10-Q 1 bkh-20220630.htm 10-Q bkh-20220630
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 FilerSmaller 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
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TABLE OF CONTENTS
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Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 4.
Item 6.

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).


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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.
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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.
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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.
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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.
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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.
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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.
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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 
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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.
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(2)    Regulatory Matters

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