BLACK HILLS CORP SD

For the period ended Dec 31, 2024. Filed Feb 12, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 12, 2025

BKH$84.87+0.3%Stored close · as of Nov 6, 2026

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Contents

Page
GLOSSARY OF TERMS AND ABBREVIATIONS	4
WEBSITE ACCESS TO REPORTS	11
FORWARD-LOOKING INFORMATION	11
Part I
ITEM 1.	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	23
ITEM 1B.	UNRESOLVED STAFF COMMENTS	30
ITEM 1C.	CYBERSECURITY	30
ITEM 2.	PROPERTIES		31
ITEM 3.	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	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	52

Part III
ITEM 8.	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	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	102
ITEM 9B.	OTHER INFORMATION	102
ITEM 9C.	DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS	102
ITEM 10.	DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE	102
ITEM 11.	EXECUTIVE COMPENSATION	102
ITEM 12.	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
SIGNATURES	108

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