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Share-based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2024

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:

	2024			2023			2022
	(in millions)
Stock-based compensation expense	$	10.6		$	7.0		$	8.6

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, 2024, was as follows:

	Restricted Stock			Weighted-Average Grant Date Fair Value
Balance at January 1, 2024		164,687		$	64.81
Granted		180,676			53.58
Vested		(83,737	)		65.11
Forfeited		(29,684	)		59.13
Balance at December 31, 2024		231,942		$	56.68

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)
2024	$	53.58		$	4.5
2023	$	63.33		$	5.9
2022	$	69.03		$	6.4

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:

	2024	2023
Fair value of share units award	$55.14	$77.95
Risk-free rate	4.12%	3.84%
Black Hills Corporation’s common stock volatility	24%	31%
Volatility range for the peer group	12-53%	24-39%

Schedule of Nonvested Share Activity

The following table summarizes the performance share unit activity for the year ended December 31, 2024:

	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, 2024		110,747		$	73.31			62,654		$	67.88
Granted		71,537			55.14			30,663			51.00
Vested		(30,749	)		64.97			(20,512	)		61.45
Nonvested at December 31, 2024		151,535		$	66.43			72,805		$	62.59

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
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Tabular disclosure of the changes in outstanding nonvested shares.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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