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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

 

Commission File Number 001-31303

 

Black Hills Corporation

 

Incorporated in South Dakota IRS Identification Number 46-0458824

 

7001 Mount Rushmore Road

Rapid City, South Dakota 57702

Registrant’s telephone number (605) 721-1700

 

Former name, former address, and former fiscal year if changed since last report

NONE

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

x

 

Accelerated Filer

 

 

 

 

 

 

 

 

 

Non-accelerated Filer

 

Smaller Reporting Company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging Growth Company

 

 

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

 

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ☐ No

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

 

 

Common stock of $1.00 par value

 

BKH

 

New York Stock Exchange

 

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.

 

Class

Outstanding at July 31, 2023

 

 

Common stock, $1.00 par value

67,110,952

shares

 

 

 

 


 

TABLE OF CONTENTS

 

 

 

Page

Glossary of Terms and Abbreviations

3

Forward-Looking Information

6

 

 

 

PART I. FINANCIAL INFORMATION

7

 

 

 

Item 1.

Financial Statements - unaudited

7

 

Consolidated Statements of Income

7

 

Consolidated Statements of Comprehensive Income

8

 

Consolidated Balance Sheets

9

 

Consolidated Statements of Cash Flows

11

 

Consolidated Statements of Equity

12

 

Condensed Notes to Consolidated Financial Statements

13

 

Note 1. Management’s Statement

13

 

Note 2. Regulatory Matters

13

 

Note 3. Commitments, Contingencies and Guarantees

14

 

Note 4. Revenue

14

 

Note 5. Financing

16

 

Note 6. Earnings Per Share

18

 

Note 7. Risk Management and Derivatives

19

 

Note 8. Fair Value Measurements

22

 

Note 9. Other Comprehensive Income

24

 

Note 10. Employee Benefit Plans

25

 

Note 11. Income Taxes

26

 

Note 12. Business Segment Information

26

 

Note 13. Selected Balance Sheet Information

27

 

Note 14. Subsequent Events

27

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

28

 

Executive Summary

28

 

Recent Developments

28

 

Results of Operations

29

 

Consolidated Summary and Overview

29

 

Non-GAAP Financial Measure

30

 

Electric Utilities

31

 

Gas Utilities

34

 

Corporate and Other

36

 

Consolidated Interest Expense, Other Income and Income Tax Expense

36

 

Liquidity and Capital Resources

37

 

Cash Flow Activities

37

 

Capital Resources

38

 

Credit Ratings

39

 

Capital Requirements

39

 

Critical Accounting Estimates

41

 

New Accounting Pronouncements

41

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

41

Item 4.

Controls and Procedures

41

 

 

 

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

41

Item 1A.

Risk Factors

41

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

41

Item 4.

Mine Safety Disclosures

42

Item 5.

Other Information

42

Item 6.

Exhibits

42

 

 

 

Signatures

 

43

 

2


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GLOSSARY OF TERMS AND ABBREVIATIONS

 

The following terms and abbreviations appear in the text of this report and have the definitions described below:

 

AFUDC

Allowance for Funds Used During Construction

AOCI

Accumulated Other Comprehensive Income (Loss)

Arkansas Gas

Black Hills Energy Arkansas, Inc., an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Arkansas (doing business as Black Hills Energy).

ATM

At-the-market equity offering program

Availability

The availability factor of a power plant is the percentage of the time that it is available to provide energy.

BHC

Black Hills Corporation; the Company

Black Hills Colorado IPP

Black Hills Colorado IPP, LLC a 50.1% owned subsidiary of Black Hills Electric Generation

Black Hills Electric Generation

Black Hills Electric Generation, LLC, a direct, wholly-owned subsidiary of Black Hills Non-regulated Holdings, providing wholesale electric capacity and energy primarily to our affiliate utilities.

Black Hills Electric Parent Holdings

Black Hills Electric Utility Holdings, LLC., a direct, wholly-owned subsidiary of Black Hills Corporation

Black Hills Energy

The name used to conduct the business of our utility companies

Black Hills Energy Services

Black Hills Energy Services Company, an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas commodity supply for the Choice Gas Programs (doing business as Black Hills Energy)

Black Hills Non-regulated Holdings

Black Hills Non-regulated Holdings, LLC, a direct, wholly-owned subsidiary of Black Hills Corporation

Black Hills Utility Holdings

Black Hills Utility Holdings, Inc., a direct, wholly-owned subsidiary of Black Hills Corporation (doing business as Black Hills Energy)

Black Hills Wyoming

Black Hills Wyoming, LLC, a direct, wholly-owned subsidiary of Black Hills Electric Generation

Cheyenne Light

Cheyenne Light, Fuel and Power Company, a direct, wholly-owned subsidiary of Black Hills Corporation, providing electric service in the Cheyenne, Wyoming area (doing business as Black Hills Energy).

Choice Gas Program

Regulator-approved programs in Wyoming and Nebraska that allow certain utility customers to select their natural gas commodity supplier, providing for the unbundling of the commodity service from the distribution delivery service.

Clean Energy Plan

2030 Ready Plan that establishes a roadmap and preferred resource portfolio for Colorado Electric to cost-effectively achieve the State of Colorado's requirement calling upon electric utilities to reduce GHG emissions by a minimum of 80% from 2005 levels by 2030. The preferred resource portfolio calls for the addition of 149 MW of wind, 258 MW of solar and 50 MW of battery storage to Colorado Electric's system. The final mix of resources will be determined by the results of a competitive solicitation that started in July 2023. Colorado legislation allows electric utilities to own up to 50% of the renewable generation assets added to comply with the Clean Energy Plan.

Colorado Electric

Black Hills Colorado Electric, LLC, a direct, wholly-owned subsidiary of Black Hills Electric Parent Holdings, providing electric services to customers in Colorado (doing business as Black Hills Energy).

Colorado Gas

Black Hills Colorado Gas, Inc., an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Colorado (doing business as Black Hills Energy).

Common Use System

The Common Use System is a jointly operated transmission system we participated in with Basin Electric Power Cooperative and Powder River Energy Corporation. The Common Use System provides transmission service over these utilities' combined 230-kilovolt (kV) and limited 69-kV transmission facilities within areas of southwestern South Dakota and northeastern Wyoming.

Consolidated Indebtedness to Capitalization Ratio

Any indebtedness outstanding at such time, divided by capital at such time. Capital being consolidated net worth (excluding non-controlling interest) plus consolidated indebtedness (including letters of credit and certain guarantees issued) as defined within the current Revolving Credit Facility.

Cooling Degree Day

A cooling degree day is equivalent to each degree that the average of the high and low temperatures for a day is above 65 degrees. The warmer the climate, the greater the number of cooling degree days. Cooling degree days are used in the utility industry to measure the relative warmth and to compare relative temperatures between one geographic area and another. Normal degree days are based on the National Weather Service data for selected locations.

3


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CP Program

Commercial Paper Program

CPUC

Colorado Public Utilities Commission

DRSPP

Dividend Reinvestment and Stock Purchase Plan

Dth

Dekatherm. A unit of energy equal to 10 therms or approximately one million British thermal units (MMBtu)

FASB

Financial Accounting Standards Board

Fitch

Fitch Ratings Inc.

GAAP

Accounting principles generally accepted in the United States of America

Heating Degree Day

A heating degree day is equivalent to each degree that the average of the high and the low temperatures for a day is below 65 degrees. The colder the climate, the greater the number of heating degree days. Heating degree days are used in the utility industry to measure the relative coldness and to compare relative temperatures between one geographic area and another. Normal degree days are based on the National Weather Service data for selected locations.

HomeServe

We offer HomeServe products to our natural gas residential customers interested in purchasing additional home repair service plans.

Integrated Generation

Non-regulated power generation and mining businesses that are vertically integrated within our Electric Utilities segment.

Iowa Gas

Black Hills Iowa Gas Utility Company, LLC, a direct, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Iowa (doing business as Black Hills Energy).

IPP

Independent Power Producer

IRS

United States Internal Revenue Service

Kansas Gas

Black Hills Kansas Gas Utility Company, LLC, a direct, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Kansas (doing business as Black Hills Energy).

kV

Kilovolt

LIBOR

London Interbank Offered Rate

MEAN

Municipal Energy Agency of Nebraska

MMBtu

Million British thermal units

Moody's

Moody's Investors Service, Inc.

MW

Megawatts

MWh

Megawatt-hours

N/A

Not applicable

Nebraska Gas

Black Hills Nebraska Gas, LLC, an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Nebraska (doing business as Black Hills Energy).

Northern Iowa Windpower

Northern Iowa Windpower, LLC, a 87.1 MW wind farm located near Joice, Iowa, previously owned by Black Hills Electric Generation. In March 2023, Black Hills Electric Generation completed the sale of Northern Iowa Windpower assets to a third-party.

OCI

Other Comprehensive Income

PPA

Power Purchase Agreement

PTC

Production Tax Credit

Revolving Credit Facility

Our $750 million credit facility used to fund working capital needs, letters of credit and other corporate purposes, which was amended on May 9, 2023 and will terminate on July 19, 2026.

RMNG

Rocky Mountain Natural Gas LLC, an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas transmission and wholesale services in western Colorado (doing business as Black Hills Energy).

SEC

United States Securities and Exchange Commission

Service Guard Comfort Plan

Appliance protection plan that provides home appliance repair services through on-going monthly service agreements to residential utility customers.

S&P

S&P Global Ratings, a division of S&P Global Inc.

SOFR

Secured Overnight Financing Rate

South Dakota Electric

Black Hills Power, Inc., a direct, wholly-owned subsidiary of Black Hills Corporation, providing electric service to customers in Montana, South Dakota and Wyoming (doing business as Black Hills Energy).

SSIR

System Safety and Integrity Rider

Tech Services

Non-regulated product lines delivered by our Utilities that 1) provide electrical system construction services to large industrial customers of our electric utilities, and 2) serve gas transportation customers throughout its service territory by constructing and maintaining customer-owned gas infrastructure facilities, typically through one-time contracts.

Utilities

Black Hills' Electric and Gas Utilities

4


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Wind Capacity Factor

Measures the amount of electricity a wind turbine produces in a given time period relative to its maximum potential.

Winter Storm Uri

February 2021 winter weather event that caused extreme cold temperatures in the central United States and led to unprecedented fluctuations in customer demand and market pricing for natural gas and energy.

WPSC

Wyoming Public Service Commission

Wyodak Plant

The 362 MW mine-mouth, coal-fired generating facility near Gillette, Wyoming, jointly owned by PacifiCorp (80%) and South Dakota Electric (20%). Our WRDC mine supplies all of the fuel for the facility.

Wyoming Electric

Cheyenne Light, Fuel and Power Company, a direct, wholly-owned subsidiary of Black Hills Corporation, providing electric service to customers in the Cheyenne, Wyoming area (doing business as Black Hills Energy).

Wyoming Gas

Black Hills Wyoming Gas, LLC, an indirect and wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Wyoming (doing business as Black Hills Energy).

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FORWARD-LOOKING INFORMATION

 

This Quarterly Report on Form 10-Q includes “forward-looking statements” as defined by the SEC. Forward-looking statements are all statements other than statements of historical fact, including without limitation those statements that are identified by the words “anticipates,” “estimates,” “expects,” “intends,” “plans,” “predicts” and similar expressions, and include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, including without limitation, the risk factors described in Item 1A of Part I of our 2022 Annual Report on Form 10-K, Part II, Item 1A of this Quarterly Report on Form 10-Q and other reports that we file with the SEC from time to time, and the following:

 

Our ability to obtain adequate cost recovery for our utility operations through regulatory proceedings and favorable rulings on periodic applications to recover costs for capital additions, plant retirements and decommissioning, fuel, transmission, purchased power, and other operating costs and the timing in which new rates would go into effect;

 

Our ability to complete our capital program in a cost-effective and timely manner;

 

Our ability to execute on our strategy;

 

Our ability to successfully execute our financing plans;

 

The effects of changing interest rates;

 

Our ability to achieve our greenhouse gas emissions intensity reduction goals;

 

Board of Directors’ approval of any future quarterly dividends;

 

The impact of future governmental regulation;

 

Our ability to overcome the impacts of supply chain disruptions on availability and cost of materials;

 

The effects of inflation and volatile energy prices; and

 

Other factors discussed from time to time in our filings with the SEC.

 

New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time-to-time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.

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PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

BLACK HILLS CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

 

(unaudited)

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

2023

 

2022

 

2023

 

2022

 

 

(in thousands, except per share amounts)

 

Revenue

$

411,283

 

$

474,195

 

$

1,332,442

 

$

1,297,765

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

Fuel, purchased power and cost of natural gas sold

 

121,245

 

 

188,171

 

 

647,512

 

 

625,097

 

Operations and maintenance

 

145,767

 

 

132,968

 

 

286,755

 

 

269,100

 

Depreciation, depletion and amortization

 

64,714

 

 

64,128

 

 

126,357

 

 

124,591

 

Taxes - property and production

 

16,041

 

 

16,539

 

 

33,419

 

 

33,235

 

Total operating expenses

 

347,767

 

 

401,806

 

 

1,094,043

 

 

1,052,023

 

 

 

 

 

 

 

 

 

Operating income

 

63,516

 

 

72,389

 

 

238,399

 

 

245,742

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

Interest expense incurred net of amounts capitalized

 

(43,267

)

 

(39,053

)

 

(87,332

)

 

(77,874

)

Interest income

 

1,746

 

 

289

 

 

2,307

 

 

565

 

Other income (expense), net

 

(1,540

)

 

1,563

 

 

(866

)

 

2,267

 

Total other income (expense)

 

(43,061

)

 

(37,201

)

 

(85,891

)

 

(75,042

)

 

 

 

 

 

 

 

 

Income before income taxes

 

20,455

 

 

35,188

 

 

152,508

 

 

170,700

 

Income tax benefit (expense)

 

6,089

 

 

658

 

 

(8,584

)

 

(13,830

)

Net income

 

26,544

 

 

35,846

 

 

143,924

 

 

156,870

 

Net income attributable to non-controlling interest

 

(3,491

)

 

(2,431

)

 

(6,787

)

 

(5,929

)

Net income available for common stock

$

23,053

 

$

33,415

 

$

137,137

 

$

150,941

 

 

 

 

 

 

 

 

 

Earnings per share of common stock:

 

 

 

 

 

 

 

 

Earnings per share, Basic

$

0.35

 

$

0.52

 

$

2.07

 

$

2.33

 

Earnings per share, Diluted

$

0.35

 

$

0.52

 

$

2.06

 

$

2.33

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

66,591

 

 

64,721

 

 

66,315

 

 

64,643

 

Diluted

 

66,684

 

 

64,883

 

 

66,419

 

 

64,822

 

 

The accompanying Condensed Notes to Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.

 

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BLACK HILLS CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

(unaudited)

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

2023

 

2022

 

2023

 

2022

 

 

(in thousands)

 

Net income

$

26,544

 

$

35,846

 

$

143,924

 

$

156,870

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), net of tax;

 

 

 

 

 

 

 

 

Reclassification adjustments of benefit plan liability - prior service cost (net of tax of $--, $8, $-- and $14, respectively)

 

-

 

 

(14

)

 

-

 

 

(32

)

Reclassification adjustments of benefit plan liability - net loss
(net of tax of $(
27), $(68), $(43) and $(113), respectively)

 

16

 

 

119

 

 

44

 

 

262

 

Derivative instruments designated as cash flow hedges:

 

 

 

 

 

 

 

 

Reclassification of net realized (gains) losses on settled/amortized interest rate swaps (net of tax of $(177), $(238), $(327) and $(415), respectively)

 

536

 

 

475

 

 

1,099

 

 

1,011

 

Net unrealized gains (losses) on commodity derivatives
(net of tax of $(
35), $734, $233 and $394, respectively)

 

112

 

 

(2,314

)

 

(743

)

 

(1,267

)

Reclassification of net realized (gains) losses on settled commodity derivatives (net of tax of $(118), $319, $(584) and $871, respectively)

 

371

 

 

(1,004

)

 

1,855

 

 

(2,706

)

Other comprehensive income, net of tax

 

1,035

 

 

(2,738

)

 

2,255

 

 

(2,732

)

 

 

 

 

 

 

 

 

Comprehensive income

 

27,579

 

 

33,108

 

 

146,179

 

 

154,138

 

Less: comprehensive income attributable to non-controlling interest

 

(3,491

)

 

(2,431

)

 

(6,787

)

 

(5,929

)

Comprehensive income available for common stock

$

24,088

 

$

30,677

 

$

139,392

 

$

148,209

 

 

See Note 9 for additional disclosures.

 

The accompanying Condensed Notes to Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.

 

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BLACK HILLS CORPORATION

CONSOLIDATED BALANCE SHEETS

 

(unaudited)

As of

 

 

June 30, 2023

 

December 31, 2022

 

 

(in thousands)

 

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

$

152,581

 

$

21,430

 

Restricted cash and equivalents

 

5,966

 

 

5,555

 

Accounts receivable, net

 

260,350

 

 

508,192

 

Materials, supplies and fuel

 

136,534

 

 

207,421

 

Derivative assets, current

 

303

 

 

582

 

Income tax receivable, net

 

18,222

 

 

17,637

 

Regulatory assets, current

 

198,443

 

 

260,312

 

Other current assets

 

29,929

 

 

50,579

 

Total current assets

 

802,328

 

 

1,071,708

 

 

 

 

 

Property, plant and equipment

 

8,590,796

 

 

8,374,790

 

Less: accumulated depreciation and depletion

 

(1,671,303

)

 

(1,576,842

)

Total property, plant and equipment, net

 

6,919,493

 

 

6,797,948

 

 

 

 

 

Other assets:

 

 

 

 

Goodwill

 

1,299,454

 

 

1,299,454

 

Intangible assets, net

 

9,002

 

 

9,589

 

Regulatory assets, non-current

 

325,228

 

 

392,669

 

Other assets, non-current

 

53,590

 

 

46,862

 

Total other assets, non-current

 

1,687,274

 

 

1,748,574

 

 

 

 

 

TOTAL ASSETS

$

9,409,095

 

$

9,618,230

 

 

The accompanying Condensed Notes to Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.

 

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BLACK HILLS CORPORATION

CONSOLIDATED BALANCE SHEETS

(Continued)

 

(unaudited)

As of

 

 

June 30, 2023

 

December 31, 2022

 

 

(in thousands)

 

LIABILITIES AND EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

$

133,300

 

$

310,020

 

Accrued liabilities

 

217,259

 

 

243,457

 

Derivative liabilities, current

 

322

 

 

6,600

 

Regulatory liabilities, current

 

101,979

 

 

46,013

 

Notes payable

 

-

 

 

535,600

 

Current maturities of long-term debt

 

525,000

 

 

525,000

 

Total current liabilities

 

977,860

 

 

1,666,690

 

 

 

 

 

Long-term debt, net of current maturities

 

3,955,745

 

 

3,607,340

 

 

 

 

 

Deferred credits and other liabilities:

 

 

 

 

Deferred income tax liabilities, net

 

528,627

 

 

508,941

 

Regulatory liabilities, non-current

 

469,509

 

 

472,560

 

Benefit plan liabilities

 

118,841

 

 

116,742

 

Other deferred credits and other liabilities

 

155,746

 

 

156,062

 

Total deferred credits and other liabilities

 

1,272,723

 

 

1,254,305

 

 

 

 

 

Commitments, contingencies and guarantees (Note 3)

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

Stockholder's equity -

 

 

 

 

Common stock $1 par value; 100,000,000 shares authorized; issued 67,115,403 and 66,140,396 shares, respectively

 

67,115

 

 

66,140

 

Additional paid-in capital

 

1,941,234

 

 

1,882,653

 

Retained earnings

 

1,118,145

 

 

1,064,122

 

Treasury stock, at cost - 48,623 and 36,726 shares, respectively

 

(3,167

)

 

(2,435

)

Accumulated other comprehensive income (loss)

 

(13,312

)

 

(15,567

)

Total stockholders' equity

 

3,110,015

 

 

2,994,913

 

Non-controlling interest

 

92,752

 

 

94,982

 

Total equity

 

3,202,767

 

 

3,089,895

 

 

 

 

 

TOTAL LIABILITIES AND TOTAL EQUITY

$

9,409,095

 

$

9,618,230