BLACK HILLS CORP SD
For the period ended Dec 31, 2023. Filed Feb 14, 2024.
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FY2023 · Filed Feb 14, 2024
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Liquidity and Capital Resources
OVERVIEW
Our company requires significant cash to support and grow our businesses. Our primary sources of cash are generated from our operating activities, Revolving Credit Facility, CP Program, ATM and ability to access the public and private capital markets through debt and equity securities offerings when necessary. This cash is used for, among other things, working capital, capital expenditures, dividends, pension funding, investments in or acquisitions of assets and businesses, payment of debt obligations and redemption of outstanding debt and equity securities when required or financially appropriate.
We experience significant cash requirements during peak months of the winter heating season due to higher natural gas consumption, during periods of high natural gas prices, and during the construction season, which typically peaks in spring and summer.
We believe that our cash on hand, operating cash flows, existing borrowing capacity and ability to complete new debt and equity financings, taken in their entirety, provide sufficient capital resources to fund our ongoing operating requirements, regulatory liabilities, debt maturities, anticipated dividends, and anticipated capital expenditures discussed in this section.
The following table provides an informational summary of our liquidity and capital structure as of December 31 (dollars in millions):
| 2023 | 2022 | |
|---|---|---|
| Cash and cash equivalents | $86.6 | $21.4 |
| Available capacity under Revolving Credit Facility and CP Program (a) | 746.3 | 189.8 |
| Available liquidity | $832.9 | $211.2 |
| Capital structure | ||
| Short-term debt | $600.0 | $1,060.6 |
| Long-term debt | 3,801.2 | 3,607.3 |
| Total debt | 4,401.2 | 4,667.9 |
| Total stockholders' equity (excludes non-controlling interest) | 3,215.3 | 2,994.9 |
| Total capitalization | $7,616.5 | $7,662.8 |
| Debt to capitalization | 57.8% | 60.9% |
| Net debt to capitalization (b) | 57.3% | 60.8% |
| Long-term debt to total debt | 86.4% | 77.3% |
(a)
Available capacity under Revolving Credit Facility and CP Program represents $750 million of total borrowing capacity less outstanding borrowings and letters of credit. See Note 8 of the Notes to Consolidated Financial Statements in this Annual Report on Form 10-K for more information.
(b)
Net debt to capitalization ratio is net of Cash and cash equivalents for both Total debt and Total capitalization.
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