BLACK HILLS CORP SD
For the period ended Dec 31, 2024. Filed Feb 12, 2025.
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FY2024 · Filed Feb 12, 2025
BKH$87.04+0.8%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year ended | December 31, 2024 | December 31, 2023 | December 31, 2022 |
|---|---|---|---|
| (in millions) | |||
| Operating activities: | |||
| Net income | $283.7 | $276.0 | $270.8 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 270.1 | 256.8 | 250.9 |
| Deferred financing cost amortization | 10.7 | 10.1 | 9.8 |
| Stock compensation | 10.6 | 7.0 | 8.6 |
| Deferred income taxes | 52.0 | 25.4 | 25.6 |
| Employee benefit plans | 11.2 | 11.5 | 5.5 |
| Other adjustments, net | (4.1) | 2.7 | (4.7) |
| Change in certain operating assets and liabilities: | |||
| Materials, supplies and fuel | 13.2 | 51.4 | (75.4) |
| Accounts receivable and other current assets | (25.7) | 204.5 | (184.5) |
| Accounts payable and other current liabilities | 28.8 | (109.9) | 89.4 |
| Regulatory assets | 90.0 | 236.8 | 203.9 |
| Other operating activities, net | (21.2) | (27.9) | (15.1) |
| Net cash provided by operating activities | 719.3 | 944.4 | 584.8 |
| Investing activities: | |||
| Property, plant and equipment additions | (744.2) | (555.6) | (604.4) |
| Other investing activities | (1.8) | 18.9 | 0.5 |
| Net cash (used in) investing activities | (746.0) | (536.7) | (603.9) |
| Financing activities: | |||
| Dividends paid on common stock | (182.3) | (168.1) | (156.7) |
| Common stock issued | 181.4 | 118.3 | 90.1 |
| Net borrowings (payments) of Revolving Credit Facility and CP Program | 133.8 | (535.6) | 115.4 |
| Long-term debt - issuance | 450.0 | 800.0 | — |
| Long-term debt - repayments | (600.0) | (525.0) | — |
| Distributions to non-controlling interests | (17.4) | (18.3) | (17.4) |
| Other financing activities | (8.4) | (13.0) | 0.9 |
| Net cash provided by (used in) financing activities | (42.9) | (341.7) | 32.3 |
| Net change in cash, restricted cash and cash equivalents | (69.6) | 66.0 | 13.2 |
| Cash, restricted cash and cash equivalents beginning of year | 93.0 | 27.0 | 13.8 |
| Cash, restricted cash and cash equivalents end of year | $23.4 | $93.0 | $27.0 |
| Supplemental cash flow information: | |||
| Cash (paid) received during the period: | |||
| Interest (net of amounts capitalized) | $(174.4) | $(157.3) | $(152.5) |
| Income taxes net of transferred tax credits (Note 15) | $14.4 | $(1.0) | $0.8 |
| Non-cash investing and financing activities: | |||
| Accrued property, plant and equipment purchases at December 31 | $80.2 | $52.4 | $59.3 |
| Increase in capitalized assets associated with asset retirement obligations | $0.4 | $3.8 | $14.0 |
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