BLACK HILLS POWER INC

CIK:0000012400|SEC Filings

Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Revenues	$ 78,861	$ 77,022	$ 213,059	$ 225,309
Operating expenses:
Fuel and purchased power	20,798	21,805	49,399	62,919
Operations and maintenance	20,607	20,885	60,870	61,570
Depreciation and amortization	11,022	10,328	32,925	30,762
Taxes - property	2,109	2,000	6,620	6,102
Total operating expenses	54,536	55,018	149,814	161,353
Operating income	24,325	22,004	63,245	63,956
Other income (expense):
Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts)	(6,265)	(5,645)	(18,206)	(16,641)
Interest income	346	316	469	603
Other income (expense), net	(348)	112	(533)	28
Total other income (expense), net	(6,267)	(5,217)	(18,270)	(16,010)
Income before income taxes	18,058	16,787	44,975	47,946
Income tax (expense)	(1,141)	(3,044)	(5,095)	(8,558)
Net income	16,917	13,743	39,880	39,388
Other comprehensive income (loss), net of tax:
Reclassification of net realized (gains) losses on settled/amortized interest rate swaps (net of tax of $(4), $(3), $(10) and $(10), respectively	13	13	38	38
Reclassification adjustment of benefit plan liability - net gain (loss) (net of tax of $(6), $(3), $(20) and $(10), respectively)	24	12	74	38
Other comprehensive income (loss), net of tax	37	25	112	76
Comprehensive income	$ 16,954	$ 13,768	$ 39,992	$ 39,464

Condensed Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Operating activities:
Net income	$ 39,880	$ 39,388
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	32,925	30,762
Deferred income tax	1,341	951
Employee benefits	973	584
Other adjustments, net	2,308	2,559
Change in operating assets and liabilities:
Accounts receivable and other current assets	(7,376)	4,290
Accounts payable and other current liabilities	5,819	9,370
Regulatory assets - current	637	(2,306)
Regulatory liabilities - current	(2,149)	298
Payment for Pension Benefits	(1,739)	(1,753)
Other operating activities, net	(378)	(667)
Net cash provided by operating activities	72,241	83,476
Investing activities:
Property, plant and equipment additions	(90,224)	(86,395)
Payments for (Proceeds from) Other Investing Activities	(1,184)	(868)
Net cash (used in) investing activities	(91,408)	(87,263)
Financing activities:
Change in money pool notes payable, net	13,139	(21,320)
Net borrowings of Notes payable to Parent	40,000	25,000
Long-term debt - repayments	(2,855)	0
Dividend to Parent	(31,000)	0
Net cash provided by financing activities	19,284	3,680
Net Cash Provided by (Used in) Continuing Operations [Abstract]
Net change in cash	117	(107)
Cash, beginning of period	6	112
Cash, end of period	123	5
Supplemental cash flow information:
Interest (net of amounts capitalized)	(15,472)	(14,946)
Accrued property, plant and equipment purchases at September 30	$ 16,513	$ 8,858

Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash	$ 123	$ 6
Accounts receivable, net	27,274	25,532
Accounts receivable from affiliates	9,656	7,838
Materials, supplies and fuel	31,147	27,950
Regulatory assets, current	21,968	21,588
Other current assets	4,953	4,949
Total current assets	95,121	87,863
Investments	5,317	5,079
Property, plant and equipment	1,554,159	1,494,670
Less: accumulated depreciation and amortization	(388,024)	(400,054)
Total property, plant and equipment, net	1,166,135	1,094,616
Other assets:
Regulatory assets, non-current	51,017	54,109
Other assets, non-current	18,535	18,690
Total other assets, non-current	69,552	72,799
TOTAL ASSETS	1,336,125	1,260,357
Current liabilities:
Accounts payable	27,747	20,654
Accounts payable to affiliates	38,486	32,121
Accrued liabilities	30,946	25,492
Money pool notes payable	70,724	57,585
Notes payable to Parent	65,000	25,000
Regulatory liabilities, current	0	3,162
Total current liabilities	232,903	164,014
Long-term debt	337,426	340,176
Deferred credits and other liabilities:
Deferred income tax liabilities, net	117,333	112,202
Regulatory liabilities, non-current	160,080	163,009
Benefit plan liabilities	12,876	14,636
Other deferred credits and other liabilities	15,612	15,397
Total deferred credits and other liabilities	305,901	305,244
Commitments and contingencies (Notes 5, 6, 8 and 9)
Stockholder’s equity:
Common stock $1 par value; 50,000,000 shares authorized; 23,416,396 shares issued	23,416	23,416
Additional paid-in capital	39,575	39,575
Retained earnings	398,172	389,312
Accumulated other comprehensive loss	(1,268)	(1,380)
Total stockholder’s equity	459,895	450,923
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY	$ 1,336,125	$ 1,260,357