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Black Hills
BKH
#2957
Rank
$5.40 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$71.07
Share price
0.34%
Change (1 day)
28.24%
Change (1 year)
๐Ÿ›ข Oil&Gas๐Ÿ”‹ Electricity๐Ÿšฐ Utility companies โšก Energy
Categories
  1. Black Hills
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2022 Q2

Black Hills - 10-Q quarterly report FY2022 Q2


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0001130464FALSE2022Q212/31Subsequent 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 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________.

Commission File Number 001-31303

Black Hills Corporation

Incorporated in South Dakota IRS Identification Number 46-0458824

7001 Mount Rushmore Road
Rapid City, South Dakota 57702
Registrant’s telephone number (605) 721-1700

Former name, former address, and former fiscal year if changed since last report
NONE

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerxAccelerated Filer☐
Non-accelerated Filer☐Smaller Reporting Company☐
Emerging Growth Company☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock of $1.00 par valueBKHNew York Stock Exchange

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.
ClassOutstanding at July 29, 2022
Common stock, $1.00 par value65,079,859 shares


TABLE OF CONTENTS
Page
4
Forward-Looking Information
7
Item 1.
8
Condensed Consolidated Statements of Income
8
Condensed Consolidated Statements of Comprehensive Income
9
Condensed Consolidated Balance Sheets
10
Condensed Consolidated Statements of Cash Flows
12
Condensed Consolidated Statements of Equity
13
Notes to Condensed Consolidated Financial Statements
14
Note 1. Management’s Statement
14
Note 2. Regulatory Matters
15
Note 3. Commitments, Contingencies and Guarantees
17
Note 4. Revenue
18
Note 5. Financing
20
Note 6. Earnings Per Share
21
Note 7. Risk Management and Derivatives
21
Note 8. Fair Value Measurements
25
Note 9. Other Comprehensive Income
27
Note 10. Employee Benefit Plans
28
Note 11. Income Taxes
29
Note 12. Business Segment Information
29
Note 13. Selected Balance Sheet Information
31

















2

TABLE OF CONTENTS
Page
Item 2.
32
Executive Summary
32
Recent Developments
32
Results of Operations
34
Consolidated Summary and Overview
34
Non-GAAP Financial Measure
36
Electric Utilities
36
Gas Utilities
40
Corporate and Other
42
Consolidated Interest Expense, Other Income and Income Tax Expense
43
Liquidity and Capital Resources
43
Cash Flow Activities
43
Capital Resources
45
Credit Ratings
45
Capital Requirements
46
Critical Accounting Estimates
46
New Accounting Pronouncements
46
Item 3.
46
Item 4.
47
Item 1.
47
Item 1A.
47
Item 2.
47
Item 4.
47
Item 6.
48
49

3

GLOSSARY OF TERMS AND ABBREVIATIONS

The following terms and abbreviations appear in the text of this report and have the definitions described below:
AFUDCAllowance for Funds Used During Construction
AOCIAccumulated Other Comprehensive Income (Loss)
APSCArkansas Public Service Commission
Arkansas GasBlack Hills Energy Arkansas, Inc., an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Arkansas (doing business as Black Hills Energy).
ASCAccounting Standards Codification
ASUAccounting Standards Update issued by the FASB
ATMAt-the-market equity offering program
AvailabilityThe availability factor of a power plant is the percentage of the time that it is available to provide energy.
BHCBlack Hills Corporation; the Company
Black Hills Colorado IPPBlack Hills Colorado IPP, LLC a 50.1% owned subsidiary of Black Hills Electric Generation
Black Hills Electric GenerationBlack Hills Electric Generation, LLC, a direct, wholly-owned subsidiary of Black Hills Non-regulated Holdings, providing wholesale electric capacity and energy primarily to our affiliate utilities.
Black Hills EnergyThe name used to conduct the business of our utility companies
Black Hills Energy ServicesBlack Hills Energy Services Company, an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas commodity supply for the Choice Gas Programs (doing business as Black Hills Energy).
Black Hills Non-regulated HoldingsBlack Hills Non-regulated Holdings, LLC, a direct, wholly-owned subsidiary of Black Hills Corporation
Black Hills Utility HoldingsBlack Hills Utility Holdings, Inc., a direct, wholly-owned subsidiary of Black Hills Corporation (doing business as Black Hills Energy)
Black Hills WyomingBlack Hills Wyoming, LLC, a direct, wholly-owned subsidiary of Black Hills Electric Generation
Blockchain Interruptible Service (BCIS) tariffThe BCIS tariff was proposed by Wyoming Electric and approved by the WPSC in 2019. The tariff was developed to attract new large electric loads related to blockchain and other industry growth with high energy demand.
Cheyenne LightCheyenne Light, Fuel and Power Company, a direct, wholly-owned subsidiary of Black Hills Corporation, providing electric service in the Cheyenne, Wyoming area (doing business as Black Hills Energy). Also known as Wyoming Electric.
Chief Operating Decision Maker (CODM)Chief Executive Officer
Choice Gas ProgramRegulator-approved programs in Wyoming and Nebraska that allow certain utility customers to select their natural gas commodity supplier, providing for the unbundling of the commodity service from the distribution delivery service.
Colorado ElectricBlack Hills Colorado Electric, LLC, a direct, wholly-owned subsidiary of Black Hills Utility Holdings, providing electric service to customers in Colorado (doing business as Black Hills Energy).
Colorado GasBlack Hills Colorado Gas, Inc., an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Colorado (doing business as Black Hills Energy).
Common Use SystemThe Common Use System is a jointly operated transmission system we participate in with Basin Electric Power Cooperative and Powder River Energy Corporation. The Common Use System provides transmission service over these utilities' combined 230-kilovolt (kV) and limited 69-kV transmission facilities within areas of southwestern South Dakota and northeastern Wyoming.
Consolidated Indebtedness to Capitalization RatioAny indebtedness outstanding at such time, divided by capital at such time. Capital being consolidated net worth (excluding non-controlling interest) plus consolidated indebtedness (including letters of credit and certain guarantees issued) as defined within the current Revolving Credit Facility.
Cooling Degree Day (CDD)A cooling degree day is equivalent to each degree that the average of the high and low temperatures for a day is above 65 degrees. The warmer the climate, the greater the number of cooling degree days. Cooling degree days are used in the utility industry to measure the relative warmth and to compare relative temperatures between one geographic area and another. Normal degree days are based on the National Weather Service data for selected locations.
CPCNCertificate of Public Convenience and Necessity
4

CP ProgramCommercial Paper Program
CPUCColorado Public Utilities Commission
DthDekatherm. A unit of energy equal to 10 therms or approximately one million British thermal units (MMBtu)
FitchFitch Ratings Inc.
GAAPAccounting principles generally accepted in the United States of America
Heating Degree Day (HDD)A heating degree day is equivalent to each degree that the average of the high and the low temperatures for a day is below 65 degrees. The colder the climate, the greater the number of heating degree days. Heating degree days are used in the utility industry to measure the relative coldness and to compare relative temperatures between one geographic area and another. Normal degree days are based on the National Weather Service data for selected locations.
Integrated GenerationNon-regulated power generation and mining businesses that are vertically integrated within our Electric Utilities segment.
Iowa GasBlack Hills Iowa Gas Utility Company, LLC, a direct, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Iowa (doing business as Black Hills Energy).
IPPIndependent Power Producer
IRSUnited States Internal Revenue Service
Kansas GasBlack Hills Kansas Gas Utility Company, LLC, a direct, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Kansas (doing business as Black Hills Energy).
KCCKansas Corporation Commission
kVKilovolt
LIBORLondon Interbank Offered Rate
MEANMunicipal Energy Agency of Nebraska
MMBtuMillion British thermal units
Moody’sMoody’s Investors Service, Inc.
MWMegawatts
MWhMegawatt-hours
Nebraska GasBlack Hills Nebraska Gas, LLC, an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Nebraska (doing business as Black Hills Energy).
Neil Simpson IIA mine-mouth, coal-fired power plant owned and operated by South Dakota Electric with a total capacity of 90 MW located at our Gillette, Wyoming energy complex.
NPSCNebraska Public Service Commission
OCIOther Comprehensive Income
PPAPower Purchase Agreement
PTCProduction Tax Credit
Pueblo Airport GenerationThe 420 MW combined cycle gas-fired power generating plants jointly owned by Colorado Electric (220 MW) and Black Hills Colorado IPP (200 MW). Black Hills Colorado IPP operates this facility. The plants commenced operation on January 1, 2012.
Ready WyomingA 260-mile, multi-phase transmission expansion project in Wyoming. This transmission project will serve the growing needs of customers by enhancing resiliency of Wyoming Electric’s overall electric system and expanding access to power markets and renewable resources. The project will help Wyoming Electric maintain top-quartile reliability and enable economic development in the Cheyenne, Wyoming region.
Renewable ReadyVoluntary renewable energy subscription program for large commercial, industrial and governmental agency customers in South Dakota and Wyoming.
Revolving Credit FacilityOur $750 million credit facility used to fund working capital needs, letters of credit and other corporate purposes, which was amended and restated on July 19, 2021, and now terminates on July 19, 2026.
RNGRenewable Natural Gas
SECUnited States Securities and Exchange Commission
Service Guard Comfort PlanAppliance protection plan that provides home appliance repair services through on-going monthly service agreements to residential utility customers.
5

S&PS&P Global Ratings, a division of S&P Global Inc.
South Dakota ElectricBlack Hills Power, Inc., a direct, wholly-owned subsidiary of Black Hills Corporation, providing electric service to customers in Montana, South Dakota and Wyoming (doing business as Black Hills Energy).
SPPSouthwest Power Pool
TCJATax Cuts and Jobs Act
Tech ServicesNon-regulated product lines delivered by our Utilities that 1) provide electrical system construction services to large industrial customers of our electric utilities, and 2) serve gas transportation customers throughout its service territory by constructing and maintaining customer-owned gas infrastructure facilities, typically through one-time contracts.
UtilitiesBlack Hills’ Electric and Gas Utilities
Wind Capacity FactorMeasures the amount of electricity a wind turbine produces in a given time period relative to its maximum potential.
Winter Storm UriFebruary 2021 winter weather event that caused extreme cold temperatures in the central United States and led to unprecedented fluctuations in customer demand and market pricing for natural gas and energy.
WPSCWyoming Public Service Commission
Wygen IA mine-mouth, coal-fired power plant with a total capacity of 90 MW located at our Gillette, Wyoming energy complex. Black Hills Wyoming owns 76.5% of the facility and Municipal Energy Agency of Nebraska (MEAN) owns the remaining 23.5%.
Wygen IIA mine-mouth, coal-fired power plant owned by Wyoming Electric with a total capacity of 95 MW located at our Gillette, Wyoming energy complex.
Wygen IIIA mine-mouth, coal-fired power plant operated by South Dakota Electric with a total capacity of 110 MW located at our Gillette, Wyoming energy complex. South Dakota Electric owns 52% of the power plant, MDU owns 25% and the City of Gillette owns the remaining 23%.
Wyodak PlantThe 362 MW mine-mouth, coal-fired generating facility near Gillette, Wyoming, jointly owned by PacifiCorp (80%) and South Dakota Electric (20%). Our WRDC mine supplies all of the fuel for the facility.
Wyoming ElectricCheyenne Light, Fuel and Power Company, a direct, wholly-owned subsidiary of Black Hills Corporation, providing electric service to customers in the Cheyenne, Wyoming area (doing business as Black Hills Energy).
Wyoming GasBlack Hills Wyoming Gas, LLC, an indirect and wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Wyoming (doing business as Black Hills Energy).


6

FORWARD-LOOKING INFORMATION

This Quarterly Report on Form 10-Q includes “forward-looking statements” as defined by the SEC. Forward-looking statements are all statements other than statements of historical fact, including without limitation those statements that are identified by the words “anticipates,” “estimates,” “expects,” “intends,” “plans,” “predicts” and similar expressions, and include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, including without limitation, the risk factors described in Item 1A of Part I of our 2021 Annual Report on Form 10-K, Part II, Item 1A of this Quarterly Report on Form 10-Q and other reports that we file with the SEC from time to time, and the following:

•Our ability to obtain adequate cost recovery for our utility operations through regulatory proceedings and favorable rulings on periodic applications to recover costs for capital additions, plant retirements and decommissioning, fuel, transmission, purchased power, and other operating costs and the timing in which new rates would go into effect;

•Our ability to complete our capital program in a cost-effective and timely manner;

•Our ability to execute on our strategy;

•Our ability to successfully execute our financing plans;

•Our ability to achieve our greenhouse gas emissions intensity reduction goals;

•Board of Directors’ approval of any future quarterly dividends;

•The impact of future governmental regulation;

•Our ability to overcome the impacts of supply chain disruptions on availability and cost of materials;

•The effects of inflation and volatile energy prices; and

•Other factors discussed from time to time in our filings with the SEC.

New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time-to-time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.
7

PART I.        FINANCIAL INFORMATION

ITEM 1.        FINANCIAL STATEMENTS



BLACK HILLS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited)Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(in thousands, except per share amounts)
Revenue$474,195 $372,572 $1,297,765 $1,006,004 
Operating expenses:
Fuel, purchased power and cost of natural gas sold188,171 108,474 625,097 401,621 
Operations and maintenance132,968 123,245 269,100 252,924 
Depreciation, depletion and amortization64,128 58,443 124,591 115,712 
Taxes - property and production16,539 15,144 33,235 30,166 
Total operating expenses401,806 305,306 1,052,023 800,423 
Operating income72,389 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 income289 467 565 692 
Other income (expense), net1,563 (191)2,267 75 
Total other income (expense)(37,201)(38,393)(75,042)(75,727)
Income before income taxes35,188 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$0.52 $0.40 $2.33 $1.94 
Earnings per share, Diluted$0.52 $0.40 $2.33 $1.93 
Weighted average common shares outstanding:
Basic64,721 62,867 64,643 62,751 
Diluted64,883 62,918 64,822 62,817 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these Condensed Consolidated Financial Statements.
8

BLACK HILLS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(in thousands)
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 
Derivative instruments designated as cash flow hedges:
Reclassification of net realized (gains) losses on settled/amortized interest rate swaps (net of tax of $(238), $(150), $(415) and $(340), respectively)
475 563 1,011 1,086 
Net unrealized gains (losses) on commodity derivatives (net of tax of $734, $(304), $394 and $(339), respectively)
(2,314)939 (1,267)1,046 
Reclassification of net realized (gains) losses on settled commodity derivatives (net of tax of $319, $14, $871 and $6, respectively)
(1,004)(42)(2,706)(19)
Other comprehensive income (loss), net of tax(2,738)1,882 (2,732)2,900 
Comprehensive income33,108 30,169 154,138 131,674 
Less: comprehensive 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 

See Note 9 for additional disclosures.

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these Condensed Consolidated Financial Statements.
9

BLACK HILLS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)As of
June 30, 2022December 31, 2021
(in thousands)
ASSETS
Current assets:
Cash and cash equivalents$10,216 $8,921 
Restricted cash and equivalents5,146 4,889 
Accounts receivable, net267,103 321,652 
Materials, supplies and fuel152,864 150,979 
Derivative assets, current716 4,373 
Income tax receivable, net17,299 18,017 
Regulatory assets, current267,725 270,290 
Other current assets39,358 29,012 
Total current assets760,427 808,133 
Property, plant and equipment8,086,704 7,856,573 
Less: accumulated depreciation and depletion(1,499,552)(1,407,397)
Total property, plant and equipment, net6,587,152 6,449,176 
Other assets:
Goodwill1,299,454 1,299,454 
Intangible assets, net10,177 10,770 
Regulatory assets, non-current434,643 526,309 
Other assets, non-current42,709 38,054 
Total other assets, non-current1,786,983 1,874,587 
TOTAL ASSETS$9,134,562 $9,131,896 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these Condensed Consolidated Financial Statements.
10

BLACK HILLS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Continued)
(unaudited)As of
June 30, 2022December 31, 2021
(in thousands, except share amounts)
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$185,735 $217,761 
Accrued liabilities226,320 244,759 
Derivative liabilities, current4,719 1,439 
Regulatory liabilities, current33,356 17,574 
Notes payable335,050 420,180 
Total current liabilities785,180 901,713 
Long-term debt, net of current maturities4,129,662 4,126,923 
Deferred credits and other liabilities:
Deferred income tax liabilities, net490,207 465,388 
Regulatory liabilities, non-current482,642 485,377 
Benefit plan liabilities121,338 123,925 
Other deferred credits and other liabilities142,732 141,447 
Total deferred credits and other liabilities1,236,919 1,216,137 
Commitments, contingencies and guarantees (Note 3)
Equity:
Stockholders’ 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 capital1,808,437 1,783,436 
Retained earnings1,036,263 962,458 
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’ equity2,885,447 2,787,094 
Non-controlling interest97,354 100,029 
Total equity2,982,801 2,887,123 
TOTAL LIABILITIES AND TOTAL EQUITY$9,134,562 $9,131,896 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these Condensed Consolidated Financial Statements.
11

BLACK HILLS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)Six Months Ended June 30,
20222021
Operating activities:(in thousands)
Net income $156,870 $128,774 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization124,591 115,712 
Deferred financing cost amortization4,953 4,381 
Stock compensation3,834 5,044 
Deferred income taxes13,860 692 
Employee benefit plans1,383 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 assets55,641 88,513 
Accounts payable and other current liabilities(24,130)(59,640)
Regulatory assets128,315 (540,709)
Regulatory liabilities— (9,509)
Other operating activities, net(6,805)(2,834)
Net cash provided by (used in) operating activities442,030 (250,173)
Investing activities:
Property, plant and equipment additions(293,803)(319,476)
Other investing activities2,418 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 issued20,095 40,037 
Term loan - borrowings— 800,000 
Term loan - repayments— (200,000)
Net borrowings (payments) of Revolving Credit Facility and CP Program(85,130)(4,190)
Long-term debt - repayments— (1,436)
Distributions to non-controlling interest(8,604)(8,705)
Other financing activities1,682 291 
Net cash provided by (used in) financing activities(149,093)554,905 
Net change in cash, restricted cash and cash equivalents1,552 (5,005)
Cash, restricted cash and cash equivalents at beginning of period13,810 10,739 
Cash, restricted cash and cash equivalents at end of period$15,362 $5,734 
Supplemental cash flow information:
Cash (paid) refunded during the period:
Interest, net of amounts capitalized$(72,791)$(71,825)
Income taxes752 1,486 
Non-cash investing and financing activities:
Accrued property, plant and equipment purchases at June 3049,229 54,448 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these Condensed Consolidated Financial Statements.
12

BLACK HILLS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(unaudited)Common StockTreasury Stock
(in thousands except share amounts)SharesValueSharesValueAdditional Paid in CapitalRetained EarningsAOCINon-controlling InterestTotal
December 31, 202164,793,095 $64,793 54,078 $(3,509)$1,783,436 $962,458 $(20,084)$100,029 $2,887,123 
Net income— — — — — 117,526 — 3,498 121,024 
Other comprehensive income, net of tax— — — — — — 6 — 6 
Dividends on common stock ($0.595 per share)
— — — — — (38,533)— — (38,533)
Share-based compensation425 — (34,393)2,222 (191)— — — 2,031 
Issuance of common stock55,707 56 — — 3,776 — — — 3,832 
Issuance costs— — — — (41)— — — (41)
Distributions to non-controlling interest— — — — — — — (4,420)(4,420)
March 31, 202264,849,227 $64,849 19,685 $(1,287)$1,786,980 $1,041,451 $(20,078)$99,107 $2,971,022 
Net income— — — — — 33,415 — 2,431 35,846 
Other comprehensive (loss), net of tax— — — — — — (2,738)— (2,738)
Dividends on common stock ($0.595 per share)
— — — — — (38,603)— — (38,603)
Share-based compensation39,066 39 4,006 (255)5,370 — — — 5,154 
Issuance of common stock216,885 217 — — 16,353 — — — 16,570 
Issuance costs— — — — (266)— — — (266)
Distributions to non-controlling interest— — — — — — — (4,184)(4,184)
June 30, 202265,105,178 $65,105 23,691 $(1,542)$1,808,437 $1,036,263 $(22,816)$97,354 $2,982,801 

(unaudited)Common StockTreasury Stock
(in thousands except share amounts)SharesValueSharesValueAdditional Paid in CapitalRetained EarningsAOCINon-controlling InterestTotal
December 31, 202062,827,179 $62,827 32,492 $(2,119)$1,657,285 $870,738 $(27,346)$101,262 $2,662,647 
Net income— — — — — 96,316 — 4,171 100,487 
Other comprehensive income, net of tax— — — — — — 1,018 — 1,018 
Dividends on common stock ($0.565 per share)
— — — — — (35,514)— — (35,514)
Share-based compensation82,794 83 7,448 (445)1,672 — — — 1,310 
Other— — — — — (2)— — (2)
Distributions to non-controlling interest— — — — — — — (4,644)(4,644)
March 31, 202162,909,973 $62,910 39,940 $(2,564)$1,658,957 $931,538 $(26,328)$100,789 $2,725,302 
Net income— — — — — 25,161 — 3,126 28,287 
Other comprehensive income, net of tax— — — — — — 1,882 — 1,882 
Dividends on common stock ($0.565 per share)
— — — — — (35,578)— — (35,578)
Share-based compensation20,905 21 6,588 (424)3,698 — — — 3,295 
Issuance of common stock596,035 596 — — 39,636 — — — 40,232 
Issuance costs— — — — (466)— — — (466)
Other— — — — — 1 — — 1 
Distributions to non-controlling interest— — — — — — — (4,061)(4,061)
June 30, 202163,526,913 $63,527 46,528 $(2,988)$1,701,825 $921,122 $(24,446)$99,854 $2,758,894 
13

BLACK HILLS CORPORATION

Notes to Condensed Consolidated Financial Statements
(unaudited)
(Reference is made to Notes to Consolidated Financial Statements
included in the Company’s 2021 Annual Report on Form 10-K)


(1)    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.
14

(2)    Regulatory Matters

We had the following regulatory assets and liabilities (in thousands):

As ofAs of
June 30, 2022December 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 assets702,368 796,599 
   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 liabilities515,998 502,951 
   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.

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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.
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(3)    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.
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(4)    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 UtilitiesInter-company RevenuesTotal
Customer types:(in thousands)
Retail$169,032 $229,074 $— $398,106 
Transportation— 34,667 (100)34,567 
Wholesale8,428 — — 8,428 
Market - off-system sales8,666 178 — 8,844 
Transmission/Other15,183 9,344 (4,148)20,379 
Revenue from contracts with customers$201,309 $273,263 $(4,248)$470,324 
Other revenues3,070 906 (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 time194,638 273,263 (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 UtilitiesInter-company RevenuesTotal
Customer Types:(in thousands)
Retail$163,971 $143,845 $— $307,816 
Transportation— 31,649 (109)31,540 
Wholesale5,655 — — 5,655 
Market - off-system sales7,266 87 — 7,353 
Transmission/Other11,224 9,125 (4,291)16,058 
Revenue from contracts with customers$188,116 $184,706 $(4,400)$368,422 
Other revenues2,900 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 time181,402 184,706 (4,400)361,708 
Revenue from contracts with customers$188,116 $184,706 $(4,400)$368,422 
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Six Months Ended June 30, 2022 Electric Utilities  Gas UtilitiesInter-company RevenuesTotal
Customer types:(in thousands)
Retail$341,838 $790,087 $— $1,131,925 
Transportation— 84,190 (199)83,991 
Wholesale18,703 — — 18,703 
Market - off-system sales15,820 416 — 16,236 
Transmission/Other30,616 18,919 (8,297)41,238 
Revenue from contracts with customers$406,977 $893,612 $(8,496)$1,292,093 
Other revenues3,940 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 time393,193 893,612 (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 UtilitiesInter-company RevenuesTotal
Customer Types:(in thousands)
Retail$368,251 $485,450 $— $853,701 
Transportation— 79,600 (219)79,381 
Wholesale17,014 — — 17,014 
Market - off-system sales12,038 160 — 12,198 
Transmission/Other25,411 19,515 (8,580)36,346 
Revenue from contracts with customers$422,714 $584,725 $(8,799)$998,640 
Other revenues3,706 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 time409,024 584,725 (8,799)984,950 
Revenue from contracts with customers$422,714 $584,725 $(8,799)$998,640 
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(5)    Financing

Short-term Debt

We had the following Notes payable outstanding in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of:

June 30, 2022December 31, 2021
Balance Outstanding
Letters of Credit (a)
Balance Outstanding
Letters of Credit (a)
Revolving Credit Facility— 14,239 — 27,209 
CP Program335,050 — 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, 2022Covenant Requirement
Consolidated Indebtedness to Capitalization Ratio60.8%Less than65%

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.
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(6)    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,
2022202120222021
Net income available for common stock$33,415 $25,161 $150,941 $121,477 
Weighted average shares - basic64,721 62,867 64,643 62,751 
Dilutive effect of:
Equity compensation162 51 179 66 
Weighted average shares - diluted64,883 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,
2022202120222021
Equity compensation— 13 — 12 
Restricted stock— — 1 1 
Anti-dilutive shares— 13 1 13 


(7)    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.

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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, 2022December 31, 2021
Notional
Amounts (MMBtus)
Maximum
Term
(months) (a)
Notional
Amounts (MMBtus)
Maximum
Term
(months) (a)
Natural gas futures purchased100,000 9590,000 3
Natural gas options purchased, net430,000 93,100,000 3
Natural gas basis swaps purchased — 0870,000 3
Natural gas over-the-counter swaps, net (b)
7,090,000 304,570,000 34
Natural gas physical contracts, net (c)
12,166,541 1816,416,677 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.

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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 LocationJune 30, 2022December 31, 2021
Derivatives designated as hedges:
Asset derivative instruments:
Current commodity derivativesDerivative assets, current$2 $2,017 
Noncurrent commodity derivativesOther assets, non-current256 18 
Liability derivative instruments:
Current commodity derivativesDerivative liabilities, current(3,318)— 
Total derivatives designated as hedges$(3,060)$2,035 
Derivatives not designated as hedges:
Asset derivative instruments:
Current commodity derivativesDerivative assets, current$714 $2,356 
Noncurrent commodity derivativesOther assets, non-current923 804 
Liability derivative instruments:
Current commodity derivativesDerivative liabilities, current(1,401)(1,439)
Noncurrent commodity derivativesOther deferred credits and other liabilities— (20)
Total derivatives not designated as hedges$236 $1,701 
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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,
2022202120222021
Derivatives in Cash Flow Hedging RelationshipsAmount of Gain/(Loss) Recognized in OCIIncome Statement LocationAmount of Gain/(Loss) Reclassified from AOCI into Income
(in thousands)(in thousands)
Interest rate swaps$713 $713 Interest expense$(713)$(713)
Commodity derivatives(4,371)1,187 Fuel, purchased power and cost of natural gas sold1,323 56 
Total$(3,658)$1,900 $610 $(657)

Six Months Ended June 30,Six Months Ended June 30,
2022202120222021
Derivatives in Cash Flow Hedging RelationshipsAmount of Gain/(Loss) Recognized in OCIIncome Statement LocationAmount of Gain/(Loss) Reclassified from AOCI into Income
(in thousands)(in thousands)
Interest rate swaps$1,426 $1,426 Interest expense$(1,426)$(1,426)
Commodity derivatives(5,238)1,360 Fuel, purchased power and cost of natural gas sold3,577 25 
Total$(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,
20222021
Derivatives Not Designated as Hedging InstrumentsLocation of Gain/(Loss) on Derivatives Recognized in IncomeAmount of Gain/(Loss) on Derivatives Recognized in Income
(in thousands)
Commodity derivatives - ElectricFuel, purchased power and cost of natural gas sold$— $(3,598)
Commodity derivatives - Natural GasFuel, purchased power and cost of natural gas sold(2,332)1,816 
$(2,332)$(1,782)

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Six Months Ended June 30,
20222021
Derivatives Not Designated as Hedging InstrumentsIncome Statement LocationAmount 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 GasFuel, purchased power and cost of natural gas sold1,162 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.


(8)    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.

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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 1Level 2Level 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 1Level 2Level 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.
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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, 2022December 31, 2021
Carrying
Amount		Fair ValueCarrying
Amount		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.


(9)    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 IncomeAmount Reclassified from AOCIAmount Reclassified from AOCI
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Gains and (losses) on cash flow hedges:
Interest rate swapsInterest expense$(713)$(713)$(1,426)$(1,426)
Commodity contractsFuel, purchased power and cost of natural gas sold1,323 56 3,577 25 
610 (657)2,151 (1,401)
Income taxIncome 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 costOperations and maintenance$22 $24 $46 $49 
Actuarial gain (loss)Operations and maintenance(187)(597)(375)(1,195)
(165)(573)(329)(1,146)
Income taxIncome tax expense60 151 99 359 
Total reclassification adjustments related to defined benefit plans, net of tax$(105)$(422)$(230)$(787)
Total reclassifications$424 $(943)$1,465 $(1,854)

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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 SwapsCommodity DerivativesEmployee Benefit PlansTotal
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 AOCI1,011 (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 SwapsCommodity DerivativesEmployee Benefit PlansTotal
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 AOCI1,086 (19)787 1,854 
As of June 30, 2021$(11,472)$1,029 $(14,003)$(24,446)


(10)    Employee Benefit Plans

Components of Net Periodic Expense

The components of net periodic expense were as follows (in thousands):

Defined Benefit Pension PlanSupplemental Non-qualified Defined Benefit PlansNon-pension Defined Benefit Postretirement Healthcare Plan
Three Months Ended June 30,202220212022202120222021
Net Service cost$982 $1,260 $(1,355)$1,020 $492 $559 
Interest cost2,704 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 loss1,523 1,829 69 438 16 117 
Net periodic expense (benefit)$562 $198 $(1,077)$1,635 $725 $797 

Defined Benefit Pension PlanSupplemental Non-qualified Defined Benefit PlansNon-pension Defined Benefit Postretirement Healthcare Plan
Six Months Ended June 30,202220212022202120222021
Net Service cost$1,964 $2,519 $(1,747)$1,713 $984 $1,118 
Interest cost5,409 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 loss3,046 3,658 138 877 32 234 
Net periodic expense (benefit)$1,124 $395 $(1,192)$2,944 $1,451 $1,595 
28


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 MadeAdditional ContributionsContributions
Six Months Ended June 30, 2022Anticipated for 2022Anticipated 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.


(11)    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).


(12)    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.

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Segment information was as follows (in thousands):

Total assets (net of intercompany eliminations) as of:June 30, 2022December 31, 2021
Electric Utilities$3,834,826 $3,796,662 
Gas Utilities5,197,194 5,246,370 
Corporate and Other102,542 88,864 
Total assets$9,134,562 $9,131,896 

Three Months Ended June 30, 2022External Operating RevenueInter-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 Utilities271,944 801 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, 2021External Operating RevenueInter-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 Utilities183,187 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, 2022External Operating RevenueInter-company Operating RevenueTotal Revenues
 Contract Customers Other Revenues  Contract Customers Other Revenues
Segment:
Electric Utilities$401,119 $3,940 $5,858 $— $410,917 
Gas Utilities890,974 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, 2021External Operating RevenueInter-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 Utilities581,686 3,658 3,039 186 588,569 
Inter-company eliminations— — (8,799)(186)(8,985)
Total$998,640 $7,364 $— $— $1,006,004 
30

Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Operating income (loss):
Electric Utilities$45,226 $47,462 $95,972 $86,805 
Gas Utilities28,195 19,985 151,735 122,079 
Corporate and Other(1,032)(181)(1,965)(3,303)
Operating income72,389 67,266 245,742 205,581 
Interest expense, net(38,764)(38,202)(77,309)(75,802)
Other income (expense), net1,563 (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 


(13)    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, 2022December 31, 2021
Billed Accounts Receivable$188,649 $181,027 
Unbilled Revenue81,647 142,738 
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 YearAdditions Charged to Costs and ExpensesRecoveries and Other AdditionsWrite-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, 2022December 31, 2021
Materials and supplies$91,736 $86,400 
Fuel - Electric Utilities2,169 1,267 
Natural gas in storage58,959 63,312 
Total materials, supplies and fuel$152,864 $150,979 

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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, 2022December 31, 2021
Accrued employee compensation, benefits and withholdings$64,417 $74,387 
Accrued property taxes42,944 50,874 
Customer deposits and prepayments43,151 48,814 
Accrued interest33,764 33,680 
Other (none of which is individually significant)42,044 37,004 
Total accrued liabilities$226,320 $244,759 


ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussions should be read in conjunction with the Notes contained herein and Management's Discussion and Analysis of Financial Condition and Results of Operations appearing in our 2021 Form 10-K.


Executive Summary

We are a customer-focused energy solutions provider that invests in our communities’ safety, sustainability and growth with a mission of Improving Life with Energy and a vision to be the Energy Partner of Choice. The Company’s core mission— and our primary focus — is to provide safe, reliable and cost-effective electric and natural gas service to 1.3 million utility customers in over 800 communities in eight states, including Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming.


Recent Developments

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 natural gas and fuel costs.

In 2021, our Utilities submitted cost recovery applications with the utility commissions in our state jurisdictions to recover incremental costs associated with Winter Storm Uri. To date, we have received final commission approval for all of our Winter Storm Uri cost recovery applications with the exception of Wyoming Gas (which is approved for interim cost recovery). See Note 2 of the Notes to Condensed Consolidated Financial Statements for further information.

Macroeconomic Trends

We are monitoring macroeconomic trends including inflationary pressures on the prices of commodities, materials, outside services and employee costs; supply chain constraints; rising interest rates and a competitive and tight labor market. To date, we have experienced moderate net impacts from these trends.

We have seen an increase in commodity energy costs that had an effect on customer bills. Our utilities have regulatory mechanisms that allow them to pass prudently incurred costs of energy through to the customer, which mitigates our exposure. Customer billing rates are adjusted periodically to reflect changes in our cost of energy.

We are proactively managing increased costs of materials and supply chain disruptions to achieve our forecasted capital investment targets. We have already contracted a significant majority of the materials needed for our 2022 capital program. We have also evaluated each of our forecasted projects and will prioritize depending on future constraints. Project delays may occur if costs rise significantly or if materials are not available.

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Rising interest rates have increased interest expense on our variable rate borrowings, which include our Revolving Credit Facility and CP Program. However, the increased interest expense was limited since 92% of our debt at June 30, 2022 is fixed rate debt. Additionally, rising discount rates and recent capital markets volatility did not materially change the unfunded status of the BHC Pension Plan from the prior year.

We are faced with increased competition for employee and contractor talent in the current labor market. To date, we have seen increased employee and contractor costs related to attraction and retention of talent partially offset by decreases in headcount compared to the prior year.

More detailed discussion of the future uncertainties can be found in “Risk Factors” section in Part I, Item 1A of our 2021 Annual Report on Form 10-K.

Business Segment Recent Developments

Electric Utilities

•See Note 2 of the Notes to Condensed Consolidated Financial Statements for recent rate review activity for Wyoming Electric.

•On July 21, 2022, Wyoming Electric set a new all-time and summer peak load of 294 MW, surpassing the previous peaks of 288 MW set on July 18, 2022, 282 MW set on June 13, 2022 and 274 MW set on July 28, 2021.

•On July 18, 2022, South Dakota Electric set a new all-time and summer peak load of 403 MW, surpassing the previous summer peak of 397 MW set in July 2021.

•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 to a new customer in Cheyenne, Wyoming up to 45 MW with an option to expand service up to 75 MW. Energy will be sourced through the electric energy market and delivered through our Electric Utilities’ infrastructure. Under the agreement, the customer will be responsible for costs of service, and the load will be interruptible to prioritize the needs of Wyoming Electric’s existing retail customers. Wyoming Electric expects to begin delivering energy to this customer in the fourth quarter of 2022.

•On May 27, 2022, Colorado Electric filed its Clean Energy Plan, “2030 Ready Plan”, with the CPUC. The 2030 Ready Plan establishes a roadmap and preferred resource portfolio for Colorado Electric to cost-effectively achieve the state of Colorado’s requirement calling upon electric utilities to reduce GHG emissions by a minimum of 80% by 2030. The preferred resource portfolio calls for the addition of 149 MW of wind, 258 MW of solar and 50 MW of battery storage to Colorado Electric's system. The final mix of resources would be determined by the results of a competitive solicitation starting in 2023. Colorado legislation provides up to 50% utility ownership of these additions. As proposed, the plan will achieve a 90% reduction in emissions and result in 79% of Colorado Electric’s customers' electricity being generated by carbon-free sources by 2030. A CPUC decision on Phase 1 of the 2030 Ready Plan is expected by April 2023, which would be followed by a request for proposals for renewable energy resources.

•On February 23, 2022, Wyoming Electric set a new winter peak load of 262 MW, surpassing the previous winter peak of 252 MW set on January 5, 2022.

•On February 15, 2022, Wyoming Electric submitted a request to the WPSC seeking approval for a CPCN to construct an estimated 260-mile transmission expansion project. As proposed, the approximately $260 million transmission expansion project, known as Ready Wyoming, would provide customers long-term price stability and greater flexibility as power markets develop in the Western States. If approved, construction of the project would take place in multiple phases or segments spanning 2023 through 2025 and would interconnect South Dakota Electric’s and Wyoming Electric’s transmission systems.

•On January 26, 2022, Colorado Electric agreed to join SPP’s Western Energy Imbalance Service Market. Colorado Electric will join the market in April 2023 and will continue to study long-term solutions for joining or developing an organized wholesale market. The expansion allows the utilities to participate in a real-time market.

•In January 2022, South Dakota Electric placed in service a $19 million, 54-mile, 230 kV electric transmission line from Rapid City to Spearfish, South Dakota. The second leg of this transmission line rebuild project, an 85-mile segment from Spearfish to Gillette, Wyoming, is expected to be in service by the end of 2023.

•On January 5, 2022, South Dakota Electric and Wyoming Electric set new winter peak loads. Wyoming Electric’s new winter peak load of 252 MW surpasses the previous peak of 247 MW set in December 2019. South Dakota Electric’s new winter peak of 327 MW surpasses the previous winter peak of 326 MW set in February 2021.

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Gas Utilities

•See Note 2 of the Notes to Condensed Consolidated Financial Statements for recent rate review activity for Arkansas Gas.

•On June 6, 2022, Colorado Gas submitted a proposal to the CPUC seeking approval to offer a voluntary RNG and carbon offset program for residential and business customers. The program would allow participants to offset 100% or more of the emissions associated with their own natural gas usage. The offset would be achieved through a combination of carbon offset credits and RNG attributes. Colorado Gas has designed its voluntary RNG and carbon offset program as a comprehensive four-year pilot program starting in 2023 and running through 2026. On July 15, 2022, Kansas Gas submitted a similar RNG and carbon offset program proposal with the KCC. Nebraska Gas expects to submit a voluntary RNG and carbon offset program proposal to the NPSC later in 2022 with similar filings for Arkansas Gas, Iowa Gas and Wyoming Gas expected by 2023.

Corporate and Other

•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. We believe we have meritorious defenses to the verdict and intend to appeal the verdict. See additional information in Note 3 of the Notes to Condensed Consolidated Financial Statements.


Results of Operations

Certain lines of business in which we operate are highly seasonal, and revenue from, and certain expenses for, such operations may fluctuate significantly among quarterly periods. Demand for electricity and natural gas is sensitive to seasonal cooling, heating and industrial load requirements. In particular, the normal peak usage season for our Electric Utilities is June through August while the normal peak usage season for our Gas Utilities is November through March. Significant earnings variances can be expected between the Gas Utilities segment’s peak and off-peak seasons. Due to this seasonal nature, our results of operations for the three and six months ended June 30, 2022 and 2021, and our financial condition as of June 30, 2022 and December 31, 2021, are not necessarily indicative of the results of operations and financial condition to be expected as of or for any other period or for the entire year.

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. See further segment information in Note 12 of the Notes to Condensed Consolidated Financial Statements.

Segment information does not include inter-company eliminations and all amounts are presented on a pre-tax basis unless otherwise indicated. Minor differences in amounts may result due to rounding.
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Consolidated Summary and Overview

Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(in thousands, except per share amounts)
Operating income (loss):
Electric Utilities$45,226 $47,462 $95,972 $86,805 
Gas Utilities28,195 19,985 151,735 122,079 
Corporate and Other(1,032)(181)(1,965)(3,303)
Operating income72,389 67,266 245,742 205,581 
Interest expense, net(38,764)(38,202)(77,309)(75,802)
Other income (expense), net1,563 (191)2,267 75 
Income tax benefit (expense)658 (586)(13,830)(1,080)
Net income35,846 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 
Total earnings per share of common stock, Diluted$0.52 $0.40 $2.33 $1.93 

Three Months Ended June 30, 2022 Compared to Three Months Ended June 30, 2021:

The variance to the prior year included the following:

•Electric Utilities’ operating income decreased $2.2 million primarily due to higher operating expenses, lower pricing on the new Wygen I PPA and prior year regulatory actions reducing certain Winter Storm Uri impacts partially offset by increased rider revenues and prior year mark-to-market adjustments on wholesale energy contacts;
•Gas Utilities’ operating income increased $8.2 million primarily due to carrying costs on our Winter Storm Uri regulatory asset and new rates and rider recovery partially offset by higher operating expenses and unfavorable mark-to-market adjustments on wholesale commodity contracts;
•Other income increased $1.8 million primarily due to lower costs for our non-qualified benefit plans which were driven by market performance; and
•Income tax benefit increased $1.2 million driven by a lower effective tax rate due to tax benefits from state tax rate changes partially offset by higher pre-tax income.

Six Months Ended June 30, 2022 Compared to Six Months Ended June 30, 2021:

The variance to the prior year included the following:

•Electric Utilities’ operating income increased $9.2 million primarily due to prior year impacts related to Colorado Electric’s TCJA-related bill credits to customers (which were offset by reduced income tax expense), increased rider revenues, prior year mark-to-market adjustments on wholesale energy contacts and increased transmission and off-system energy sales partially offset by higher operating expenses and lower pricing on the new Wygen I PPA;
•Gas Utilities’ operating income increased $30 million primarily due to new rates and rider recovery, carrying costs on our Winter Storm Uri regulatory asset, prior year Black Hills Energy Services Winter Storm Uri costs, customer growth and increased usage per customer partially offset by higher operating expenses;
•Corporate and Other expenses decreased $1.3 million primarily due to an allocation of a 2020 employee cost true-up in the first quarter of 2021, which was offset in our business segments;
•Interest expense increased $1.5 million due to higher interest rates and higher debt balances primarily driven by Winter Storm Uri;
•Other income increased $2.2 million primarily due to lower costs for our non-qualified benefit plans which were driven by market performance;
•Income tax expense increased $13 million driven by higher pre-tax income and a higher effective tax rate primarily due to prior year tax benefits from Colorado Electric and Nebraska Gas TCJA-related bill credits partially offset by tax benefits from state tax rate changes; and
•Net income attributable to non-controlling interest decreased $1.4 million due to lower net income from Black Hills Colorado IPP primarily driven by a planned outage.
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Segment Operating Results

A discussion of operating results from our business segments follows.


Non-GAAP Financial Measure

The following discussion includes financial information prepared in accordance with GAAP, as well as another financial measure, Electric and Gas Utility margin, that is considered a “non-GAAP financial measure.” Generally, a non-GAAP financial measure is a numerical measure of a company’s financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. Electric and Gas Utility margin (revenue less cost of sales) is a non-GAAP financial measure due to the exclusion of operation and maintenance expenses, depreciation and amortization expenses, and property and production taxes from the measure.

Electric Utility margin is calculated as operating revenue less cost of fuel and purchased power. Gas Utility margin is calculated as operating revenue less cost of natural gas sold. Our Electric and Gas Utility margin is impacted by the fluctuations in power and natural gas purchases and other fuel supply costs. However, while these fluctuating costs impact Electric and Gas Utility margin as a percentage of revenue, they only impact total Electric and Gas Utility margin if the costs cannot be passed through to our customers.

Our Electric and Gas Utility margin measure may not be comparable to other companies’ Electric and Gas Utility margin measures. Furthermore, this measure is not intended to replace operating income as determined in accordance with GAAP as an indicator of operating performance.


Electric Utilities

Operating results for the Electric Utilities were as follows (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
20222021Variance20222021Variance
Revenue:
Electric - regulated$194,197 $181,503 $12,694 $389,921 $404,599 $(14,678)
Other - non-regulated10,182 9,513 669 20,995 21,821 (826)
Total revenue204,379 191,016 13,363 410,917 426,420 (15,503)
Cost of fuel and purchased power:
Electric - regulated55,723 44,607 11,116 107,202 144,076 (36,874)
Other - non-regulated909 956 (47)1,840 1,786 54 
Total cost of fuel and purchased power56,632 45,563 11,069 109,042 145,862 (36,820)
Electric Utility margin (non-GAAP)147,747 145,453 2,294 301,875 280,558 21,317 
Operations and maintenance69,000 65,301 3,699 138,669 129,035 9,634 
Depreciation and amortization33,521 32,690 831 67,234 64,718 2,516 
Total operating expenses102,521 97,991 4,530 205,903 193,753 12,150 
Operating income$45,226 $47,462 $(2,236)$95,972 $86,805 $9,167 
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Three Months Ended June 30, 2022 Compared to the Three Months Ended June 30, 2021:

Electric Utility margin increased as a result of the following:

(in millions)
New rates and rider recovery$4.2 
Prior year mark-to-market on wholesale energy contracts3.6 
Lower pricing on new Wygen I PPA(2.6)
Prior year Winter Storm Uri impacts (a)
(2.4)
Other(0.5)
Total increase in Electric Utility margin$2.3 
__________
(a)    In the first quarter 2021, our Electric Utilities accrued $3.2 million of negative impacts to our regulated wholesale power margins due to the higher fuel costs associated with Winter Storm Uri. Through regulatory actions in the second quarter of 2021, our Electric Utilities were able to reduce $2.4 million of that negative impact.

Operations and maintenance expense increased primarily due to higher outside services expenses, higher cloud computing licensing costs and increased property taxes due to a higher asset base.

Depreciation and amortization increased primarily due to a higher asset base driven by prior year capital expenditures.

Six Months Ended June 30, 2022 Compared to the Six Months Ended June 30, 2021:

Electric Utility margin increased as a result of the following:

(in millions)
Prior year TCJA-related bill credits (a)
$9.3 
New rates and rider recovery6.3 
Prior year mark-to-market on wholesale energy contracts5.1 
Transmission services and off-system energy sales2.6 
Customer load growth1.8 
Prior year Winter Storm Uri impacts (b)
1.2 
Lower pricing on new Wygen I PPA(5.1)
Weather(0.2)
Other0.3 
Total increase in Electric Utility margin$21.3 
__________
(a)    In February 2021, Colorado Electric delivered $9.3 million of TCJA-related bill credits to its customers. These bill credits were offset by a reduction in income tax expense and resulted in an immaterial impact to Net income.
(b)    As a result of Winter Storm Uri, our Electric Utilities incurred a $0.8 million negative impact to our regulated wholesale power margins due to higher fuel costs and $2.1 million of incremental fuel costs that are not recoverable through our fuel cost recovery mechanisms partially offset by $1.7 million of increased Electric Utility margin realized under Black Hills Wyoming’s Economy Energy PSA.

Operations and maintenance expense increased primarily due to higher cloud computing licensing costs, higher maintenance expenses driven by planned generation outages, higher fuel costs, higher outside services expenses and increased property taxes due to a higher asset base.

Depreciation and amortization increased primarily due to a higher asset base driven by prior year capital expenditures.
37

Operating Statistics

Revenue (in thousands)Quantities Sold (MWh)
Three Months Ended
June 30,		Six Months Ended
June 30,		Three Months Ended
June 30,		Six Months Ended
June 30,
20222021202220212022202120222021
Residential$52,853 $53,451 $115,102 $126,211 323,775 335,063 715,357 731,149 
Commercial68,756 66,809 133,109 143,816 509,830 501,463 1,000,248 994,418 
Industrial38,190 35,186 73,598 78,195 464,928 441,793 928,696 856,984 
Municipal4,992 4,382 9,567 9,402 40,240 39,863 75,545 76,105 
Subtotal Retail Revenue - Electric164,791 159,828 331,377 357,624 1,338,773 1,318,182 2,719,846 2,658,656 
Contract Wholesale4,339 3,010 10,262 8,932 150,645 129,763 332,852 286,758 
Off-system/Power Marketing Wholesale8,666 7,266 15,820 12,038 144,425 148,981 304,866 209,202 
Other (a)
16,400 11,399 32,463 26,005 — — — — 
Total Regulated194,197 181,503 389,921 404,599 1,633,843 1,596,926 3,357,564 3,154,616 
Non-Regulated (b)
10,182 9,513 20,995 21,821 72,770 61,408 161,864 140,923 
Total Revenue and Quantities Sold$204,379 $191,016 $410,917 $426,420 1,706,613 1,658,334 3,519,428 3,295,539 
Other Uses, Losses or Generation, net (c)
98,323 94,932 211,609 227,680 
Total Energy1,804,936 1,753,266 3,731,037 3,523,219 
__________
(a)    Primarily related to transmission revenues from the Common Use System.
(b)    Includes Integrated Generation and non-regulated services to our retail customers under the Service Guard Comfort Plan and Tech Services.
(c)    Includes company uses and line losses.

Revenue (in thousands)Quantities Sold (MWh)
Three Months Ended June 30,Six Months Ended June 30,Three Months Ended June 30,Six Months Ended June 30,
20222021202220212022202120222021
Colorado Electric$71,197 $64,009 $146,642 $143,446 568,890 596,364 1,188,478 1,150,344 
South Dakota Electric76,195 72,640 154,792 166,769 600,172 581,628 1,244,395 1,163,476 
Wyoming Electric47,146 45,601 89,235 95,551 464,781 418,934 924,691 840,796 
Integrated Generation9,841 8,766 20,248 20,654 72,770 61,408 161,864 140,923 
Total Revenue and Quantities Sold$204,379 $191,016 $410,917 $426,420 1,706,613 1,658,334 3,519,428 3,295,539 


Three Months Ended June 30,Six Months Ended June 30,
Quantities Generated and Purchased by Fuel Type (MWh)2022202120222021
Generated:
Coal589,438 623,822 1,252,876 1,241,956 
Natural Gas and Oil262,157 377,155 558,579 750,941 
Wind244,456 195,736 498,024 409,583 
Total Generated1,096,051 1,196,713 2,309,479 2,402,480 
Purchased:
Coal, Natural Gas, Oil and Other Market Purchases608,045 481,346 1,196,205 945,887 
Wind100,840 75,207 225,353 174,852 
Total Purchased708,885 556,553 1,421,558 1,120,739 
Total Generated and Purchased1,804,936 1,753,266 3,731,037 3,523,219 
38


Three Months Ended June 30,Six Months Ended June 30,
Quantities Generated and Purchased (MWh)2022202120222021
Generated:
Colorado Electric112,117 110,821 197,548 201,077 
South Dakota Electric367,936 442,665 823,541 911,481 
Wyoming Electric225,720 222,540 430,318 396,530 
Integrated Generation390,278 420,687 858,072 893,392 
Total Generated1,096,051 1,196,713 2,309,479 2,402,480 
Purchased:
Colorado Electric255,969 251,648 556,366 471,893 
South Dakota Electric248,625 154,633 445,688 296,635 
Wyoming Electric185,932 135,177 376,737 307,602 
Integrated Generation18,359 15,095 42,767 44,609 
Total Purchased708,885 556,553 1,421,558 1,120,739 
Total Generated and Purchased1,804,936 1,753,266 3,731,037 3,523,219 


Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Degree DaysActualVariance from
Normal		ActualVariance from
Normal		ActualVariance from
Normal		ActualVariance from
Normal
Heating Degree Days:
Colorado Electric556 (5)%595 (6)%3,271 5 %3,326 2 %
South Dakota Electric1,221 13 %1,048 2 %4,469 3 %4,372 3 %
Wyoming Electric1,159 (3)%1,221 2 %4,291 2 %4,482 6 %
Combined (a)
904 3 %875 — %3,885 4 %3,915 3 %
Cooling Degree Days:
Colorado Electric333 24 %300 44 %333 24 %300 44 %
South Dakota Electric107 15 %167 69 %107 15 %167 69 %
Wyoming Electric121 102 %117 134 %121 102 %117 134 %
Combined (a)
213 28 %218 56 %213 28 %218 56 %
__________
(a)    Degree days are calculated based on a weighted average of total customers by state.


Three Months Ended June 30,Six Months Ended June 30,
Contracted generating facilities Availability by fuel type (a)
2022202120222021
Coal (b) (c)
82.1 %86.1 %86.3 %86.2 %
Natural gas and diesel oil95.1 %97.6 %95.2 %93.8 %
Wind93.8 %96.8 %94.7 %95.3 %
Total Availability91.4 %94.4 %92.7 %92.1 %
Wind Capacity Factor39.8 %31.0 %40.9 %34.1 %
__________
(a)    Availability and Wind Capacity Factor are calculated using a weighted average based on capacity of our generating fleet.
(b) 2022 included planned outages at Neil Simpson II and Wyodak Plant.
(c)     2021 included planned outages at Neil Simpson II, Wygen, Wygen II, and Wygen III and unplanned outages at Neil Simpson II and Wyodak Plant.
39



Gas Utilities

Operating results for the Gas Utilities were as follows (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
20222021Variance20222021Variance
Revenue:
Natural gas - regulated$258,349 $172,465 $85,884 $854,807 $550,542 $304,265 
Other - non-regulated15,821 13,585 2,236 40,755 38,027 2,728 
Total revenue274,169 186,050 88,119 895,561 588,569 306,992 
Cost of natural gas sold:
Natural gas - regulated126,704 62,317 64,387 510,416 245,284 265,132 
Other - non-regulated5,040 798 4,242 6,055 10,881 (4,826)
Total cost of natural gas sold131,744 63,115 68,629 516,471 256,165 260,306 
Gas Utility margin (non-GAAP)142,425 122,935 19,490 379,090 332,404 46,686 
Operations and maintenance83,689 77,263 6,426 170,130 159,463 10,667 
Depreciation and amortization30,541 25,687 4,854 57,225 50,862 6,363 
Total operating expenses114,230 102,950 11,280 227,355 210,325 17,030 
Operating income$28,195 $19,985 $8,210 $151,735 $122,079 $29,656 


Three Months Ended June 30, 2022 Compared to the Three Months Ended June 30, 2021:

Gas Utility margin increased as a result of the following:
(in millions)
Carrying costs on Winter Storm Uri regulatory asset (a)
$12.3 
New rates and rider recovery4.6 
Current and prior year TCJA-related bill credits (b)
2.2 
Increased transportation and transmission volumes1.9 
Residential customer growth and increased usage per customer1.5 
Mark-to-market on non-utility natural gas commodity contracts(4.3)
Weather(0.2)
Other1.5 
Total increase in Gas Utility margin$19.5 
__________
(a)    In certain jurisdictions, we have Commission approval to recover carrying costs on Winter Storm Uri regulatory assets which offset increased interest expense. Additionally, the carrying costs accrued during the three months ended June 30, 2022 included a one-time, $10.3 million true-up to reflect Commission authorized rates. See Note 2 of the Notes to Condensed Consolidated Financial Statements for additional information.
(b) In June 2021, Nebraska Gas provided $2.9 million TCJA-related bill credits to its customers. For the three months ended June 30, 2022, Kansas Gas provided $0.7 million of TCJA and state tax reform bill credits to customers. These bill credits were offset by a reduction in income tax expense and resulted in an immateriall impact to Net income.


Operations and maintenance expense increased primarily due to higher outside services and materials expenses, increased bad debt expense primarily attributable to higher billings, higher cloud computing licensing costs and higher vehicle expenses due to higher fuel costs.

Depreciation and amortization increased primarily due to a higher asset base driven by prior year capital expenditures.
40


Six Months Ended June 30, 2022 Compared to the Six Months Ended June 30, 2021:

Gas Utility margin increased as a result of the following:
(in millions)
New rates and rider recovery$17.4 
Carrying costs on Winter Storm Uri regulatory asset (a)
14.6 
Prior year Black Hills Energy Services Winter Storm Uri costs (b)
8.2 
Residential customer growth and increased usage per customer4.5 
Increased transportation and transmission volumes1.5 
Current and prior year TCJA-related bill credits (c)
1.4 
Weather(1.0)
Mark-to-market on non-utility natural gas commodity contracts(0.9)
Other1.0 
Total increase in Gas Utility margin$46.7 
__________
(a)    In certain jurisdictions, we have Commission approval to recover carrying costs on Winter Storm Uri regulatory assets which offset increased interest expense. Additionally, the carrying costs accrued during the six months ended June 30, 2022 included a one-time, $10.3 million true-up to reflect Commission authorized rates. See Note 2 of the Notes to Condensed Consolidated Financial Statements for additional information.
(b)    Black Hills Energy Services offers fixed contract pricing for non-regulated gas supply services to our regulated natural gas customers. The increased cost of natural gas sold during Winter Storm Uri was not recoverable through a regulatory mechanism.
(c) In June 2021, Nebraska Gas provided $2.9 million TCJA-related bill credits to its customers. For the three months ended June 30, 2022, Kansas Gas provided $1.5 million of TCJA and state tax reform bill credits to customers. These bill credits were offset by a reduction in income tax expense and resulted in a minimal impact to Net income.

Operations and maintenance expense increased primarily due to higher cloud computing licensing costs, higher outside services and materials expenses, increased bad debt expense primarily attributable to higher billings, higher vehicle expenses due to higher fuel costs and increased property taxes due to a higher asset base.

Depreciation and amortization increased primarily due to a higher asset base driven by prior year capital expenditures.

Operating Statistics
Revenue (in thousands)Quantities Sold and Transported (Dth)
Three Months Ended
June 30,		Six Months Ended
June 30,		Three Months Ended
June 30,		Six Months Ended
June 30,
20222021202220212022202120222021
Residential$143,127 $98,370 $519,171 $332,767 8,523,755 8,575,051 40,338,005 39,143,789 
Commercial61,182 36,888 219,824 127,977 4,499,245 4,493,931 19,130,948 18,306,252 
Industrial16,875 5,811 26,113 10,713 2,150,532 1,337,672 3,315,115 2,235,961 
Other2,300 (418)5,072 (890)— — — — 
Total Distribution223,483 140,651 770,179 470,567 15,173,532 14,406,654 62,784,068 59,686,002 
Transportation and Transmission34,865 31,814 84,627 79,975 37,623,610 34,074,214 82,668,813 79,388,652 
Total Regulated258,349 172,465 854,807 550,542 52,797,142 48,480,868 145,452,881 139,074,654 
Non-regulated Services15,821 13,585 40,755 38,027 — — — — 
Total Revenue and Quantities Sold$274,169 $186,050 $895,561 $588,569 52,797,142 48,480,868 145,452,881 139,074,654 
41



Revenue (in thousands)Quantities Sold & Transported (Dth)
Three Months Ended
June 30,		Six Months Ended
June 30,		Three Months Ended
June 30,		Six Months Ended
June 30,
20222021202220212022202120222021
Arkansas Gas$51,815 $32,994 $179,624 $119,988 5,445,450 5,718,417 18,373,186 19,025,151 
Colorado Gas50,328 34,190 170,381 113,312 6,365,777 5,957,285 19,784,461 19,323,300 
Iowa Gas42,050 29,831 162,629 86,585 8,178,613 7,016,613 23,554,795 21,330,586 
Kansas Gas35,482 21,163 94,333 61,226 8,762,807 7,155,427 19,751,874 17,618,224 
Nebraska Gas62,337 43,037 196,571 136,135 16,714,480 15,822,880 44,050,254 43,106,981 
Wyoming Gas32,157 24,835 92,023 71,323 7,330,015 6,810,246 19,938,311 18,670,412 
Total Revenue and Quantities Sold$274,169 $186,050 $895,561 $588,569 52,797,142 48,480,868 145,452,881 139,074,654 


Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Heating Degree DaysActualVariance
from Normal		ActualVariance
from Normal		ActualVariance
from Normal		ActualVariance
from Normal
Arkansas Gas (a)
271(18)%38316%2,370(3)%2,5043%
Colorado Gas817(14)%865(9)%3,763(3)%3,830(1)%
Iowa Gas80317%6911%4,3828%4,1131%
Kansas Gas (a)
436(2)%49310%3,0204%3,0695%
Nebraska Gas6797%624(1)%3,7201%3,7211%
Wyoming Gas1,3269%1,200(1)%4,5984%4,6255%
Combined (b)
7682%7391%3,9332%3,9252%
__________
(a)    Arkansas Gas and Kansas Gas have weather normalization mechanisms that mitigate the weather impact on gross margins.
(b)    The combined heating degree days are calculated based on a weighted average of total customers by state excluding Kansas Gas due to its weather normalization mechanism. Arkansas Gas is partially excluded based on the weather normalization mechanism in effect from November through April.


Corporate and Other

Corporate and Other operating results were as follows (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
20222021Variance20222021Variance
Operating (loss)$(1,032)$(181)$(851)$(1,965)$(3,303)$1,338 

Three Months Ended June 30, 2022 Compared to the Three Months Ended June 30, 2021:

Operating (loss) was comparable to the same period in the prior year.


Six Months Ended June 30, 2022 Compared to the Six Months Ended June 30, 2021:

The decrease in Operating (loss) was primarily due to an allocation of a 2020 employee cost true-up in the first quarter of 2021, which was offset in our business segments.


42

Consolidated Interest Expense, Other Income and Income Tax Expense

Three Months Ended June 30,Six Months Ended June 30,
20222021Variance20222021Variance
(in thousands)
Interest expense, net$(38,764)$(38,202)$(562)$(77,309)$(75,802)$(1,507)
Other income, net1,563 (191)$1,754 $2,267 $75 $2,192 
Income tax benefit (expense)658 (586)$1,244 $(13,830)$(1,080)$(12,750)

Three Months Ended June 30, 2022 Compared to the Three Months Ended June 30, 2021:

Interest Expense, net

Interest expense, net was comparable to the same period in the prior year.

Other Income, net

The increase in Other income, net was due to lower costs for our non-qualified benefit plans which were driven by market performance partially offset by higher non-service pension costs primarily driven by a higher discount rate.

Income Tax Benefit (Expense)

Income tax benefit increased due to a lower effective tax rate partially offset by higher pre-tax income. 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. See Note 11 of the Notes to Condensed Consolidated Financial Statements for discussion of effective tax rate variances.

Six Months Ended June 30, 2022 Compared to the Six Months Ended June 30, 2021:

Interest Expense, net

The increase in Interest expense, net was due to higher interest rates and higher debt balances primarily driven by Winter Storm Uri.

Other Income, net

The increase in Other income, net was due to lower costs for our non-qualified benefit plans which were driven by market performance partially offset by higher non-service pension costs primarily driven by a higher discount rate.

Income Tax Benefit (Expense)

Income tax expense increased due to higher pre-tax income and a higher effective tax rate. 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. See Note 11 of the Notes to Condensed Consolidated Financial Statements for discussion of effective tax rate variances.


Liquidity and Capital Resources

There have been no material changes in Liquidity and Capital Resources from those reported in Item 7 of our 2021 Annual Report on Form 10-K except as described below.


Cash Flow Activities

The following table summarizes our cash flows for the six months ended June 30, (in thousands):
Cash provided by (used in):20222021Variance
Operating activities$442,030 $(250,173)$692,203 
Investing activities$(291,385)$(309,737)$18,352 
Financing activities$(149,093)$554,905 $(703,998)

43

Six Months Ended June 30, 2022 Compared to the Six Months Ended June 30, 2021

Operating Activities:

Net cash provided by (used in) operating activities was $692 million higher than the same period in 2021. The variance to the prior year was primarily attributable to:

•Cash earnings (net income plus non-cash adjustments) were $26 million higher for the six months ended June 30, 2022 compared to the same period in the prior year primarily due to increased Electric and Gas Utility margins driven by new rates and increased rider revenues and prior year impacts from Winter Storm Uri.

•Net inflows from changes in certain operating assets and liabilities were $670 million higher, primarily attributable to:

◦Cash inflows increased by $679 million as a result of changes in our regulatory assets and liabilities primarily driven by prior year incremental fuel, purchased power and natural gas costs due to Winter Storm Uri and current year recovery of a portion of Winter Storm Uri incremental and carrying costs from customers;

◦Cash inflows decreased by $44 million as a result of changes in accounts receivable and other current assets primarily driven by higher pass-through revenues reflecting higher commodity prices; and

◦Cash outflows decreased by $36 million as a result of changes in accounts payable and accrued liabilities primarily driven by payment timing of natural gas and power purchases and other working capital requirements.

•Cash outflows increased by $4.0 million for other operating activities which was primarily driven by changes in contractor retainage balances.

Investing Activities:

Net cash used in investing activities was $18 million lower than the same period in 2021. The variance to the prior year was primarily attributable to:

•Capital expenditures of $294 million for the six months ended June 30, 2022 compared to $319 million for the same period in the prior year. Lower current year expenditures were driven by lower programmatic safety, reliability and integrity spending at our Gas and Electric Utilities; and

•Cash inflows decreased by $7.3 million for other investing activities which was primarily driven by prior year sales of transmission assets and facilities, none of which were individually material.

Financing Activities:

Net cash used in financing activities was $704 million higher than the same period in 2021. The variance to the prior year was primarily attributable to:

•Cash inflows decreased $680 million due to short-term and long-term repayments in excess of borrowings which was primarily driven by prior year term loan borrowings related to Winter Storm Uri;

•Cash inflows decreased $20 million due to decreased issuances of common stock;

•Cash outflows increased $6.0 million due to increased dividends paid on common stock; and

•Cash inflows increased by $1.4 million for other financing activities.


44

Capital Resources

Short-term Debt

Revolving Credit Facility and CP Program

Our Revolving Credit Facility and CP Program had the following borrowings, outstanding letters of credit and available capacity (in millions):

CurrentShort-term borrowings at
Letters of Credit (a) at
Available Capacity at
Credit FacilityExpirationCapacityJune 30, 2022June 30, 2022June 30, 2022
Revolving Credit Facility and CP ProgramJuly 19, 2026$750 $335 $14 $401 
__________
(a)    Letters of credit are off-balance sheet commitments that reduce the borrowing capacity available on our corporate Revolving Credit Facility. For more information on these letters of credit, see Note 5 of the Notes to Condensed Consolidated Financial Statements.

The weighted average interest rate on short-term borrowings at June 30, 2022 was 1.74%. Short-term borrowing activity for the six months ended June 30, 2022 was:

(dollars in millions)
Maximum amount outstanding (based on daily outstanding balances)$429 
Average amount outstanding (based on daily outstanding balances) $326 
Weighted average interest rates0.82 %

Covenant Requirements

The Revolving Credit Facility and Wyoming Electric’s financing agreements contain covenant requirements. We were in compliance with these covenants as of June 30, 2022. See Note 5 of the Notes to Condensed Consolidated Financial Statements for more information.

Equity

See Note 5 of the Notes to Condensed Consolidated Financial Statements for information related to common stock issuances under the ATM.

Future Financing Plans

We will continue to assess debt and equity needs to support our capital investment plans and other strategic objectives. We plan to fund our capital plan and strategic objectives by using cash generated from operating activities, our Revolving Credit Facility and CP Program and issuing common stock under the ATM.


Credit Ratings

After assessing the current operating performance, liquidity and credit ratings of the Company, management believes that the Company will have access to the capital markets at prevailing market rates for companies with comparable credit ratings.

The following table represents the credit ratings, outlook and risk profile of BHC at June 30, 2022:

Rating AgencySenior Unsecured RatingOutlook
S&P (a)
BBB+Stable
Moody’s (b)
Baa2Stable
Fitch (c)
BBB+Stable
__________
(a)    On October 20, 2021, S&P reported BBB+ rating and maintained a Stable outlook.
(b)    On December 20, 2021, Moody’s reported Baa2 rating and maintained a Stable outlook.
(c)    On September 17, 2021, Fitch reported BBB+ rating and maintained a Stable outlook.

45

The following table represents the credit ratings of South Dakota Electric at June 30, 2022:

Rating AgencySenior Secured Rating
S&P (a)
A
Fitch (b)
A
__________
(a)    On March 31, 2022, S&P reported A rating.
(b)    On September 17, 2021, Fitch reported A rating.


Capital Requirements

Capital Expenditures

ActualForecasted
Capital Expenditures by Segment
Six Months Ended June 30, 2022 (a)
2022 (b)
2023202420252026
(in millions)
Electric Utilities$120 $239 $205 $285 $231 $155 
Gas Utilities150 363 383 386 349 346 
Corporate and Other4 9 12 13 13 13 
Incremental Projects (c)
— — — — 60 140 
$274 $611 $600 $684 $653 $654 
__________
(a)    Includes accruals for property, plant and equipment as disclosed in supplemental cash flow information in the Condensed Consolidated Statements of Cash Flows in the Condensed Consolidated Financial Statements.
(b)    Includes actual capital expenditures for the six months ended June 30, 2022.
(c)    These represent projects that are being evaluated by our segments for timing, cost and other factors.

Dividends

Dividends paid on our common stock totaled $77 million for the six months ended June 30, 2022, or $0.595 per share per quarter. On July 25, 2022, our board of directors declared a quarterly dividend of $0.595 per share payable September 1, 2022, equivalent to an annual dividend of $2.38 per share. The amount of any future cash dividends to be declared and paid, if any, will depend upon, among other things, our financial condition, funds from operations, the level of our capital expenditures, restrictions under our Revolving Credit Facility and our future business prospects.

Unconditional Purchase Obligations

See Note 3 of the Notes to Condensed Consolidated Financial Statements for recent updates to our purchase obligations.

Critical Accounting Estimates

There have been no material changes in our critical accounting estimates from those reported in our 2021 Annual Report on Form 10-K. We are closely monitoring the impacts of recent macroeconomic trends and Winter Storm Uri on our critical accounting estimates including, but not limited to, collectibility of customer receivables, cost recoverability through regulatory assets, impairment risk of goodwill and long-lived assets, valuation of pension assets and liabilities and contingent liabilities. For more information on our critical accounting estimates, see Part II, Item 7 of our 2021 Annual Report on Form 10-K.


New Accounting Pronouncements

Other than the pronouncements reported in our 2021 Annual Report on Form 10-K and those discussed in Note 1 of the Notes to Condensed Consolidated Financial Statements, there have been no new accounting pronouncements that are expected to have a material effect on our financial position, results of operations or cash flows.


ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes to our quantitative and qualitative disclosures about market risk previously disclosed in Item 7A of our Annual Report on Form 10-K.
46



ITEM 4.    CONTROLS AND PROCEDURES

Our Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of June 30, 2022. Based on their evaluation, they have concluded that our disclosure controls and procedures were effective at June 30, 2022.

Our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

During the quarter ended June 30, 2022, there have been no changes in our internal controls over financial reporting that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.


PART II.    OTHER INFORMATION


ITEM 1.LEGAL PROCEEDINGS

For information regarding legal proceedings, see Note 3 in Item 8 of our 2021 Annual Report on Form 10-K and Note 3 of the Notes to Condensed Consolidated Financial Statements.


ITEM 1A.RISK FACTORS

There are no material changes to the risk factors previously disclosed in Item 1A of Part I in our 2021 Annual Report on Form 10-K.


ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table contains monthly information about our acquisitions of equity securities for the three months ended June 30, 2022:

Period
Total Number of Shares Purchased (a)
Average Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsMaximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plans or Programs
April 1, 2022 - April 30, 20222$78.44 — — 
May 1, 2022 - May 31, 2022741$75.60 — — 
June 1, 2022 - June 30, 20223$76.38 — — 
Total746 $75.61 — — 
__________
(a)    Shares were acquired under the share withholding provisions of the Omnibus Incentive Plan for payment of taxes associated with the vesting of various equity compensation plans.


ITEM 4.    MINE SAFETY DISCLOSURES

Information concerning mine safety violations or other regulatory matters required by Sections 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is included in Exhibit 95.


47

Table of Contents
ITEM 6.        EXHIBITS

Exhibits filed herewithin are designated by an asterisk (*). All exhibits not so designated are incorporated by reference to a prior filing, as indicated.

Exhibit NumberDescription
10.1
31.1*
31.2*
32.1*
32.2*
95*
101.INS*XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH*XBRL Taxonomy Extension Schema Document
101.CAL*XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*XBRL Taxonomy Extension Label Linkbase Document
101.PRE*XBRL Taxonomy Extension Presentation Linkbase Document
104*Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
48

SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

BLACK HILLS CORPORATION
/s/ Linden R. Evans
Linden R. Evans, President and
  Chief Executive Officer
/s/ Richard W. Kinzley
Richard W. Kinzley, Senior Vice President and
  Chief Financial Officer
Dated:August 4, 2022
49

What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

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