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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Defined Benefit Plan Disclosure [Line Items]

Schedule of Allocation of Plan Assets

The percentages of total plan asset by investment category for our Pension Plan at December 31 were as follows:

Return-seeking Assets		2022		2021
Equity		14%		15%
Real estate		7%		7%
Fixed income		2%		3%
Hedge funds		3%		3%
Total		26%		28%
Liability-hedging Assets		2022		2021
Fixed income		72%		71%
Cash		2%		1%
Total		74%		72%
Total Assets		100%		100%

Schedule of Employer Contribution to Employee Benefit Plans

Contributions for the years ended December 31 were as follows (in thousands):

		2022				2021
Defined Contribution Plan
Company retirement contributions		$	11,885			$	11,332
Company matching contributions		$	16,187			$	15,938

		2022				2021
Defined Benefit Plans
Defined Benefit Pension Plan		$	-			$	-
Non-Pension Defined Benefit Postretirement Healthcare Plan		$	6,131			$	6,432
Supplemental Non-Qualified Defined Benefit Plans		$	3,061			$	2,576

Schedule of Changes in Projected Benefit Obligations

The following tables provide a reconciliation of the employee benefit plan obligations and fair value of employee benefit plan assets, amounts recognized in the Consolidated Balance Sheets, accumulated benefit obligation, and reconciliation of components of the net periodic expense and elements of AOCI (in thousands):

Employee Benefit Plan Obligations

		Defined Benefit Pension Plan								Supplemental Non-qualified Defined Benefit Plans								Non-pension Defined Benefit Postretirement Healthcare Plan
As of December 31,		2022				2021				2022				2021				2022				2021
Change in benefit obligation:
Projected benefit obligation at beginning of year		$	478,262			$	514,008			$	55,260			$	55,054			$	63,484			$	70,238
Service cost (a)			3,927				5,038				(801	)			3,149				1,968				2,237
Interest cost			10,819				9,313				834				706				1,285				1,058
Actuarial (gain) loss			(97,960	)			(14,037	)			(7,007	)			(1,073	)			(12,300	)			(5,165	)
Amendments			-				(561	)			-				-				-				-
Benefits paid			(36,663	)			(35,499	)			(3,061	)			(2,576	)			(6,131	)			(6,432	)
Plan participants’ contributions			-				-				-				-				1,419				1,548
Projected benefit obligation at end of year		$	358,385			$	478,262			$	45,225			$	55,260			$	49,725			$	63,484

Schedule of Changes in Fair Value of Plan Assets

		Defined Benefit Pension Plan								Supplemental Non-qualified Defined Benefit Plans								Non-pension Defined Benefit Postretirement Healthcare Plan (a)
As of December 31,		2022				2021				2022				2021				2022				2021
Change in fair value of plan assets:
Beginning fair value of plan assets		$	458,387			$	473,721			$	-			$	-			$	7,972			$	8,165
Investment income (loss)			(98,585	)			20,165				-				-				4				(35	)
Employer contributions			-				-				3,061				2,576				4,488				4,726
Retiree contributions			-				-				-				-				1,419				1,548
Benefits paid			(36,661	)			(35,499	)			(3,061	)			(2,576	)			(6,131	)			(6,432	)
Ending fair value of plan assets		$	323,141			$	458,387			$	-			$	-			$	7,752			$	7,972

(a)Assets of VEBA trusts.

Schedule of Amounts Recognized in Balance Sheet

Amounts Recognized in the Consolidated Balance Sheets

		Defined Benefit Pension Plan								Supplemental Non-qualified Defined Benefit Plans								Non-pension Defined Benefit Postretirement Healthcare Plan
As of December 31,		2022				2021				2022				2021				2022				2021
Regulatory assets		$	78,654			$	67,403			$	-			$	-			$	3,788			$	11,660
Current liabilities		$	-			$	-			$	2,231			$	2,156			$	4,427			$	4,584
Non-current assets		$	-			$	-			$	-			$	-			$	959			$	-
Non-current liabilities		$	35,243			$	19,872			$	42,994			$	53,104			$	38,505			$	50,949
Regulatory liabilities		$	2,804			$	3,830			$	-			$	-			$	6,198			$	2,447

Schedule of Accumulated and Projected Benefit Obligations

Accumulated Benefit Obligation

		Defined Benefit Pension Plan								Supplemental Non-qualified Defined Benefit Plans								Non-pension Defined Benefit Postretirement Healthcare Plan
As of December 31,		2022				2021				2022				2021				2022				2021
Accumulated Benefit Obligation		$	350,187			$	466,505			$	45,225			$	55,260			$	49,725			$	63,484

Components of Net Periodic Benefit Cost

		Defined Benefit Pension Plan												Supplemental Non-qualified Defined Benefit Plans												Non-pension Defined Benefit Postretirement Healthcare Plan
For the years ended December 31,		2022				2021				2020				2022				2021				2020				2022				2021				2020
Service cost		$	3,927			$	5,038			$	5,411			$	(801	)		$	3,149			$	1,579			$	1,968			$	2,237			$	2,056
Interest cost			10,819				9,313				13,426				834				706				1,099				1,285				1,058				1,649
Expected return on assets			(18,523	)			(20,876	)			(22,591	)			-				-				-				(125	)			(136	)			(182	)
Net amortization of prior service cost			(68	)			-				-				-				-				2				(289	)			(434	)			(546	)
Recognized net actuarial loss (gain)			6,092				7,315				8,372				276				1,754				1,702				64				466				20
Net periodic expense		$	2,247			$	790			$	4,618			$	309			$	5,609			$	4,382			$	2,903			$	3,191			$	2,997

Schedule of Net Periodic Benefit Cost Not yet Recognized

		Defined Benefit Pension Plan								Supplemental Non-qualified Defined Benefit Plans								Non-pension Defined Benefit Postretirement Healthcare Plan
As of December 31,		2022				2021				2022				2021				2022				2021
Net (gain) loss		$	5,179			$	4,398			$	1,565			$	7,159			$	(667	)		$	(308	)
Prior service cost (gain)			(39	)			(46	)			-				-				74				(27	)
Total amounts included in AOCI, after-tax not yet recognized as components of net periodic expense		$	5,140			$	4,352			$	1,565			$	7,159			$	(593	)		$	(335	)

Schedule of Assumptions Used

Assumptions

		Defined Benefit Pension Plan												Supplemental Non-qualified Defined Benefit Plans												Non-pension Defined Benefit Postretirement Healthcare Plan
Weighted-average assumptions used to determine benefit obligations:		2022				2021				2020				2022				2021				2020				2022				2021				2020
Discount rate			5.17	%			2.88	%			2.56	%			5.13	%			2.77	%			2.41	%			5.14	%			2.79	%			2.41	%
Rate of increase in compensation levels			3.06	%			3.08	%			3.34	%			—				5.00	%			5.00	%		N/A				N/A				N/A

		Defined Benefit Pension Plan												Supplemental Non-qualified Defined Benefit Plans												Non-pension Defined Benefit Postretirement Healthcare Plan
Weighted-average assumptions used to determine net periodic benefit cost for plan year:		2022				2021				2020				2022				2021				2020				2022				2021				2020
Discount rate (a)			2.88	%			2.56	%			3.27	%			2.77	%			2.41	%			3.14	%			2.79	%			2.41	%			3.15	%
Expected long-term rate of return on assets (b)			4.25	%			4.50	%			5.25	%		N/A				N/A				N/A					1.70	%			1.80	%			2.35	%
Rate of increase in compensation levels			3.08	%			3.34	%			3.49	%			—				5.00	%			5.00	%		N/A				N/A				N/A

(a)The estimated discount rate for the Defined Benefit Pension Plan is 5.2% for the calculation of the 2023 net periodic pension costs.

(b)The expected rate of return on plan assets for the Defined Benefit Pension Plan is 6.0% for the calculation of the 2023 net periodic pension cost.

Schedule of Health Care Cost Trend Rates

The healthcare benefit obligation at December 31 was determined as follows:

		2022				2021
Trend Rate - Medical
Pre-65 for next year - All Plans			7.00	%			6.05	%
Pre-65 Ultimate trend rate - Black Hills Corp			4.50	%			4.50	%
Trend Year		2031				2030
Post-65 for next year - All Plans			6.00	%			5.10	%
Post-65 Ultimate trend rate - Black Hills Corp			4.50	%			4.50	%
Trend Year		2031				2030

Schedule of Expected Benefit Payments

The following benefit payments to employees, which reflect future service, are expected to be paid (in thousands):

		Defined Benefit Pension Plan				Supplemental Non-qualified Defined Benefit Plans				Non-pension Defined Benefit Postretirement Healthcare Plan
2023		$	26,889			$	2,231			$	5,600
2024		$	26,882			$	2,417			$	5,313
2025		$	27,870			$	2,764			$	5,022
2026		$	28,182			$	2,790			$	4,883
2027		$	28,166			$	2,727			$	4,769
2028 -2032		$	140,416			$	12,184			$	21,147

Pension Plan

Defined Benefit Plan Disclosure [Line Items]

Schedule of Allocation of Plan Assets

The following tables set forth, by level within the fair value hierarchy, the assets that were accounted for at fair value on a recurring basis (in thousands):

Pension Plan		December 31, 2022
		Level 1				Level 2				Level 3				Total Investments Measured at Fair Value				NAV (a)				Total Investments
Common Collective Trust - Cash and Cash Equivalents		$	-			$	6,374			$	-			$	6,374			$	-			$	6,374
Common Collective Trust - Equity			-				45,087				-				45,087				-				45,087
Common Collective Trust - Fixed Income			-				242,025				-				242,025				-				242,025
Common Collective Trust - Real Estate			-				-				-				-				21,572				21,572
Hedge Funds			-				-				-				-				8,084				8,084
Total investments measured at fair value		$	-			$	293,486			$	-			$	293,486			$	29,656			$	323,142

Pension Plan		December 31, 2021
		Level 1				Level 2				Level 3				Total Investments Measured at Fair Value				NAV (a)				Total Investments
Common Collective Trust - Cash and Cash Equivalents		$	-			$	6,009			$	-			$	6,009			$	-			$	6,009
Common Collective Trust - Equity			-				70,262				-				70,262				-				70,262
Common Collective Trust - Fixed Income			-				339,219				-				339,219				-				339,219
Common Collective Trust - Real Estate			-				-				-				-				30,407				30,407
Hedge Funds			-				-				-				-				12,490				12,490
Total investments measured at fair value		$	-			$	415,490			$	-			$	415,490			$	42,897			$	458,387

(a)Certain investments that are measured at fair value using NAV per share (or its equivalent) for practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in these tables for these investments are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the reconciliation of changes in the plan’s benefit obligations and fair value of plan assets above.

Postretirement Health Coverage

Defined Benefit Plan Disclosure [Line Items]

Schedule of Allocation of Plan Assets

Non-pension Defined Benefit Postretirement Healthcare Plan		December 31, 2022
		Level 1				Level 2				Level 3				Total Investments Measured at Fair Value				Total Investments
Cash and Cash Equivalents		$	7,752			$	-			$	-			$	7,752			$	7,752
Total investments measured at fair value		$	7,752			$	-			$	-			$	7,752			$	7,752

Non-pension Defined Benefit Postretirement Healthcare Plan		December 31, 2021
		Level 1				Level 2				Level 3				Total Investments Measured at Fair Value				Total Investments
Cash and Cash Equivalents		$	7,972			$	-			$	-			$	7,972			$	7,972
Total investments measured at fair value		$	7,972			$	-			$	-			$	7,972			$	7,972

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