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Share-based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Expensed Amount

Stock-based compensation expense, which is included in Operations and maintenance on the accompanying Consolidated Statements of Income, was as follows for the years ended December 31 (in millions):

	2023			2022			2021
Stock-based compensation expense	$	7.0		$	8.6		$	9.7

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

A summary of the status of the restricted stock and restricted stock units at December 31, 2023, was as follows:

	Restricted Stock			Weighted-Average Grant Date Fair Value
Balance at January 1, 2023		178,129		$	67.23
Granted		110,198			63.33
Vested		(97,084	)		67.56
Forfeited		(26,556	)		65.10
Balance at December 31, 2023		164,687		$	64.81

The weighted-average grant-date fair value of restricted stock granted, and the total fair value of shares vested during the years ended December 31, were as follows:

	Weighted-Average Grant Date Fair Value			Total Fair Value of Shares Vested
				(in millions)
2023	$	63.33		$	5.9
2022	$	69.03		$	6.4
2021	$	65.64		$	5.4

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

The outstanding performance periods at December 31, 2023 were as follows:

			Possible Payout Range of Target
Grant Date	Performance Period	Target Grant of Shares	Minimum	Maximum
January 1, 2020	January 1, 2020 - December 31, 2022	35,571	0%	200%

A summary of the status of the Performance Share Plan at December 31, 2023 was as follows:

	Equity Portion						Liability Portion
				Weighted-Average Grant Date						Weighted-Average Fair Value at
	Shares			Fair Value (a)			Shares			December 31, 2023
Performance Shares balance at beginning of period		18,105		$	81.42			18,105
Granted		—			—			—
Forfeited		—			—			—
Vested		(18,105	)		81.42			(18,105	)
Performance Shares balance at end of period		—		$	—			—		$	—

(a)The grant date fair values for the performance shares granted in 2020 were determined by Monte Carlo simulation using a blended volatility of 18%, comprised of 50% historical volatility and 50% implied volatility and the average risk-free interest rate of the three-year United States Treasury security rate in effect as of the grant date.

Performance Plan Payouts

Performance plan payouts have been as follows (in millions, except stock issued):

Performance Period	Year Paid	Stock Issued			Cash Paid			Total Intrinsic Value
January 1, 2020 to December 31, 2022	2023		4,958		$	0.3		$	0.7
January 1, 2019 to December 31, 2021	2022		7,582		$	0.5		$	1.0
January 1, 2018 to December 31, 2020	2021		27,515		$	1.6		$	3.3

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The Monte Carlo simulation is used to estimate expected share payout based on the Company’s TSR for a three-year performance period relative to the designated peer group beginning January 1 of the award year. The significant assumptions included in the company's Monte Carlo simulations were as follows:

	2023	2022
Fair value of share units award	$77.95	$74.48
Risk-free rate	3.84%	0.97%
Black Hills Corporation’s common stock volatility	31%	30%
Volatility range for the peer group	24-39%	22-67%

Schedule of Nonvested Share Activity

The following table summarizes the performance share unit activity for the year ended December 31, 2023:

	Performance Share Units - Market Condition						Performance Share Units - Performance Condition
	Share Units			Weighted-Average Fair Value per Share Unit			Share Units			Weighted-Average Fair Value per Share Unit
Nonvested at January 1, 2023		68,474		$	69.91			45,666		$	66.19
Granted		50,440			77.95			21,615			71.50
Forfeited		(8,167	)		73.43			(4,627	)		68.03
Nonvested at December 31, 2023		110,747		$	73.31			62,654		$	67.88

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