Black Hills Corp. Files 2024 10-K

TL;DR

BKH 2024 10-K filed. All systems go for energy services.

AI Summary

Black Hills Corp. filed its 2024 10-K on February 12, 2025, reporting its financial performance for the fiscal year ending December 31, 2024. The company, primarily involved in electric services, is based in Rapid City, South Dakota. The filing details its operations and financial standing, including revenue, expenses, and net income, as it navigates the energy sector.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Black Hills Corp.'s financial health and operational performance for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As an electric services company, Black Hills Corp. is subject to regulatory changes, fuel price volatility, and capital expenditure requirements, which can impact its financial performance.

Key Players & Entities

• BLACK HILLS CORP /SD/ (company) — Filer
• 0000950170-25-018647 (other) — Accession Number
• 20250212 (date) — Filing Date
• 20241231 (date) — Fiscal Year End
• 7001 MT RUSHMORE RD (address) — Business Address
• RAPID CITY (location) — City
• SD (location) — State
• 57709 (other) — ZIP Code
• 6057212343 (phone) — Business Phone

FAQ

Key Financial Figures

• $1.00 — e on which registered Common stock of $1.00 par value BKH New York Stock Exchan
• $750 million — tents Revolving Credit Facility Our $750 million credit facility used to fund working ca
• $1.0 billion — us to increase total commitments up to $1.0 billion with the consent of the administrative

Filing Documents

• bkh-20241231.htm (10-K) — 7004KB
• bkh-ex21.htm (EX-21) — 50KB
• bkh-ex23_1.htm (EX-23.1) — 4KB
• bkh-ex31_1.htm (EX-31.1) — 31KB
• bkh-ex31_2.htm (EX-31.2) — 31KB
• bkh-ex32_1.htm (EX-32.1) — 15KB
• bkh-ex32_2.htm (EX-32.2) — 15KB
• bkh-ex95.htm (EX-95) — 30KB
• img148994573_0.jpg (GRAPHIC) — 267KB
• 0000950170-25-018647.txt ( ) — 28142KB
• bkh-20241231.xsd (EX-101.SCH) — 2744KB
• bkh-20241231_htm.xml (XML) — 6826KB

BUSINESS

BUSINESS 12 History and Organization 12 Electric Utilities 12 Gas Utilities 15 Utility Regulation Characteristics 17 Environmental Matters 20 Human Capital Resources 21 ITEM 1A.

RISK FACTORS

RISK FACTORS 23 ITEM 1B. UNRESOLVED STAFF COMMENTS 30 ITEM 1C. CYBERSECURITY 30 ITEM 2.

PROPERTIES

PROPERTIES 31 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 31 ITEM 4. MINE SAFETY DISCLOSURES 31 INFORMATION ABOUT OUR EXECUTIVE OFFICERS 32 Part II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 33 ITEM 6. RESERVED 34 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 34 Executive Summary 34 Key Elements of our Business Strategy 34 Recent Developments 38 Results of Operations - Consolidated Summary and Overview 39 Non-GAAP Financial Measure 40 Electric Utilities 40 Gas Utilities 43 Corporate and Other 44 Consolidated Interest Expense, Other Income (Expense) and Income Tax Benefit (Expense) 44 Liquidity and Capital Resources 45 Cash Flow Activities 46 Capital Resources 47 Credit Ratings 48 Capital Requirements 49 Critical Accounting Estimates 50 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 52 2 Table of Contents ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 54 Management's Report on Internal Controls Over Financial Reporting 54 Reports of Independent Registered Public Accounting Firm 55 Consolidated Statements of Income 58 Consolidated Statements of Comprehensive Income 59 Consolidated Balance Sheets 60 Consolidated Statements of Cash Flows 62 Consolidated Statements of Equity 63

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 64 Note 1. Business Description and Significant Accounting Policies 64 Note 2. Regulatory Matters 72 Note 3. Commitments, Contingencies and Guarantees 75 Note 4. Revenue 77 Note 5. Property, Plant and Equipment 79 Note 6. Jointly Owned Facilities 80 Note 7. Asset Retirement Obligations 80 Note 8. Financing 81 Note 9. Risk Management and Derivatives 84 Note 10. Fair Value Measurements 87 Note 11. Other Comprehensive Income 88 Note 12. Variable Interest Entity 89 Note 13. Employee Benefit Plans 90 Note 14. Share-based Compensation Plans 94 Note 15. Income Taxes 96 Note 16. Business Segment Information 99 Note 17. Subsequent Events 101 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 102 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 102 ITEM 9B. OTHER INFORMATION 102 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 102 Part III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 102 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 102 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 103 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE 103 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 103 Part IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 104 ITEM 16. FORM 10-K SUMMARY 107

SIGNATURES

SIGNATURES 108 3 Table of Contents GLOSSARY OF TERMS AND ABBREVIATIONS The following terms and abbreviations appear in the text of this report and have the definitions described below: AC Alternating Current AFUDC Allowance for Funds Used During Construction AI Artificial Intelligence AOCI Accumulated Other Comprehensive Income (Loss) APSC Arkansas Public Service Commission Arkansas Gas Black 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). ARO Asset Retirement Obligation ASC Accounting Standards Codification ASU Accounting Standards Update as issued by the FASB ATM At-the-market equity offering program Availability The availability factor of a power plant is the percentage of the time that it is available to provide energy. BHC Black Hills Corporation; the Company BHSC Black Hills Service Company, LLC, a direct, wholly-owned subsidiary of Black Hills Corporation (doing business as Black Hills Energy) Black-box Settlement Settlement with a utility's commission where the revenue requirement is agreed upon, but the specific adjustments used by each party to arrive at the amount are not specified in public rate orders. Black Hills Colorado IPP Black Hills Colorado IPP, LLC, a 50.1% owned subsidiary of Black Hills Electric Generation Black Hills Electric Generation Black 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 Electric Parent Holdings Black Hills Electric Utility Holdings, LLC., a direct, wholly-owned subsidiary of Black Hills Corporation Black Hills Energy The name used to conduct the business of our Utilities Black Hills Energy Renewable Resources (BHERR) Black Hills Energy Renew

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View this 10-K filing on SEC EDGAR