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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 September 30, 2022
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 1-03480
MDU RESOURCES GROUP INC
(Exact name of registrant as specified in its charter)
| | | | | | | | |
Delaware | | 30-1133956 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
1200 West Century Avenue
P.O. Box 5650
Bismarck, North Dakota 58506-5650
(Address of principal executive offices)
(Zip Code)
(701) 530-1000
(Registrant's telephone number, including area code)
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, par value $1.00 per share | MDU | New York Stock Exchange |
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 (§232.405 of this chapter) 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, a 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 | ☒ | 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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒.
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of October 27, 2022: 203,350,740 shares.
Definitions
The following abbreviations and acronyms used in this Form 10-Q are defined below:
| | | | | |
Abbreviation or Acronym | |
2021 Annual Report | Company's Annual Report on Form 10-K for the year ended December 31, 2021 |
AFUDC | Allowance for funds used during construction |
ASC | FASB Accounting Standards Codification |
ASU | FASB Accounting Standards Update |
Cascade | Cascade Natural Gas Corporation, an indirect wholly owned subsidiary of MDU Energy Capital |
Centennial | Centennial Energy Holdings, Inc., a direct wholly owned subsidiary of the Company |
Centennial Capital | Centennial Holdings Capital LLC, a direct wholly owned subsidiary of Centennial |
Coincident Load Factor | The discount from peak requirements when the Company's peak is at a time different from the MISO system peak for the winter season. |
Company | MDU Resources Group, Inc. |
COVID-19 | Coronavirus disease 2019. In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic and the President of the United States declared the COVID-19 outbreak a national emergency. |
Coyote Creek | Coyote Creek Mining Company, LLC, a subsidiary of The North American Coal Corporation |
Coyote Station | 427-MW coal-fired electric generating facility near Beulah, North Dakota (25 percent ownership) |
Diamond Willow | Diamond Willow Wind Farm located in Montana |
dk | Decatherm |
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act |
EPA | United States Environmental Protection Agency |
Exchange Act | Securities Exchange Act of 1934, as amended |
FASB | Financial Accounting Standards Board |
FERC | Federal Energy Regulatory Commission |
Federal Reserve | Federal Reserve System, the central banking system of the United States. |
Fidelity | Fidelity Exploration & Production Company, a direct wholly owned subsidiary of WBI Holdings (previously referred to as the Company's exploration and production segment) |
GAAP | Accounting principles generally accepted in the United States of America |
GHG | Greenhouse gas |
Great Plains | Great Plains Natural Gas Co., a public utility division of Montana-Dakota |
Intermountain | Intermountain Gas Company, an indirect wholly owned subsidiary of MDU Energy Capital |
IRA | Inflation Reduction Act of 2022 |
IRS | Internal Revenue Service |
Knife River | Knife River Corporation, a direct wholly owned subsidiary of Centennial |
kWh | Kilowatt-hour |
kV | Kilovolt |
LIBOR | London Inter-bank Offered Rate |
MDU Construction Services | MDU Construction Services Group, Inc., a direct wholly owned subsidiary of Centennial |
MDU Energy Capital | MDU Energy Capital, LLC, a direct wholly owned subsidiary of the Company |
MISO | Midcontinent Independent System Operator, Inc., the organization that provides open-access transmission services and monitors the high-voltage transmission system in the Midwest United States and Manitoba, Canada and a southern United States region which includes much of Arkansas, Mississippi, and Louisiana. |
MMcf | Million cubic feet |
MMdk | Million dk |
MNPUC | Minnesota Public Utilities Commission |
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Montana-Dakota | Montana-Dakota Utilities Co., a direct wholly owned subsidiary of MDU Energy Capital |
MW | Megawatt |
NDDEQ | North Dakota Department of Environmental Quality |
NDPSC | North Dakota Public Service Commission |
NERC | North American Electric Reliability Corporation |
Oil | Includes crude oil and condensate |
PHMSA | Pipeline and Hazardous Materials Safety Administration |
Regional Haze Rule | The EPA developed the Regional Haze Rule requiring states to develop and implement comprehensive plans to reduce human-caused regional haze in designated areas such as national parks and wilderness areas. |
SDPUC | South Dakota Public Utilities Commission |
SEC | United States Securities and Exchange Commission |
SOFR | Secured Overnight Financing Rate |
VIE | Variable interest entity |
Washington DOE | Washington State Department of Ecology |
WBI Energy | WBI Energy, Inc., an indirect wholly owned subsidiary of WBI Holdings |
WBI Holdings | WBI Holdings, Inc., a direct wholly owned subsidiary of Centennial |
WUTC | Washington Utilities and Transportation Commission |
Introduction
The Company's mission is to deliver superior value to stakeholders by providing essential infrastructure and services to America. The Company generates, transmits and distributes electricity and provides natural gas distribution, transportation and storage services that are regulated by state public service commissions and/or the FERC. The Company also provides construction services to a variety of industries, including commercial, industrial and utility customers, and provides construction materials through aggregate mining and marketing of related products, such as ready-mix concrete, asphalt and asphalt oil.
Montana-Dakota was incorporated under the state laws of Delaware in 1924. The Company was incorporated under the state laws of Delaware in 2018 upon the completion of an internal holding company reorganization, which resulted in Montana-Dakota becoming a subsidiary of the Company. Its principal executive offices are located at 1200 West Century Avenue, P.O. Box 5650, Bismarck, North Dakota 58506-5650, telephone (701) 530-1000.
On August 4, 2022, the Company announced its Board of Directors unanimously approved a plan to pursue the separation of Knife River from the Company. The separation is planned as a tax-free spinoff transaction to the Company’s stockholders for U.S. federal income tax purposes. The separation is expected to result in two independent, publicly traded companies: (1) MDU Resources Group, Inc., the existing company and (2) Knife River, a construction materials and contracting company.
As the next step of the Company’s strategic planning, the Board of Directors has unanimously determined the best way to optimize value would be to create two pure-play companies: a leading construction materials company and a regulated energy delivery company. Accordingly, the board has authorized management to commence a strategic review process for MDU Construction Services with the objective of achieving the board’s goal of creating two pure-play public companies. For more information on the Company's risks associated with the anticipated separation or the proposed future structure of the companies, see Item 1A. Risk Factors.
The Company is organized into five reportable business segments. These business segments include: electric, natural gas distribution, pipeline, construction materials and contracting, and construction services. The Company's business segments are determined based on the Company's method of internal reporting, which generally segregates the strategic business units due to differences in products, services and regulation. The internal reporting of these segments is defined based on the reporting and review process used by the Company's chief executive officer.
The Company, through its wholly owned subsidiary, MDU Energy Capital, owns Montana-Dakota, Cascade and Intermountain. The electric segment is comprised of Montana-Dakota while the natural gas distribution segment is comprised of Montana-Dakota, Cascade and Intermountain.
The Company, through its wholly owned subsidiary, Centennial, owns WBI Energy, Knife River, MDU Construction Services and Centennial Capital. WBI Energy is the pipeline segment, Knife River is the construction materials and contracting segment, MDU Construction Services is the construction services segment and Centennial Capital is reflected in the Other category.
For more information on the Company's business segments, see Note 17 of the Notes to Consolidated Financial Statements.
Part I -- Financial Information
Item 1. Financial Statements
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MDU Resources Group, Inc. |
Consolidated Statements of Income |
(Unaudited) |
| Three Months Ended | Nine Months Ended |
| September 30, | September 30, |
| 2022 | 2021 | 2022 | 2021 |
| (In thousands, except per share amounts) |
Operating revenues: | | | | |
Electric, natural gas distribution and regulated pipeline | $ | 263,614 | | $ | 237,065 | | $ | 1,140,528 | | $ | 940,017 | |
Non-regulated pipeline, construction materials and contracting, construction services and other | 1,713,592 | | 1,348,948 | | 3,974,158 | | 3,297,591 | |
Total operating revenues | 1,977,206 | | 1,586,013 | | 5,114,686 | | 4,237,608 | |
Operating expenses: | | | | |
Operation and maintenance: | | | | |
Electric, natural gas distribution and regulated pipeline | 89,502 | | 90,058 | | 281,430 | | 273,796 | |
Non-regulated pipeline, construction materials and contracting, construction services and other | 1,457,350 | | 1,122,840 | | 3,490,120 | | 2,828,557 | |
Total operation and maintenance | 1,546,852 | | 1,212,898 | | 3,771,550 | | 3,102,353 | |
Purchased natural gas sold | 61,863 | | 41,135 | | 444,527 | | 280,584 | |
Depreciation, depletion and amortization | 82,293 | | 75,229 | | 247,173 | | 222,613 | |
Taxes, other than income | 56,267 | | 48,096 | | 185,303 | | 163,819 | |
Electric fuel and purchased power | 20,080 | | 19,486 | | 68,370 | | 56,216 | |
Total operating expenses | 1,767,355 | | 1,396,844 | | 4,716,923 | | 3,825,585 | |
Operating income | 209,851 | | 189,169 | | 397,763 | | 412,023 | |
Other income (expense) | 4,769 | | 5,930 | | (1,877) | | 18,310 | |
Interest expense | 31,369 | | 23,389 | | 84,741 | | 70,224 | |
Income before income taxes | 183,251 | | 171,710 | | 311,145 | | 360,109 | |
Income taxes | 35,318 | | 32,748 | | 60,847 | | 68,860 | |
Income from continuing operations | 147,933 | | 138,962 | | 250,298 | | 291,249 | |
Discontinued operations, net of tax | 38 | | 314 | | 103 | | 348 | |
Net income | $ | 147,971 | | $ | 139,276 | | $ | 250,401 | | $ | 291,597 | |
Earnings per share - basic: | | | | |
Income from continuing operations | $ | .73 | | $ | .68 | | $ | 1.23 | | $ | 1.44 | |
Discontinued operations, net of tax | — | | — | | — | | — | |
Earnings per share - basic | $ | .73 | | $ | .68 | | $ | 1.23 | | $ | 1.44 | |
Earnings per share - diluted: | | | | |
Income from continuing operations | $ | .73 | | $ | .68 | | $ | 1.23 | | $ | 1.44 | |
Discontinued operations, net of tax | — | | — | | — | | — | |
Earnings per share - diluted | $ | .73 | | $ | .68 | | $ | 1.23 | | $ | 1.44 | |
Weighted average common shares outstanding - basic | 203,351 | | 202,863 | | 203,351 | | 201,647 | |
Weighted average common shares outstanding - diluted | 203,644 | | 203,190 | | 203,407 | | 201,955 | |
The accompanying notes are an integral part of these consolidated financial statements.
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MDU Resources Group, Inc. |
Consolidated Statements of Comprehensive Income |
(Unaudited) |
| | Three Months Ended | Nine Months Ended |
| | September 30, | September 30, |
| | 2022 | 2021 | 2022 | 2021 |
| | (In thousands) |
Net income | | $ | 147,971 | | $ | 139,276 | | $ | 250,401 | | $ | 291,597 | |
Other comprehensive income (loss): | | | | | |
Reclassification adjustment for loss on derivative instruments included in net income, net of tax of $37 and $36 for the three months ended and $109 and $109 for the nine months ended in 2022 and 2021, respectively | | 111 | | 111 | | 334 | | 334 | |
Postretirement liability adjustment: | | | | | |
Amortization of postretirement liability losses included in net periodic benefit credit, net of tax of $148 and $151 for the three months ended and $460 and $462 for the nine months ended in 2022 and 2021, respectively | | 461 | | 466 | | 1,367 | | 1,389 | |
Reclassification of postretirement liability adjustment from regulatory asset, net of tax of $— and $— for the three months ended and $(1,086) and $— for the nine months ended in 2022 and 2021, respectively | | — | | — | | (3,265) | | — | |
Postretirement liability adjustment | | 461 | | 466 | | (1,898) | | 1,389 | |
Net unrealized loss on available-for-sale investments: | | | | | |
Net unrealized loss on available-for-sale investments arising during the period, net of tax of $(88) and $(15) for the three months ended and $(207) and $(40) for the nine months ended in 2022 and 2021, respectively | | (329) | | (54) | | (777) | | (150) | |
Reclassification adjustment for loss on available-for-sale investments included in net income, net of tax of $12 and $6 for the three months ended and $27 and $21 for the nine months ended in 2022 and 2021, respectively | | 42 | | 20 | | 99 | | 80 | |
Net unrealized loss on available-for-sale investments | | (287) | | (34) | | (678) | | (70) | |
Other comprehensive income (loss) | | 285 | | 543 | | (2,242) | | 1,653 | |
Comprehensive income attributable to common stockholders | | $ | 148,256 | | $ | 139,819 | | $ | 248,159 | | $ | 293,250 | |
The accompanying notes are an integral part of these consolidated financial statements.
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MDU Resources Group, Inc. |
Consolidated Balance Sheets |
(Unaudited) |
| September 30, 2022 | September 30, 2021 | December 31, 2021 |
Assets | (In thousands, except shares and per share amounts) |
Current assets: | | | |
Cash and cash equivalents | $ | 74,620 | | $ | 57,241 | | $ | 54,161 | |
Receivables, net | 1,298,019 | | 979,862 | | 946,741 | |
Inventories | 398,642 | | 312,285 | | 335,609 | |
Current regulatory assets | 148,160 | | 133,135 | | 118,691 | |
Prepayments and other current assets | 104,850 | | 83,364 | | 95,741 | |
Total current assets | 2,024,291 | | 1,565,887 | | 1,550,943 | |
Noncurrent assets: | | | |
Property, plant and equipment | 9,257,067 | | 8,634,737 | | 8,972,849 | |
Less accumulated depreciation, depletion and amortization | 3,263,217 | | 3,175,756 | | 3,216,461 | |
Net property, plant and equipment | 5,993,850 | | 5,458,981 | | 5,756,388 | |
Goodwill | 763,262 | | 717,646 | | 765,386 | |
Other intangible assets, net | 18,745 | | 22,241 | | 22,578 | |
Regulatory assets | 344,442 | | 379,245 | | 357,851 | |
Investments | 157,860 | | 171,859 | | 175,476 | |
Operating lease right-of-use assets | 119,586 | | 109,439 | | 124,138 | |
Other | 185,094 | | 143,565 | | 157,675 | |
Total noncurrent assets | 7,582,839 | | 7,002,976 | | 7,359,492 | |
Total assets | $ | 9,607,130 | | $ | 8,568,863 | | $ | 8,910,435 | |
Liabilities and Stockholders' Equity | | | |
Current liabilities: | | | |
Short-term borrowings | $ | 100,000 | | $ | 50,000 | | $ | — | |
Long-term debt due within one year | 214,453 | | 1,548 | | 148,053 | |
Accounts payable | 630,699 | | 525,704 | | 478,933 | |
Taxes payable | 93,565 | | 87,455 | | 80,372 | |
Dividends payable | 44,229 | | 43,212 | | 44,229 | |
Accrued compensation | 99,824 | | 105,867 | | 81,904 | |
Operating lease liabilities due within one year | 34,569 | | 30,502 | | 35,368 | |
Regulatory liabilities due within one year | 18,599 | | 16,491 | | 16,303 | |
Other accrued liabilities | 232,364 | | 212,140 | | 207,078 | |
Total current liabilities | 1,468,302 | | 1,072,919 | | 1,092,240 | |
Noncurrent liabilities: | | | |
Long-term debt | 2,773,999 | | 2,326,718 | | 2,593,847 | |
Deferred income taxes | 617,996 | | 557,582 | | 591,962 | |
Asset retirement obligations | 472,931 | | 455,522 | | 458,061 | |
Regulatory liabilities | 433,212 | | 426,141 | | 428,790 | |
Operating lease liabilities | 85,884 | | 79,397 | | 89,253 | |
Other | 262,948 | | 318,306 | | 273,408 | |
Total noncurrent liabilities | 4,646,970 | | 4,163,666 | | 4,435,321 | |
Commitments and contingencies | | | |
Stockholders' equity: | | | |
Common stock Authorized - 500,000,000 shares, $1.00 par value Shares issued - 203,889,661 at September 30, 2022, 203,889,661 at September 30, 2021 and 203,889,661 at December 31, 2021 | 203,889 | | 203,889 | | 203,889 | |
Other paid-in capital | 1,455,241 | | 1,458,208 | | 1,461,205 | |
Retained earnings | 1,879,600 | | 1,720,232 | | 1,762,410 | |
Accumulated other comprehensive loss | (43,246) | | (46,425) | | (41,004) | |
Treasury stock at cost - 538,921 shares | (3,626) | | (3,626) | | (3,626) | |
Total stockholders' equity | 3,491,858 | | 3,332,278 | | 3,382,874 | |
Total liabilities and stockholders' equity | $ | 9,607,130 | | $ | 8,568,863 | | $ | 8,910,435 | |
The accompanying notes are an integral part of these consolidated financial statements.
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MDU Resources Group, Inc. |
Consolidated Statements of Equity |
(Unaudited) |
| | | Other Paid-in Capital | Retained Earnings | Accumu-lated Other Compre-hensive Loss | | | |
| Common Stock | Treasury Stock | |
| Shares | Amount | Shares | Amount | Total |
| (In thousands, except shares) |
At December 31, 2021 | 203,889,661 | | $ | 203,889 | | $ | 1,461,205 | | $ | 1,762,410 | | $ | (41,004) | | (538,921) | | $ | (3,626) | | $ | 3,382,874 | |
Net income | — | | — | | — | | 31,763 | | — | | — | | — | | 31,763 | |
Other comprehensive income | — | | — | | — | | — | | 269 | | — | | — | | 269 | |
Dividends declared on common stock | — | | — | | — | | (44,447) | | — | | — | | — | | (44,447) | |
Stock-based compensation | — | | — | | 2,689 | | — | | — | | — | | — | | 2,689 | |
Repurchase of common stock | — | | — | | — | | — | | — | | (266,821) | | (7,399) | | (7,399) | |
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | — | | — | | (12,303) | | — | | — | | 266,821 | | 7,399 | | (4,904) | |
Issuance of common stock | — | | — | | (127) | | — | | — | | — | | — | | (127) | |
At March 31, 2022 | 203,889,661 | | $ | 203,889 | | $ | 1,451,464 | | $ | 1,749,726 | | $ | (40,735) | | (538,921) | | $ | (3,626) | | $ | 3,360,718 | |
Net income | — | | — | | — | | 70,667 | | — | | — | | — | | 70,667 | |
Other comprehensive loss | — | | — | | — | | — | | (2,796) | | — | | — | | (2,796) | |
Dividends declared on common stock | — | | — | | — | | (44,446) | | — | | — | | — | | (44,446) | |
Stock-based compensation | — | | — | | 2,689 | | — | | — | | — | | — | | 2,689 | |
Issuance of common stock | — | | — | | (22) | | — | | — | | — | | — | | (22) | |
At June 30, 2022 | 203,889,661 | | $ | 203,889 | | $ | 1,454,131 | | $ | 1,775,947 | | $ | (43,531) | | (538,921) | | $ | (3,626) | | $ | 3,386,810 | |
Net income | — | | — | | — | | 147,971 | | — | | — | | — | | 147,971 | |
Other comprehensive income | — | | — | | — | | — | | 285 | | — | | — | | 285 | |
Dividends declared on common stock | — | | — | | — | | (44,318) | | — | | — | | — | | (44,318) | |
Stock-based compensation | — | | — | | 1,110 | | — | | — | | — | | — | | 1,110 | |
At September 30, 2022 | 203,889,661 | | $ | 203,889 | | $ | 1,455,241 | | $ | 1,879,600 | | $ | (43,246) | | (538,921) | | $ | (3,626) | | $ | 3,491,858 | |
The accompanying notes are an integral part of these consolidated financial statements.
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MDU Resources Group, Inc. |
Consolidated Statements of Equity |
(Unaudited) |
| | Other Paid-in Capital | Retained Earnings | Accumu-lated Other Compre-hensive Loss | | | |
| Common Stock | Treasury Stock | |
| Shares | Amount | Shares | Amount | Total |
| (In thousands, except shares) |
At December 31, 2020 | 201,061,198 | | $ | 201,061 | | $ | 1,371,385 | | $ | 1,558,363 | | $ | (48,078) | | (538,921) | | $ | (3,626) | | $ | 3,079,105 | |
Net income | — | | — | | — | | 52,131 | | — | | — | | — | | 52,131 | |
Other comprehensive income | — | | — | | — | | — | | 568 | | — | | — | | 568 | |
Dividends declared on common stock | — | | — | | — | | (42,943) | | — | | — | | — | | (42,943) | |
Stock-based compensation | — | | — | | 2,574 | | — | | — | | — | | — | | 2,574 | |
Repurchase of common stock | — | | — | | — | | — | | — | | (392,294) | | (6,701) | | (6,701) | |
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | — | | — | | (10,828) | | — | | — | | 392,294 | | 6,701 | | (4,127) | |
Issuance of common stock | 672,260 | | 672 | | 19,027 | | — | | — | | — | | — | | 19,699 | |
At March 31, 2021 | 201,733,458 | | $ | 201,733 | | $ | 1,382,158 | | $ | 1,567,551 | | $ | (47,510) | | (538,921) | | $ | (3,626) | | $ | 3,100,306 | |
Net income | — | | — | | — | | 100,190 | | — | | |