Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-31303 | |
Entity Registrant Name | Black Hills Corporation | |
Entity Incorporation, State or Country Code | SD | |
Entity Tax Identification Number | 46-0458824 | |
Entity Address, Address Line One | 7001 Mount Rushmore Road | |
Entity Address, City or Town | Rapid City | |
Entity Address, State or Province | SD | |
Entity Address, Postal Zip Code | 57702 | |
City Area Code | 605 | |
Local Phone Number | 721-1700 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common stock of $1.00 par value | |
Trading Symbol | BKH | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 65,079,859 | |
Entity Central Index Key | 0001130464 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenues | $ 474,195 | $ 372,572 | $ 1,297,765 | $ 1,006,004 |
Operating expenses: | ||||
Fuel, purchased power and cost of natural gas sold | 188,171 | 108,474 | 625,097 | 401,621 |
Operations and maintenance | 132,968 | 123,245 | 269,100 | 252,924 |
Depreciation, depletion and amortization | 64,128 | 58,443 | 124,591 | 115,712 |
Taxes - property and production | 16,539 | 15,144 | 33,235 | 30,166 |
Total operating expenses | 401,806 | 305,306 | 1,052,023 | 800,423 |
Operating income | 72,389 | 67,266 | 245,742 | 205,581 |
Other income (expense): | ||||
Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) | (39,053) | (38,669) | (77,874) | (76,494) |
Interest income | 289 | 467 | 565 | 692 |
Other income (expense), net | 1,563 | (191) | 2,267 | 75 |
Total other income (expense) | (37,201) | (38,393) | (75,042) | (75,727) |
Income before income taxes | 35,188 | 28,873 | 170,700 | 129,854 |
Income tax benefit (expense) | 658 | (586) | (13,830) | (1,080) |
Net income | 35,846 | 28,287 | 156,870 | 128,774 |
Net income attributable to non-controlling interest | (2,431) | (3,126) | (5,929) | (7,297) |
Net income available for common stock | $ 33,415 | $ 25,161 | $ 150,941 | $ 121,477 |
Earnings per share of common stock: | ||||
Earnings per share, Basic (usd per share) | $ 0.52 | $ 0.40 | $ 2.33 | $ 1.94 |
Earnings per share, Diluted (usd per share) | $ 0.52 | $ 0.40 | $ 2.33 | $ 1.93 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 64,721 | 62,867 | 64,643 | 62,751 |
Diluted (in shares) | 64,883 | 62,918 | 64,822 | 62,817 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income | $ 35,846 | $ 28,287 | $ 156,870 | $ 128,774 |
Other comprehensive income (loss), net of tax: | ||||
Reclassification adjustments of benefit plan liability - prior service cost (net of tax of $8, $6, $14 and $15, respectively) | (14) | (18) | (32) | (34) |
Reclassification adjustments of benefit plan liability - net loss (net of tax of $(68), $(157), $(113) and $(374), respectively) | 119 | 440 | 262 | 821 |
Other comprehensive income (loss), net of tax | (2,738) | 1,882 | (2,732) | 2,900 |
Comprehensive income | 33,108 | 30,169 | 154,138 | 131,674 |
Net income attributable to non-controlling interest | (2,431) | (3,126) | (5,929) | (7,297) |
Comprehensive income available for common stock | 30,677 | 27,043 | 148,209 | 124,377 |
Interest rate swaps | ||||
Other comprehensive income (loss), net of tax: | ||||
Reclassification of net realized (gains) losses on settled/amortized derivatives, net of tax | 475 | 563 | 1,011 | 1,086 |
Commodity Contract | ||||
Other comprehensive income (loss), net of tax: | ||||
Reclassification of net realized (gains) losses on settled/amortized derivatives, net of tax | (1,004) | (42) | (2,706) | (19) |
Net unrealized gains (losses) on commodity derivatives (net of tax of $734, $(304), $394 and $(339), respectively) | $ (2,314) | $ 939 | $ (1,267) | $ 1,046 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
(Tax) benefit on reclassification adjustment of benefit plan liability - prior service cost | $ 8 | $ 6 | $ 14 | $ 15 |
(Tax) benefit on reclassification adjustment of benefit plan liability - net loss | (68) | (157) | (113) | (374) |
Interest rate swaps | ||||
(Tax) benefit on reclassification of net realized (gains) losses on settled/amortized derivatives | (238) | (150) | (415) | (340) |
Commodity Contract | ||||
(Tax) benefit on reclassification of net realized (gains) losses on settled/amortized derivatives | 319 | 14 | 871 | 6 |
(Tax) benefit on net unrealized gains (losses) on commodity derivatives | $ 734 | $ (304) | $ 394 | $ (339) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 10,216 | $ 8,921 |
Restricted cash and equivalents | 5,146 | 4,889 |
Accounts receivable, net | 267,103 | 321,652 |
Materials, supplies and fuel | 152,864 | 150,979 |
Derivative assets, current | 716 | 4,373 |
Income tax receivable, net | 17,299 | 18,017 |
Regulatory assets, current | 267,725 | 270,290 |
Other current assets | 39,358 | 29,012 |
Total current assets | 760,427 | 808,133 |
Property, plant and equipment | 8,086,704 | 7,856,573 |
Less: accumulated depreciation and depletion | (1,499,552) | (1,407,397) |
Total property, plant and equipment, net | 6,587,152 | 6,449,176 |
Other assets: | ||
Goodwill | 1,299,454 | 1,299,454 |
Intangible assets, net | 10,177 | 10,770 |
Regulatory assets, non-current | 434,643 | 526,309 |
Other assets, non-current | 42,709 | 38,054 |
Total other assets, non-current | 1,786,983 | 1,874,587 |
TOTAL ASSETS | 9,134,562 | 9,131,896 |
Current liabilities: | ||
Accounts payable | 185,735 | 217,761 |
Accrued liabilities | 226,320 | 244,759 |
Derivative liabilities, current | 4,719 | 1,439 |
Regulatory liabilities, current | 33,356 | 17,574 |
Notes payable | 335,050 | 420,180 |
Total current liabilities | 785,180 | 901,713 |
Long-term debt, net of current maturities | 4,129,662 | 4,126,923 |
Deferred credits and other liabilities: | ||
Deferred income tax liabilities, net | 490,207 | 465,388 |
Regulatory liabilities, non-current | 482,642 | 485,377 |
Benefit plan liabilities | 121,338 | 123,925 |
Other deferred credits and other liabilities | 142,732 | 141,447 |
Total deferred credits and other liabilities | 1,236,919 | 1,216,137 |
Commitments, contingencies and guarantees (Note 3) | ||
Equity: | ||
Common stock $1 par value; 100,000,000 shares authorized; issued 65,105,178 and 64,793,095 shares, respectively | 65,105 | 64,793 |
Additional paid-in capital | 1,808,437 | 1,783,436 |
Retained earnings | 1,036,263 | 962,458 |
Treasury stock, at cost – 23,691 and 54,078 shares, respectively | (1,542) | (3,509) |
Accumulated other comprehensive income (loss) | (22,816) | (20,084) |
Total stockholders’ equity | 2,885,447 | 2,787,094 |
Non-controlling interest | 97,354 | 100,029 |
Total equity | 2,982,801 | 2,887,123 |
TOTAL LIABILITIES AND TOTAL EQUITY | $ 9,134,562 | $ 9,131,896 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (usd per share) | $ 1 | $ 1 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares, issued | 65,105,178 | 64,793,095 |
Treasury stock, shares | 23,691 | 54,078 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities: | ||
Net income | $ 156,870 | $ 128,774 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation, depletion and amortization | 124,591 | 115,712 |
Deferred financing cost amortization | 4,953 | 4,381 |
Stock compensation | 3,834 | 5,044 |
Deferred income taxes | 13,860 | 692 |
Employee benefit plans | 1,383 | 4,934 |
Other adjustments, net | (9,489) | 10,495 |
Changes in certain operating assets and liabilities: | ||
Materials, supplies and fuel | (6,993) | 3,974 |
Accounts receivable and other current assets | 55,641 | 88,513 |
Accounts payable and other current liabilities | (24,130) | (59,640) |
Regulatory assets | 128,315 | (540,709) |
Regulatory liabilities | 0 | (9,509) |
Other operating activities, net | (6,805) | (2,834) |
Net cash provided by (used in) operating activities | 442,030 | (250,173) |
Investing activities: | ||
Property, plant and equipment additions | (293,803) | (319,476) |
Other investing activities | 2,418 | 9,739 |
Net cash (used in) investing activities | (291,385) | (309,737) |
Financing activities: | ||
Dividends paid on common stock | (77,136) | (71,092) |
Common stock issued | 20,095 | 40,037 |
Term loan - borrowings | 0 | 800,000 |
Term loan - repayments | 0 | (200,000) |
Net borrowings (payments) of Revolving Credit Facility and CP Program | (85,130) | (4,190) |
Long-term debt - repayments | 0 | (1,436) |
Distributions to non-controlling interest | (8,604) | (8,705) |
Other financing activities | 1,682 | 291 |
Net cash provided by (used in) financing activities | (149,093) | 554,905 |
Net change in cash, restricted cash and cash equivalents | 1,552 | (5,005) |
Cash, restricted cash and cash equivalents at beginning of period | 13,810 | 10,739 |
Cash, restricted cash and cash equivalents at end of period | 15,362 | 5,734 |
Supplemental cash flow information: | ||
Interest, net of amounts capitalized | (72,791) | (71,825) |
Income taxes | 752 | 1,486 |
Accrued property, plant and equipment purchases at June 30 | $ 49,229 | $ 54,448 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity (unaudited) - USD ($) | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (loss) | Noncontrolling Interest |
Beginning balance (in shares) at Dec. 31, 2020 | 62,827,179 | 32,492 | |||||
Beginning balance at Dec. 31, 2020 | $ 2,662,647,000 | $ 62,827,000 | $ (2,119,000) | $ 1,657,285,000 | $ 870,738,000 | $ (27,346,000) | $ 101,262,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 100,487,000 | 96,316,000 | 4,171,000 | ||||
Other comprehensive (loss), net of tax | 1,018,000 | 1,018,000 | |||||
Dividends on common stock | (35,514,000) | (35,514,000) | |||||
Share-based compensation (in shares) | 82,794 | 7,448 | |||||
Share-based compensation | 1,310,000 | $ 83,000 | $ (445,000) | 1,672,000 | |||
Other | (2,000) | (2,000) | |||||
Distributions to non-controlling interest | (4,644,000) | (4,644,000) | |||||
Ending balance (in shares) at Mar. 31, 2021 | 62,909,973 | 39,940 | |||||
Ending balance at Mar. 31, 2021 | 2,725,302,000 | $ 62,910,000 | $ (2,564,000) | 1,658,957,000 | 931,538,000 | (26,328,000) | 100,789,000 |
Beginning balance (in shares) at Dec. 31, 2020 | 62,827,179 | 32,492 | |||||
Beginning balance at Dec. 31, 2020 | 2,662,647,000 | $ 62,827,000 | $ (2,119,000) | 1,657,285,000 | 870,738,000 | (27,346,000) | 101,262,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 128,774,000 | ||||||
Other comprehensive (loss), net of tax | 2,900,000 | ||||||
Ending balance (in shares) at Jun. 30, 2021 | 63,526,913 | 46,528 | |||||
Ending balance at Jun. 30, 2021 | 2,758,894,000 | $ 63,527,000 | $ (2,988,000) | 1,701,825,000 | 921,122,000 | (24,446,000) | 99,854,000 |
Beginning balance (in shares) at Mar. 31, 2021 | 62,909,973 | 39,940 | |||||
Beginning balance at Mar. 31, 2021 | 2,725,302,000 | $ 62,910,000 | $ (2,564,000) | 1,658,957,000 | 931,538,000 | (26,328,000) | 100,789,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 28,287,000 | 25,161,000 | 3,126,000 | ||||
Other comprehensive (loss), net of tax | 1,882,000 | 1,882,000 | |||||
Dividends on common stock | (35,578,000) | (35,578,000) | |||||
Share-based compensation (in shares) | 20,905 | 6,588 | |||||
Share-based compensation | 3,295,000 | $ 21,000 | $ (424,000) | 3,698,000 | |||
Issuance of common stock (in shares) | 596,035 | ||||||
Issuance of common stock | 40,232,000 | $ 596,000 | 39,636,000 | ||||
Issuance costs | (466,000) | (466,000) | |||||
Other | 1,000 | 1,000 | |||||
Distributions to non-controlling interest | (4,061,000) | (4,061,000) | |||||
Ending balance (in shares) at Jun. 30, 2021 | 63,526,913 | 46,528 | |||||
Ending balance at Jun. 30, 2021 | 2,758,894,000 | $ 63,527,000 | $ (2,988,000) | 1,701,825,000 | 921,122,000 | (24,446,000) | 99,854,000 |
Beginning balance (in shares) at Dec. 31, 2021 | 64,793,095 | 54,078 | |||||
Beginning balance at Dec. 31, 2021 | 2,887,123,000 | $ 64,793,000 | $ (3,509,000) | 1,783,436,000 | 962,458,000 | (20,084,000) | 100,029,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 121,024,000 | 117,526,000 | 3,498,000 | ||||
Other comprehensive (loss), net of tax | 6,000 | 6,000 | |||||
Dividends on common stock | (38,533,000) | (38,533,000) | |||||
Share-based compensation (in shares) | 425 | (34,393) | |||||
Share-based compensation | 2,031,000 | $ 2,222,000 | (191,000) | ||||
Issuance of common stock (in shares) | 55,707 | ||||||
Issuance of common stock | 3,832,000 | $ 56,000 | 3,776,000 | ||||
Issuance costs | (41,000) | (41,000) | |||||
Distributions to non-controlling interest | (4,420,000) | (4,420,000) | |||||
Ending balance (in shares) at Mar. 31, 2022 | 64,849,227 | 19,685 | |||||
Ending balance at Mar. 31, 2022 | 2,971,022,000 | $ 64,849,000 | $ (1,287,000) | 1,786,980,000 | 1,041,451,000 | (20,078,000) | 99,107,000 |
Beginning balance (in shares) at Dec. 31, 2021 | 64,793,095 | 54,078 | |||||
Beginning balance at Dec. 31, 2021 | 2,887,123,000 | $ 64,793,000 | $ (3,509,000) | 1,783,436,000 | 962,458,000 | (20,084,000) | 100,029,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 156,870,000 | ||||||
Other comprehensive (loss), net of tax | (2,732,000) | ||||||
Ending balance (in shares) at Jun. 30, 2022 | 65,105,178 | 23,691 | |||||
Ending balance at Jun. 30, 2022 | 2,982,801,000 | $ 65,105,000 | $ (1,542,000) | 1,808,437,000 | 1,036,263,000 | (22,816,000) | 97,354,000 |
Beginning balance (in shares) at Mar. 31, 2022 | 64,849,227 | 19,685 | |||||
Beginning balance at Mar. 31, 2022 | 2,971,022,000 | $ 64,849,000 | $ (1,287,000) | 1,786,980,000 | 1,041,451,000 | (20,078,000) | 99,107,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 35,846,000 | 33,415,000 | 2,431,000 | ||||
Other comprehensive (loss), net of tax | (2,738,000) | (2,738,000) | |||||
Dividends on common stock | (38,603,000) | (38,603,000) | |||||
Share-based compensation (in shares) | 39,066 | 4,006 | |||||
Share-based compensation | 5,154,000 | $ 39,000 | $ (255,000) | 5,370,000 | |||
Issuance of common stock (in shares) | 216,885 | ||||||
Issuance of common stock | 16,570,000 | $ 217,000 | 16,353,000 | ||||
Issuance costs | (266,000) | (266,000) | |||||
Distributions to non-controlling interest | (4,184,000) | (4,184,000) | |||||
Ending balance (in shares) at Jun. 30, 2022 | 65,105,178 | 23,691 | |||||
Ending balance at Jun. 30, 2022 | $ 2,982,801,000 | $ 65,105,000 | $ (1,542,000) | $ 1,808,437,000 | $ 1,036,263,000 | $ (22,816,000) | $ 97,354,000 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Equity (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Dividends on common stock (usd per share) | $ 0.595 | $ 0.595 | $ 0.565 | $ 0.565 |
Management's Statement_
Management's Statement: | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Management's Statement | Management’s Statement The unaudited Condensed Consolidated Financial Statements included herein have been prepared by Black Hills Corporation (together with our subsidiaries the “Company”, “us”, “we” or “our”), pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations; however, we believe that the footnotes adequately disclose the information presented. These Condensed Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and the notes included in our 2021 Annual Report on Form 10-K. Segment Reporting Our reportable segments are based on our method of internal reporting, which is generally segregated by differences in products and services. All of our operations and assets are located within the United States. We conduct our operations through the Electric Utilities and Gas Utilities segments. In the fourth quarter of 2021, we integrated our power generation and mining businesses within the Electric Utilities segment. The alignment is consistent with the current way our CODM evaluates the performance of the business and makes decisions related to the allocation of resources. Comparative periods presented reflect this change. For further information regarding our segment reporting, see Note 12 . 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 June 30, 2022, December 31, 2021 and June 30, 2021 financial information. Certain lines of business in which we operate are highly seasonal, and our interim results of operations are not necessarily indicative of the results of operations to be expected for an entire year. Recently Issued Accounting Standards Facilitation of the Effects of Reference Rate Reform on Financial Reporting, ASU 2020-04 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which was subsequently amended by ASU 2021-01. The standard provides relief for companies preparing for discontinuation of interest rates, such as LIBOR, and allows optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update are elective and are effective upon the ASU issuance through December 31, 2022. We are currently evaluating whether we will apply the optional guidance as we assess the impact of the discontinuance of LIBOR on our current arrangements but do not expect it to have a material impact on our financial position, results of operations and cash flows. |
Regulatory Matters_
Regulatory Matters: | 6 Months Ended |
Jun. 30, 2022 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Matters | Regulatory Matters We had the following regulatory assets and liabilities (in thousands): As of As of June 30, 2022 December 31, 2021 Regulatory assets Winter Storm Uri (a) $ 402,971 $ 509,025 Deferred energy and fuel cost adjustments (b) 71,701 59,973 Deferred gas cost adjustments (b) 8,083 9,488 Gas price derivatives (b) 4,845 2,584 Deferred taxes on AFUDC (b) 7,426 7,457 Employee benefit plans and related deferred taxes (c) 87,130 88,923 Environmental (b) 1,360 1,385 Loss on reacquired debt (b) 20,112 21,011 Deferred taxes on flow through accounting (b) 69,811 63,243 Decommissioning costs (b) 4,717 5,961 Other regulatory assets (b) 24,212 27,549 Total regulatory assets 702,368 796,599 Less current regulatory assets (267,725) (270,290) Regulatory assets, non-current $ 434,643 $ 526,309 Regulatory liabilities Deferred energy and gas costs (b) $ 15,899 $ 6,113 Employee benefit plan costs and related deferred taxes (c) 31,330 32,241 Cost of removal (b) 184,111 179,976 Excess deferred income taxes (c) 259,674 264,042 Other regulatory liabilities (c) 24,984 20,579 Total regulatory liabilities 515,998 502,951 Less current regulatory liabilities (33,356) (17,574) Regulatory liabilities, non-current $ 482,642 $ 485,377 __________ (a) Timing of Winter Storm Uri incremental cost recovery and associated carrying costs vary by jurisdiction and Wyoming Gas is still subject to pending application with the WPSC. See further information below. (b) Recovery of costs, but we are not 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 Activity Except as discussed below, there have been no other significant changes to our Regulatory Matters from those previously disclosed in Note 2 of the Notes to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K. Winter Storm Uri In February 2021, a prolonged period of historic cold temperatures across the central United States, which covered all of our Utilities’ service territories, caused a substantial increase in heating and energy demand and contributed to unforeseeable and unprecedented market prices for natural gas and electricity. As a result of Winter Storm Uri, we incurred significant incremental fuel, purchased power and natural gas costs. Our Utilities submitted Winter Storm Uri cost recovery applications in our state jurisdictions seeking to recover $546 million of these incremental costs through separate tracking mechanisms over a weighted-average recovery period of 3.5 years. These incremental cost estimates are subject to adjustments as final decisions are issued by the respective utility commissions. In these applications, we sought approval to recover carrying costs. For three and six months ended June 30, 2022 and three and six months ended June 30, 2021, $12 million, $15 million, $0.1 million and $0.1 million, respectively, of carrying costs were accrued and recorded to a regulatory asset. The carrying costs accrued during the three and six months ended June 30, 2022 included a one-time, $10 million true-up to reflect Commission authorized rates. On January 27, 2022, Kansas Gas received approval from the KCC for its Winter Storm Uri cost recovery settlement with final rates implemented in February 2022. In March 2022, Colorado Electric and Colorado Gas received approval from the CPUC for their respective Winter Storm Uri cost recovery settlements with final rates implemented in April 2022. In June 2022, Arkansas Gas received approval from the APSC for its Winter Storm Uri cost recovery application. The APSC had previously approved interim cost recovery effective in June 2021. To date, Arkansas Gas, Colorado Electric, Colorado Gas, Iowa Gas, Kansas Gas, Nebraska Gas and South Dakota Electric received commission approval of their Winter Storm Uri cost recovery applications. Additionally, Wyoming Gas received approval for interim cost recovery subject to a final decision on carrying costs and recovery period at a later date. For the six months ended June 30, 2022, our Utilities collected $111 million of Winter Storm Uri incremental costs and carrying costs from customers. As of June 30, 2022, we estimate that our remaining Winter Storm Uri regulatory asset has a weighted-average recovery period of 3.0 years. TCJA As part of Kansas Gas’s 2021 rate review settlement agreement, Kansas Gas will deliver $3.0 million of TCJA and state tax reform benefits to customers, annually, for three years starting in 2022 (approximately $9.1 million of total benefits expected to be delivered). For the three and six months ended June 30, 2022, Kansas Gas delivered TCJA and state tax reform bill credits to customers of $0.7 million and $1.5 million, respectively. These bill credits, which resulted in a reduction of revenue, were offset by a reduction in income tax expense and resulted in an immaterial impact to Net income for the three and six months ended June 30, 2022. Arkansas Gas On December 10, 2021, Arkansas Gas filed a rate review with the APSC seeking recovery of significant infrastructure investments in its 7,200-mile natural gas pipeline system. The rate review requests $22 million in new annual revenue with a capital structure of 50.9% equity and 49.1% debt and a return on equity of 10.2%. The request seeks to finalize rates in the fourth quarter of 2022. Wyoming Electric On June 1, 2022, Wyoming Electric filed a rate review with the WPSC seeking recovery of significant infrastructure investments in its 1,330-mile electric distribution and 59-mile electric transmission systems. The rate review requests $15 million in new annual revenue with a capital structure of 54% equity and 46% debt and a return on equity of 10.3%. The request seeks to finalize rates in the first quarter of 2023. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees: | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | Commitments, Contingencies and Guarantees There have been no significant changes to commitments, contingencies and guarantees from those previously disclosed in Note 3 of our Notes to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K except for those described below. Agreement under Blockchain Interruptible Service Tariff On June 21, 2022, Wyoming Electric completed its first agreement for service under its Blockchain Interruptible Service tariff. Under the five-year agreement, Wyoming Electric will deliver up to 45 MW of electric service with an option to expand service up to 75 MW to a new customer in Cheyenne, Wyoming. The crypto mining facility is expected to be operational and purchasing energy in the fourth quarter of 2022. Power Sales Agreements On May 3, 2022, South Dakota Electric entered into an agreement with MDU to provide MDU capacity and energy up to a maximum of 50 MW in excess of MDU’s 25% ownership in Wygen III. This agreement, which has similar terms and conditions as South Dakota Electric’s existing agreement with MDU expiring on December 31, 2023, is effective on January 1, 2024 and will expire on December 31, 2028. During periods of reduced production at Wygen III, in which MDU owns a portion of the capacity, or during periods when Wygen III is off-line, South Dakota Electric will provide MDU with 23 MW from our other generation facilities or from system purchases with reimbursement of costs by MDU. On June 3, 2022, South Dakota Electric entered into an agreement with similar terms and conditions as its existing agreement with MDU expiring on December 31, 2023, is effective on January 1, 2024 and will expire on December 31, 2028. GT Resources, LLC v. Black Hills Corporation, Case No. 2020CV30751 (U.S. District Court for the City and County of Denver, Colorado) On April 13, 2022, a jury awarded $41 million for claims made by GT Resources, LLC (“GTR”) against BHC and two of its subsidiaries (Black Hills Exploration and Production, Inc. and Black Hills Gas Resources, Inc.), which ceased oil and natural gas operations in 2018 as part of BHC’s decision to exit the exploration and production business. The claims involved a dispute over a 2.3 million-acre concession award in Costa Rica which was acquired by a BHC subsidiary in 2003. GTR retained rights to receive a royalty interest on any hydrocarbon production from the concession upon the occurrence of contingent events. GTR contended that BHC and its subsidiaries failed to adequately pursue the opportunity and failed to transfer the concession to GTR. We believe we have meritorious defenses to the verdict and intend to appeal the verdict. At this time, we believe that the liability related to this matter, if any, is not reasonably estimable. Power Purchase Agreements On March 21, 2022, Wyoming Electric entered into a PPA with South Cheyenne Solar, LLC (Cheyenne Solar) to purchase up to 150 MW of renewable energy upon construction of a new solar facility, to be owned by Cheyenne Solar, which is expected to be completed by the end of 2023. The agreement will expire 20 years after construction completion. The solar energy from this PPA will be used to serve our expanding partnerships with industrial customers in Cheyenne, Wyoming. On February 19, 2021, Colorado Electric entered into an agreement with TC Colorado Solar, LLC (TC Solar) to purchase up to 200 MW of renewable energy upon construction of a new solar facility, to be owned by TC Solar. On January 31, 2022, TC Solar provided notice of its intent to terminate the PPA. Colorado Electric will seek new requests for proposals for renewable resources as part of its Clean Energy Plan filing, the “2030 Ready Plan.” On May 27, 2022, Colorado Electric filed its 2030 Ready Plan with the CPUC. A CPUC decision is expected in April 2023, after which time, Colorado Electric’s request for proposals for renewable energy resources is expected to commence. Transmission Service Agreements On January 1, 2022, Colorado Electric entered into a firm point-to-point transmission service agreement that provides Tri-State Generation and Transmission Association Inc. with a maximum of 58 MW of transmission capacity. This agreement expires December 31, 2024. On January 1, 2022, South Dakota Electric entered into a firm point-to-point transmission service agreement that provides MEAN with a maximum of 20 MW of transmission capacity. This agreement expires December 31, 2023. |
Revenue_
Revenue: | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The following tables depict the disaggregation of revenue, including intercompany revenue, from contracts with customers by customer type and timing of revenue recognition for each of the reportable segments for the three and six months ended June 30, 2022 and 2021. Sales tax and other similar taxes are excluded from revenues. Three Months Ended June 30, 2022 Electric Utilities Gas Utilities Inter-company Revenues Total Customer types: (in thousands) Retail $ 169,032 $ 229,074 $ — $ 398,106 Transportation — 34,667 (100) 34,567 Wholesale 8,428 — — 8,428 Market - off-system sales 8,666 178 — 8,844 Transmission/Other 15,183 9,344 (4,148) 20,379 Revenue from contracts with customers $ 201,309 $ 273,263 $ (4,248) $ 470,324 Other revenues 3,070 906 (105) 3,871 Total revenues $ 204,379 $ 274,169 $ (4,353) $ 474,195 Timing of revenue recognition: Services transferred at a point in time $ 6,671 $ — $ — $ 6,671 Services transferred over time 194,638 273,263 (4,248) 463,653 Revenue from contracts with customers $ 201,309 $ 273,263 $ (4,248) $ 470,324 Three Months Ended June 30, 2021 Electric Utilities Gas Utilities Inter-company Revenues Total Customer Types: (in thousands) Retail $ 163,971 $ 143,845 $ — $ 307,816 Transportation — 31,649 (109) 31,540 Wholesale 5,655 — — 5,655 Market - off-system sales 7,266 87 — 7,353 Transmission/Other 11,224 9,125 (4,291) 16,058 Revenue from contracts with customers $ 188,116 $ 184,706 $ (4,400) $ 368,422 Other revenues 2,900 1,344 (94) 4,150 Total Revenues $ 191,016 $ 186,050 $ (4,494) $ 372,572 Timing of Revenue Recognition: Services transferred at a point in time $ 6,714 $ — $ — $ 6,714 Services transferred over time 181,402 184,706 (4,400) 361,708 Revenue from contracts with customers $ 188,116 $ 184,706 $ (4,400) $ 368,422 Six Months Ended June 30, 2022 Electric Utilities Gas Utilities Inter-company Revenues Total Customer types: (in thousands) Retail $ 341,838 $ 790,087 $ — $ 1,131,925 Transportation — 84,190 (199) 83,991 Wholesale 18,703 — — 18,703 Market - off-system sales 15,820 416 — 16,236 Transmission/Other 30,616 18,919 (8,297) 41,238 Revenue from contracts with customers $ 406,977 $ 893,612 $ (8,496) $ 1,292,093 Other revenues 3,940 1,949 (217) 5,672 Total revenues $ 410,917 $ 895,561 $ (8,713) $ 1,297,765 Timing of revenue recognition: Services transferred at a point in time $ 13,784 $ — $ — $ 13,784 Services transferred over time 393,193 893,612 (8,496) 1,278,309 Revenue from contracts with customers $ 406,977 $ 893,612 $ (8,496) $ 1,292,093 Six Months Ended June 30, 2021 Electric Utilities Gas Utilities Inter-company Revenues Total Customer Types: (in thousands) Retail $ 368,251 $ 485,450 $ — $ 853,701 Transportation — 79,600 (219) 79,381 Wholesale 17,014 — — 17,014 Market - off-system sales 12,038 160 — 12,198 Transmission/Other 25,411 19,515 (8,580) 36,346 Revenue from contracts with customers $ 422,714 $ 584,725 $ (8,799) $ 998,640 Other revenues 3,706 3,844 (186) 7,364 Total Revenues $ 426,420 $ 588,569 $ (8,985) $ 1,006,004 Timing of Revenue Recognition: Services transferred at a point in time $ 13,690 $ — $ — $ 13,690 Services transferred over time 409,024 584,725 (8,799) 984,950 Revenue from contracts with customers $ 422,714 $ 584,725 $ (8,799) $ 998,640 |
Financing_
Financing: | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Financing | Financing Short-term Debt We had the following Notes payable outstanding in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: June 30, 2022 December 31, 2021 Balance Outstanding Letters of Credit (a) Balance Outstanding Letters of Credit (a) Revolving Credit Facility — 14,239 — 27,209 CP Program 335,050 — 420,180 — Total Notes payable $ 335,050 $ 14,239 $ 420,180 $ 27,209 __________ (a) Letters of credit are off-balance sheet commitments that reduce the borrowing capacity available on our corporate Revolving Credit Facility. Revolving Credit Facility and CP Program Our net short-term repayments related to our Revolving Credit Facility and CP Program during the six months ended June 30, 2022 were $85 million. The weighted average interest rate on short-term borrowings related to our Revolving Credit Facility and CP Program at June 30, 2022 was 1.74%. Debt Covenants Revolving Credit Facility Under our Revolving Credit Facility, we are required to maintain a Consolidated Indebtedness to Capitalization Ratio not to exceed 0.65 to 1.00. Subject to applicable cure periods, a violation of any of these covenants would constitute an event of default that entitles the lenders to terminate their remaining commitments and accelerate all principal and interest outstanding. We were in compliance with our covenants at June 30, 2022 as shown below: As of June 30, 2022 Covenant Requirement Consolidated Indebtedness to Capitalization Ratio 60.8% Less than 65% Wyoming Electric Covenants within Wyoming Electric's financing agreements require Wyoming Electric to maintain a debt to capitalization ratio of no more than 0.60 to 1.00. As of June 30, 2022, Wyoming Electric’s debt to capitalization ratio was 50%, which was in compliance with these financial covenants. Equity At-the-Market Equity Offering Program During the three months ended June 30, 2022, we issued a total of 0.2 million shares of common stock under the ATM for proceeds of $16 million, net of $0.2 million in issuance costs. During the six months ended June 30, 2022, we issued a total of 0.3 million shares of common stock under the ATM for proceeds of $20 million, net of $0.2 million in issuance costs. During the three and six months ended June 30, 2021, we issued a total of 0.6 million shares of common stock under the ATM for proceeds of $40 million, net of $0.4 million in issuance costs. |
Earnings Per Share_
Earnings Per Share: | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share A reconciliation of share amounts used to compute earnings per share in the accompanying Condensed Consolidated Statements of Income was as follows (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net income available for common stock $ 33,415 $ 25,161 $ 150,941 $ 121,477 Weighted average shares - basic 64,721 62,867 64,643 62,751 Dilutive effect of: Equity compensation 162 51 179 66 Weighted average shares - diluted 64,883 62,918 64,822 62,817 Earnings per share of common stock: Earnings per share, Basic $ 0.52 $ 0.40 $ 2.33 $ 1.94 Earnings per share, Diluted $ 0.52 $ 0.40 $ 2.33 $ 1.93 The following securities were excluded from the diluted earnings per share computation because of their anti-dilutive nature (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Equity compensation — 13 — 12 Restricted stock — — 1 1 Anti-dilutive shares — 13 1 13 |
Risk Management and Derivatives
Risk Management and Derivatives: | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Risk Management and Derivatives | Risk Management and Derivatives Market and Credit Risk Disclosures Our activities in the energy industry expose us to a number of risks in the normal operations of our businesses. Depending on the activity, we are exposed to varying degrees of market risk and credit risk. Market Risk Market risk is the potential loss that may occur as a result of an adverse change in market price, rate or supply. We are exposed but not limited to, the following market risks: • Commodity price risk associated with our retail natural gas and wholesale electric power marketing activities and our fuel procurement for several of our gas-fired generation assets, which include market fluctuations due to unpredictable factors such as the COVID-19 pandemic, weather (Winter Storm Uri), geopolitical events, market speculation, inflation, pipeline constraints, and other factors that may impact natural gas and electric supply and demand; and • Interest rate risk associated with outstanding variable rate debt and future debt, including reduced access to liquidity during periods of extreme capital markets volatility, such as the 2008 financial crisis and the COVID-19 pandemic. Credit Risk Credit risk is the risk of financial loss resulting from non-performance of contractual obligations by a counterparty. We attempt to mitigate our credit exposure by conducting business primarily with high credit quality entities, setting tenor and credit limits commensurate with counterparty financial strength, obtaining master netting agreements and mitigating credit exposure with less creditworthy counterparties through parental guarantees, cash collateral requirements, letters of credit and other security agreements. We perform ongoing credit evaluations of our customers and adjust credit limits based upon payment history and the customers’ current creditworthiness, as determined by review of their current credit information. We maintain a provision for estimated credit losses based upon historical experience, changes in current market conditions, expected losses and any specific customer collection issue that is identified. Derivatives and Hedging Activity Our derivative and hedging activities included in the accompanying Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income are detailed below and in Note 8 . The operations of our Utilities, including natural gas sold by our Gas Utilities and natural gas used by our Electric Utilities’ generation plants or those plants under PPAs where our Electric Utilities must provide the generation fuel (tolling agreements), expose our utility customers to natural gas price volatility. Therefore, as allowed or required by state 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 the state regulatory commission guidelines. When the related costs are recovered through our rates, the hedging activity is recognized in the Condensed Consolidated Statements of Income. We use wholesale power purchase and sale contracts to manage purchased power costs and load requirements associated with serving our electric customers. Periodically, certain wholesale energy contracts are considered derivative instruments due to not qualifying for the normal purchase and normal sales exception to derivative accounting. Changes in the fair value of these commodity derivatives are recognized in the Condensed Consolidated Statements of Income. We buy, sell and deliver natural gas at competitive prices by managing commodity price risk. As a result of these activities, this area of our business is exposed to risks associated with changes in the market price of natural gas. We manage our exposure to such risks using over-the-counter and exchange traded options and swaps with counterparties in anticipation of forecasted purchases and sales during time frames ranging from July 2022 through December 2024. A portion of our over-the-counter swaps have been designated as cash flow hedges to mitigate the commodity price risk associated with deliveries under fixed price forward contracts to deliver gas to our Choice Gas Program customers. The gain or loss on these designated derivatives is reported in AOCI in the accompanying Condensed Consolidated Balance Sheets and reclassified into earnings in the same period that the underlying hedged item is recognized in earnings. Effectiveness of our hedging position is evaluated at least quarterly. The contract or notional amounts and terms of the electric and natural gas derivative commodity instruments held at our Utilities are composed of both long and short positions. We had the following net long positions as of: June 30, 2022 December 31, 2021 Notional Maximum Term (months) (a) Notional Maximum Term (months) (a) Natural gas futures purchased 100,000 9 590,000 3 Natural gas options purchased, net 430,000 9 3,100,000 3 Natural gas basis swaps purchased — 0 870,000 3 Natural gas over-the-counter swaps, net (b) 7,090,000 30 4,570,000 34 Natural gas physical contracts, net (c) 12,166,541 18 16,416,677 24 __________ (a) Term reflects the maximum forward period hedged. (b) As of June 30, 2022, 2,416,000 MMBtus of natural gas over-the-counter swaps purchases were designated as cash flow hedges. (c) Volumes exclude derivative contracts that qualify for the normal purchases and normal sales exception permitted by GAAP. We have certain derivative contracts which contain credit provisions. These credit provisions may require the Company to post collateral when credit exposure to the Company is in excess of a negotiated line of unsecured credit. At June 30, 2022, the Company posted $0.4 million related to such provisions, which is included in Other current assets on the Condensed Consolidated Balance Sheets. Derivatives by Balance Sheet Classification As required by accounting standards for derivatives and hedges, fair values within the following tables are presented on a gross basis aside from the netting of asset and liability positions. Netting of positions is permitted in accordance with accounting standards for offsetting and under terms of our master netting agreements 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 June 30, 2022 December 31, 2021 Derivatives designated as hedges: Asset derivative instruments: Current commodity derivatives Derivative assets, current $ 2 $ 2,017 Noncurrent commodity derivatives Other assets, non-current 256 18 Liability derivative instruments: Current commodity derivatives Derivative liabilities, current (3,318) — Total derivatives designated as hedges $ (3,060) $ 2,035 Derivatives not designated as hedges: Asset derivative instruments: Current commodity derivatives Derivative assets, current $ 714 $ 2,356 Noncurrent commodity derivatives Other assets, non-current 923 804 Liability derivative instruments: Current commodity derivatives Derivative liabilities, current (1,401) (1,439) Noncurrent commodity derivatives Other deferred credits and other liabilities — (20) Total derivatives not designated as hedges $ 236 $ 1,701 Derivatives Designated as Hedge Instruments The impacts of cash flow hedges on our Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statements of Income are presented below for the three and six months ended June 30, 2022 and 2021. Note that this presentation does not reflect the 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 June 30, Three Months Ended June 30, 2022 2021 2022 2021 Derivatives in Cash Flow Hedging Relationships Amount of Gain/(Loss) Recognized in OCI Income Statement Location Amount of Gain/(Loss) Reclassified from AOCI into Income (in thousands) (in thousands) Interest rate swaps $ 713 $ 713 Interest expense $ (713) $ (713) Commodity derivatives (4,371) 1,187 Fuel, purchased power and cost of natural gas sold 1,323 56 Total $ (3,658) $ 1,900 $ 610 $ (657) Six Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Derivatives in Cash Flow Hedging Relationships Amount of Gain/(Loss) Recognized in OCI Income Statement Location Amount of Gain/(Loss) Reclassified from AOCI into Income (in thousands) (in thousands) Interest rate swaps $ 1,426 $ 1,426 Interest expense $ (1,426) $ (1,426) Commodity derivatives (5,238) 1,360 Fuel, purchased power and cost of natural gas sold 3,577 25 Total $ (3,812) $ 2,786 $ 2,151 $ (1,401) As of June 30, 2022, $6.1 million of net losses related to our interest rate swaps and commodity derivatives are expected to be reclassified from AOCI into earnings within the next 12 months. As market prices fluctuate, estimated and actual realized gains or losses will change during future periods. Derivatives Not Designated as Hedge Instruments The following table summarizes the impacts of derivative instruments not designated as hedge instruments on our Condensed Consolidated Statements of Income for the three and six months ended June 30, 2022 and 2021. Note that this presentation does not reflect the expected 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 June 30, 2022 2021 Derivatives Not Designated as Hedging Instruments Location of Gain/(Loss) on Derivatives Recognized in Income Amount of Gain/(Loss) on Derivatives Recognized in Income (in thousands) Commodity derivatives - Electric Fuel, purchased power and cost of natural gas sold $ — $ (3,598) Commodity derivatives - Natural Gas Fuel, purchased power and cost of natural gas sold (2,332) 1,816 $ (2,332) $ (1,782) Six Months Ended June 30, 2022 2021 Derivatives Not Designated as Hedging Instruments Income Statement Location Amount of Gain/(Loss) on Derivatives Recognized in Income (in thousands) Commodity derivatives - Electric Fuel, purchased power and cost of natural gas sold $ — $ (5,122) Commodity derivatives - Natural Gas Fuel, purchased power and cost of natural gas sold 1,162 2,182 $ 1,162 $ (2,940) As discussed above, financial instruments used in our regulated Gas 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 asset accounts related to these financial instruments in our Gas Utilities were $4.8 million and $2.6 million as of June 30, 2022 and December 31, 2021, respectively. For our Electric Utilities, the unrealized gains and losses arising from these derivatives are recognized in the Condensed Consolidated Statements of Income. |
Fair Value Measurements_
Fair Value Measurements: | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurements We use the following fair value hierarchy for determining inputs for our financial instruments. Our assets and liabilities for financial instruments are classified and disclosed in one of the following fair value categories: Level 1 — Unadjusted quoted prices available in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities. Level 1 instruments primarily consist of highly liquid and actively traded financial instruments with quoted pricing information on an ongoing basis. Level 2 — Pricing inputs include quoted prices for identical or similar assets and liabilities in active markets other than quoted prices in Level 1, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 — Pricing inputs are generally less observable from objective sources. These inputs reflect management’s best estimate of fair value using its own assumptions about the assumptions a market participant would use in pricing the asset or liability. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement within the fair value hierarchy levels. We record transfers, if necessary, between levels at the end of the reporting period for all of our financial instruments. Transfers into Level 3, if any, occur when significant inputs used to value the derivative instruments become less observable, such as a significant decrease in the frequency and volume in which the instrument is traded, negatively impacting the availability of observable pricing inputs. Transfers out of Level 3, if any, occur when the significant inputs become more observable, such as when the time between the valuation date and the delivery date of a transaction becomes shorter, positively impacting the availability of observable pricing inputs. Recurring Fair Value Measurements Derivatives The commodity contracts for our Utilities segments are valued using the market approach and include forward strip pricing at liquid delivery points, exchange-traded futures, options, basis swaps and over-the-counter swaps and options (Level 2) for wholesale electric energy and natural gas contracts. For exchange-traded futures, options and basis swap assets and liabilities, fair value was derived using broker quotes validated by the exchange settlement pricing for the applicable contract. For over-the-counter instruments, the fair value is obtained by utilizing a nationally recognized service that obtains observable inputs to compute the fair value, which we validate by comparing our valuation with the counterparty. The fair value of these swaps includes a credit valuation adjustment based on the credit spreads of the counterparties when we are in an unrealized gain position or on our own credit spread when we are in an unrealized loss position. For additional information, see Note 1 of our Notes to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K. The following tables set forth, by level within the fair value hierarchy, our gross assets and gross liabilities and related offsetting of cash collateral and contractual netting rights as permitted by GAAP that were accounted for at fair value on a recurring basis for derivative instruments. As of June 30, 2022 Level 1 Level 2 Level 3 Cash Collateral and Counterparty Netting (a) Total (in thousands) Assets: Commodity derivatives — Gas Utilities $ — $ 2,700 $ — $ (806) $ 1,894 Total $ — $ 2,700 $ — $ (806) $ 1,894 Liabilities: Commodity derivatives — Gas Utilities $ — $ 5,524 $ — $ (805) $ 4,719 Total $ — $ 5,524 $ — $ (805) $ 4,719 __________ (a) As of June 30, 2022, $0.8 million of our commodity derivative assets and $0.8 million of our commodity liabilities, as well as related gross collateral amounts, were subject to master netting agreements. As of December 31, 2021 Level 1 Level 2 Level 3 Cash Collateral and Counterparty Netting (a) Total (in thousands) Assets: Commodity derivatives — Gas Utilities $ — $ 7,569 $ — $ (2,374) $ 5,195 Total $ — $ 7,569 $ — $ (2,374) $ 5,195 Liabilities: Commodity derivatives — Gas Utilities $ — $ 3,273 $ — $ (1,814) $ 1,459 Total $ — $ 3,273 $ — $ (1,814) $ 1,459 __________ (a) As of December 31, 2021, $2.4 million of our commodity derivative assets and $1.8 million of our commodity derivative liabilities, as well as related gross collateral amounts, were subject to master netting agreements. Pension and Postretirement Plan Assets Fair value measurements also apply to the valuation of our pension and postretirement plan assets. Current accounting guidance requires employers to annually disclose information about the fair value measurements of their assets of a defined benefit pension or other postretirement plan. The fair value of these assets is presented in Note 13 to the Consolidated Financial Statements included in our 2021 Annual Report on Form 10-K. Other Fair Value Measures The carrying amount of cash and cash equivalents, restricted cash and equivalents and short-term borrowings approximates fair value due to their liquid or short-term nature. Cash, cash equivalents and restricted cash are classified in Level 1 in the fair value hierarchy. Notes payable consist of commercial paper borrowings and are not traded on an exchange; therefore, they are classified as Level 2 in the fair value hierarchy. The following table presents the carrying amounts and fair values of financial instruments not recorded at fair value on the Condensed Consolidated Balance Sheets (in thousands) as of: June 30, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value Long-term debt, including current maturities (a) $ 4,129,662 $ 3,917,015 $ 4,126,923 $ 4,570,619 __________ (a) Long-term debt is valued based on observable inputs available either directly or indirectly for similar liabilities in active markets and therefore is classified in Level 2 in the fair value hierarchy. Carrying amount of long-term debt is net of deferred financing costs. |
Other Comprehensive Income_
Other Comprehensive Income: | 6 Months Ended |
Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income We record deferred gains (losses) in AOCI related to interest rate swaps designated as cash flow hedges, commodity contracts designated as cash flow hedges and the amortization of components of our defined benefit plans. Deferred gains (losses) for our commodity contracts designated as cash flow hedges are recognized in earnings upon settlement, while deferred gains (losses) related to our interest rate swaps are recognized in earnings as they are amortized. The following table details reclassifications out of AOCI and into Net income. The amounts in parentheses below indicate decreases to Net income in the Condensed Consolidated Statements of Income for the period, net of tax (in thousands): Location on the Condensed Consolidated Statements of Income Amount Reclassified from AOCI Amount Reclassified from AOCI Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Gains and (losses) on cash flow hedges: Interest rate swaps Interest expense $ (713) $ (713) $ (1,426) $ (1,426) Commodity contracts Fuel, purchased power and cost of natural gas sold 1,323 56 3,577 25 610 (657) 2,151 (1,401) Income tax Income tax expense (81) 136 (456) 334 Total reclassification adjustments related to cash flow hedges, net of tax $ 529 $ (521) $ 1,695 $ (1,067) Amortization of components of defined benefit plans: Prior service cost Operations and maintenance $ 22 $ 24 $ 46 $ 49 Actuarial gain (loss) Operations and maintenance (187) (597) (375) (1,195) (165) (573) (329) (1,146) Income tax Income tax expense 60 151 99 359 Total reclassification adjustments related to defined benefit plans, net of tax $ (105) $ (422) $ (230) $ (787) Total reclassifications $ 424 $ (943) $ 1,465 $ (1,854) Balances by classification included within AOCI, net of tax on the accompanying Condensed Consolidated Balance Sheets were as follows (in thousands): Derivatives Designated as Cash Flow Hedges Interest Rate Swaps Commodity Derivatives Employee Benefit Plans Total As of December 31, 2021 $ (10,384) $ 1,476 $ (11,176) $ (20,084) Other comprehensive income (loss) before reclassifications — (1,267) — (1,267) Amounts reclassified from AOCI 1,011 (2,706) 230 (1,465) As of June 30, 2022 $ (9,373) $ (2,497) $ (10,946) $ (22,816) Derivatives Designated as Cash Flow Hedges Interest Rate Swaps Commodity Derivatives Employee Benefit Plans Total As of December 31, 2020 $ (12,558) $ 2 $ (14,790) $ (27,346) Other comprehensive income (loss) before reclassifications — 1,046 — 1,046 Amounts reclassified from AOCI 1,086 (19) 787 1,854 As of June 30, 2021 $ (11,472) $ 1,029 $ (14,003) $ (24,446) |
Employee Benefit Plans_
Employee Benefit Plans: | 6 Months Ended |
Jun. 30, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Components of Net Periodic Expense The components of net periodic expense were as follows (in thousands): Defined Benefit Pension Plan Supplemental Non-qualified Defined Benefit Plans Non-pension Defined Benefit Postretirement Healthcare Plan Three Months Ended June 30, 2022 2021 2022 2021 2022 2021 Net Service cost $ 982 $ 1,260 $ (1,355) $ 1,020 $ 492 $ 559 Interest cost 2,704 2,328 209 177 321 264 Expected return on plan assets (4,630) (5,219) — — (31) (34) Net amortization of prior service costs (17) — — — (73) (109) Recognized net actuarial loss 1,523 1,829 69 438 16 117 Net periodic expense (benefit) $ 562 $ 198 $ (1,077) $ 1,635 $ 725 $ 797 Defined Benefit Pension Plan Supplemental Non-qualified Defined Benefit Plans Non-pension Defined Benefit Postretirement Healthcare Plan Six Months Ended June 30, 2022 2021 2022 2021 2022 2021 Net Service cost $ 1,964 $ 2,519 $ (1,747) $ 1,713 $ 984 $ 1,118 Interest cost 5,409 4,656 417 354 642 529 Expected return on plan assets (9,261) (10,438) — — (62) (68) Net amortization of prior service costs (34) — — — (145) (218) Recognized net actuarial loss 3,046 3,658 138 877 32 234 Net periodic expense (benefit) $ 1,124 $ 395 $ (1,192) $ 2,944 $ 1,451 $ 1,595 Plan Contributions Contributions to the Defined Benefit Pension Plan are cash contributions made directly to the Pension Plan Trust account. Contributions to the Postretirement Healthcare and Supplemental Plans are made in the form of benefit payments. Contributions made in the first six months of 2022 and anticipated contributions for 2022 and 2023 are as follows (in thousands): Contributions Made Additional Contributions Contributions Six Months Ended June 30, 2022 Anticipated for 2022 Anticipated for 2023 Defined Benefit Pension Plan $ — $ — $ — Non-pension Defined Benefit Postretirement Healthcare Plan $ 2,552 $ 2,552 $ 4,761 Supplemental Non-qualified Defined Benefit and Defined Contribution Plans $ 1,078 $ 1,078 $ 2,215 Funding Status of Employee Benefit Plans Based on the fair value of assets and estimated discount rate used to value benefit obligations as of June 30, 2022, we estimate the unfunded status of our employee benefit plans to be approximately $29 million compared to $20 million at December 31, 2021. In 2012, we froze our pension plan and closed it to new participants. Since then, we have implemented various de-risking strategies including lump sum buyouts, the purchase of annuities and the reduction of return-seeking assets over time to a more liability-hedged portfolio. As a result, recent capital markets volatility has not materially affected our unfunded status and does not require interim re-measurement of our pension plan assets or defined benefit obligations. |
Income Taxes_
Income Taxes: | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income Tax Expense (Benefit) and Effective Tax Rates Three Months Ended June 30, 2022 Compared to the Three Months Ended June 30, 2021 Income tax expense (benefit) for the three months ended June 30, 2022 was $(0.7) million compared to $0.6 million reported for the same period in 2021. For the three months ended June 30, 2022 the effective tax rate was (1.9)% compared to 2.0% for the same period in 2021. The lower effective tax rate was primarily due to $3.8 million of tax benefits from state rate changes, $1.5 million of increased tax benefits from federal PTCs associated with increased wind production and a current year PTC rate increase (inflation adjustment). These current year tax benefits were greater than prior year tax benefits from Nebraska Gas TCJA-related bill credits to customers (which were offset by reduced revenue) and prior year flow-through tax benefits related to repairs and certain indirect costs. Six Months Ended June 30, 2022 Compared to the Six Months Ended June 30, 2021 Income tax expense for the six months ended June 30, 2022 was $14 million compared to $1.1 million reported for the same period in 2021. For the six months ended June 30, 2022, the effective tax rate was 8.1% compared to 0.8% for the same period in 2021. The higher effective tax rate was primarily due to $10 million of prior year tax benefits from Colorado Electric and Nebraska Gas TCJA-related bill credits to customers (which were offset by reduced revenue) partially offset by $3.8 million of current year tax benefits from state rate changes and $2.4 million of increased tax benefits from federal PTCs associated with increased wind production and a current year PTC rate increase (inflation adjustment). |
Business Segment Information_
Business Segment Information: | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting Information, Additional Information [Abstract] | |
Business Segment Information | Business Segment Information Our CODM reviews financial information presented on an operating segment basis for purposes of making decisions and assessing financial performance. Our CODM assesses the performance of our operating segments based on operating income. For the first nine months of 2021, we had reported four operating segments: Electric Utilities, Gas Utilities, Power Generation and Mining. In the fourth quarter of 2021, we integrated our power generation and mining businesses within the Electric Utilities segment. The alignment is consistent with the current way our CODM evaluates the performance of the business and makes decisions related to the allocation of resources. Comparative periods presented reflect this change. Our operating segments are equivalent to our reportable segments. Segment information was as follows (in thousands): Total assets (net of intercompany eliminations) as of: June 30, 2022 December 31, 2021 Electric Utilities $ 3,834,826 $ 3,796,662 Gas Utilities 5,197,194 5,246,370 Corporate and Other 102,542 88,864 Total assets $ 9,134,562 $ 9,131,896 Three Months Ended June 30, 2022 External Operating Revenue Inter-company Operating Revenue Total Revenues Contract Customers Other Revenues Contract Customers Other Revenues Segment: Electric Utilities $ 198,380 $ 3,070 $ 2,929 $ — $ 204,379 Gas Utilities 271,944 801 1,319 105 274,169 Inter-company eliminations — — (4,248) (105) (4,353) Total $ 470,324 $ 3,871 $ — $ — $ 474,195 Three Months Ended June 30, 2021 External Operating Revenue Inter-company Operating Revenue Total Revenues Contract Customers Other Revenues Contract Customers Other Revenues Segment: Electric Utilities $ 185,235 $ 2,900 $ 2,881 $ — $ 191,016 Gas Utilities 183,187 1,250 1,519 94 186,050 Inter-company eliminations — — (4,400) (94) (4,494) Total $ 368,422 $ 4,150 $ — $ — $ 372,572 Six Months Ended June 30, 2022 External Operating Revenue Inter-company Operating Revenue Total Revenues Contract Customers Other Revenues Contract Customers Other Revenues Segment: Electric Utilities $ 401,119 $ 3,940 $ 5,858 $ — $ 410,917 Gas Utilities 890,974 1,732 2,638 217 895,561 Inter-company eliminations — — (8,496) (217) (8,713) Total $ 1,292,093 $ 5,672 $ — $ — $ 1,297,765 Six Months Ended June 30, 2021 External Operating Revenue Inter-company Operating Revenue Total Revenues Contract Customers Other Revenues Contract Customers Other Revenues Segment: Electric Utilities $ 416,954 $ 3,706 $ 5,760 $ — $ 426,420 Gas Utilities 581,686 3,658 3,039 186 588,569 Inter-company eliminations — — (8,799) (186) (8,985) Total $ 998,640 $ 7,364 $ — $ — $ 1,006,004 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Operating income (loss): Electric Utilities $ 45,226 $ 47,462 $ 95,972 $ 86,805 Gas Utilities 28,195 19,985 151,735 122,079 Corporate and Other (1,032) (181) (1,965) (3,303) Operating income 72,389 67,266 245,742 205,581 Interest expense, net (38,764) (38,202) (77,309) (75,802) Other income (expense), net 1,563 (191) 2,267 75 Income tax benefit (expense) 658 (586) (13,830) (1,080) Net income 35,846 28,287 156,870 128,774 Net income attributable to non-controlling interest (2,431) (3,126) (5,929) (7,297) Net income available for common stock $ 33,415 $ 25,161 $ 150,941 $ 121,477 |
Selected Balance Sheet Informat
Selected Balance Sheet Information: | 6 Months Ended |
Jun. 30, 2022 | |
Selected Balance Sheet Information [Abstract] | |
Selected Balance Sheet Information | Selected Balance Sheet Information Accounts Receivable and Allowance for Credit Losses Following is a summary of Accounts receivable, net included in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: June 30, 2022 December 31, 2021 Billed Accounts Receivable $ 188,649 $ 181,027 Unbilled Revenue 81,647 142,738 Less: Allowance for Credit Losses (3,193) (2,113) Accounts Receivable, net $ 267,103 $ 321,652 Changes to allowance for credit losses for the six months ended June 30, 2022 and 2021, respectively, were as follows (in thousands): Balance at Beginning of Year Additions Charged to Costs and Expenses Recoveries and Other Additions Write-offs and Other Deductions Balance at June 30, 2022 $ 2,113 $ 4,239 $ 1,266 $ (4,425) $ 3,193 2021 $ 7,003 $ 1,510 $ 1,786 $ (4,270) $ 6,029 Materials, Supplies and Fuel The following amounts by major classification are included in Materials, supplies and fuel on the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: June 30, 2022 December 31, 2021 Materials and supplies $ 91,736 $ 86,400 Fuel - Electric Utilities 2,169 1,267 Natural gas in storage 58,959 63,312 Total materials, supplies and fuel $ 152,864 $ 150,979 Accrued Liabilities The following amounts by major classification are included in Accrued liabilities on the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: June 30, 2022 December 31, 2021 Accrued employee compensation, benefits and withholdings $ 64,417 $ 74,387 Accrued property taxes 42,944 50,874 Customer deposits and prepayments 43,151 48,814 Accrued interest 33,764 33,680 Other (none of which is individually significant) 42,044 37,004 Total accrued liabilities $ 226,320 $ 244,759 |
Subsequent Events_
Subsequent Events: | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsExcept as described in XXX, there have been no events subsequent to June 30, 2022, which would require recognition in the condensed consolidated financial statements or disclosures. |
Management's Statement (Policie
Management's Statement (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Segment Reporting | Segment Reporting Our reportable segments are based on our method of internal reporting, which is generally segregated by differences in products and services. All of our operations and assets are located within the United States. We conduct our operations through the Electric Utilities and Gas Utilities segments. In the fourth quarter of 2021, we integrated our power generation and mining businesses within the Electric Utilities segment. The alignment is consistent with the current way our CODM evaluates the performance of the business and makes decisions related to the allocation of resources. Comparative periods presented reflect this change. For further information regarding our segment reporting, see Note 12 . |
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 June 30, 2022, December 31, 2021 and June 30, 2021 financial information. Certain lines of business in which we operate are highly seasonal, and our interim results of operations are not necessarily indicative of the results of operations to be expected for an entire year. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Facilitation of the Effects of Reference Rate Reform on Financial Reporting, ASU 2020-04 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which was subsequently amended by ASU 2021-01. The standard provides relief for companies preparing for discontinuation of interest rates, such as LIBOR, and allows optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update are elective and are effective upon the ASU issuance through December 31, 2022. We are currently evaluating whether we will apply the optional guidance as we assess the impact of the discontinuance of LIBOR on our current arrangements but do not expect it to have a material impact on our financial position, results of operations and cash flows. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Schedule of Regulatory Assets and Liabilities | We had the following regulatory assets and liabilities (in thousands): As of As of June 30, 2022 December 31, 2021 Regulatory assets Winter Storm Uri (a) $ 402,971 $ 509,025 Deferred energy and fuel cost adjustments (b) 71,701 59,973 Deferred gas cost adjustments (b) 8,083 9,488 Gas price derivatives (b) 4,845 2,584 Deferred taxes on AFUDC (b) 7,426 7,457 Employee benefit plans and related deferred taxes (c) 87,130 88,923 Environmental (b) 1,360 1,385 Loss on reacquired debt (b) 20,112 21,011 Deferred taxes on flow through accounting (b) 69,811 63,243 Decommissioning costs (b) 4,717 5,961 Other regulatory assets (b) 24,212 27,549 Total regulatory assets 702,368 796,599 Less current regulatory assets (267,725) (270,290) Regulatory assets, non-current $ 434,643 $ 526,309 Regulatory liabilities Deferred energy and gas costs (b) $ 15,899 $ 6,113 Employee benefit plan costs and related deferred taxes (c) 31,330 32,241 Cost of removal (b) 184,111 179,976 Excess deferred income taxes (c) 259,674 264,042 Other regulatory liabilities (c) 24,984 20,579 Total regulatory liabilities 515,998 502,951 Less current regulatory liabilities (33,356) (17,574) Regulatory liabilities, non-current $ 482,642 $ 485,377 __________ (a) Timing of Winter Storm Uri incremental cost recovery and associated carrying costs vary by jurisdiction and Wyoming Gas is still subject to pending application with the WPSC. See further information below. (b) Recovery of costs, but we are not 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. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables depict the disaggregation of revenue, including intercompany revenue, from contracts with customers by customer type and timing of revenue recognition for each of the reportable segments for the three and six months ended June 30, 2022 and 2021. Sales tax and other similar taxes are excluded from revenues. Three Months Ended June 30, 2022 Electric Utilities Gas Utilities Inter-company Revenues Total Customer types: (in thousands) Retail $ 169,032 $ 229,074 $ — $ 398,106 Transportation — 34,667 (100) 34,567 Wholesale 8,428 — — 8,428 Market - off-system sales 8,666 178 — 8,844 Transmission/Other 15,183 9,344 (4,148) 20,379 Revenue from contracts with customers $ 201,309 $ 273,263 $ (4,248) $ 470,324 Other revenues 3,070 906 (105) 3,871 Total revenues $ 204,379 $ 274,169 $ (4,353) $ 474,195 Timing of revenue recognition: Services transferred at a point in time $ 6,671 $ — $ — $ 6,671 Services transferred over time 194,638 273,263 (4,248) 463,653 Revenue from contracts with customers $ 201,309 $ 273,263 $ (4,248) $ 470,324 Three Months Ended June 30, 2021 Electric Utilities Gas Utilities Inter-company Revenues Total Customer Types: (in thousands) Retail $ 163,971 $ 143,845 $ — $ 307,816 Transportation — 31,649 (109) 31,540 Wholesale 5,655 — — 5,655 Market - off-system sales 7,266 87 — 7,353 Transmission/Other 11,224 9,125 (4,291) 16,058 Revenue from contracts with customers $ 188,116 $ 184,706 $ (4,400) $ 368,422 Other revenues 2,900 1,344 (94) 4,150 Total Revenues $ 191,016 $ 186,050 $ (4,494) $ 372,572 Timing of Revenue Recognition: Services transferred at a point in time $ 6,714 $ — $ — $ 6,714 Services transferred over time 181,402 184,706 (4,400) 361,708 Revenue from contracts with customers $ 188,116 $ 184,706 $ (4,400) $ 368,422 Six Months Ended June 30, 2022 Electric Utilities Gas Utilities Inter-company Revenues Total Customer types: (in thousands) Retail $ 341,838 $ 790,087 $ — $ 1,131,925 Transportation — 84,190 (199) 83,991 Wholesale 18,703 — — 18,703 Market - off-system sales 15,820 416 — 16,236 Transmission/Other 30,616 18,919 (8,297) 41,238 Revenue from contracts with customers $ 406,977 $ 893,612 $ (8,496) $ 1,292,093 Other revenues 3,940 1,949 (217) 5,672 Total revenues $ 410,917 $ 895,561 $ (8,713) $ 1,297,765 Timing of revenue recognition: Services transferred at a point in time $ 13,784 $ — $ — $ 13,784 Services transferred over time 393,193 893,612 (8,496) 1,278,309 Revenue from contracts with customers $ 406,977 $ 893,612 $ (8,496) $ 1,292,093 Six Months Ended June 30, 2021 Electric Utilities Gas Utilities Inter-company Revenues Total Customer Types: (in thousands) Retail $ 368,251 $ 485,450 $ — $ 853,701 Transportation — 79,600 (219) 79,381 Wholesale 17,014 — — 17,014 Market - off-system sales 12,038 160 — 12,198 Transmission/Other 25,411 19,515 (8,580) 36,346 Revenue from contracts with customers $ 422,714 $ 584,725 $ (8,799) $ 998,640 Other revenues 3,706 3,844 (186) 7,364 Total Revenues $ 426,420 $ 588,569 $ (8,985) $ 1,006,004 Timing of Revenue Recognition: Services transferred at a point in time $ 13,690 $ — $ — $ 13,690 Services transferred over time 409,024 584,725 (8,799) 984,950 Revenue from contracts with customers $ 422,714 $ 584,725 $ (8,799) $ 998,640 |
Financing (Tables)
Financing (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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: June 30, 2022 December 31, 2021 Balance Outstanding Letters of Credit (a) Balance Outstanding Letters of Credit (a) Revolving Credit Facility — 14,239 — 27,209 CP Program 335,050 — 420,180 — Total Notes payable $ 335,050 $ 14,239 $ 420,180 $ 27,209 __________ (a) Letters of credit are off-balance sheet commitments that reduce the borrowing capacity available on our corporate Revolving Credit Facility. |
Credit Facility and Short Term Debt Covenants | We were in compliance with our covenants at June 30, 2022 as shown below: As of June 30, 2022 Covenant Requirement Consolidated Indebtedness to Capitalization Ratio 60.8% Less than 65% |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Reconciliation | A reconciliation of share amounts used to compute earnings per share in the accompanying Condensed Consolidated Statements of Income was as follows (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net income available for common stock $ 33,415 $ 25,161 $ 150,941 $ 121,477 Weighted average shares - basic 64,721 62,867 64,643 62,751 Dilutive effect of: Equity compensation 162 51 179 66 Weighted average shares - diluted 64,883 62,918 64,822 62,817 Earnings per share of common stock: Earnings per share, Basic $ 0.52 $ 0.40 $ 2.33 $ 1.94 Earnings per share, Diluted $ 0.52 $ 0.40 $ 2.33 $ 1.93 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following securities were excluded from the diluted earnings per share computation because of their anti-dilutive nature (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Equity compensation — 13 — 12 Restricted stock — — 1 1 Anti-dilutive shares — 13 1 13 |
Risk Management and Derivativ_2
Risk Management and Derivatives: (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Contract or notional amounts and terms of marketing activities and derivative commodity instruments | We had the following net long positions as of: June 30, 2022 December 31, 2021 Notional Maximum Term (months) (a) Notional Maximum Term (months) (a) Natural gas futures purchased 100,000 9 590,000 3 Natural gas options purchased, net 430,000 9 3,100,000 3 Natural gas basis swaps purchased — 0 870,000 3 Natural gas over-the-counter swaps, net (b) 7,090,000 30 4,570,000 34 Natural gas physical contracts, net (c) 12,166,541 18 16,416,677 24 __________ (a) Term reflects the maximum forward period hedged. (b) As of June 30, 2022, 2,416,000 MMBtus of natural gas over-the-counter swaps purchases were designated as cash flow hedges. (c) Volumes exclude derivative contracts that qualify for the normal purchases and normal sales exception permitted by GAAP. |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the fair value and balance sheet classification of our derivative instruments (in thousands) as of: Balance Sheet Location June 30, 2022 December 31, 2021 Derivatives designated as hedges: Asset derivative instruments: Current commodity derivatives Derivative assets, current $ 2 $ 2,017 Noncurrent commodity derivatives Other assets, non-current 256 18 Liability derivative instruments: Current commodity derivatives Derivative liabilities, current (3,318) — Total derivatives designated as hedges $ (3,060) $ 2,035 Derivatives not designated as hedges: Asset derivative instruments: Current commodity derivatives Derivative assets, current $ 714 $ 2,356 Noncurrent commodity derivatives Other assets, non-current 923 804 Liability derivative instruments: Current commodity derivatives Derivative liabilities, current (1,401) (1,439) Noncurrent commodity derivatives Other deferred credits and other liabilities — (20) Total derivatives not designated as hedges $ 236 $ 1,701 |
Derivative Instruments, Gain (Loss) | The impacts of cash flow hedges on our Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statements of Income are presented below for the three and six months ended June 30, 2022 and 2021. Note that this presentation does not reflect the 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 June 30, Three Months Ended June 30, 2022 2021 2022 2021 Derivatives in Cash Flow Hedging Relationships Amount of Gain/(Loss) Recognized in OCI Income Statement Location Amount of Gain/(Loss) Reclassified from AOCI into Income (in thousands) (in thousands) Interest rate swaps $ 713 $ 713 Interest expense $ (713) $ (713) Commodity derivatives (4,371) 1,187 Fuel, purchased power and cost of natural gas sold 1,323 56 Total $ (3,658) $ 1,900 $ 610 $ (657) Six Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Derivatives in Cash Flow Hedging Relationships Amount of Gain/(Loss) Recognized in OCI Income Statement Location Amount of Gain/(Loss) Reclassified from AOCI into Income (in thousands) (in thousands) Interest rate swaps $ 1,426 $ 1,426 Interest expense $ (1,426) $ (1,426) Commodity derivatives (5,238) 1,360 Fuel, purchased power and cost of natural gas sold 3,577 25 Total $ (3,812) $ 2,786 $ 2,151 $ (1,401) The following table summarizes the impacts of derivative instruments not designated as hedge instruments on our Condensed Consolidated Statements of Income for the three and six months ended June 30, 2022 and 2021. Note that this presentation does not reflect the expected 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 June 30, 2022 2021 Derivatives Not Designated as Hedging Instruments Location of Gain/(Loss) on Derivatives Recognized in Income Amount of Gain/(Loss) on Derivatives Recognized in Income (in thousands) Commodity derivatives - Electric Fuel, purchased power and cost of natural gas sold $ — $ (3,598) Commodity derivatives - Natural Gas Fuel, purchased power and cost of natural gas sold (2,332) 1,816 $ (2,332) $ (1,782) Six Months Ended June 30, 2022 2021 Derivatives Not Designated as Hedging Instruments Income Statement Location Amount of Gain/(Loss) on Derivatives Recognized in Income (in thousands) Commodity derivatives - Electric Fuel, purchased power and cost of natural gas sold $ — $ (5,122) Commodity derivatives - Natural Gas Fuel, purchased power and cost of natural gas sold 1,162 2,182 $ 1,162 $ (2,940) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Hierarchy, Measured on Recurring Basis | The following tables set forth, by level within the fair value hierarchy, our gross assets and gross liabilities and related offsetting of cash collateral and contractual netting rights as permitted by GAAP that were accounted for at fair value on a recurring basis for derivative instruments. As of June 30, 2022 Level 1 Level 2 Level 3 Cash Collateral and Counterparty Netting (a) Total (in thousands) Assets: Commodity derivatives — Gas Utilities $ — $ 2,700 $ — $ (806) $ 1,894 Total $ — $ 2,700 $ — $ (806) $ 1,894 Liabilities: Commodity derivatives — Gas Utilities $ — $ 5,524 $ — $ (805) $ 4,719 Total $ — $ 5,524 $ — $ (805) $ 4,719 __________ (a) As of June 30, 2022, $0.8 million of our commodity derivative assets and $0.8 million of our commodity liabilities, as well as related gross collateral amounts, were subject to master netting agreements. As of December 31, 2021 Level 1 Level 2 Level 3 Cash Collateral and Counterparty Netting (a) Total (in thousands) Assets: Commodity derivatives — Gas Utilities $ — $ 7,569 $ — $ (2,374) $ 5,195 Total $ — $ 7,569 $ — $ (2,374) $ 5,195 Liabilities: Commodity derivatives — Gas Utilities $ — $ 3,273 $ — $ (1,814) $ 1,459 Total $ — $ 3,273 $ — $ (1,814) $ 1,459 __________ (a) As of December 31, 2021, $2.4 million of our commodity derivative assets and $1.8 million of our commodity derivative liabilities, as well as related gross collateral amounts, were subject to master netting agreements. |
Fair Value, by Balance Sheet Grouping | The following table presents the carrying amounts and fair values of financial instruments not recorded at fair value on the Condensed Consolidated Balance Sheets (in thousands) as of: June 30, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value Long-term debt, including current maturities (a) $ 4,129,662 $ 3,917,015 $ 4,126,923 $ 4,570,619 __________ (a) Long-term debt is valued based on observable inputs available either directly or indirectly for similar liabilities in active markets and therefore is classified in Level 2 in the fair value hierarchy. Carrying amount of long-term debt is net of deferred financing costs. |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 Amount Reclassified from AOCI Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Gains and (losses) on cash flow hedges: Interest rate swaps Interest expense $ (713) $ (713) $ (1,426) $ (1,426) Commodity contracts Fuel, purchased power and cost of natural gas sold 1,323 56 3,577 25 610 (657) 2,151 (1,401) Income tax Income tax expense (81) 136 (456) 334 Total reclassification adjustments related to cash flow hedges, net of tax $ 529 $ (521) $ 1,695 $ (1,067) Amortization of components of defined benefit plans: Prior service cost Operations and maintenance $ 22 $ 24 $ 46 $ 49 Actuarial gain (loss) Operations and maintenance (187) (597) (375) (1,195) (165) (573) (329) (1,146) Income tax Income tax expense 60 151 99 359 Total reclassification adjustments related to defined benefit plans, net of tax $ (105) $ (422) $ (230) $ (787) Total reclassifications $ 424 $ (943) $ 1,465 $ (1,854) |
Schedule of Accumulated Other Comprehensive Income (Loss) | Balances by classification included within AOCI, net of tax on the accompanying Condensed Consolidated Balance Sheets were as follows (in thousands): Derivatives Designated as Cash Flow Hedges Interest Rate Swaps Commodity Derivatives Employee Benefit Plans Total As of December 31, 2021 $ (10,384) $ 1,476 $ (11,176) $ (20,084) Other comprehensive income (loss) before reclassifications — (1,267) — (1,267) Amounts reclassified from AOCI 1,011 (2,706) 230 (1,465) As of June 30, 2022 $ (9,373) $ (2,497) $ (10,946) $ (22,816) Derivatives Designated as Cash Flow Hedges Interest Rate Swaps Commodity Derivatives Employee Benefit Plans Total As of December 31, 2020 $ (12,558) $ 2 $ (14,790) $ (27,346) Other comprehensive income (loss) before reclassifications — 1,046 — 1,046 Amounts reclassified from AOCI 1,086 (19) 787 1,854 As of June 30, 2021 $ (11,472) $ 1,029 $ (14,003) $ (24,446) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The components of net periodic expense were as follows (in thousands): Defined Benefit Pension Plan Supplemental Non-qualified Defined Benefit Plans Non-pension Defined Benefit Postretirement Healthcare Plan Three Months Ended June 30, 2022 2021 2022 2021 2022 2021 Net Service cost $ 982 $ 1,260 $ (1,355) $ 1,020 $ 492 $ 559 Interest cost 2,704 2,328 209 177 321 264 Expected return on plan assets (4,630) (5,219) — — (31) (34) Net amortization of prior service costs (17) — — — (73) (109) Recognized net actuarial loss 1,523 1,829 69 438 16 117 Net periodic expense (benefit) $ 562 $ 198 $ (1,077) $ 1,635 $ 725 $ 797 Defined Benefit Pension Plan Supplemental Non-qualified Defined Benefit Plans Non-pension Defined Benefit Postretirement Healthcare Plan Six Months Ended June 30, 2022 2021 2022 2021 2022 2021 Net Service cost $ 1,964 $ 2,519 $ (1,747) $ 1,713 $ 984 $ 1,118 Interest cost 5,409 4,656 417 354 642 529 Expected return on plan assets (9,261) (10,438) — — (62) (68) Net amortization of prior service costs (34) — — — (145) (218) Recognized net actuarial loss 3,046 3,658 138 877 32 234 Net periodic expense (benefit) $ 1,124 $ 395 $ (1,192) $ 2,944 $ 1,451 $ 1,595 |
Schedule of Defined Benefit Plans Contributions | Contributions made in the first six months of 2022 and anticipated contributions for 2022 and 2023 are as follows (in thousands): Contributions Made Additional Contributions Contributions Six Months Ended June 30, 2022 Anticipated for 2022 Anticipated for 2023 Defined Benefit Pension Plan $ — $ — $ — Non-pension Defined Benefit Postretirement Healthcare Plan $ 2,552 $ 2,552 $ 4,761 Supplemental Non-qualified Defined Benefit and Defined Contribution Plans $ 1,078 $ 1,078 $ 2,215 |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting Information, Additional Information [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment information was as follows (in thousands): Total assets (net of intercompany eliminations) as of: June 30, 2022 December 31, 2021 Electric Utilities $ 3,834,826 $ 3,796,662 Gas Utilities 5,197,194 5,246,370 Corporate and Other 102,542 88,864 Total assets $ 9,134,562 $ 9,131,896 Three Months Ended June 30, 2022 External Operating Revenue Inter-company Operating Revenue Total Revenues Contract Customers Other Revenues Contract Customers Other Revenues Segment: Electric Utilities $ 198,380 $ 3,070 $ 2,929 $ — $ 204,379 Gas Utilities 271,944 801 1,319 105 274,169 Inter-company eliminations — — (4,248) (105) (4,353) Total $ 470,324 $ 3,871 $ — $ — $ 474,195 Three Months Ended June 30, 2021 External Operating Revenue Inter-company Operating Revenue Total Revenues Contract Customers Other Revenues Contract Customers Other Revenues Segment: Electric Utilities $ 185,235 $ 2,900 $ 2,881 $ — $ 191,016 Gas Utilities 183,187 1,250 1,519 94 186,050 Inter-company eliminations — — (4,400) (94) (4,494) Total $ 368,422 $ 4,150 $ — $ — $ 372,572 Six Months Ended June 30, 2022 External Operating Revenue Inter-company Operating Revenue Total Revenues Contract Customers Other Revenues Contract Customers Other Revenues Segment: Electric Utilities $ 401,119 $ 3,940 $ 5,858 $ — $ 410,917 Gas Utilities 890,974 1,732 2,638 217 895,561 Inter-company eliminations — — (8,496) (217) (8,713) Total $ 1,292,093 $ 5,672 $ — $ — $ 1,297,765 Six Months Ended June 30, 2021 External Operating Revenue Inter-company Operating Revenue Total Revenues Contract Customers Other Revenues Contract Customers Other Revenues Segment: Electric Utilities $ 416,954 $ 3,706 $ 5,760 $ — $ 426,420 Gas Utilities 581,686 3,658 3,039 186 588,569 Inter-company eliminations — — (8,799) (186) (8,985) Total $ 998,640 $ 7,364 $ — $ — $ 1,006,004 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Operating income (loss): Electric Utilities $ 45,226 $ 47,462 $ 95,972 $ 86,805 Gas Utilities 28,195 19,985 151,735 122,079 Corporate and Other (1,032) (181) (1,965) (3,303) Operating income 72,389 67,266 245,742 205,581 Interest expense, net (38,764) (38,202) (77,309) (75,802) Other income (expense), net 1,563 (191) 2,267 75 Income tax benefit (expense) 658 (586) (13,830) (1,080) Net income 35,846 28,287 156,870 128,774 Net income attributable to non-controlling interest (2,431) (3,126) (5,929) (7,297) Net income available for common stock $ 33,415 $ 25,161 $ 150,941 $ 121,477 |
Selected Balance Sheet Inform_2
Selected Balance Sheet Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Selected Balance Sheet Information [Abstract] | |
Account Receivable Schedule | Following is a summary of Accounts receivable, net included in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: June 30, 2022 December 31, 2021 Billed Accounts Receivable $ 188,649 $ 181,027 Unbilled Revenue 81,647 142,738 Less: Allowance for Credit Losses (3,193) (2,113) Accounts Receivable, net $ 267,103 $ 321,652 |
Financing Receivable, Current, Allowance for Credit Loss | Changes to allowance for credit losses for the six months ended June 30, 2022 and 2021, respectively, were as follows (in thousands): Balance at Beginning of Year Additions Charged to Costs and Expenses Recoveries and Other Additions Write-offs and Other Deductions Balance at June 30, 2022 $ 2,113 $ 4,239 $ 1,266 $ (4,425) $ 3,193 2021 $ 7,003 $ 1,510 $ 1,786 $ (4,270) $ 6,029 |
Materials, Supplies, and Fuel Schedule | The following amounts by major classification are included in Materials, supplies and fuel on the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: June 30, 2022 December 31, 2021 Materials and supplies $ 91,736 $ 86,400 Fuel - Electric Utilities 2,169 1,267 Natural gas in storage 58,959 63,312 Total materials, supplies and fuel $ 152,864 $ 150,979 |
Accrued Liabilities Schedule | The following amounts by major classification are included in Accrued liabilities on the accompanying Condensed Consolidated Balance Sheets (in thousands) as of: June 30, 2022 December 31, 2021 Accrued employee compensation, benefits and withholdings $ 64,417 $ 74,387 Accrued property taxes 42,944 50,874 Customer deposits and prepayments 43,151 48,814 Accrued interest 33,764 33,680 Other (none of which is individually significant) 42,044 37,004 Total accrued liabilities $ 226,320 $ 244,759 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Regulatory assets | ||
Regulatory assets | $ 702,368 | $ 796,599 |
Less current regulatory assets | (267,725) | (270,290) |
Regulatory assets, non-current | 434,643 | 526,309 |
Regulatory liabilities | ||
Regulatory liabilities | 515,998 | 502,951 |
Less current regulatory liabilities | (33,356) | (17,574) |
Regulatory liabilities, non-current | 482,642 | 485,377 |
Deferred energy and gas costs | ||
Regulatory liabilities | ||
Regulatory liabilities | 15,899 | 6,113 |
Employee benefit plans and related deferred taxes | ||
Regulatory liabilities | ||
Regulatory liabilities | 31,330 | 32,241 |
Cost of removal | ||
Regulatory liabilities | ||
Regulatory liabilities | 184,111 | 179,976 |
Excess deferred income taxes | ||
Regulatory liabilities | ||
Regulatory liabilities | 259,674 | 264,042 |
Other regulatory liabilities | ||
Regulatory liabilities | ||
Regulatory liabilities | 24,984 | 20,579 |
Winter Storm Uri Incremental Costs in a Separately Tracked Mechanism | ||
Regulatory assets | ||
Regulatory assets | 402,971 | 509,025 |
Deferred energy and gas costs | ||
Regulatory assets | ||
Regulatory assets | 71,701 | 59,973 |
Deferred gas cost adjustments | ||
Regulatory assets | ||
Regulatory assets | 8,083 | 9,488 |
Gas price derivatives | ||
Regulatory assets | ||
Regulatory assets | 4,845 | 2,584 |
Deferred taxes on AFUDC | ||
Regulatory assets | ||
Regulatory assets | 7,426 | 7,457 |
Employee benefit plans and related deferred taxes | ||
Regulatory assets | ||
Regulatory assets | 87,130 | 88,923 |
Environmental | ||
Regulatory assets | ||
Regulatory assets | 1,360 | 1,385 |
Loss on reacquired debt | ||
Regulatory assets | ||
Regulatory assets | 20,112 | 21,011 |
Deferred taxes on flow through accounting | ||
Regulatory assets | ||
Regulatory assets | 69,811 | 63,243 |
Decommissioning costs | ||
Regulatory assets | ||
Regulatory assets | 4,717 | 5,961 |
Other regulatory assets | ||
Regulatory assets | ||
Regulatory assets | $ 24,212 | $ 27,549 |
Regulatory Matters_ Winter Stor
Regulatory Matters: Winter Storm Uri (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory assets | $ 702,368 | $ 702,368 | $ 796,599 | ||
Winter Storm Uri Incremental Costs in a Separately Tracked Mechanism | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory assets | 402,971 | 402,971 | 509,025 | ||
Winter Storm Uri | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Amount Recovered Through Regulatory Mechanism | $ 111,000 | ||||
Winter Storm Uri | Winter Storm Uri Incremental Costs in a Separately Tracked Mechanism | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory assets | $ 546,000 | ||||
Regulatory Asset, Amortization Period | 3 years | 3 years 6 months | |||
Winter Storm Uri | Winter Storm Uri | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Storm Carrying Costs | 12,000 | $ 100 | $ 15,000 | $ 100 | |
Storm Carrying Costs One Time True-up to Commission Authorized Rates | $ 10,000 | $ 10,000 |
Regulatory Matters_ Tax Cut and
Regulatory Matters: Tax Cut and Jobs Act (Details) - Kansas Corporation Commission (KCC) - Kansas Gas - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jan. 01, 2022 | Jun. 30, 2022 | Jun. 30, 2022 | |
Public Utilities, General Disclosures [Line Items] | |||
Settlement of Plan to Provide TCJA and State Tax Reform benefits to Customers Annually | $ 3 | ||
Number of Years TCJA and State Tax Reform Benefits to be Provide to Customers | 3 years | ||
Settlement Total of Plan to Provide TCJA and State Tax Reform benefits to Customers | $ 9.1 | ||
Annual TCJA-Related Customer Billing Credits | $ 0.7 | $ 1.5 |
Regulatory Matters_ Rate Review
Regulatory Matters: Rate Review (Details) - Rate Review Filed with the Regulatory Agency $ in Millions | Jun. 01, 2022 USD ($) mi | Dec. 10, 2021 USD ($) mi |
Arkansas Public Service Commission | Black Hills Energy, Arkansas | ||
Public Utilities, General Disclosures [Line Items] | ||
Public Utilities - Length of Natural Gas Pipeline to Receive Infrastructure Investments | 7,200 | |
Public Utilities, Requested Rate Increase (Decrease), Amount | $ | $ 22 | |
Public Utilities, Requested Equity Capital Structure, Percentage | 50.90% | |
Public Utilities, Requested Debt Capital Structure, Percentage | 49.10% | |
Public Utilities, Requested Return on Equity, Percentage | 10.20% | |
Wyoming Public Service Commission | Wyoming Electric | ||
Public Utilities, General Disclosures [Line Items] | ||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ | $ 15 | |
Public Utilities, Requested Equity Capital Structure, Percentage | 54% | |
Public Utilities, Requested Debt Capital Structure, Percentage | 46% | |
Public Utilities, Requested Return on Equity, Percentage | 10.30% | |
Public Utilities - Length of Electric Distribution Lines to Receive Infrastructure Investments | 1,330 | |
Public Utilities - Length of Electric Transmission Lines to Receive Infrastructure Investments | 59 |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees: Agreement under Blockchain Interruptible Service Tariff (Details) - Blockchain Customer - Wyoming Electric - Maximum | Jun. 21, 2022 MW |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Electric Supply Commitment, Term | 5 years |
Number of Megawatts Sold Under Long-Term Contract | 45 |
Option to Deliver an Increased Number of Megawatts Under a Long-Term Contract | 75 |
Commitments, Contingencies an_3
Commitments, Contingencies and Guarantees: Power Sales Agreements (Details) - MW | Jun. 03, 2022 | May 03, 2022 |
Wygen I I I Generating Facility Member | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Jointly Owned Utility Plant, Proportionate Ownership Share | 25% | |
M D U, Montana Dakota Utilities | South Dakota Electric | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Number of Megawatts Sold Under Long-Term Contract | 23 | |
M D U, Montana Dakota Utilities | South Dakota Electric | Maximum | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Number of Megawatts Sold Under Long-Term Contract | 50 |
Commitments, Contingencies an_4
Commitments, Contingencies and Guarantees: GT Resources, LLC v Black Hills Corp (Details) - GT Resources, LLC - Pending Litigation a in Millions, $ in Millions | Apr. 13, 2022 USD ($) a |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Awarded, Value | $ | $ 41 |
Loss Contingency, Concession Award, Area | a | 2.3 |
Commitments, Contingencies an_5
Commitments, Contingencies and Guarantees: Power Purchase Agreements (Details) - Solar - MW | Mar. 21, 2022 | Feb. 19, 2021 |
South Cheyenne Solar, LLC | Wyoming Electric | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Number of Megawatts Capacity Purchased | 150 | |
Purchase Power Agreement Set to Expire after a Certain Number of Years Following Completion of the Facility | 20 years | |
TC Colorado Solar, LLC | Colorado Electric | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Number of Megawatts Capacity Purchased | 200 |
Commitments, Contingencies an_6
Commitments, Contingencies and Guarantees: Transmission Service Agreements (Details) | Jan. 01, 2022 MW |
Colorado Electric | Tri-State Generation and Transmission Association | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Number of Megawatts Sold Under Long-Term Contract | 58 |
South Dakota Electric | Purchase Power Contract, MEAN | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Number of Megawatts Sold Under Long-Term Contract | 20 |
Revenue_ Disaggregation of Reve
Revenue: Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 470,324 | $ 368,422 | $ 1,292,093 | $ 998,640 |
Total revenues | 474,195 | 372,572 | 1,297,765 | 1,006,004 |
Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 6,671 | 6,714 | 13,784 | 13,690 |
Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 463,653 | 361,708 | 1,278,309 | 984,950 |
Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 3,871 | 4,150 | 5,672 | 7,364 |
Retail - Electric , Natural Gas and Coal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 398,106 | 307,816 | 1,131,925 | 853,701 |
Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 34,567 | 31,540 | 83,991 | 79,381 |
Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 8,428 | 5,655 | 18,703 | 17,014 |
Market - off-system sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 8,844 | 7,353 | 16,236 | 12,198 |
Transmission/Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 20,379 | 16,058 | 41,238 | 36,346 |
Inter-company Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | (4,248) | (4,400) | (8,496) | (8,799) |
Total revenues | (4,353) | (4,494) | (8,713) | (8,985) |
Inter-company Revenues | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Inter-company Revenues | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | (4,248) | (4,400) | (8,496) | (8,799) |
Inter-company Revenues | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | (105) | (94) | (217) | (186) |
Inter-company Revenues | Retail - Electric , Natural Gas and Coal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Inter-company Revenues | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | (100) | (109) | (199) | (219) |
Inter-company Revenues | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Inter-company Revenues | Market - off-system sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Inter-company Revenues | Transmission/Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | (4,148) | (4,291) | (8,297) | (8,580) |
Electric Utilities | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 201,309 | 188,116 | 406,977 | 422,714 |
Total revenues | 204,379 | 191,016 | 410,917 | 426,420 |
Electric Utilities | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 6,671 | 6,714 | 13,784 | 13,690 |
Electric Utilities | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 194,638 | 181,402 | 393,193 | 409,024 |
Electric Utilities | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 3,070 | 2,900 | 3,940 | 3,706 |
Electric Utilities | Retail - Electric , Natural Gas and Coal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 169,032 | 163,971 | 341,838 | 368,251 |
Electric Utilities | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Electric Utilities | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 8,428 | 5,655 | 18,703 | 17,014 |
Electric Utilities | Market - off-system sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 8,666 | 7,266 | 15,820 | 12,038 |
Electric Utilities | Transmission/Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 15,183 | 11,224 | 30,616 | 25,411 |
Gas Utilities | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 273,263 | 184,706 | 893,612 | 584,725 |
Total revenues | 274,169 | 186,050 | 895,561 | 588,569 |
Gas Utilities | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Gas Utilities | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 273,263 | 184,706 | 893,612 | 584,725 |
Gas Utilities | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 906 | 1,344 | 1,949 | 3,844 |
Gas Utilities | Retail - Electric , Natural Gas and Coal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 229,074 | 143,845 | 790,087 | 485,450 |
Gas Utilities | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 34,667 | 31,649 | 84,190 | 79,600 |
Gas Utilities | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Gas Utilities | Market - off-system sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 178 | 87 | 416 | 160 |
Gas Utilities | Transmission/Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 9,344 | $ 9,125 | $ 18,919 | $ 19,515 |
Financing_ Schedule of Short-te
Financing: Schedule of Short-term Debt and Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Short-term Debt [Line Items] | ||
Notes payable | $ 335,050 | $ 420,180 |
Letters of Credit | 14,239 | 27,209 |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Notes payable | 335,050 | 420,180 |
Letters of Credit | 0 | 0 |
Revolving Credit Facility | ||
Short-term Debt [Line Items] | ||
Notes payable | 0 | 0 |
Letters of Credit | $ 14,239 | $ 27,209 |
Financing_ Revolving Credit Fac
Financing: Revolving Credit Facility and CP Program (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Net borrowings (payments) of Revolving Credit Facility and CP Program | $ (85,130) | $ (4,190) |
Commercial Paper | ||
Short-term interest rate | 1.74% |
Financing_ Debt Covenants (Deta
Financing: Debt Covenants (Details) | Jun. 30, 2022 |
Line of Credit Facility [Line Items] | |
Consolidated Indebtedness to Capitalization Ratio | 0.608 |
Wyoming Electric | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Indebtedness To Capitalization Ratio Requirement for the Next Fiscal Year | 0.50 |
Maximum | |
Line of Credit Facility [Line Items] | |
Consolidated Indebtedness to Capitalization Ratio | 0.65 |
Maximum | Wyoming Electric | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Indebtedness To Capitalization Ratio Requirement for the Next Fiscal Year | 0.60 |
Financing_ Equity (Details)
Financing: Equity (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Payments of Stock Issuance Costs | $ 0.2 | $ 0.4 | $ 0.2 | $ 0.4 |
Common Stock | ||||
At The Market Equity Offering Program Shares Issued | 0.2 | 0.6 | 0.3 | 0.6 |
At The Market Equity Program - Net Proceeds from Sale of Stock | $ 16 | $ 40 | $ 20 | $ 40 |
Earnings Per Share_ Earnings Pe
Earnings Per Share: Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income available for common stock | $ 33,415 | $ 25,161 | $ 150,941 | $ 121,477 |
Weighted average shares - basic (in shares) | 64,721 | 62,867 | 64,643 | 62,751 |
Dilutive effect of: | ||||
Equity compensation (in shares) | 162 | 51 | 179 | 66 |
Weighted average shares - diluted (in shares) | 64,883 | 62,918 | 64,822 | 62,817 |
Earnings per share, Basic (usd per share) | $ 0.52 | $ 0.40 | $ 2.33 | $ 1.94 |
Earnings per share, Diluted (usd per share) | $ 0.52 | $ 0.40 | $ 2.33 | $ 1.93 |
Earnings Per Share_ Anti-diluti
Earnings Per Share: Anti-dilutive shares (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares (in shares) | 0 | 13 | 1 | 13 |
Equity compensation - (in shares) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares (in shares) | 0 | 13 | 0 | 12 |
Restricted Stock (in shares) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares (in shares) | 0 | 0 | 1 | 1 |
Risk Management and Derivativ_3
Risk Management and Derivatives: Utilities (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2022 | Jun. 30, 2022 USD ($) MMBTU | Dec. 31, 2021 MMBTU | |
Derivative [Line Items] | |||
Credit Risk Derivative Liabilities, at Fair Value | $ | $ 0.4 | ||
Natural Gas, Distribution | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | 2,416,000 | ||
Natural Gas, Distribution | Natural gas futures purchased | |||
Derivative [Line Items] | |||
Derivative, Remaining Maturity | 3 months | 9 months | |
Natural Gas, Distribution | Natural gas futures purchased | Long | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | 100,000 | 590,000 | |
Natural Gas, Distribution | Natural gas options purchased, net | |||
Derivative [Line Items] | |||
Derivative, Remaining Maturity | 3 months | 9 months | |
Natural Gas, Distribution | Natural gas options purchased, net | Long | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | 430,000 | 3,100,000 | |
Natural Gas, Distribution | Natural gas basis swaps purchased | |||
Derivative [Line Items] | |||
Derivative, Remaining Maturity | 3 months | 0 months | |
Natural Gas, Distribution | Natural gas basis swaps purchased | Long | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | 0 | 870,000 | |
Natural Gas, Distribution | Natural gas over-the-counter swaps, net | |||
Derivative [Line Items] | |||
Derivative, Remaining Maturity | 34 months | 30 months | |
Natural Gas, Distribution | Natural gas over-the-counter swaps, net | Long | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | 7,090,000 | 4,570,000 | |
Natural Gas, Distribution | Natural gas physical contracts, net | |||
Derivative [Line Items] | |||
Derivative, Remaining Maturity | 24 months | 18 months | |
Natural Gas, Distribution | Natural gas physical contracts, net | Long | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | 12,166,541 | 16,416,677 |
Risk Management and Derivativ_4
Risk Management and Derivatives: Derivatives by Balance Sheet Classification (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | $ (3,060) | $ 2,035 |
Commodity Contract | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 236 | 1,701 |
Derivative assets, current | Commodity Contract | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 2 | 2,017 |
Derivative assets, current | Commodity Contract | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 714 | 2,356 |
Other assets, non-current | Commodity Contract | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 256 | 18 |
Other assets, non-current | Commodity Contract | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 923 | 804 |
Derivative liabilities, current | Commodity Contract | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (3,318) | 0 |
Derivative liabilities, current | Commodity Contract | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (1,401) | (1,439) |
Other deferred credits and other liabilities | Commodity Contract | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ (20) |
Risk Management and Derivativ_5
Risk Management and Derivatives: Cash Flow Hedges (Details) - Cash Flow Hedging - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest Rate Swap and Commodity Derivative | ||||
Derivative [Line Items] | ||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 6,100 | |||
Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $ (3,658) | $ 1,900 | (3,812) | $ 2,786 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 610 | (657) | 2,151 | (1,401) |
Designated as Hedging Instrument | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 713 | 713 | 1,426 | 1,426 |
Designated as Hedging Instrument | Interest rate swaps | Interest Expense | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | 713 | 713 | 1,426 | 1,426 |
Designated as Hedging Instrument | Commodity Contract | ||||
Derivative [Line Items] | ||||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (4,371) | 1,187 | (5,238) | 1,360 |
Designated as Hedging Instrument | Commodity Contract | Fuel, purchased power and cost of natural gas sold | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $ 1,323 | $ 56 | $ 3,577 | $ 25 |
Risk Management and Derivativ_6
Risk Management and Derivatives: Derivatives Not Designated as Hedge Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Derivative [Line Items] | |||||
Regulatory assets | $ 702,368 | $ 702,368 | $ 796,599 | ||
Gas price derivatives | |||||
Derivative [Line Items] | |||||
Regulatory assets | 4,845 | 4,845 | $ 2,584 | ||
Not Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | (2,332) | $ (1,782) | 1,162 | $ (2,940) | |
Not Designated as Hedging Instrument | Fuel, purchased power and cost of natural gas sold | Electricity | |||||
Derivative [Line Items] | |||||
Derivative, Loss on Derivative | 0 | 3,598 | 0 | 5,122 | |
Not Designated as Hedging Instrument | Fuel, purchased power and cost of natural gas sold | Natural Gas | |||||
Derivative [Line Items] | |||||
Derivative, Loss on Derivative | $ 2,332 | ||||
Derivative, Gain on Derivative | $ 1,816 | $ 1,162 | $ 2,182 |
Fair Value Measurements_ Schedu
Fair Value Measurements: Schedule of Fair Values (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
ContractSubjecttoMasterNetting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 800 | $ 2,400 |
Derivative Liability, Fair Value, Gross Liability | 800 | 1,800 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (806) | (2,374) |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (805) | (1,814) |
Fair Value, Measurements, Recurring | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Total | 1,894 | 5,195 |
Derivative Liabilities, Total | 4,719 | 1,459 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Total | 0 | 0 |
Derivative Liabilities, Total | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Total | 2,700 | 7,569 |
Derivative Liabilities, Total | 5,524 | 3,273 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Total | 0 | 0 |
Derivative Liabilities, Total | 0 | 0 |
Fair Value, Measurements, Recurring | Gas Utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (806) | (2,374) |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (805) | (1,814) |
Fair Value, Measurements, Recurring | Gas Utilities | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 1,894 | 5,195 |
Derivative Liabilities, Fair Value Disclosure | 4,719 | 1,459 |
Fair Value, Measurements, Recurring | Gas Utilities | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 0 | 0 |
Derivative Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring | Gas Utilities | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 2,700 | 7,569 |
Derivative Liabilities, Fair Value Disclosure | 5,524 | 3,273 |
Fair Value, Measurements, Recurring | Gas Utilities | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, Commodity Derivatives | 0 | 0 |
Derivative Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Fair Value Measurements_ Other
Fair Value Measurements: Other Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt | $ 4,129,662 | $ 4,126,923 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt | $ 3,917,015 | $ 4,570,619 |
Other Comprehensive Income_ Rec
Other Comprehensive Income: Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Condensed Statement of Income Captions [Line Items] | ||||||
Interest Expense | $ 39,053 | $ 38,669 | $ 77,874 | $ 76,494 | ||
Fuel, purchased power and cost of natural gas sold | 188,171 | 108,474 | 625,097 | 401,621 | ||
Operations and maintenance | 132,968 | 123,245 | 269,100 | 252,924 | ||
Income tax benefit (expense) | 658 | (586) | (13,830) | (1,080) | ||
Net income (loss) | 35,846 | $ 121,024 | 28,287 | $ 100,487 | 156,870 | 128,774 |
Reclassification out of Accumulated Other Comprehensive Income | ||||||
Condensed Statement of Income Captions [Line Items] | ||||||
Net income (loss) | 424 | (943) | 1,465 | (1,854) | ||
Cash Flow Hedging | Reclassification out of Accumulated Other Comprehensive Income | ||||||
Condensed Statement of Income Captions [Line Items] | ||||||
Income before Income Taxes | 610 | (657) | 2,151 | (1,401) | ||
Income tax benefit (expense) | (81) | 136 | (456) | 334 | ||
Net income (loss) | 529 | (521) | 1,695 | (1,067) | ||
Cash Flow Hedging | Reclassification out of Accumulated Other Comprehensive Income | Interest rate swaps | ||||||
Condensed Statement of Income Captions [Line Items] | ||||||
Interest Expense | (713) | (713) | (1,426) | (1,426) | ||
Cash Flow Hedging | Reclassification out of Accumulated Other Comprehensive Income | Commodity Contract | ||||||
Condensed Statement of Income Captions [Line Items] | ||||||
Fuel, purchased power and cost of natural gas sold | 1,323 | 56 | 3,577 | 25 | ||
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost | Reclassification out of Accumulated Other Comprehensive Income | ||||||
Condensed Statement of Income Captions [Line Items] | ||||||
Operations and maintenance | 22 | 24 | 46 | 49 | ||
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) | Reclassification out of Accumulated Other Comprehensive Income | ||||||
Condensed Statement of Income Captions [Line Items] | ||||||
Operations and maintenance | (187) | (597) | (375) | (1,195) | ||
Accumulated Defined Benefit Plans Adjustment | Reclassification out of Accumulated Other Comprehensive Income | ||||||
Condensed Statement of Income Captions [Line Items] | ||||||
Income before Income Taxes | (165) | (573) | (329) | (1,146) | ||
Income tax benefit (expense) | 60 | 151 | 99 | 359 | ||
Net income (loss) | $ (105) | $ (422) | $ (230) | $ (787) |
Other Comprehensive Income_ Acc
Other Comprehensive Income: Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | $ (20,084) | $ (27,346) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | (22,816) | (24,446) |
Accumulated Defined Benefit Plans Adjustment | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | (11,176) | (14,790) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | (10,946) | (14,003) |
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 | 230 | 787 |
Accumulated Other Comprehensive Income (loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (1,267) | 1,046 |
Accumulated Other Comprehensive Income (loss) | Reclassification out of Accumulated Other Comprehensive Income | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1,465) | 1,854 |
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 | (10,384) | (12,558) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | (9,373) | (11,472) |
Interest Rate Swaps | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | Reclassification out of Accumulated Other Comprehensive Income | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,011 | 1,086 |
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 | 1,476 | 2 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (1,267) | 1,046 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | (2,497) | 1,029 |
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 | $ (2,706) | $ (19) |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Defined Benefit Plan, Unfunded Plan | |||||
Payment for Pension and Other Postretirement Benefits [Abstract] | |||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ 29,000 | $ 29,000 | $ 20,000 | ||
Defined Benefit Pension Plans | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Defined Benefit Plan, Service Cost | 982 | $ 1,260 | 1,964 | $ 2,519 | |
Interest cost | 2,704 | 2,328 | 5,409 | 4,656 | |
Expected return on plan assets | (4,630) | (5,219) | (9,261) | (10,438) | |
Prior service cost (benefit) | (17) | 0 | (34) | 0 | |
Net loss (gain) | 1,523 | 1,829 | 3,046 | 3,658 | |
Net periodic benefit cost | 562 | 198 | 1,124 | 395 | |
Payment for Pension and Other Postretirement Benefits [Abstract] | |||||
Contributions by Employer | 0 | ||||
Estimated Future Employer Contributions in Current Fiscal Year | 0 | 0 | |||
Estimated Future Employer Contributions in Next Fiscal Year | 0 | 0 | |||
Supplemental Non-qualified Defined Benefit and Defined Contribution Plans | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Defined Benefit Plan, Service Cost | (1,355) | 1,020 | (1,747) | 1,713 | |
Interest cost | 209 | 177 | 417 | 354 | |
Expected return on plan assets | 0 | 0 | 0 | 0 | |
Prior service cost (benefit) | 0 | 0 | 0 | 0 | |
Net loss (gain) | 69 | 438 | 138 | 877 | |
Net periodic benefit cost | (1,077) | 1,635 | (1,192) | 2,944 | |
Payment for Pension and Other Postretirement Benefits [Abstract] | |||||
Contributions by Employer | 1,078 | ||||
Estimated Future Employer Contributions in Current Fiscal Year | 1,078 | 1,078 | |||
Estimated Future Employer Contributions in Next Fiscal Year | 2,215 | 2,215 | |||
Other Postretirement Benefits Plan | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Defined Benefit Plan, Service Cost | 492 | 559 | 984 | 1,118 | |
Interest cost | 321 | 264 | 642 | 529 | |
Expected return on plan assets | (31) | (34) | (62) | (68) | |
Prior service cost (benefit) | (73) | (109) | (145) | (218) | |
Net loss (gain) | 16 | 117 | 32 | 234 | |
Net periodic benefit cost | 725 | $ 797 | 1,451 | $ 1,595 | |
Payment for Pension and Other Postretirement Benefits [Abstract] | |||||
Contributions by Employer | 2,552 | ||||
Estimated Future Employer Contributions in Current Fiscal Year | 2,552 | 2,552 | |||
Estimated Future Employer Contributions in Next Fiscal Year | $ 4,761 | $ 4,761 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Expense (Benefit) | $ (658) | $ 586 | $ 13,830 | $ 1,080 |
Effective Tax Rate | (1.90%) | 2% | 8.10% | 0.80% |
Effective Income Tax Rate Reconciliation, State Rate Changes | $ 3,800 | $ 3,800 | ||
Effective Income Tax Rate Reconciliation, Tax Credit, from Federal Production Tax Credits associated with increased wind production | $ 1,500 | 2,400 | ||
Colorado Electric and Nebraska Gas | ||||
Effective Income Tax Rate Reconciliation Prior Year Credit - Tax Cuts And Jobs Act Of 2017 Amount, Tax Benefit from Bill Credit | $ 10,000 |
Business Segment Information_ (
Business Segment Information: (Details) | 9 Months Ended |
Sep. 30, 2021 numberOfOperatingSegments | |
Segment Reporting Information, Additional Information [Abstract] | |
Number of Operating Segments | 4 |
Business Segment Information_ S
Business Segment Information: Segment and Corporate Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 9,134,562 | $ 9,131,896 |
Corporate and Other | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 102,542 | 88,864 |
Electric Utilities | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 3,834,826 | 3,796,662 |
Gas Utilities | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 5,197,194 | $ 5,246,370 |
Business Segment Information_ I
Business Segment Information: Information Relating to Segment Statement of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information | ||||||
Revenue from contracts with customers | $ 470,324 | $ 368,422 | $ 1,292,093 | $ 998,640 | ||
Revenues | 474,195 | 372,572 | 1,297,765 | 1,006,004 | ||
Operating income | 72,389 | 67,266 | 245,742 | 205,581 | ||
Interest expense, net | (38,764) | (38,202) | (77,309) | (75,802) | ||
Other income (expense), net | 1,563 | (191) | 2,267 | 75 | ||
Income tax benefit (expense) | 658 | (586) | (13,830) | (1,080) | ||
Net income | 35,846 | $ 121,024 | 28,287 | $ 100,487 | 156,870 | 128,774 |
Net income attributable to non-controlling interest | (2,431) | (3,126) | (5,929) | (7,297) | ||
Net income available for common stock | 33,415 | 25,161 | 150,941 | 121,477 | ||
Inter-company Revenues | ||||||
Segment Reporting Information | ||||||
Revenue from contracts with customers | (4,248) | (4,400) | (8,496) | (8,799) | ||
Revenues | (4,353) | (4,494) | (8,713) | (8,985) | ||
Consolidation, Eliminations | ||||||
Segment Reporting Information | ||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||
Corporate and Other | ||||||
Segment Reporting Information | ||||||
Operating income | (1,032) | (181) | (1,965) | (3,303) | ||
Electric Utilities | ||||||
Segment Reporting Information | ||||||
Revenue from contracts with customers | 201,309 | 188,116 | 406,977 | 422,714 | ||
Revenues | 204,379 | 191,016 | 410,917 | 426,420 | ||
Operating income | 45,226 | 47,462 | 95,972 | 86,805 | ||
Gas Utilities | ||||||
Segment Reporting Information | ||||||
Revenue from contracts with customers | 273,263 | 184,706 | 893,612 | 584,725 | ||
Revenues | 274,169 | 186,050 | 895,561 | 588,569 | ||
Operating income | 28,195 | 19,985 | 151,735 | 122,079 | ||
Other revenues | ||||||
Segment Reporting Information | ||||||
Revenues | 3,871 | 4,150 | 5,672 | 7,364 | ||
Other revenues | Inter-company Revenues | ||||||
Segment Reporting Information | ||||||
Revenues | (105) | (94) | (217) | (186) | ||
Other revenues | Consolidation, Eliminations | ||||||
Segment Reporting Information | ||||||
Revenues | 0 | 0 | 0 | 0 | ||
Other revenues | Electric Utilities | ||||||
Segment Reporting Information | ||||||
Revenues | 3,070 | 2,900 | 3,940 | 3,706 | ||
Other revenues | Gas Utilities | ||||||
Segment Reporting Information | ||||||
Revenues | 906 | 1,344 | 1,949 | 3,844 | ||
External Customers | ||||||
Segment Reporting Information | ||||||
Revenue from contracts with customers | 470,324 | 368,422 | 1,292,093 | 998,640 | ||
External Customers | Electric Utilities | ||||||
Segment Reporting Information | ||||||
Revenue from contracts with customers | 198,380 | 185,235 | 401,119 | 416,954 | ||
External Customers | Gas Utilities | ||||||
Segment Reporting Information | ||||||
Revenue from contracts with customers | 271,944 | 183,187 | 890,974 | 581,686 | ||
External Customers | Other revenues | ||||||
Segment Reporting Information | ||||||
Revenues | 3,871 | 4,150 | 5,672 | 7,364 | ||
External Customers | Other revenues | Electric Utilities | ||||||
Segment Reporting Information | ||||||
Revenues | 3,070 | 2,900 | 3,940 | 3,706 | ||
External Customers | Other revenues | Gas Utilities | ||||||
Segment Reporting Information | ||||||
Revenues | 801 | 1,250 | 1,732 | 3,658 | ||
Intercompany Customers | Electric Utilities | ||||||
Segment Reporting Information | ||||||
Revenue from contracts with customers | 2,929 | 2,881 | 5,858 | 5,760 | ||
Intercompany Customers | Gas Utilities | ||||||
Segment Reporting Information | ||||||
Revenue from contracts with customers | 1,319 | 1,519 | 2,638 | 3,039 | ||
Intercompany Customers | Other revenues | Electric Utilities | ||||||
Segment Reporting Information | ||||||
Revenues | 0 | 0 | 0 | 0 | ||
Intercompany Customers | Other revenues | Gas Utilities | ||||||
Segment Reporting Information | ||||||
Revenues | $ 105 | $ 94 | $ 217 | $ 186 |
Selected Balance Sheet Inform_3
Selected Balance Sheet Information: Accounts Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Selected Balance Sheet Information [Abstract] | ||||
Billed Accounts Receivable | $ 188,649 | $ 181,027 | ||
Unbilled Revenue | 81,647 | 142,738 | ||
Less: Allowance for Credit Losses | (3,193) | (2,113) | $ (6,029) | $ (7,003) |
Accounts receivable, net | $ 267,103 | $ 321,652 |
Selected Balance Sheet Inform_4
Selected Balance Sheet Information: Changes to Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Selected Balance Sheet Information [Abstract] | ||
Balance at Beginning of Year | $ 2,113 | $ 7,003 |
Additions Charged to Costs and Expenses | 4,239 | 1,510 |
Recoveries and Other Additions | 1,266 | 1,786 |
Write-offs and Other Deductions | (4,425) | (4,270) |
Balance at End of Year | $ 3,193 | $ 6,029 |
Selected Balance Sheet Inform_5
Selected Balance Sheet Information: Materials and Supplies (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Selected Balance Sheet Information [Abstract] | ||
Materials and supplies | $ 91,736 | $ 86,400 |
Fuel - Electric Utilities | 2,169 | 1,267 |
Natural gas in storage | 58,959 | 63,312 |
Total materials, supplies and fuel | $ 152,864 | $ 150,979 |
Selected Balance Sheet Inform_6
Selected Balance Sheet Information: Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Selected Balance Sheet Information [Abstract] | ||
Accrued employee compensation, benefits and withholdings | $ 64,417 | $ 74,387 |
Accrued property taxes | 42,944 | 50,874 |
Customer deposits and prepayments | 43,151 | 48,814 |
Accrued interest | 33,764 | 33,680 |
Other (none of which is individually significant) | 42,044 | 37,004 |
Total accrued liabilities | $ 226,320 | $ 244,759 |