BLACK HILLS CORP /SD/ PP&E Disclosure
Property, plant, and equipment at December 31 consisted of the following:
|
2025 |
2024 |
Lives |
|||||||
Electric Utilities |
Property, Plant and Equipment |
|
Weighted Average Useful Life |
Property, Plant and Equipment |
|
Weighted Average Useful Life |
Minimum |
Maximum |
||
|
(dollars in millions, life in years) |
(in years) |
||||||||
Electric plant: |
|
|
|
|
|
|
|
|
||
Production |
$ |
1,545.4 |
|
40 |
$ |
1,508.5 |
|
39 |
32 |
45 |
Electric transmission |
|
1,052.3 |
|
48 |
|
793.7 |
|
48 |
44 |
51 |
Electric distribution |
|
1,347.3 |
|
49 |
|
1,238.5 |
|
47 |
45 |
55 |
Integrated Generation |
|
727.3 |
|
30 |
|
724.0 |
|
30 |
19 |
38 |
Plant acquisition adjustment (a) |
|
4.9 |
|
32 |
|
4.9 |
|
32 |
32 |
32 |
General |
|
310.2 |
|
25 |
|
306.6 |
|
26 |
16 |
28 |
Total electric plant in service |
|
4,987.4 |
|
|
|
4,576.2 |
|
|
|
|
Construction work-in-progress |
|
270.1 |
|
|
|
259.4 |
|
|
|
|
Total electric plant |
|
5,257.5 |
|
|
|
4,835.6 |
|
|
|
|
Less accumulated depreciation |
|
(1,366.5 |
) |
|
|
(1,280.3 |
) |
|
|
|
Electric plant net of accumulated depreciation |
$ |
3,891.0 |
|
|
$ |
3,555.3 |
|
|
|
|
____________________
|
2025 |
2024 |
Lives |
|||||||
Gas Utilities |
Property, Plant and Equipment |
|
Weighted Average Useful Life |
Property, Plant and Equipment |
|
Weighted Average Useful Life |
Minimum |
Maximum |
||
|
(dollars in millions, life in years) |
(in years) |
||||||||
Gas plant: |
|
|
|
|
|
|
|
|
||
Production |
$ |
26.3 |
|
44 |
$ |
21.6 |
|
43 |
24 |
45 |
Gas transmission |
|
860.0 |
|
57 |
|
817.5 |
|
58 |
32 |
73 |
Gas distribution |
|
3,414.3 |
|
57 |
|
3,107.3 |
|
57 |
48 |
61 |
Cushion gas - not depreciable (a) |
|
51.4 |
|
N/A |
|
52.1 |
|
N/A |
N/A |
N/A |
Storage |
|
83.6 |
|
42 |
|
78.8 |
|
42 |
36 |
47 |
General |
|
587.2 |
|
22 |
|
599.4 |
|
22 |
20 |
25 |
Total gas plant in service |
|
5,022.8 |
|
|
|
4,676.7 |
|
|
|
|
Construction work-in-progress |
|
50.5 |
|
|
|
43.5 |
|
|
|
|
Total gas plant |
|
5,073.3 |
|
|
|
4,720.2 |
|
|
|
|
Less accumulated depreciation |
|
(744.4 |
) |
|
|
(656.3 |
) |
|
|
|
Gas plant net of accumulated depreciation |
$ |
4,328.9 |
|
|
$ |
4,063.9 |
|
|
|
|
____________________
|
2025 |
2024 |
Lives |
|||||||
Corporate |
Property, Plant and Equipment |
|
Weighted Average Useful Life |
Property, Plant and Equipment |
|
Weighted Average Useful Life |
Minimum |
Maximum |
||
|
(dollars in millions, life in years) |
(in years) |
||||||||
Total plant in service |
$ |
0.3 |
|
N/A |
$ |
0.4 |
|
N/A |
N/A |
N/A |
Construction work-in-progress |
|
13.8 |
|
|
|
10.3 |
|
|
|
|
Total gross property, plant and equipment |
|
14.1 |
|
|
|
10.7 |
|
|
|
|
Less accumulated depreciation |
|
0.2 |
|
|
|
— |
|
|
|
|
Total net of accumulated depreciation |
$ |
14.3 |
|
|
$ |
10.7 |
|
|
|
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 11, 2026 | Showing above |
| 2024 | Feb 12, 2025 | |
| 2023 | Feb 14, 2024 | |
| 2022 | Feb 14, 2023 | |
| 2021 | Feb 15, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 19, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 25, 2016 | |
About PP&E Disclosures
The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.
Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.