Includes lease liabilities for the remaining nine months of 2019 . (b) Lease payments exclude payments to landlords for common area maintenance, real estate taxes, and insurance. As previously disclosed in Note 14 of the Notes to the Consolidated Financial Statements in our 2018 Annual Report on Form 10-K, prior to the adoption of ASU 2016-02, Leases (Topic 842), the future minimum payments required under operating lease agreements as of December 31, 2018 were as follows (in thousands): Operating Leases 2019 $ 1,052 2020 464 2021 344 2022 224 2023 216 Thereafter 1,776 Total lease payments $ 4,076 |
Lessor, Operating Leases | LEASES Lessee We lease from third parties certain office and operation center facilities, communication tower sites, equipment, and materials storage. Our leases have remaining lease terms ranging from less than one year to 37 years , including options to extend that are reasonably certain to be exercised. The components of lease expense were as follows (in thousands): Income Statement Location Three Months Ended March 31, 2019 Operating lease cost Operations and maintenance $ 311 Finance lease cost: Amortization of right-of-use asset Depreciation, depletion and amortization 17 Interest on lease liabilities Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) 3 Total lease cost $ 331 Supplemental balance sheet information related to leases was as follows (in thousands): Balance Sheet Location As of March 31, 2019 Assets: Operating lease assets Other assets, non-current $ 5,331 Finance lease assets Other assets, non-current 481 Total lease assets $ 5,812 Liabilities: Current: Operating leases Accrued liabilities $ 974 Finance leases Accrued liabilities 92 Noncurrent: Operating leases Other deferred credits and other liabilities 4,563 Finance leases Other deferred credits and other liabilities 391 Total lease liabilities $ 6,020 Supplemental cash flow information related to leases was as follows (in thousands): Three Months Ended March 31, 2019 Cash paid included in the measurement of lease liabilities: Operating cash flows from operating leases $ 246 Operating cash flows from finance lease $ 3 Financing cash flows from finance lease $ 15 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 2,328 Finance leases $ — As of March 31, 2019 Weighted average remaining lease term (years): Operating leases 8 years Finance leases 5 years Weighted average discount rate: Operating leases 4.23 % Finance leases 4.21 % As of March 31, 2019 , scheduled maturities of lease liabilities for future years were as follows (in thousands): Operating Leases Finance Leases Total 2019 (a) $ 952 $ 83 $ 1,035 2020 936 111 1,047 2021 820 111 931 2022 698 111 809 2023 699 110 809 Thereafter 2,653 9 2,662 Total lease payments (b) $ 6,758 $ 535 $ 7,293 Less imputed interest 1,221 52 1,273 Present value of lease liabilities $ 5,537 $ 483 $ 6,020 (a) Includes lease liabilities for the remaining nine months of 2019 . (b) Lease payments exclude payments to landlords for common area maintenance, real estate taxes, and insurance. As previously disclosed in Note 14 of the Notes to the Consolidated Financial Statements in our 2018 Annual Report on Form 10-K, prior to the adoption of ASU 2016-02, Leases (Topic 842), the future minimum payments required under operating lease agreements as of December 31, 2018 were as follows (in thousands): Operating Leases 2019 $ 1,052 2020 464 2021 344 2022 224 2023 216 Thereafter 1,776 Total lease payments $ 4,076 Lessor We lease to third parties certain generating station ground leases, communication tower sites, and natural gas pipeline. These leases have remaining terms ranging from less than one year to 35 years . The components of lease revenue were as follows (in thousands): Income Statement Location Three Months Ended March 31, 2019 Operating lease income Revenue $ 638 As of March 31, 2019 , scheduled maturities of lease receivables for future years were as follows (in thousands): Operating Leases 2019 (a) $ 1,652 2020 2,010 2021 1,843 2022 1,793 2023 1,799 Thereafter 55,481 Total lease receivables $ 64,578 (a) Includes lease receivables for the remaining nine months of 2019 |
Management's Statement (Policie
Management's Statement (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Segment Reporting | Segment Reporting We conduct our operations through the following reportable segments: Electric Utilities, Gas Utilities, Power Generation and Mining. Our reportable segments are based on our method of internal reporting, which is generally segregated by differences in products, services and regulation. All of our operations and assets are located within the United States. Accounting standards for presentation of segments requires an approach based on the way we organize the segments for making operating decisions and how the chief operating decision maker (CODM) assesses performance. We have changed our segment performance metrics and concluded that adjusted operating income, instead of net income available for common stock which was used previously, is the most relevant metric for measuring segment performance. The CODM assesses the performance of our segments by using adjusted operating income, which considers the power sales arrangement between Colorado IPP and Colorado Electric be treated as an executory contract. Adjusted operating income adjusts this power sales arrangement from being accounted for as a capital lease to being accounted for as an executory contract on an accrual basis. This adjustment impacts Electric Utilities and Power Generation segments and Corporate and Other. There were no adjustments to Gas Utilities and Mining segments and this adjustment had no effect on our consolidated operating income. The change to our segment performance measure resulted in a revision of the Company’s segment disclosures for all periods to report adjusted operating income as the measure of segment profit and adjust revenues, operating income, and total assets for the power sales agreement to an executory contract and not a capital lease. See Notes 2 and 3 for more information. |
Use of Estimates and Basis of Presentation | Use of Estimates and Basis of Presentation The information furnished in the accompanying Condensed Consolidated Financial Statements reflects certain estimates required and all adjustments, including accruals, which are, in the opinion of management, necessary for a fair presentation of the March 31, 2019 , December 31, 2018 , and March 31, 2018 financial information and are of a normal recurring nature. Certain industries in which we operate are highly seasonal, and revenue from, and certain expenses for, such operations may fluctuate significantly among quarterly periods. Demand for electricity and natural gas is sensitive to seasonal cooling, heating and industrial load requirements. In particular, the normal peak usage season for electric utilities is June through August while the normal peak usage season for gas utilities is November through March. Significant earnings variances can be expected between the Gas Utilities segment’s peak and off-peak seasons. Due to this seasonal nature, our results of operations for the three months ended March 31, 2019 and March 31, 2018 , and our financial condition as of March 31, 2019 , December 31, 2018 , and March 31, 2018 |
Recently Issued and Adopted Accounting Standards | Recently Issued Accounting Standards Simplifying the Test for Goodwill Impairment, 2017-04 In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment by eliminating step 2 from the goodwill impairment test. Under the new guidance, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to that excess, limited to the amount of goodwill allocated to that reporting unit. The new standard is effective for interim and annual reporting periods beginning after December 1, 2019, applied on a prospective basis with early adoption permitted. We do not anticipate the adoption of this guidance to have any impact on our financial position, results of operations or cash flows. Recently Adopted Accounting Standards Leases, ASU 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by requiring the recognition of right-of-use assets and lease liabilities on the balance sheet for most leases, whereas previously only financing-type lease liabilities (capital leases) were recognized on the balance sheet. Under the new standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. We adopted the standard effective January 1, 2019. We elected not to recast comparative periods coinciding with the new lease standard transition and will report these comparative periods as presented under previous lease guidance. In addition, we elected the package of practical expedients permitted under the transition guidance with the new standard, which among other things, allowed us to carry forward the historical lease classification. We also elected the practical expedient related to land easements, allowing us to carry forward our accounting treatment for existing land easement agreements. Adoption of the new standard resulted in the recording of an operating lease right-of-use asset of $3.1 million , an operating lease obligation liability of $3.2 million , and an accrued rent receivable of $4.5 million , as of January 1, 2019. The cumulative effect of the adoption, net of tax impact, was $3.4 million , which was recorded as an adjustment to retained earnings. Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities, ASU 2017-12 Effective January 1, 2019, we adopted ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. |
Revenue Recognition | Revenue Recognition As of January 1, 2018, we adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , and its related amendments (collectively known as ASC 606). Revenue is recognized in an amount that reflects the consideration we expect to receive in exchange for goods or services, when control of the promised goods or services is transferred to our customers. The following tables depict the disaggregation of revenue, including intercompany revenue, from contracts with customers by customer type and timing of revenue recognition for each of the reporting segments, for the three months ended March 31, 2019 and 2018 . Sales tax and other similar taxes are excluded from revenues. Three Months Ended March 31, 2019 Electric Utilities Gas Utilities Power Generation (a) Mining Inter-company Revenues (a) Total Customer types: (in thousands) Retail $ 153,463 $ 354,275 $ — $ 15,829 $ (8,128 ) $ 515,439 Transportation — 44,517 — — (432 ) 44,085 Wholesale 8,343 — 15,469 — (13,213 ) 10,599 Market - off-system sales 6,692 217 — — (2,224 ) 4,685 Transmission/Other 14,175 13,190 — — (4,203 ) 23,162 Revenue from contracts with customers 182,673 412,199 15,469 15,829 (28,200 ) 597,970 Other revenues 254 (1,119 ) (b) 9,776 600 (9,671 ) (160 ) Total revenues $ 182,927 $ 411,080 $ 25,245 $ 16,429 $ (37,871 ) $ 597,810 Timing of revenue recognition: Services transferred at a point in time $ — $ — $ — $ 15,829 $ (8,128 ) $ 7,701 Services transferred over time 182,673 412,199 15,469 — (20,072 ) 590,269 Revenue from contracts with customers $ 182,673 $ 412,199 $ 15,469 $ 15,829 $ (28,200 ) $ 597,970 Three Months Ended March 31, 2018 Electric Utilities Gas Utilities Power Generation (a) Mining Inter-company Revenues (a) Total Customer Types: Retail $ 147,057 $ 341,394 $ — $ 16,557 $ (7,842 ) $ 497,166 Transportation — 41,669 — — (409 ) 41,260 Wholesale 9,050 — 14,769 — (13,049 ) 10,770 Market - Off-System Sales 4,144 427 — — (2,522 ) 2,049 Transmission/Other 13,071 12,670 — — (3,631 ) 22,110 Revenue from contracts with customers $ 173,322 $ 396,160 $ 14,769 $ 16,557 $ (27,453 ) $ 573,355 Other Revenues 233 1,184 (b) 9,170 571 (9,124 ) 2,034 Total Revenues $ 173,555 $ 397,344 $ 23,939 $ 17,128 $ (36,577 ) $ 575,389 Timing of Revenue Recognition: Services transferred at a point in time $ — $ — $ — $ 16,557 $ (7,842 ) $ 8,715 Services transferred over time 173,322 396,160 14,769 — (19,611 ) 564,640 Revenue from contracts with customers $ 173,322 $ 396,160 $ 14,769 $ 16,557 $ (27,453 ) $ 573,355 (a) Due to changes to our segment performance measure as disclosed in Note 1, Power Generation Wholesale revenue was recast for the three months ended March 31, 2018 which resulted in a change of $0.8 million . For the three months ended March 31, 2019, the impact to Power Generation Wholesale revenue was $3.4 million . The changes to Power Generation were offset by changes to eliminations in Inter-company Revenues and there was no impact to our consolidated Total Revenues. (b) Other revenues in the Gas Utilities segment include alternative revenue programs related to weather normalization mechanisms for Arkansas Gas and Kansas Gas that are considered out of scope for ASC 606. Contract Balances |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Three Months Ended March 31, 2019 Electric Utilities Gas Utilities Power Generation (a) Mining Inter-company Revenues (a) Total Customer types: (in thousands) Retail $ 153,463 $ 354,275 $ — $ 15,829 $ (8,128 ) $ 515,439 Transportation — 44,517 — — (432 ) 44,085 Wholesale 8,343 — 15,469 — (13,213 ) 10,599 Market - off-system sales 6,692 217 — — (2,224 ) 4,685 Transmission/Other 14,175 13,190 — — (4,203 ) 23,162 Revenue from contracts with customers 182,673 412,199 15,469 15,829 (28,200 ) 597,970 Other revenues 254 (1,119 ) (b) 9,776 600 (9,671 ) (160 ) Total revenues $ 182,927 $ 411,080 $ 25,245 $ 16,429 $ (37,871 ) $ 597,810 Timing of revenue recognition: Services transferred at a point in time $ — $ — $ — $ 15,829 $ (8,128 ) $ 7,701 Services transferred over time 182,673 412,199 15,469 — (20,072 ) 590,269 Revenue from contracts with customers $ 182,673 $ 412,199 $ 15,469 $ 15,829 $ (28,200 ) $ 597,970 Three Months Ended March 31, 2018 Electric Utilities Gas Utilities Power Generation (a) Mining Inter-company Revenues (a) Total Customer Types: Retail $ 147,057 $ 341,394 $ — $ 16,557 $ (7,842 ) $ 497,166 Transportation — 41,669 — — (409 ) 41,260 Wholesale 9,050 — 14,769 — (13,049 ) 10,770 Market - Off-System Sales 4,144 427 — — (2,522 ) 2,049 Transmission/Other 13,071 12,670 — — (3,631 ) 22,110 Revenue from contracts with customers $ 173,322 $ 396,160 $ 14,769 $ 16,557 $ (27,453 ) $ 573,355 Other Revenues 233 1,184 (b) 9,170 571 (9,124 ) 2,034 Total Revenues $ 173,555 $ 397,344 $ 23,939 $ 17,128 $ (36,577 ) $ 575,389 Timing of Revenue Recognition: Services transferred at a point in time $ — $ — $ — $ 16,557 $ (7,842 ) $ 8,715 Services transferred over time 173,322 396,160 14,769 — (19,611 ) 564,640 Revenue from contracts with customers $ 173,322 $ 396,160 $ 14,769 $ 16,557 $ (27,453 ) $ 573,355 |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting Information, Additional Information [Abstract] | |
Segment Reporting | Three Months Ended March 31, 2019 External Operating Revenue Inter-company Operating Revenue Total Revenues Contract Customers Other Revenues Contract Customers Other Revenues Segment: Electric Utilities $ 176,663 $ 254 $ 6,010 $ — $ 182,927 Gas Utilities (a) 411,500 (1,119 ) 699 — 411,080 Power Generation (b) 2,257 436 13,212 9,340 25,245 Mining 7,550 269 8,279 331 16,429 Corporate and Other — — — — — Inter-company eliminations (b) — — (28,200 ) (9,671 ) (37,871 ) Total $ 597,970 $ (160 ) $ — $ — $ 597,810 Three Months Ended March 31, 2018 External Operating Revenue Inter-company Operating Revenue Total Revenues Contract Customers Other Revenues Contract Customers Other Revenues Segment: Electric Utilities $ 167,178 $ 233 $ 6,144 $ — $ 173,555 Gas Utilities (a) 395,742 1,184 418 — 397,344 Power Generation (b) 1,720 371 13,049 8,799 23,939 Mining 8,715 246 7,842 325 17,128 Corporate and Other — — — — — Inter-company eliminations (b) — — (27,453 ) (9,124 ) (36,577 ) Total $ 573,355 $ 2,034 $ — $ — $ 575,389 (a) Other revenues in the Gas Utilities segment include alternative revenue programs related to weather normalization mechanisms for Arkansas Gas and Kansas Gas that are considered out of scope for ASC 606. (b) Due to changes to our segment performance measure, Power Generation Inter-company Operating Revenue for Contract Customers was recast for the three months ended March 31, 2018 which resulted in a change of $0.8 million . For the three months ended March 31, 2019, the impact to Power Generation Inter-company Operating Revenue for Contract Customers was $3.4 million . The changes to Power Generation were offset by changes to Inter-company eliminations and there was no impact on our consolidated Total revenues. Three Months Ended March 31, 2019 2018 Adjusted operating income: Electric Utilities (a) $ 41,020 $ 38,480 Gas Utilities 103,314 95,443 Power Generation (a) 11,967 11,776 Mining 4,337 4,271 Corporate and Other (a) (507 ) (1,696 ) Operating income 160,131 148,274 Interest expense, net (34,717 ) (34,995 ) Other income (expense), net (789 ) (104 ) Income tax benefit (expense) (b) (17,263 ) 25,802 Income from continuing operations 107,362 138,977 Net (loss) from discontinued operations — (2,343 ) Net income 107,362 136,634 Net income attributable to noncontrolling interest (3,554 ) (3,630 ) Net income available for common stock $ 103,808 $ 133,004 ___________ (a) Due to changes to our segment performance measure, Adjusted operating income was recast for the three months ended March 31, 2018, for Electric Utilities, Power Generation, and Corporate and Other which resulted in changes of $1.7 million , ($1.6) million , and ($0.1) million |
Reconciliation of Assets from Segment to Consolidated | Segment information and Corporate and Other balances included in the accompanying Condensed Consolidated Balance Sheets were as follows (in thousands): Total Assets (net of inter-company eliminations) as of: March 31, 2019 December 31, 2018 March 31, 2018 Segment: Electric Utilities (a) $ 2,755,056 $ 2,707,695 $ 2,629,267 Gas Utilities 3,639,430 3,623,475 3,398,473 Power Generation (a) 372,503 342,085 314,764 Mining 63,088 80,594 65,568 Corporate and Other 207,495 209,478 194,193 Discontinued operations — — 24,724 Total assets $ 7,037,572 $ 6,963,327 $ 6,626,989 ___________ (a) Due to changes to our segment performance measure, Electric Utilities Total assets were recast as of December 31, 2018 and March 31, 2018 which resulted in changes of ($188) million and ($261) million , respectively. Power Generation Total Assets were recast as of December 31, 2018, and March 31, 2018 which resulted in changes of $188 million and $261 million , respectively. The impact to Electric Utilities and Power Generation Total Assets as of March 31, 2019, was ($186) million and $186 million , respectively. There was no |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Accounts Receivable and Allowance for Doubtful Accounts | Following is a summary of Accounts receivable, net included in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: Accounts Unbilled Less Allowance for Accounts March 31, 2019 Receivable, Trade Revenue Doubtful Accounts Receivable, net Electric Utilities $ 45,764 $ 31,075 $ (535 ) $ 76,304 Gas Utilities 138,005 62,566 (4,008 ) 196,563 Power Generation 3,167 — — 3,167 Mining 2,791 — — 2,791 Corporate 3,946 — (169 ) 3,777 Total $ 193,673 $ 93,641 $ (4,712 ) $ 282,602 Accounts Unbilled Less Allowance for Accounts December 31, 2018 Receivable, Trade Revenue Doubtful Accounts Receivable, net Electric Utilities $ 39,721 $ 35,125 $ (448 ) $ 74,398 Gas Utilities 96,123 90,521 (2,592 ) 184,052 Power Generation 1,876 — — 1,876 Mining 3,988 — — 3,988 Corporate 5,008 — (169 ) 4,839 Total $ 146,716 $ 125,646 $ (3,209 ) $ 269,153 Accounts Unbilled Less Allowance for Accounts March 31, 2018 Receivable, Trade Revenue Doubtful Accounts Receivable, net Electric Utilities $ 40,492 $ 33,907 $ (624 ) $ 73,775 Gas Utilities 120,910 60,142 (3,684 ) 177,368 Power Generation 1,580 — — 1,580 Mining 3,133 — — 3,133 Corporate 1,916 — — 1,916 Total $ 168,031 $ 94,049 $ (4,308 ) $ 257,772 |
Regulatory Accounting (Tables)
Regulatory Accounting (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Schedule of Regulatory Assets and Liabilities | We had the following regulatory assets and liabilities (in thousands) as of: March 31, 2019 December 31, 2018 March 31, 2018 Regulatory assets Deferred energy and fuel cost adjustments (a) $ 35,512 $ 29,661 $ 25,056 Deferred gas cost adjustments (a) 5,124 3,362 2,118 Gas price derivatives (a) 3,939 6,201 11,045 Deferred taxes on AFUDC (b) 7,771 7,841 7,808 Employee benefit plans (c) 111,724 110,524 109,999 Environmental (a) 945 959 1,012 Loss on reacquired debt (a) 20,570 21,001 20,267 Renewable energy standard adjustment (a) 1,533 1,722 1,600 Deferred taxes on flow through accounting (c) 33,226 31,044 28,014 Decommissioning costs (b) 11,694 11,700 12,552 Gas supply contract termination (a) 12,866 14,310 18,590 Other regulatory assets (a) 41,803 45,910 29,171 Total regulatory assets 286,707 284,235 267,232 Less current regulatory assets (54,303 ) (48,776 ) (54,492 ) Regulatory assets, non-current $ 232,404 $ 235,459 $ 212,740 Regulatory liabilities Deferred energy and gas costs (a) $ 19,018 $ 6,991 $ 20,194 Employee benefit plan costs and related deferred taxes (c) 42,207 42,533 40,332 Cost of removal (a) 154,170 150,123 139,002 Excess deferred income taxes (c) 307,894 310,562 310,622 TCJA revenue reserve 16,549 18,032 15,239 Other regulatory liabilities (c) 17,421 12,553 12,472 Total regulatory liabilities 557,259 540,794 537,861 Less current regulatory liabilities (45,777 ) (29,810 ) (42,499 ) Regulatory liabilities, non-current $ 511,482 $ 510,984 $ 495,362 __________ (a) We are allowed recovery of costs, but we are not allowed a rate of return. (b) In addition to recovery of costs, we are allowed a rate of return. (c) In addition to recovery or repayment of costs, we are allowed a return on a portion of this amount or a reduction in rate base. |
Materials, Supplies and Fuel (T
Materials, Supplies and Fuel (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory, Net [Abstract] | |
Materials, Supplies and Fuel | The following amounts by major classification are included in Materials, supplies and fuel in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: March 31, 2019 December 31, 2018 March 31, 2018 Materials and supplies $ 76,728 $ 75,081 $ 72,045 Fuel - Electric Utilities 2,485 2,850 2,903 Natural gas in storage held for distribution 8,463 39,368 7,097 Total materials, supplies and fuel $ 87,676 $ 117,299 $ 82,045 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Reconciliation | A reconciliation of share amounts used to compute Earnings (loss) per share in the accompanying Condensed Consolidated Statements of Income was as follows (in thousands): Three Months Ended March 31, 2019 2018 Net income available for common stock $ 103,808 $ 133,004 Weighted average shares - basic 59,920 53,319 Dilutive effect of: Equity Units (a) — 733 Equity compensation 140 70 Weighted average shares - diluted 60,060 54,122 __________ (a) Calculated using the treasury stock method. On November 1, 2018, we completed settlement of the stock purchase contracts that are components of the Equity Units issued in November 2015. |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following outstanding securities were excluded in the computation of diluted net income (loss) per share as their inclusion would have been anti-dilutive (in thousands): Three Months Ended March 31, 2019 2018 Equity compensation 6 71 Anti-dilutive shares 6 71 |
Notes Payable, Current Maturi_2
Notes Payable, Current Maturities and Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | We had the following notes payable outstanding in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: March 31, 2019 December 31, 2018 March 31, 2018 Balance Outstanding Letters of Credit Balance Outstanding Letters of Credit Balance Outstanding Letters of Credit Revolving Credit Facility $ — $ 14,006 $ — $ 22,310 $ — $ 15,830 CP Program 164,650 — 185,620 — 164,200 — Total $ 164,650 $ 14,006 $ 185,620 $ 22,310 $ 164,200 $ 15,830 |
Schedule of Credit Facility Covenants | Our Revolving Credit Facility and term loans require compliance with the following financial covenant at the end of each quarter: As of March 31, 2019 Covenant Requirement Consolidated Indebtedness to Capitalization Ratio 58.1% Less than 65% |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |
Schedule of Stockholders Equity | A summary of the changes in equity is as follows: Three Months Ended March 31, 2019 Common Stock Treasury Stock (in thousands except share amounts) Shares Value Shares Value Additional Paid in Capital Retained Earnings AOCI Non controlling Interest Total December 31, 2018 60,048,567 $ 60,049 44,253 $ (2,510 ) $ 1,450,569 $ 700,396 $ (26,916 ) $ 105,835 $ 2,287,423 Net income (loss) available for common stock — — — — — 103,808 — 3,554 107,362 Other comprehensive income (loss), net of tax — — — — — — 457 — 457 Dividends on common stock ($0.505 per share) — — — — — (30,332 ) — — (30,332 ) Share-based compensation 48,956 49 (20,497 ) 1,078 (589 ) — — — 538 Issuance of common stock 280,497 280 — — 19,719 — — — 19,999 Issuance costs — — — — (289 ) — — — (289 ) Cumulative effect of ASU 2016-02, Leases implementation — — — — — 3,390 — — 3,390 Distributions to noncontrolling interest — — — — — — — (4,846 ) (4,846 ) March 31, 2019 60,378,020 $ 60,378 23,756 $ (1,432 ) $ 1,469,410 $ 777,262 $ (26,459 ) $ 104,543 $ 2,383,702 Three Months Ended March 31, 2018 Common Stock Treasury Stock (in thousands except share amounts) Shares Value Shares Value Additional Paid in Capital Retained Earnings AOCI Non controlling Interest Total December 31, 2017 53,579,986 $ 53,580 39,064 $ (2,306 ) $ 1,150,285 $ 548,617 $ (41,202 ) $ 111,232 $ 1,820,206 Net income (loss) available for common stock — — — — — 133,004 — 3,630 136,634 Other comprehensive income (loss), net of tax — — — — — — 1,260 — 1,260 Dividends on common stock ($0.475 per share) — — — — — (25,444 ) — — (25,444 ) Share-based compensation 64,770 65 14,895 (743 ) 1,433 — — — 755 Dividend reinvestment and stock purchase plan 4,061 4 — — 215 — — — 219 Other stock transactions — — — — — (16 ) 18 — 2 Distributions to noncontrolling interest — — — — — — — (5,648 ) (5,648 ) March 31, 2018 53,648,817 $ 53,649 53,959 $ (3,049 ) $ 1,151,933 $ 656,161 $ (39,924 ) $ 109,214 $ 1,927,984 |
Risk Management Activities (Tab
Risk Management Activities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Contract or notional amounts and terms of marketing activities and derivative commodity instruments | The contract or notional amounts and terms of the natural gas derivative commodity instruments held at our utilities are composed of both long and short positions. We were in a net long position as of: March 31, 2019 December 31, 2018 March 31, 2018 Notional (MMBtus) Maximum Term (months) (a) Notional (MMBtus) Maximum Term (months) (a) Notional (MMBtus) Maximum Term (months) (a) Natural gas futures purchased 3,120,000 21 4,000,000 24 6,760,000 33 Natural gas options purchased, net 1,150,000 10 4,320,000 13 170,000 11 Natural gas basis swaps purchased 3,020,000 21 3,960,000 24 6,770,000 33 Natural gas over-the-counter swaps, net (b) 3,316,000 26 3,660,000 24 2,760,000 26 Natural gas physical contracts, net (c) 2,786,980 12 18,325,852 30 386,250 32 __________ (a) Term reflects the maximum forward period hedged. (b) As of March 31, 2019 , 534,000 MMBtus were designated as cash flow hedges. (c) |
Derivative Instruments, Gain (Loss) | The impacts of cash flow hedges on our Condensed Consolidated Statements of Income is presented below for the three months ended March 31, 2019 and 2018 . Note that this presentation does not reflect gains or losses arising from the underlying physical transactions; therefore, it is not indicative of the economic profit or loss we realized when the underlying physical and financial transactions were settled. Three Months Ended March 31, 2019 (in thousands) Derivatives in Cash Flow Hedging Relationships Location of Reclassifications from AOCI into Income Amount of Gain/(Loss) Reclassified from AOCI into Income Interest rate swaps Interest expense $ (713 ) Commodity derivatives Fuel, purchased power and cost of natural gas sold 554 Total $ (159 ) Three Months Ended March 31, 2018 (in thousands) Derivatives in Cash Flow Hedging Relationships Location of Reclassifications from AOCI into Income Amount of Gain/(Loss) Reclassified from AOCI into Income Interest rate swaps Interest expense $ (713 ) Commodity derivatives Fuel, purchased power and cost of natural gas sold (621 ) Total $ (1,334 ) The following tables summarize the gains and losses arising from hedging transactions that were recognized as a component of other comprehensive income (loss) for the three months ended March 31, 2019 and 2018 . Three Months Ended March 31, 2019 2018 (in thousands) Increase (decrease) in fair value: Forward commodity contracts $ 234 $ (297 ) Recognition of (gains) losses in earnings due to settlements: Interest rate swaps 713 713 Forward commodity contracts (554 ) 621 Total other comprehensive income (loss) from hedging $ 393 $ 1,037 Derivatives Not Designated as Hedge Instruments The following table summarizes the impacts of derivative instruments not designated as hedge instruments on our Condensed Consolidated Statements of Income for the three months ended March 31, 2019 and 2018 (in thousands). Note that this presentation does not reflect gains or losses arising from the underlying physical transactions; therefore, it is not indicative of the economic profit or loss we realized when the underlying physical and financial transactions were settled. Three Months Ended March 31, 2019 2018 Derivatives Not Designated as Hedging Instruments Location of Gain/(Loss) on Derivatives Recognized in Income Amount of Gain/(Loss) on Derivatives Recognized in Income Amount of Gain/(Loss) on Derivatives Recognized in Income Commodity derivatives Fuel, purchased power and cost of natural gas sold $ 25 $ 254 $ 25 $ 254 As discussed above, financial instruments used in our regulated utilities are not designated as cash flow hedges. However, there is no earnings impact because the unrealized gains and losses arising from the use of these financial instruments are recorded as Regulatory assets or Regulatory liabilities. The net unrealized losses included in our Regulatory assets or Regulatory liability accounts related to the hedges in our utilities were $3.9 million , $6.2 million and $11 million at March 31, 2019 , December 31, 2018 and March 31, 2018 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Hierarchy, Measured on Recurring Basis | Recurring Fair Value Measurements As of March 31, 2019 Level 1 Level 2 Level 3 Cash Collateral and Counterparty Netting Total (in thousands) Assets: Commodity derivatives — Utilities $ — $ 1,375 $ — $ (388 ) $ 987 Total $ — $ 1,375 $ — $ (388 ) $ 987 Liabilities: Commodity derivatives — Utilities $ — $ 4,122 $ — $ (4,009 ) $ 113 Total $ — $ 4,122 $ — $ (4,009 ) $ 113 As of December 31, 2018 Level 1 Level 2 Level 3 Cash Collateral and Counterparty Netting Total (in thousands) Assets: Commodity derivatives — Utilities $ — $ 2,927 $ — $ (1,408 ) $ 1,519 Total $ — $ 2,927 $ — $ (1,408 ) $ 1,519 Liabilities: Commodity derivatives — Utilities $ — $ 6,801 $ — $ (5,794 ) $ 1,007 Total $ — $ 6,801 $ — $ (5,794 ) $ 1,007 As of March 31, 2018 Level 1 Level 2 Level 3 Cash Collateral and Counterparty Netting Total (in thousands) Assets: Commodity derivatives — Utilities $ — $ 414 $ — $ (119 ) $ 295 Total $ — $ 414 $ — $ (119 ) $ 295 Liabilities: Commodity derivatives — Utilities $ — $ 12,259 $ — $ (11,175 ) $ 1,084 Total $ — $ 12,259 $ — $ (11,175 ) $ 1,084 |
Schedule of Derivative Instruments Balance Sheet Location | The following table presents the fair value and balance sheet classification of our derivative instruments (in thousands) as of: Balance Sheet Location March 31, 2019 December 31, 2018 March 31, 2018 Derivatives designated as hedges: Asset derivative instruments: Current commodity derivatives Derivative assets — current $ 131 $ 415 $ — Noncurrent commodity derivatives Other assets, non-current 9 18 — Liability derivative instruments: Current commodity derivatives Derivative liabilities — current (11 ) (114 ) (394 ) Noncurrent commodity derivatives Other deferred credits and other liabilities — (4 ) (29 ) Total derivatives designated as hedges $ 129 $ 315 $ (423 ) Derivatives not designated as hedges: Asset derivative instruments: Current commodity derivatives Derivative assets — current $ 801 $ 1,085 $ 295 Noncurrent commodity derivatives Other assets, non-current 46 1 — Liability derivative instruments: Current commodity derivatives Derivative liabilities — current (84 ) (833 ) (497 ) Noncurrent commodity derivatives Other deferred credits and other liabilities (18 ) (56 ) (164 ) Total derivatives not designated as hedges $ 745 $ 197 $ (366 ) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | The estimated fair values of our financial instruments, excluding derivatives which are presented in Note 11 , were as follows (in thousands) as of: March 31, 2019 December 31, 2018 March 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents (a) $ 12,225 $ 12,225 $ 20,776 $ 20,776 $ 30,947 $ 30,947 Restricted cash (a) $ 3,494 $ 3,494 $ 3,369 $ 3,369 $ 2,958 $ 2,958 Notes payable (b) $ 164,650 $ 164,650 $ 185,620 $ 185,620 $ 164,200 $ 164,200 Long-term debt, including current maturities (c) (d) $ 2,956,042 $ 3,137,538 $ 2,956,578 $ 3,039,108 $ 3,114,530 $ 3,265,965 __________ (a) Carrying value approximates fair value due to either the short-term length of maturity or variable interest rates that approximate prevailing market rates, and therefore is classified in Level 1 in the fair value hierarchy. (b) Notes payable consist of commercial paper borrowings and borrowings on our Revolving Credit Facility. Carrying value approximates fair value due to the short-term length of maturity; since these borrowings are not traded on an exchange, they are classified in Level 2 in the fair value hierarchy. (c) Long-term debt is valued based on observable inputs available either directly or indirectly for similar liabilities in active markets and therefore is classified in Level 2 in the fair value hierarchy. (d) |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) | The following table details reclassifications out of AOCI and into net income. The amounts in parentheses below indicate decreases to net income in the Condensed Consolidated Statements of Income for the period, net of tax (in thousands): Location on the Condensed Consolidated Statements of Income Amount Reclassified from AOCI Three Months Ended March 31, 2019 March 31, 2018 Gains and (losses) on cash flow hedges: Interest rate swaps Interest expense $ (713 ) $ (713 ) Commodity contracts Fuel, purchased power and cost of natural gas sold 554 (621 ) (159 ) (1,334 ) Income tax Income tax benefit (expense) 35 297 Total reclassification adjustments related to cash flow hedges, net of tax $ (124 ) $ (1,037 ) Amortization of components of defined benefit plans: Prior service cost Operations and maintenance $ 19 $ 45 Actuarial gain (loss) Operations and maintenance (220 ) (622 ) (201 ) (577 ) Income tax Income tax benefit (expense) 48 126 Total reclassification adjustments related to defined benefit plans, net of tax $ (153 ) $ (451 ) Total reclassifications $ (277 ) $ (1,488 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) | Balances by classification included within AOCI, net of tax on the accompanying Condensed Consolidated Balance Sheets were as follows (in thousands): Interest Rate Swaps Commodity Derivatives Employee Benefit Plans Total As of December 31, 2018 $ (17,307 ) $ 328 $ (9,937 ) $ (26,916 ) Other comprehensive income (loss) before reclassifications — 180 — 180 Amounts reclassified from AOCI 550 (426 ) 153 277 As of March 31, 2019 $ (16,757 ) $ 82 $ (9,784 ) $ (26,459 ) Interest Rate Swaps Commodity Derivatives Employee Benefit Plans Total Balance as of December 31, 2017 $ (19,581 ) $ (518 ) $ (21,103 ) $ (41,202 ) Other comprehensive income (loss) before reclassifications — (228 ) — (228 ) Amounts reclassified from AOCI 561 476 451 1,488 Reclassifications of certain tax effects from AOCI 15 — 3 18 As of March 31, 2018 $ (19,005 ) $ (270 ) $ (20,649 ) $ (39,924 ) |
Supplemental Disclosure of Ca_2
Supplemental Disclosure of Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Disclosure of Cash Flow Information | Three Months Ended March 31, 2019 March 31, 2018 (in thousands) Non-cash investing and financing activities — Property, plant and equipment acquired with accrued liabilities $ 56,571 $ 21,708 Cash (paid) refunded during the period — Interest (net of amounts capitalized) $ (30,672 ) $ (36,928 ) Income taxes $ 8 $ (14,336 ) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Defined Benefit Plan [Abstract] | |
Schedule of Net Benefit Costs | The components of net periodic benefit cost for the Defined Benefit Pension Plan were as follows (in thousands): Three Months Ended March 31, 2019 2018 Service cost $ 1,346 $ 1,708 Interest cost 4,343 3,867 Expected return on plan assets (6,100 ) (6,185 ) Prior service cost 6 15 Net loss (gain) 941 2,158 Net periodic benefit cost $ 536 $ 1,563 Defined Benefit Postretirement Healthcare Plans The components of net periodic benefit cost for the Defined Benefit Postretirement Healthcare Plans were as follows (in thousands): Three Months Ended March 31, 2019 2018 Service cost $ 454 $ 573 Interest cost 560 521 Expected return on plan assets (57 ) (57 ) Prior service cost (benefit) (99 ) (99 ) Net loss (gain) — 54 Net periodic benefit cost $ 858 $ 992 Supplemental Non-qualified Defined Benefit and Defined Contribution Plans The components of net periodic benefit cost for the Supplemental Non-qualified Defined Benefit and Defined Contribution Plans were as follows (in thousands): Three Months Ended March 31, 2019 2018 Service cost (a) $ 1,285 $ 280 Interest cost 324 293 Net loss (gain) 134 250 Net periodic benefit cost $ 1,743 $ 823 |
Schedule of Defined Benefit Plans Contributions | Contributions made in 2019 and anticipated contributions for 2019 and 2020 are as follows (in thousands): Contributions Made Additional Contributions Contributions Three Months Ended March 31, 2019 Anticipated for 2019 Anticipated for 2020 Defined Benefit Pension Plan $ — $ 12,700 $ 12,700 Non-pension Defined Benefit Postretirement Healthcare Plans $ 1,109 $ 3,326 $ 4,271 Supplemental Non-qualified Defined Benefit and Defined Contribution Plans $ 366 $ 1,097 $ 1,562 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Balance Sheet Accounts | As of (in thousands) March 31, 2018 Other current assets $ 4,332 Deferred income tax assets, noncurrent, net 3,739 Property, plant and equipment, net 16,653 Other current liabilities (17,233 ) Other noncurrent liabilities (7,677 ) Net (liabilities) $ (186 ) |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | The following amounts by major classification are included in Accrued liabilities in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: March 31, 2019 December 31, 2018 March 31, 2018 Accrued employee compensation, benefits and withholdings $ 48,078 $ 63,742 $ 46,262 Accrued property taxes 43,662 42,510 42,912 Customer deposits and prepayments 39,125 43,574 35,748 Accrued interest and contract adjustment payments 35,149 31,759 30,426 CIAC current portion 1,485 1,485 1,552 Other (none of which is individually significant) 28,573 32,431 37,140 Total accrued liabilities $ 196,072 $ 215,501 $ 194,040 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Lessee Disclosure [Abstract] | |
Lease, Cost | The components of lease expense were as follows (in thousands): Income Statement Location Three Months Ended March 31, 2019 Operating lease cost Operations and maintenance $ 311 Finance lease cost: Amortization of right-of-use asset Depreciation, depletion and amortization 17 Interest on lease liabilities Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) 3 Total lease cost $ 331 |
Lessee - Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows (in thousands): Balance Sheet Location As of March 31, 2019 Assets: Operating lease assets Other assets, non-current $ 5,331 Finance lease assets Other assets, non-current 481 Total lease assets $ 5,812 Liabilities: Current: Operating leases Accrued liabilities $ 974 Finance leases Accrued liabilities 92 Noncurrent: Operating leases Other deferred credits and other liabilities 4,563 Finance leases Other deferred credits and other liabilities 391 Total lease liabilities $ 6,020 |
Lessee - Supplemental Cash Flow Information | Supplemental cash flow information related to leases was as follows (in thousands): Three Months Ended March 31, 2019 Cash paid included in the measurement of lease liabilities: Operating cash flows from operating leases $ 246 Operating cash flows from finance lease $ 3 Financing cash flows from finance lease $ 15 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 2,328 Finance leases $ — |
Lessee - Supplemental Weighted Average Schedule | As of March 31, 2019 Weighted average remaining lease term (years): Operating leases 8 years Finance leases 5 years Weighted average discount rate: Operating leases 4.23 % Finance leases 4.21 % |
Lessee, Operating Lease, Liability, Maturity | As of March 31, 2019 , scheduled maturities of lease liabilities for future years were as follows (in thousands): Operating Leases Finance Leases Total 2019 (a) $ 952 $ 83 $ 1,035 2020 936 111 1,047 2021 820 111 931 2022 698 111 809 2023 699 110 809 Thereafter 2,653 9 2,662 Total lease payments (b) $ 6,758 $ 535 $ 7,293 Less imputed interest 1,221 52 1,273 Present value of lease liabilities $ 5,537 $ 483 $ 6,020 (a) Includes lease liabilities for the remaining nine months of 2019 . (b) Lease payments exclude payments to landlords for common area maintenance, real estate taxes, and insurance. As previously disclosed in Note 14 of the Notes to the Consolidated Financial Statements in our 2018 Annual Report on Form 10-K, prior to the adoption of ASU 2016-02, Leases (Topic 842), the future minimum payments required under operating lease agreements as of December 31, 2018 were as follows (in thousands): Operating Leases 2019 $ 1,052 2020 464 2021 344 2022 224 2023 216 Thereafter 1,776 Total lease payments $ 4,076 |
Lessee - Finance Lease, Liability, Maturity | As of March 31, 2019 , scheduled maturities of lease liabilities for future years were as follows (in thousands): Operating Leases Finance Leases Total 2019 (a) $ 952 $ 83 $ 1,035 2020 936 111 1,047 2021 820 111 931 2022 698 111 809 2023 699 110 809 Thereafter 2,653 9 2,662 Total lease payments (b) $ 6,758 $ 535 $ 7,293 Less imputed interest 1,221 52 1,273 Present value of lease liabilities $ 5,537 $ 483 $ 6,020 (a) Includes lease liabilities for the remaining nine months of 2019 . (b) |
Lessor Disclosure [Abstract] | |
Operating Lease, Lease Income | The components of lease revenue were as follows (in thousands): Income Statement Location Three Months Ended March 31, 2019 Operating lease income Revenue $ 638 |
Lessor - Operating and Finance Lease, Liability, Maturity | As of March 31, 2019 , scheduled maturities of lease receivables for future years were as follows (in thousands): Operating Leases 2019 (a) $ 1,652 2020 2,010 2021 1,843 2022 1,793 2023 1,799 Thereafter 55,481 Total lease receivables $ 64,578 (a) Includes lease receivables for the remaining nine months of 2019 |
Management's Statement (Details
Management's Statement (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease - right of use assets | $ 5,331 | |
Operating lease liabilities | 5,537 | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 3,390 | |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease - right of use assets | $ 3,100 | |
Operating lease liabilities | 3,200 | |
Accrued Rent Receivable | 4,500 | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 3,400 |
Revenue_ Disaggregation of Reve
Revenue: Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 597,970 | $ 573,355 |
Total revenues | 597,810 | 575,389 |
Changes To Our Segment Performance Measure - Revenues | 0 | |
Recasting of Intercompany Capital Lease | ||
Disaggregation of Revenue [Line Items] | ||
Changes To Our Segment Performance Measure - Revenues | 0 | |
Services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 7,701 | 8,715 |
Services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 590,269 | 564,640 |
Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | (160) | 2,034 |
Retail - Electric , Natural Gas and Coal | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 515,439 | 497,166 |
Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 44,085 | 41,260 |
Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 10,599 | 10,770 |
Market - off-system sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 4,685 | 2,049 |
Transmission/Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 23,162 | 22,110 |
Inter-company Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | (28,200) | (27,453) |
Total revenues | (37,871) | (36,577) |
Inter-company Revenues | Services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | (8,128) | (7,842) |
Inter-company Revenues | Services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | (20,072) | (19,611) |
Inter-company Revenues | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | (9,671) | (9,124) |
Inter-company Revenues | Retail - Electric , Natural Gas and Coal | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | (8,128) | (7,842) |
Inter-company Revenues | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | (432) | (409) |
Inter-company Revenues | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | (13,213) | (13,049) |
Inter-company Revenues | Market - off-system sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | (2,224) | (2,522) |
Inter-company Revenues | Transmission/Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | (4,203) | (3,631) |
Electric Utilities | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 182,673 | 173,322 |
Total revenues | 182,927 | 173,555 |
Electric Utilities | Services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Electric Utilities | Services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 182,673 | 173,322 |
Electric Utilities | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 254 | 233 |
Electric Utilities | Retail - Electric , Natural Gas and Coal | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 153,463 | 147,057 |
Electric Utilities | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Electric Utilities | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 8,343 | 9,050 |
Electric Utilities | Market - off-system sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 6,692 | 4,144 |
Electric Utilities | Transmission/Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 14,175 | 13,071 |
Gas Utilities | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 412,199 | 396,160 |
Total revenues | 411,080 | 397,344 |
Gas Utilities | Services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Gas Utilities | Services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 412,199 | 396,160 |
Gas Utilities | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | (1,119) | 1,184 |
Gas Utilities | Retail - Electric , Natural Gas and Coal | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 354,275 | 341,394 |
Gas Utilities | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 44,517 | 41,669 |
Gas Utilities | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Gas Utilities | Market - off-system sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 217 | 427 |
Gas Utilities | Transmission/Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 13,190 | 12,670 |
Power Generation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 15,469 | 14,769 |
Total revenues | 25,245 | 23,939 |
Changes To Our Segment Performance Measure - Revenues | 3,400 | |
Power Generation | Recasting of Intercompany Capital Lease | ||
Disaggregation of Revenue [Line Items] | ||
Changes To Our Segment Performance Measure - Revenues | 800 | |
Power Generation | Services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Power Generation | Services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 15,469 | 14,769 |
Power Generation | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 9,776 | 9,170 |
Power Generation | Retail - Electric , Natural Gas and Coal | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Power Generation | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Power Generation | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 15,469 | 14,769 |
Power Generation | Market - off-system sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Power Generation | Transmission/Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Mining | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 15,829 | 16,557 |
Total revenues | 16,429 | 17,128 |
Mining | Services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 15,829 | 16,557 |
Mining | Services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Mining | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 600 | 571 |
Mining | Retail - Electric , Natural Gas and Coal | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 15,829 | 16,557 |
Mining | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Mining | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Mining | Market - off-system sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Mining | Transmission/Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 0 | $ 0 |
Business Segment Information_ I
Business Segment Information: Information Relating to Segment Statement of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information | ||
Revenue from contracts with customers | $ 597,970 | $ 573,355 |
Revenues | 597,810 | 575,389 |
Operating income | 160,131 | 148,274 |
Interest expense, net | (34,717) | (34,995) |
Other income (expense), net | (789) | (104) |
Income tax benefit (expense) | (17,263) | 25,802 |
Income from continuing operations | 107,362 | 138,977 |
Net (loss) from discontinued operations | 0 | (2,343) |
Net income | 107,362 | 136,634 |
Net income attributable to noncontrolling interest | (3,554) | (3,630) |
Net income available for common stock | 103,808 | 133,004 |
Changes To Our Segment Performance Measure - Revenues | 0 | |
Changes To Our Segment Performance Measure - Operating Income | 0 | |
Deferred income taxes | 19,602 | (25,430) |
Other Restructuring | ||
Segment Reporting Information | ||
Deferred income taxes | 49,000 | |
Recasting of Intercompany Capital Lease | ||
Segment Reporting Information | ||
Changes To Our Segment Performance Measure - Revenues | 0 | |
Changes To Our Segment Performance Measure - Operating Income | 0 | |
Inter-company Revenues | ||
Segment Reporting Information | ||
Revenue from contracts with customers | (28,200) | (27,453) |
Revenues | (37,871) | (36,577) |
Consolidation, Eliminations | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 0 | 0 |
Corporate | ||
Segment Reporting Information | ||
Operating income | (507) | (1,696) |
Changes To Our Segment Performance Measure - Operating Income | 4,700 | |
Corporate | Recasting of Intercompany Capital Lease | ||
Segment Reporting Information | ||
Changes To Our Segment Performance Measure - Operating Income | (100) | |
Electric Utilities | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 182,673 | 173,322 |
Revenues | 182,927 | 173,555 |
Operating income | 41,020 | 38,480 |
Electric Utilities | Recasting of Intercompany Capital Lease | ||
Segment Reporting Information | ||
Changes To Our Segment Performance Measure - Operating Income | 1,700 | |
Electric Utilities | Segment Reconciling Items [Member] | ||
Segment Reporting Information | ||
Changes To Our Segment Performance Measure - Operating Income | (5,400) | |
Gas Utilities | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 412,199 | 396,160 |
Revenues | 411,080 | 397,344 |
Operating income | 103,314 | 95,443 |
Power Generation | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 15,469 | 14,769 |
Revenues | 25,245 | 23,939 |
Operating income | 11,967 | 11,776 |
Changes To Our Segment Performance Measure - Revenues | 3,400 | |
Power Generation | Recasting of Intercompany Capital Lease | ||
Segment Reporting Information | ||
Changes To Our Segment Performance Measure - Revenues | 800 | |
Changes To Our Segment Performance Measure - Operating Income | (1,600) | |
Power Generation | Segment Reconciling Items [Member] | ||
Segment Reporting Information | ||
Changes To Our Segment Performance Measure - Operating Income | 700 | |
Mining | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 15,829 | 16,557 |
Revenues | 16,429 | 17,128 |
Operating income | 4,337 | 4,271 |
Other Revenues | ||
Segment Reporting Information | ||
Revenues | (160) | 2,034 |
Other Revenues | Inter-company Revenues | ||
Segment Reporting Information | ||
Revenues | (9,671) | (9,124) |
Other Revenues | Consolidation, Eliminations | ||
Segment Reporting Information | ||
Revenues | 0 | 0 |
Other Revenues | Electric Utilities | ||
Segment Reporting Information | ||
Revenues | 254 | 233 |
Other Revenues | Gas Utilities | ||
Segment Reporting Information | ||
Revenues | (1,119) | 1,184 |
Other Revenues | Power Generation | ||
Segment Reporting Information | ||
Revenues | 9,776 | 9,170 |
Other Revenues | Mining | ||
Segment Reporting Information | ||
Revenues | 600 | 571 |
External Operating Revenue | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 597,970 | 573,355 |
External Operating Revenue | Electric Utilities | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 176,663 | 167,178 |
External Operating Revenue | Gas Utilities | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 411,500 | 395,742 |
External Operating Revenue | Power Generation | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 2,257 | 1,720 |
External Operating Revenue | Mining | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 7,550 | 8,715 |
External Operating Revenue | Other Revenues | ||
Segment Reporting Information | ||
Revenues | (160) | 2,034 |
External Operating Revenue | Other Revenues | Electric Utilities | ||
Segment Reporting Information | ||
Revenues | 254 | 233 |
External Operating Revenue | Other Revenues | Gas Utilities | ||
Segment Reporting Information | ||
Revenues | (1,119) | 1,184 |
External Operating Revenue | Other Revenues | Power Generation | ||
Segment Reporting Information | ||
Revenues | 436 | 371 |
External Operating Revenue | Other Revenues | Mining | ||
Segment Reporting Information | ||
Revenues | 269 | 246 |
Inter-company Operating Revenue | Electric Utilities | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 6,010 | 6,144 |
Inter-company Operating Revenue | Gas Utilities | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 699 | 418 |
Inter-company Operating Revenue | Power Generation | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 13,212 | 13,049 |
Inter-company Operating Revenue | Mining | ||
Segment Reporting Information | ||
Revenue from contracts with customers | 8,279 | 7,842 |
Inter-company Operating Revenue | Other Revenues | Electric Utilities | ||
Segment Reporting Information | ||
Revenues | 0 | 0 |
Inter-company Operating Revenue | Other Revenues | Gas Utilities | ||
Segment Reporting Information | ||
Revenues | 0 | 0 |
Inter-company Operating Revenue | Other Revenues | Power Generation | ||
Segment Reporting Information | ||
Revenues | 9,340 | 8,799 |
Inter-company Operating Revenue | Other Revenues | Mining | ||
Segment Reporting Information | ||
Revenues | $ 331 | $ 325 |
Business Segment Information_ S
Business Segment Information: Segment and Corporate Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | $ 7,037,572 | $ 6,963,327 | $ 6,626,989 |
Changes To Our Segment Performance Measure - Assets | 0 | ||
Discontinued Operations, Held-for-sale | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | 0 | 0 | 24,724 |
Corporate | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | 207,495 | 209,478 | 194,193 |
Electric Utilities | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | 2,755,056 | 2,707,695 | 2,629,267 |
Changes To Our Segment Performance Measure - Assets | (186,000) | ||
Gas Utilities | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | 3,639,430 | 3,623,475 | 3,398,473 |
Power Generation | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | 372,503 | 342,085 | 314,764 |
Changes To Our Segment Performance Measure - Assets | 186,000 | ||
Mining | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | $ 63,088 | 80,594 | 65,568 |
Recasting of Intercompany Capital Lease | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Changes To Our Segment Performance Measure - Assets | 0 | 0 | |
Recasting of Intercompany Capital Lease | Electric Utilities | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Changes To Our Segment Performance Measure - Assets | (188,000) | (261,000) | |
Recasting of Intercompany Capital Lease | Power Generation | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Changes To Our Segment Performance Measure - Assets | $ 188,000 | $ 261,000 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Accounts Receivable [Line Items] | |||
Accounts Receivable, Trade | $ 193,673 | $ 146,716 | $ 168,031 |
Unbilled Receivables, Current | 93,641 | 125,646 | 94,049 |
Allowance for Doubtful Accounts | (4,712) | (3,209) | (4,308) |
Accounts receivable, net | 282,602 | 269,153 | 257,772 |
Corporate | |||
Accounts Receivable [Line Items] | |||
Accounts Receivable, Trade | 3,946 | 5,008 | 1,916 |
Unbilled Receivables, Current | 0 | 0 | 0 |
Allowance for Doubtful Accounts | (169) | (169) | 0 |
Accounts receivable, net | 3,777 | 4,839 | 1,916 |
Electric Utilities | |||
Accounts Receivable [Line Items] | |||
Accounts Receivable, Trade | 45,764 | 39,721 | 40,492 |
Unbilled Receivables, Current | 31,075 | 35,125 | 33,907 |
Allowance for Doubtful Accounts | (535) | (448) | (624) |
Accounts receivable, net | 76,304 | 74,398 | 73,775 |
Gas Utilities | |||
Accounts Receivable [Line Items] | |||
Accounts Receivable, Trade | 138,005 | 96,123 | 120,910 |
Unbilled Receivables, Current | 62,566 | 90,521 | 60,142 |
Allowance for Doubtful Accounts | (4,008) | (2,592) | (3,684) |
Accounts receivable, net | 196,563 | 184,052 | 177,368 |
Power Generation | |||
Accounts Receivable [Line Items] | |||
Accounts Receivable, Trade | 3,167 | 1,876 | 1,580 |
Unbilled Receivables, Current | 0 | 0 | 0 |
Allowance for Doubtful Accounts | 0 | 0 | 0 |
Accounts receivable, net | 3,167 | 1,876 | 1,580 |
Mining | |||
Accounts Receivable [Line Items] | |||
Accounts Receivable, Trade | 2,791 | 3,988 | 3,133 |
Unbilled Receivables, Current | 0 | 0 | 0 |
Allowance for Doubtful Accounts | 0 | 0 | 0 |
Accounts receivable, net | $ 2,791 | $ 3,988 | $ 3,133 |
Regulatory Accounting (Details)
Regulatory Accounting (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Regulatory assets | |||
Regulatory assets | $ 286,707 | $ 284,235 | $ 267,232 |
Less current regulatory assets | (54,303) | (48,776) | (54,492) |
Regulatory assets, non-current | 232,404 | 235,459 | 212,740 |
Regulatory liabilities | |||
Regulatory liabilities | 557,259 | 540,794 | 537,861 |
Less current regulatory liabilities | (45,777) | (29,810) | (42,499) |
Regulatory liabilities, non-current | 511,482 | 510,984 | 495,362 |
Deferred energy and gas costs | |||
Regulatory liabilities | |||
Regulatory liabilities | 19,018 | 6,991 | 20,194 |
Employee benefit plans | |||
Regulatory liabilities | |||
Regulatory liabilities | 42,207 | 42,533 | 40,332 |
Cost of removal | |||
Regulatory liabilities | |||
Regulatory liabilities | 154,170 | 150,123 | 139,002 |
Excess deferred income taxes | |||
Regulatory liabilities | |||
Regulatory liabilities | 307,894 | 310,562 | 310,622 |
TCJA revenue reduction | |||
Regulatory liabilities | |||
Regulatory liabilities | 16,549 | 18,032 | 15,239 |
Other regulatory liabilities | |||
Regulatory liabilities | |||
Regulatory liabilities | 17,421 | 12,553 | 12,472 |
Deferred energy and gas costs | |||
Regulatory assets | |||
Regulatory assets | 35,512 | 29,661 | 25,056 |
Deferred gas cost adjustments | |||
Regulatory assets | |||
Regulatory assets | 5,124 | 3,362 | 2,118 |
Gas price derivatives | |||
Regulatory assets | |||
Regulatory assets | 3,939 | 6,201 | 11,045 |
Deferred taxes on AFUDC | |||
Regulatory assets | |||
Regulatory assets | 7,771 | 7,841 | 7,808 |
Employee benefit plans | |||
Regulatory assets | |||
Regulatory assets | 111,724 | 110,524 | 109,999 |
Environmental | |||
Regulatory assets | |||
Regulatory assets | 945 | 959 | 1,012 |
Loss on reacquired debt | |||
Regulatory assets | |||
Regulatory assets | 20,570 | 21,001 | 20,267 |
Renewable energy standard adjustment | |||
Regulatory assets | |||
Regulatory assets | 1,533 | 1,722 | 1,600 |
Deferred taxes on flow through accounting | |||
Regulatory assets | |||
Regulatory assets | 33,226 | 31,044 | 28,014 |
Decommissioning costs | |||
Regulatory assets | |||
Regulatory assets | 11,694 | 11,700 | 12,552 |
Gas supply contract termination | |||
Regulatory assets | |||
Regulatory assets | 12,866 | 14,310 | 18,590 |
Other regulatory assets | |||
Regulatory assets | |||
Regulatory assets | $ 41,803 | $ 45,910 | $ 29,171 |
Regulatory Accounting_ Rate Rev
Regulatory Accounting: Rate Review (Details) $ in Millions | Feb. 01, 2019USD ($) | Mar. 29, 2019utility | Mar. 06, 2019utility |
Application Filed | Nebraska Public Service Commission (NPSC) | Black Hills Energy, Nebraska Gas | |||
Public Utilities, General Disclosures [Line Items] | |||
Public Utilities, Number of Companies Being Merged | 2 | ||
Application Filed | Wyoming Public Service Commission (WPSC) | Black Hills Energy, Wyoming Gas | |||
Public Utilities, General Disclosures [Line Items] | |||
Public Utilities, Number of Companies Being Merged | 4 | ||
Rate Review Filed with the Regulatory Agency | Colorado Public Utilities Commission (CPUC) | Black Hills Energy, Colorado Gas | |||
Public Utilities, General Disclosures [Line Items] | |||
Public Utilities, Requested Rate Increase, Amount | $ | $ 2.5 |
Materials, Supplies and Fuel (D
Materials, Supplies and Fuel (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Inventory, Net [Abstract] | |||
Materials and supplies | $ 76,728 | $ 75,081 | $ 72,045 |
Fuel - Electric Utilities | 2,485 | 2,850 | 2,903 |
Natural gas in storage held for distribution | 8,463 | 39,368 | 7,097 |
Total materials, supplies and fuel | $ 87,676 | $ 117,299 | $ 82,045 |
Earnings Per Share_ Earnings Pe
Earnings Per Share: Earnings Per Share Reconciliation (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Net income available for common stock | $ 103,808 | $ 133,004 |
Weighted average shares - basic (in shares) | 59,920 | 53,319 |
Dilutive effect of: | ||
Equity Units (in shares) | 0 | 733 |
Equity compensation (in shares) | 140 | 70 |
Weighted average shares - diluted (in shares) | 60,060 | 54,122 |
Earnings Per Share_ Anti-diluti
Earnings Per Share: Anti-dilutive shares (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares | 6 | 71 |
Equity compensation | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares | 6 | 71 |
Notes Payable, Current Maturi_3
Notes Payable, Current Maturities and Debt: Schedule of Short-term Debt and Narrative (Details) | Jul. 30, 2018USD ($)credit_extension | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) |
Short-term Debt [Line Items] | ||||
Notes payable | $ 164,650,000 | $ 164,200,000 | $ 185,620,000 | |
Letters of Credit | 14,006,000 | 15,830,000 | 22,310,000 | |
Commercial paper, maximum borrowing capacity | 750,000,000 | |||
Net (payments) borrowings of short-term debt | (20,970,000) | (47,100,000) | ||
Commercial Paper | ||||
Short-term Debt [Line Items] | ||||
Notes payable | $ 164,650,000 | 164,200,000 | 185,620,000 | |
Debt instrument, term | 397 days | |||
Net (payments) borrowings of short-term debt | $ (21,000,000) | |||
Short-term interest rate | 2.70% | |||
Revolving Credit Facility | ||||
Short-term Debt [Line Items] | ||||
Notes payable | $ 0 | 0 | 0 | |
Letters of Credit | $ 14,006,000 | $ 15,830,000 | $ 22,310,000 | |
Current borrowing capacity | $ 750,000,000 | |||
Number of one-year extension options | credit_extension | 2 | |||
Debt instrument, term | 1 year | |||
Maximum borrowing capacity | $ 1,000,000,000 | |||
Commitment fee | 0.175% | |||
Revolving Credit Facility | Base Rate | ||||
Short-term Debt [Line Items] | ||||
Interest rate | 0.125% | |||
Revolving Credit Facility | Eurodollar | ||||
Short-term Debt [Line Items] | ||||
Interest rate | 1.125% | |||
Revolving Credit Facility | Letter of Credit | ||||
Short-term Debt [Line Items] | ||||
Interest rate | 1.125% |
Notes Payable, Current Maturi_4
Notes Payable, Current Maturities and Debt: Debt Covenants (Details) | Mar. 31, 2019 |
Maximum | |
Line of Credit Facility [Line Items] | |
Consolidated Indebtedness to Capitalization Ratio | 0.65 |
Revolving Credit Facility | |
Line of Credit Facility [Line Items] | |
Recourse Leverage Ratio | 58.10% |
Debt instrument, covenant, Leverage Recourse Ratio | 0.65 |
Equity_ Stockholders Equity Rec
Equity: Stockholders Equity Recap (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Treasury Stock, Shares | 23,756 | 53,959 | 44,253 | |
Total Equity, beginning balance | $ 2,287,423 | $ 1,820,206 | ||
Net income available for common stock | 103,808 | 133,004 | ||
Net income attributable to noncontrolling interest | (3,554) | (3,630) | ||
Net income | 107,362 | 136,634 | ||
Other comprehensive income | 457 | 1,260 | ||
Dividends on common stock | (30,332) | (25,444) | ||
Share-based compensation | 538 | 755 | ||
Stock Issued During Period, Value, New Issues | 19,999 | |||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | (289) | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | 3,390 | |||
Dividend reinvestment and stock purchase plan | 219 | |||
Other stock transactions | 2 | |||
Distribution to noncontrolling interest | (4,846) | (5,648) | ||
Total Equity, ending balance | $ 2,383,702 | $ 1,927,984 | ||
Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common Stock, Shares, Outstanding | 60,378,020 | 53,648,817 | 60,048,567 | 53,579,986 |
Total Equity, beginning balance | $ 60,049 | $ 53,580 | ||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 48,956 | 64,770 | ||
Share-based compensation | $ 49 | $ 65 | ||
Stock Issued During Period, Shares, New Issues | 280,497 | |||
Stock Issued During Period, Value, New Issues | $ 280 | |||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 4,061 | |||
Dividend reinvestment and stock purchase plan | $ 4 | |||
Total Equity, ending balance | $ 60,378 | $ 53,649 | ||
Treasury Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Treasury Stock, Shares | 23,756 | 53,959 | 44,253 | 39,064 |
Total Equity, beginning balance | $ (2,510) | $ (2,306) | ||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | (20,497) | 14,895 | ||
Share-based compensation | $ 1,078 | $ (743) | ||
Total Equity, ending balance | (1,432) | (3,049) | ||
Additional Paid-in Capital | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Total Equity, beginning balance | 1,450,569 | 1,150,285 | ||
Share-based compensation | (589) | 1,433 | ||
Stock Issued During Period, Value, New Issues | 19,719 | |||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | (289) | |||
Dividend reinvestment and stock purchase plan | 215 | |||
Total Equity, ending balance | 1,469,410 | 1,151,933 | ||
Retained Earnings | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Total Equity, beginning balance | 700,396 | 548,617 | ||
Net income available for common stock | 103,808 | 133,004 | ||
Dividends on common stock | (30,332) | (25,444) | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | 3,390 | |||
Other stock transactions | (16) | |||
Total Equity, ending balance | 777,262 | 656,161 | ||
AOCI Attributable to Parent | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Total Equity, beginning balance | (26,916) | (41,202) | ||
Other comprehensive income | 457 | 1,260 | ||
Other stock transactions | 18 | |||
Total Equity, ending balance | (26,459) | (39,924) | ||
Noncontrolling Interest | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Total Equity, beginning balance | 105,835 | 111,232 | ||
Net income attributable to noncontrolling interest | 3,554 | 3,630 | ||
Distribution to noncontrolling interest | (4,846) | (5,648) | ||
Total Equity, ending balance | $ 104,543 | $ 109,214 |
Equity_ At-the-Market Equity Of
Equity: At-the-Market Equity Offering Program (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Aug. 04, 2017 | |
At The Market Equity Offering Program Authorized Aggregate Value | $ 300 | |
Payments of Stock Issuance Costs | $ 0.2 | |
Common Stock | ||
At The Market Equity Offering Program Shares Issued | 280,497 | |
At The Market Equity Program Proceeds from Sale of Stock | $ 20 |
Equity_ Dividends on Common Sto
Equity: Dividends on Common Stock (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends per share of common stock (usd per share) | $ 0.505 | $ 0.475 |
Risk Management Activities_ Uti
Risk Management Activities: Utilities (Details) - Natural Gas, Distribution $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019USD ($)MMBTU | Mar. 31, 2018MMBTU | Dec. 31, 2018MMBTU | |
Derivative [Line Items] | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ | $ 0.1 | ||
Cash Flow Hedging | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount, Energy Measure | 534,000 | ||
Natural gas futures purchased | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | 3,120,000 | 6,760,000 | 4,000,000 |
Derivative, Remaining Maturity | 21 months | 33 months | 24 months |
Natural gas options purchased, net | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | 1,150,000 | 170,000 | 4,320,000 |
Derivative, Remaining Maturity | 10 months | 11 months | 13 months |
Natural gas basis swaps purchased | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | 3,020,000 | 6,770,000 | 3,960,000 |
Derivative, Remaining Maturity | 21 months | 33 months | 24 months |
Natural gas over-the-counter swaps, net | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | 3,316,000 | 2,760,000 | 3,660,000 |
Derivative, Remaining Maturity | 26 months | 26 months | 24 months |
Credit Risk Derivative Liabilities, at Fair Value | $ | $ 0.2 | ||
Natural gas physical contracts, net | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | 2,786,980 | 386,250 | 18,325,852 |
Derivative, Remaining Maturity | 12 months | 32 months | 30 months |
Risk Management Activities_ Cas
Risk Management Activities: Cash Flow Hedges (Details) - Cash Flow Hedging - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (159) | $ (1,334) |
Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | 393 | 1,037 |
Interest rate swaps | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 713 | 713 |
Commodity Contract | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 234 | (297) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (554) | 621 |
Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) | Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (713) | (713) |
Cost of Sales | Commodity Contract | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 554 | $ (621) |
Risk Management Activities_ Der
Risk Management Activities: Derivatives Not Designated as Hedge Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Regulatory assets | $ 286,707 | $ 267,232 | $ 284,235 |
Deferred Derivative Gain (Loss) | |||
Derivative [Line Items] | |||
Regulatory assets | 3,900 | 11,000 | $ 6,200 |
Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 25 | 254 | |
Not Designated as Hedging Instrument | Cost of Sales | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ 25 | $ 254 |
Fair Value Measurements_ Schedu
Fair Value Measurements: Schedule of Fair Values (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | $ (388) | $ (1,408) | $ (119) |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (4,009) | (5,794) | (11,175) |
Utilities Group | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (388) | (1,408) | (119) |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (4,009) | (5,794) | (11,175) |
Estimate of Fair Value Measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets, Total | 987 | 1,519 | 295 |
Derivative Liabilities, Total | 113 | 1,007 | 1,084 |
Estimate of Fair Value Measurement | Utilities Group | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets, Commodity Derivatives | 987 | 1,519 | 295 |
Derivative Liabilities, Fair Value Disclosure | 113 | 1,007 | 1,084 |
Fair Value, Inputs, Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets, Total | 0 | 0 | 0 |
Derivative Liabilities, Total | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 | Utilities Group | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets, Commodity Derivatives | 0 | 0 | 0 |
Derivative Liabilities, Fair Value Disclosure | 0 | 0 | 0 |
Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets, Total | 1,375 | 2,927 | 414 |
Derivative Liabilities, Total | 4,122 | 6,801 | 12,259 |
Fair Value, Inputs, Level 2 | Utilities Group | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets, Commodity Derivatives | 1,375 | 2,927 | 414 |
Derivative Liabilities, Fair Value Disclosure | 4,122 | 6,801 | 12,259 |
Fair Value, Inputs, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets, Total | 0 | 0 | 0 |
Derivative Liabilities, Total | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 | Utilities Group | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets, Commodity Derivatives | 0 | 0 | 0 |
Derivative Liabilities, Fair Value Disclosure | $ 0 | $ 0 | $ 0 |
Fair Value Measurements_ Balanc
Fair Value Measurements: Balance Sheet Location (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Designated as Hedging Instrument | |||
Derivatives, Carrying Amount and Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Net | $ 129 | $ 315 | $ (423) |
Not Designated as Hedging Instrument | |||
Derivatives, Carrying Amount and Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Net | 745 | 197 | (366) |
Commodity Contract | Designated as Hedging Instrument | Derivative assets — current | |||
Derivatives, Carrying Amount and Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 131 | 415 | 0 |
Commodity Contract | Designated as Hedging Instrument | Other assets, non-current | |||
Derivatives, Carrying Amount and Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 9 | 18 | 0 |
Commodity Contract | Designated as Hedging Instrument | Derivative liabilities — current | |||
Derivatives, Carrying Amount and Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | (11) | (114) | (394) |
Commodity Contract | Designated as Hedging Instrument | Other deferred credits and other liabilities | |||
Derivatives, Carrying Amount and Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 0 | (4) | (29) |
Commodity Contract | Not Designated as Hedging Instrument | Derivative assets — current | |||
Derivatives, Carrying Amount and Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 801 | 1,085 | 295 |
Commodity Contract | Not Designated as Hedging Instrument | Other assets, non-current | |||
Derivatives, Carrying Amount and Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 46 | 1 | 0 |
Commodity Contract | Not Designated as Hedging Instrument | Derivative liabilities — current | |||
Derivatives, Carrying Amount and Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | (84) | (833) | (497) |
Commodity Contract | Not Designated as Hedging Instrument | Other deferred credits and other liabilities | |||
Derivatives, Carrying Amount and Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | $ (18) | $ (56) | $ (164) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | $ 12,225 | $ 20,776 | $ 30,947 |
Restricted cash | 3,494 | 3,369 | 2,958 |
Notes payable | 164,650 | 185,620 | 164,200 |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 12,225 | 20,776 | 30,947 |
Restricted cash | 3,494 | 3,369 | 2,958 |
Notes payable | 164,650 | 185,620 | 164,200 |
Long-term debt, including current maturities | 2,956,042 | 2,956,578 | 3,114,530 |
Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents, Fair Value | 12,225 | 20,776 | 30,947 |
Restricted Cash Fair Value Disclosure | 3,494 | 3,369 | 2,958 |
Notes payable, Fair Value | 164,650 | 185,620 | 164,200 |
Long-term debt, including current maturities, Fair Value | $ 3,137,538 | $ 3,039,108 | $ 3,265,965 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss): Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense | $ 35,974 | $ 35,438 |
Fuel, purchased power and cost of natural gas sold | 248,779 | 247,639 |
Operations and maintenance | 123,913 | 116,096 |
Income before income taxes | 124,625 | 113,175 |
Income tax benefit (expense) | (17,263) | 25,802 |
Net income | 107,362 | 136,634 |
Reclassification Out Of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Net income | (277) | (1,488) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Reclassification Out Of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Income before income taxes | (159) | (1,334) |
Income tax benefit (expense) | 35 | 297 |
Net income | (124) | (1,037) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Reclassification Out Of Accumulated Other Comprehensive Income | Interest rate swaps | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense | (713) | (713) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Reclassification Out Of Accumulated Other Comprehensive Income | Commodity Contract | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Fuel, purchased power and cost of natural gas sold | 554 | (621) |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) | Reclassification Out Of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Operations and maintenance | 19 | 45 |
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) | Reclassification Out Of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Operations and maintenance | (220) | (622) |
Accumulated Defined Benefit Plans Adjustment | Reclassification Out Of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Income before income taxes | (201) | (577) |
Income tax benefit (expense) | 48 | 126 |
Net income | $ (153) | $ (451) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss): Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | $ (26,916) | $ (41,202) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | (26,459) | (39,924) |
Accumulated Defined Benefit Plans Adjustment | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | (9,937) | (21,103) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 |
Reclassification from AOCI, Current Period, Tax | 3 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | (9,784) | (20,649) |
Accumulated Defined Benefit Plans Adjustment | Reclassification Out Of Accumulated Other Comprehensive Income | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 153 | 451 |
AOCI Attributable to Parent | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 180 | (228) |
Reclassification from AOCI, Current Period, Tax | 18 | |
AOCI Attributable to Parent | Reclassification Out Of Accumulated Other Comprehensive Income | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 277 | 1,488 |
Interest Rate Swaps | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | (17,307) | (19,581) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 |
Reclassification from AOCI, Current Period, Tax | 15 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | (16,757) | (19,005) |
Interest Rate Swaps | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | Reclassification Out Of Accumulated Other Comprehensive Income | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 550 | 561 |
Commodity Contract | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | 328 | (518) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 180 | (228) |
Reclassification from AOCI, Current Period, Tax | 0 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | 82 | (270) |
Commodity Contract | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | Reclassification Out Of Accumulated Other Comprehensive Income | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ (426) | $ 476 |
Supplemental Disclosure of Ca_3
Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Non-cash Investing and Financing Activities from Continuing Operations [Abstract] | ||
Property, plant and equipment acquired with accrued liabilities | $ 56,571 | $ 21,708 |
Supplemental Cash Flow Elements [Abstract] | ||
Interest (net of amounts capitalized) | (30,672) | (36,928) |
Income taxes | $ 8 | $ (14,336) |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Pension Plans | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | $ 1,346 | $ 1,708 |
Interest cost | 4,343 | 3,867 |
Expected return on plan assets | (6,100) | (6,185) |
Prior service cost (benefit) | 6 | 15 |
Net loss (gain) | 941 | 2,158 |
Net periodic benefit cost | 536 | 1,563 |
Payment for Pension and Other Postretirement Benefits [Abstract] | ||
Contributions by Employer | 0 | |
Estimated Future Employer Contributions in Current Fiscal Year | 12,700 | |
Estimated Future Employer Contributions in Next Fiscal Year | 12,700 | |
Defined Benefit Postretirement Healthcare Plans | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 454 | 573 |
Interest cost | 560 | 521 |
Expected return on plan assets | (57) | (57) |
Prior service cost (benefit) | (99) | (99) |
Net loss (gain) | 0 | 54 |
Net periodic benefit cost | 858 | 992 |
Payment for Pension and Other Postretirement Benefits [Abstract] | ||
Contributions by Employer | 1,109 | |
Estimated Future Employer Contributions in Current Fiscal Year | 3,326 | |
Estimated Future Employer Contributions in Next Fiscal Year | 4,271 | |
Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 1,285 | 280 |
Interest cost | 324 | 293 |
Net loss (gain) | 134 | 250 |
Net periodic benefit cost | 1,743 | $ 823 |
Payment for Pension and Other Postretirement Benefits [Abstract] | ||
Contributions by Employer | 366 | |
Estimated Future Employer Contributions in Current Fiscal Year | 1,097 | |
Estimated Future Employer Contributions in Next Fiscal Year | $ 1,562 |
Commitments and Contingencies_
Commitments and Contingencies: Dividend Restrictions (Details) $ in Millions | Mar. 31, 2019USD ($) |
Utilities Group | |
Related Party Transaction [Line Items] | |
Restricted Net Assets for Subsidiaries | $ 257 |
Discontinued Operations (Detail
Discontinued Operations (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |
Other current assets | $ 4,332 |
Deferred income tax assets, noncurrent, net | 3,739 |
Property, plant and equipment, net | 16,653 |
Other current liabilities | (17,233) |
Other noncurrent liabilities | (7,677) |
Net (liabilities) | $ (186) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income Tax Expense (Benefit) | $ 17,263 | $ (25,802) |
Income tax expense (benefit) associated with changes in the prior estimated impact of tax reform on deferred income taxes | (1,800) | $ 2,300 |
Increase in income tax benefit from forecasted federal production tax credits and state investment tax credits | $ 3,400 |
Income Taxes_ Tax Benefit Relat
Income Taxes: Tax Benefit Related to Legal Restructuring (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Deferred Tax Assets, Goodwill and Intangible Assets | $ 49,000 | |
Deferred income taxes | $ 19,602 | (25,430) |
Other Restructuring | ||
Deferred income taxes | $ 49,000 |
Income Taxes_ TCJA (Details)
Income Taxes: TCJA (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income tax benefit for deferred tax amortization related to tax reform | $ (1.8) | $ 2.3 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Payables and Accruals [Abstract] | |||
Accrued employee compensation, benefits and withholdings | $ 48,078 | $ 63,742 | $ 46,262 |
Accrued property taxes | 43,662 | 42,510 | 42,912 |
Customer deposits and prepayments | 39,125 | 43,574 | 35,748 |
Accrued interest and contract adjustment payments | 35,149 | 31,759 | 30,426 |
CIAC current portion | 1,485 | 1,485 | 1,552 |
Other (none of which is individually significant) | 28,573 | 32,431 | 37,140 |
Total accrued liabilities | $ 196,072 | $ 215,501 | $ 194,040 |
Leases_ Lessee (Details)
Leases: Lessee (Details) | 3 Months Ended |
Mar. 31, 2019 | |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lessee - Lease Term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee - Lease Term | 37 years |
Leases_ Lessee - Lease Costs (D
Leases: Lessee - Lease Costs (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 311 |
Amortization of right-of-use asset | 17 |
Interest on lease liabilities | 3 |
Total lease cost | $ 331 |
Leases_ Lessee - Supplemental B
Leases: Lessee - Supplemental Balance Sheet Information (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
Operating lease assets | $ 5,331 |
Finance lease assets | 481 |
Total lease assets | 5,812 |
Operating lease liability, current | 974 |
Finance lease liability, current | 92 |
Operating lease liability, non-current | 4,563 |
Finance lease liability, non-current | 391 |
Total lease liabilities | $ 6,020 |
Leases_ Lessee - Supplemental C
Leases: Lessee - Supplemental Cash Flow Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 246 |
Operating cash flows from finance lease | 3 |
Financing cash flows from finance lease | 15 |
Operating leases | 2,328 |
Finance leases | $ 0 |
Leases_ Lessee - Weighted Avera
Leases: Lessee - Weighted Average Information (Details) | Mar. 31, 2019 |
Leases [Abstract] | |
Operating leases | 8 years |
Finance leases | 5 years |
Operating leases | 4.23% |
Finance leases | 4.21% |
Leases_ Lessee - Future Minimum
Leases: Lessee - Future Minimum Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Operating Leases | ||
2019 | $ 952 | |
2020 | 936 | |
2021 | 820 | |
2022 | 698 | |
2023 | 699 | |
Thereafter | 2,653 | |
Total lease payments | 6,758 | |
Less imputed interest | 1,221 | |
Present Value of Lease Liabilities - Operating leases | 5,537 | |
Finance Leases | ||
2019 | 83 | |
2020 | 111 | |
2021 | 111 | |
2022 | 111 | |
2023 | 110 | |
Thereafter | 9 | |
Total lease payments | 535 | |
Less imputed interest | 52 | |
Present value of lease liabilities - Finance Leases | 483 | |
Operating and Finance Lease Total | ||
2019 | 1,035 | |
2020 | 1,047 | |
2021 | 931 | |
2022 | 809 | |
2023 | 809 | |
Thereafter | 2,662 | |
Total lease payments | 7,293 | |
Less imputed interest | 1,273 | |
Present value of lease liabilities | $ 6,020 | |
Prior Year End Operating Lease Future Minimum Payments | ||
2019 | $ 1,052 | |
2020 | 464 | |
2021 | 344 | |
2022 | 224 | |
2023 | 216 | |
Thereafter | 1,776 | |
Total lease payments | $ 4,076 |
Leases_ Lessor (Details)
Leases: Lessor (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Lessor, Lease, Description [Line Items] | |
Operating lease income | $ 638 |
Minimum | |
Lessor, Lease, Description [Line Items] | |
Lessor - Lease Term | 1 year |
Maximum | |
Lessor, Lease, Description [Line Items] | |
Lessor - Lease Term | 35 years |
Leases_ Lessor - Future Minimum
Leases: Lessor - Future Minimum Payments (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Operating Leases | |
2019 | $ 1,652 |
2020 | 2,010 |
2021 | 1,843 |
2022 | 1,793 |
2023 | 1,799 |
Thereafter | 55,481 |
Total lease receivables | $ 64,578 |