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Section 1: 10-Q (10-Q)

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Table of Contents

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
September 30, 2019
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
x
 
No o
 

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
x
 
No o
 

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 x
 
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 October 31, 2019
Common stock, $1.00 par value
61,454,071

shares


Table of Contents


TABLE OF CONTENTS
 
 
 
Page
 
 
 
 
 
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
Item 3.
 
Item 4.
 
 
 
 
 
 
 
 
 
Item 1.
 
Item 4.
 
Item 6.
 
 
 
 
 
 
 


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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., a direct, wholly-owned subsidiary of Black Hills Gas Inc.
ASC
Accounting Standards Codification
ASU
Accounting Standards Update issued by the FASB
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 Electric Generation
Black Hills Electric Generation, LLC, a direct, wholly-owned subsidiary of Black Hills Non-regulated Holdings
Black Hills Energy
The name used to conduct the business of our utility companies
Black Hills Power
Black Hills Power, Inc., a direct, wholly-owned subsidiary of Black Hills Corporation (doing business as Black Hills Energy)
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
Busch Ranch I
Busch Ranch Wind Farm is a 29 MW wind farm near Pueblo, Colorado, jointly owned
by Colorado Electric and Black Hills Electric Generation. Colorado Electric and Black
Hills Electric Generation each have a 50% ownership interest in the wind farm.

Busch Ranch II
Busch Ranch II wind project will be a 60 MW wind farm near Pueblo, Colorado, built by Black Hills Electric Generation to provide wind energy to Colorado Electric through a 25-year power purchase agreement.
CAPP
Customer Appliance Protection Plan
Cheyenne Light
Cheyenne Light, Fuel and Power Company, a direct, wholly-owned subsidiary of Black Hills Corporation (doing business as Black Hills Energy and providing electric service)
Choice Gas Program
The unbundling of the natural gas service from the distribution component, which opens up the gas supply for competition allowing customers to choose from different natural gas suppliers. Black Hills Gas Distribution and Wyoming Gas distribute the gas and Black Hills Energy Services, Wyoming Gas and Black Hills Gas Distribution are Choice Gas suppliers.
CIAC
Contribution In Aid of Construction
City of Gillette
Gillette, Wyoming
City of Cheyenne
Cheyenne, Wyoming
Chief Operating Decision Maker (CODM)
Chief Executive Officer
Colorado Electric
Black Hills Colorado Electric, LLC, an indirect, wholly-owned subsidiary of Black Hills
Utility Holdings (doing business as Black Hills Energy)
Colorado Gas
Black Hills Colorado Gas, Inc., an indirect, wholly-owned subsidiary of Black Hills Utility Holdings (doing business as Black Hills Energy)
Colorado IPP
Black Hills Colorado IPP, LLC a 50.1% owned subsidiary of Black Hills Electric Generation
Consolidated Indebtedness to Capitalization Ratio
Any indebtedness outstanding at such time, divided by capital at such time. Capital being consolidated net-worth (excluding noncontrolling interest) plus consolidated indebtedness (including letters of credit and certain guarantees issued) as defined within the current Revolving Credit Facility.
Cooling Degree Day (CDD)
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 of weather 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.
CPCN
Certificate of Public Convenience and Necessity
CP Program
Commercial Paper Program
CPUC
Colorado Public Utilities Commission
CT
Combustion turbine
CVA
Credit Valuation Adjustment
Dodd-Frank
Dodd-Frank Wall Street Reform and Consumer Protection Act

3


Table of Contents

Dth
Dekatherm. A unit of energy equal to 10 therms or one million British thermal units (MMBtu)
Equity Unit
Each Equity Unit had a stated amount of $50, consisting of a purchase contract issued by BHC to purchase shares of BHC common stock and a 1/20, or 5% undivided beneficial ownership interest in $1,000 principal amount of BHC RSNs that were formerly due 2028. On November 1, 2018, we completed settlement of the stock purchase contracts that are components of the Equity Units issued in November 2015.
FASB
Financial Accounting Standards Board
FERC
United States Federal Energy Regulatory Commission
Fitch
Fitch Ratings
GAAP
Accounting principles generally accepted in the United States of America
Heating Degree Day (HDD)
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 of weather 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.
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 (doing business as Black Hills Energy)
MMBtu
Million British thermal units
Moody’s
Moody’s Investors Service, Inc.
MW
Megawatts
MWh
Megawatt-hours
Nebraska Gas
Black Hills Nebraska Gas Utility Company, LLC, a direct, wholly-owned subsidiary of Black Hills Utility Holdings (doing business as Black Hills Energy)
NPSC
Nebraska Public Service Commission
PPA
Power Purchase Agreement
Pueblo Airport Generation Station
Two 100 MW combined cycle gas-fired power generation plants owned by Colorado IPP and located at a site shared with Colorado Electric. The plants commenced operation on January 1, 2012.

Revolving Credit Facility
Our $750 million credit facility used to fund working capital needs, letters of credit and other corporate purposes, which was amended and restated on July 30, 2018 and now terminates on July 30, 2023.
RSNs
Remarketable junior subordinated notes, issued on November 23, 2015 and retired on August 17, 2018.
SDPUC
South Dakota Public Utilities Commission
SEC
U. S. Securities and Exchange Commission
S&P
Standard and Poor’s, a division of The McGraw-Hill Companies, Inc.
South Dakota Electric
Black Hills Power, which includes operations in South Dakota, Wyoming and Montana
SSIR
System Safety and Integrity Rider
TCJA
Tax Cuts and Jobs Act enacted on December 22, 2017
Tech Services
Non-regulated product lines within Black Hills Corporation 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-owner gas infrastructure facilities, typically through one-time contracts.
Wind Capacity Factor
Measures the amount of electricity a wind turbine produces in a given time period relative to its maximum potential
WPSC
Wyoming Public Service Commission
WRDC
Wyodak Resources Development Corporation, a direct, wholly-owned subsidiary of Black Hills Non-regulated Holdings
Wyodak Plant
Wyodak, a 362 MW mine-mouth coal-fired plant in Gillette, Wyoming, owned 80% by PacifiCorp and 20% by Black Hills Energy South Dakota. Our WRDC mine supplies all of the fuel for the plant.
Wyoming Electric
Includes Cheyenne Light’s electric utility operations

Wyoming Gas
Black Hills Wyoming Gas, LLC, an indirect and wholly-owned subsidiary of Black Hills Utility Holdings (doing business as Black Hills Energy)

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BLACK HILLS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
 
2019
2018
2019
2018
 
(in thousands, except per share amounts)
 
 
 
 
 
Revenue
$
325,548

$
321,979

$
1,257,246

$
1,253,072

 
 
 
 
 
Operating expenses:
 
 
 
 
Fuel, purchased power and cost of natural gas sold
73,090

80,244

411,695

432,544

Operations and maintenance
117,037

115,699

366,907

352,092

Depreciation, depletion and amortization
51,884

49,046

154,507

146,345

Taxes - property and production
12,986

11,905

39,454

39,181

Total operating expenses
254,997

256,894

972,563

970,162

 
 
 
 
 
Operating income
70,551

65,085

284,683

282,910

 
 
 
 
 
Other income (expense):
 
 
 
 
Interest charges -
 
 
 
 
Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts)
(36,200
)
(36,380
)
(108,232
)
(107,183
)
Allowance for funds used during construction - borrowed
2,200

701

4,555

1,345

Interest income
513

382

1,208

1,012

Allowance for funds used during construction - equity
311

193

486

503

Impairment of investment
(19,741
)

(19,741
)

Other income (expense), net
269

(703
)
(431
)
(2,426
)
Total other income (expense)
(52,648
)
(35,807
)
(122,155
)
(106,749
)
 




Income before income taxes
17,903

29,278

162,528

176,161

Income tax benefit (expense)
(2,508
)
(7,477
)
(22,078
)
11,784

Income from continuing operations
15,395

21,801

140,450

187,945

Net (loss) from discontinued operations

(857
)

(5,627
)
Net income
15,395

20,944

140,450

182,318

Net income attributable to noncontrolling interest
(3,655
)
(3,994
)
(10,319
)
(10,447
)
Net income available for common stock
$
11,740

$
16,950

$
130,131

$
171,871

 
 
 
 
 
Amounts attributable to common shareholders:
 
 
 
 
Net income from continuing operations
$
11,740

$
17,807

$
130,131

$
177,498

Net (loss) from discontinued operations

(857
)

(5,627
)
Net income available for common stock
$
11,740

$
16,950

$
130,131

$
171,871

 
 
 
 
 
Earnings (loss) per share of common stock, Basic -
 
 
 
 
Earnings from continuing operations
$
0.19

$
0.33

$
2.15

$
3.33

(Loss) from discontinued operations

(0.02
)

(0.10
)
Total earnings per share of common stock, Basic
$
0.19

$
0.32

$
2.15

$
3.22

 
 
 
 
 
Earnings (loss) per share of common stock, Diluted -
 
 
 
 
Earnings from continuing operations
$
0.19

$
0.32

$
2.15

$
3.26

(Loss) from discontinued operations

(0.02
)

(0.10
)
Total earnings per share of common stock, Diluted
$
0.19

$
0.31

$
2.15

$
3.15

 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
Basic
60,976

53,364

60,458

53,346

Diluted
61,104

54,819

60,578

54,508



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

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BLACK HILLS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
 
2019
2018
2019
2018
 
(in thousands)
 
 
 
 
 
Net income
$
15,395

$
20,944

$
140,450

$
182,318

 
 
 
 
 
Other comprehensive income (loss), net of tax:
 
 
 
 
Reclassification adjustments of benefit plan liability - prior service cost (net of tax of $3, $10, $13 and $29, respectively)
(16
)
(34
)
(45
)
(104
)
Reclassification adjustments of benefit plan liability - net gain (loss) (net of tax of $(92), $(138), $(197), and $(409), respectively)
(9
)
483

327

1,456

Derivative instruments designated as cash flow hedges:
 
 
 
 
Reclassification of net realized (gains) losses on settled/amortized interest rate swaps (net of tax of $(165), $(152), $(500), and $(456), respectively)
548

560

1,639

1,682

Net unrealized gains (losses) on commodity derivatives (net of tax of $35, $0, $100 and $51, respectively)
(115
)
30

(334
)
(168
)
Reclassification of net realized (gains) losses on settled commodity derivatives (net of tax of $(5), $3, $142 and $(187), respectively)
124

21

(366
)
615

Other comprehensive income, net of tax
532

1,060

1,221

3,481

 
 
 
 
 
Comprehensive income
15,927

22,004

141,671

185,799

Less: comprehensive income attributable to noncontrolling interest
(3,655
)
(3,994
)
(10,319
)
(10,447
)
Comprehensive income available for common stock
$
12,272

$
18,010

$
131,352

$
175,352


See Note 13 for additional disclosures.

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

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Table of Contents

BLACK HILLS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)
As of
 
September 30, 2019
 
December 31, 2018
 
(in thousands)
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
13,087

 
$
20,776

Restricted cash
3,688

 
3,369

Accounts receivable, net
148,989

 
269,153

Materials, supplies and fuel
123,002

 
117,299

Derivative assets, current
412

 
1,500

Income tax receivable, net
12,931

 
12,978

Regulatory assets, current
46,206

 
48,776

Other current assets
29,106

 
29,982

Total current assets
377,421

 
503,833

 
 
 
 
Investments
21,583

 
41,013

 
 
 
 
Property, plant and equipment
6,567,229

 
6,000,015

Less: accumulated depreciation and depletion
(1,243,794
)
 
(1,145,136
)
Total property, plant and equipment, net
5,323,435

 
4,854,879

 
 
 
 
Other assets:
 
 
 
Goodwill
1,299,454

 
1,299,454

Intangible assets, net
13,566

 
14,337

Regulatory assets, non-current
214,152

 
235,459

Other assets, non-current
25,339

 
14,352

Total other assets, non-current
1,552,511

 
1,563,602

 
 
 
 
TOTAL ASSETS
$
7,274,950

 
$
6,963,327


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

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BLACK HILLS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Continued)
(unaudited)
As of
 
September 30, 2019
 
December 31, 2018
 
(in thousands, except share amounts)
LIABILITIES AND TOTAL EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
145,085

 
$
210,609

Accrued liabilities
217,832

 
215,501

Derivative liabilities, current
2,396

 
947

Regulatory liabilities, current
25,168

 
29,810

Notes payable
294,900

 
185,620

Current maturities of long-term debt
5,743

 
5,743

Total current liabilities
691,124

 
648,230

 
 
 
 
Long-term debt
3,049,235

 
2,950,835

 
 
 
 
Deferred credits and other liabilities:
 
 
 
Deferred income tax liabilities, net
347,952

 
311,331

Regulatory liabilities, non-current
498,773

 
510,984

Benefit plan liabilities
134,150

 
145,147

Other deferred credits and other liabilities
120,820

 
109,377

Total deferred credits and other liabilities
1,101,695

 
1,076,839

 
 
 
 
Commitments and contingencies (See Notes 8, 10, 15, 16)


 

 
 
 
 
Equity:
 
 
 
Stockholders’ equity —
 
 
 
Common stock $1 par value; 100,000,000 shares authorized; issued 61,480,640 and 60,048,567 shares, respectively
61,481

 
60,049

Additional paid-in capital
1,553,190

 
1,450,569

Retained earnings
742,138

 
700,396

Treasury stock, at cost – 26,572 and 44,253 shares, respectively
(1,636
)
 
(2,510
)
Accumulated other comprehensive income (loss)
(25,695
)
 
(26,916
)
Total stockholders’ equity
2,329,478

 
2,181,588

Noncontrolling interest
103,418

 
105,835

Total equity
2,432,896

 
2,287,423

 
 
 
 
TOTAL LIABILITIES AND TOTAL EQUITY
$
7,274,950

 
$
6,963,327


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

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BLACK HILLS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Nine Months Ended September 30,
 
2019
2018
Operating activities:
(in thousands)
Net income
$
140,450

$
182,318

Loss from discontinued operations, net of tax

5,627

Income from continuing operations
140,450

187,945

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
Depreciation, depletion and amortization
154,507

146,345

Deferred financing cost amortization
6,326

5,682

Impairment of investment
19,741


Stock compensation
8,332

7,544

Deferred income taxes
24,381

(14,396
)
Employee benefit plans
7,965

10,641

Other adjustments, net
9,192

7,668

Changes in certain operating assets and liabilities:
 
 
Materials, supplies and fuel
(4,126
)
(8,380
)
Accounts receivable, unbilled revenues and other operating assets
115,325

72,061

Accounts payable and other operating liabilities
(83,436
)
(86,604
)
Regulatory assets - current
12,455

41,655

Regulatory liabilities - current
(15,644
)
21,416

Contributions to defined benefit pension plans
(12,700
)
(12,700
)
Other operating activities, net
3,307

2,007

Net cash provided by operating activities of continuing operations
386,075

380,884

Net cash provided by (used in) operating activities of discontinued operations

(2,162
)
Net cash provided by operating activities
386,075

378,722

 
 
 
Investing activities:
 
 
Property, plant and equipment additions
(592,537
)
(278,132
)
Purchase of investment

(24,429
)
Other investing activities
(735
)
2,766

Net cash provided by (used in) investing activities of continuing operations
(593,272
)
(299,795
)
Net cash provided by investing activities of discontinued operations

18,024

Net cash provided by (used in) investing activities
(593,272
)
(281,771
)
 
 
 
Financing activities:
 
 
Dividends paid on common stock
(91,779
)
(76,309
)
Common stock issued
101,361

1,079

Net (payments) borrowings of short-term debt
109,280

(99,200
)
Long-term debt - issuances
400,000

700,000

Long-term debt - repayments
(304,307
)
(603,307
)
Distributions to noncontrolling interest
(12,736
)
(13,755
)
Other financing activities
(1,992
)
(10,457
)
Net cash provided by (used in) financing activities
199,827

(101,949
)
Net change in cash, cash equivalents and restricted cash
(7,370
)
(4,998
)
Cash, cash equivalents and restricted cash at beginning of period
24,145

18,240

Cash, cash equivalents and restricted cash at end of period
$
16,775

$
13,242



See Note 14 for supplemental disclosure of cash flow information.

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

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Table of Contents

BLACK HILLS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(unaudited)
Common Stock
Treasury Stock
 
 
 
 
 
(in thousands except share amounts)
Shares
Value
Shares
Value
Additional Paid in Capital
Retained Earnings
AOCI
Non controlling Interest
Total
December 31, 2018
60,048,567

$
60,049

44,253

$
(2,510
)
$
1,450,569

$
700,396

$
(26,916
)
$
105,835

$
2,287,423

Net income available for common stock





103,808


3,554

107,362

Other comprehensive income (loss), net of tax






457


457

Dividends on common stock ($0.505 per share)





(30,332
)


(30,332
)
Share-based compensation
48,956

49

(20,497
)
1,078

(589
)



538

Issuance of common stock
280,497

280



19,719




19,999

Issuance costs




(289
)



(289
)
Implementation of ASU 2016-02 Leases





3,390



3,390

Distributions to noncontrolling interest







(4,846
)
(4,846
)
March 31, 2019
60,378,020

$
60,378

23,756

$
(1,432
)
$
1,469,410

$
777,262

$
(26,459
)
$
104,543

$
2,383,702

Net income available for common stock





14,583


3,110

17,693

Other comprehensive income (loss), net of tax






232


232

Dividends on common stock ($0.505 per share)





(30,620
)


(30,620
)
Share-based compensation
54,767

54

1,603

(112
)
3,948




3,890

Issuance of common stock
658,598

659



49,342




50,001

Issuance costs




(492
)



(492
)
Implementation of ASU 2016-02 Leases





(3
)


(3
)
Distributions to noncontrolling interest







(4,405
)
(4,405
)
June 30, 2019
61,091,385

$
61,091

25,359

$
(1,544
)
$
1,522,208

$
761,222

$
(26,227
)
$
103,248