NORTHWESTERN CORP

CIK:0000073088|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Electric	$ 280,030	$ 292,270	$ 804,604	$ 807,415
Gas	41,060	42,798	261,530	245,139
Total Revenues	321,090	335,068	1,066,134	1,052,554
Operating expenses
Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below)	88,943	108,920	322,013	338,994
Operating and maintenance	53,240	54,654	163,941	160,785
Administrative and general	29,355	28,146	94,058	87,010
Property and other taxes	41,763	46,466	131,043	140,209
Depreciation and depletion	52,159	48,588	157,787	145,705
Total Operating Expenses	265,460	286,774	868,842	872,703
Operating income	55,630	48,294	197,292	179,851
Interest expense, net	(28,725)	(25,332)	(85,144)	(73,081)
Other income, net	4,127	4,157	12,926	11,791
Income before income taxes	31,032	27,119	125,074	118,561
Income tax (expense) benefit	(1,697)	249	(14,085)	(2,297)
Net Income	$ 29,335	$ 27,368	$ 110,989	$ 116,264
Average Common Shares Outstanding	60,442,164	56,310,526	60,010,609	54,901,161
Basic Earnings per Average Common Share	$ 0.48	$ 0.48	$ 1.85	$ 2.12
Diluted Earnings per Average Common Share	0.48	0.47	1.85	2.09
Dividends Declared per Common Share	$ 0.640	$ 0.63	$ 1.92	$ 1.89

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net Income	$ 110,989	$ 116,264
Items not affecting cash:
Depreciation and depletion	157,787	145,705
Amortization of debt issuance costs, discount and deferred hedge gain	3,997	4,044
Stock-based compensation costs	5,119	4,324
Equity portion of allowance for funds used during construction	(12,530)	(9,983)
(Gain) loss on disposition of assets	(27)	524
Deferred income taxes	(13,281)	(12,127)
Changes in current assets and liabilities:
Accounts receivable	96,910	49,522
Inventories	(11,721)	(48,639)
Other current assets	389	(5,139)
Accounts payable	(60,815)	36,064
Accrued expenses and other	65,058	67,636
Regulatory assets	94,069	(20,788)
Regulatory liabilities	10,588	(6,398)
Other noncurrent assets	1,981	8,968
Other noncurrent liabilities	(21,591)	(20,707)
Cash Provided by Operating Activities	426,922	309,270
Net Cash Provided by (Used in) Investing Activities [Abstract]
Property, plant, and equipment additions	(407,170)	(386,339)
Investment in equity securities	(3,804)	(914)
Cash Used in Investing Activities	(410,974)	(387,253)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Proceeds from issuance of common stock, net	73,613	179,903
Dividends on common stock	(115,048)	(102,980)
Issuance of long-term debt	300,000	0
Line of credit (repayments) borrowings, net	(273,000)	12,000
Other financing activities, net	(2,336)	(977)
Cash (Used in) Provided by Financing Activities	(16,771)	87,946
(Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash	(823)	9,963
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	22,463	18,762
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	21,640	28,725
Cash Paid [Abstract]
Income Taxes Paid, Net	3,204	9,060
Interest Paid, Excluding Capitalized Interest, Operating Activities	64,533	60,610
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Capital expenditures included in accounts payable	43,389	26,184
Refinancing of Pollution Control Revenue Refunding Bonds	$ 144,660	$ 0

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 5,091	$ 8,489
Restricted cash	16,549	13,974
Accounts receivable, net	148,043	244,952
Inventories	119,080	107,359
Regulatory assets	41,940	136,009
Prepaid expenses and other	27,651	28,041
Total current assets	358,354	538,824
Property, plant, and equipment, net	5,932,179	5,657,480
Goodwill	357,586	357,586
Regulatory assets	731,373	716,570
Other noncurrent assets	50,007	47,323
Total Assets	7,429,499	7,317,783
Current Liabilities:
Current maturities of finance leases	3,275	3,098
Current portion of long-term debt	99,900	144,525
Accounts payable	119,315	201,498
Accrued expenses and other	315,291	250,579
Regulatory liabilities	31,733	21,145
Total current liabilities	569,514	620,845
Long-term finance leases	6,327	8,799
Long-term debt	2,544,522	2,474,357
Deferred income taxes	551,221	538,983
Noncurrent regulatory liabilities	671,831	654,213
Other noncurrent liabilities	345,670	355,403
Total Liabilities	4,689,085	4,652,600
Commitments and Contingencies (Note 10)
Shareholders' Equity:
Common Stock, Value, Issued	648	633
Treasury stock at cost	(98,122)	(98,392)
Paid-in capital	2,078,554	1,999,376
Retained earnings	767,355	771,414
Accumulated other comprehensive loss	(8,021)	(7,848)
Total Shareholders' Equity	2,740,414	2,665,183
Total Liabilities and Shareholders' Equity	$ 7,429,499	$ 7,317,783
Preferred Stock, Shares Issued	0
Common Stock, Par or Stated Value Per Share	$ 0.01
Common Stock, Shares Authorized	200,000,000
Common Stock, Shares, Issued	64,761,918
Common Stock, Shares, Outstanding	61,241,779
Preferred Stock, Par or Stated Value Per Share	$ 0.01
Preferred Stock, Shares Authorized	50,000,000
Preferred Stock, Shares Outstanding	0