10-Q 1 mdu-20220930.htm MDU RESOURCES FORM 10-Q 09-30-2022 mdu-20220930
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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)
Delaware30-1133956
(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 classTrading symbol(s)Name of each exchange on which registered
Common Stock, par value $1.00 per shareMDUNew 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.
1


Index
Page
 

2

Definitions
The following abbreviations and acronyms used in this Form 10-Q are defined below:
Abbreviation or Acronym
2021 Annual ReportCompany'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 FactorThe discount from peak requirements when the Company's peak is at a time different from the MISO system peak for the winter season.
CompanyMDU Resources Group, Inc.
COVID-19Coronavirus 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 Station427-MW coal-fired electric generating facility near Beulah, North Dakota (25 percent ownership)
Diamond WillowDiamond Willow Wind Farm located in Montana
dk
Decatherm
Dodd-Frank Act
Dodd-Frank Wall Street Reform and Consumer Protection Act
EPAUnited States Environmental Protection Agency
Exchange Act
Securities Exchange Act of 1934, as amended
FASB
Financial Accounting Standards Board
FERCFederal Energy Regulatory Commission
Federal ReserveFederal Reserve System, the central banking system of the United States.
FidelityFidelity 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 PlainsGreat Plains Natural Gas Co., a public utility division of Montana-Dakota
Intermountain
Intermountain Gas Company, an indirect wholly owned subsidiary of MDU Energy Capital
IRAInflation Reduction Act of 2022
IRSInternal Revenue Service
Knife River
Knife River Corporation, a direct wholly owned subsidiary of Centennial
kWh
Kilowatt-hour
kVKilovolt
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
MISOMidcontinent 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
3

Montana-DakotaMontana-Dakota Utilities Co., a direct wholly owned subsidiary of MDU Energy Capital
MW
Megawatt
NDDEQNorth Dakota Department of Environmental Quality
NDPSCNorth Dakota Public Service Commission
NERCNorth American Electric Reliability Corporation
OilIncludes crude oil and condensate
PHMSAPipeline and Hazardous Materials Safety Administration
Regional Haze RuleThe 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.
SDPUCSouth Dakota Public Utilities Commission
SECUnited States Securities and Exchange Commission
SOFR
Secured Overnight Financing Rate
VIEVariable interest entity
Washington DOEWashington State Department of Ecology
WBI Energy WBI Energy, Inc., an indirect wholly owned subsidiary of WBI Holdings
WBI HoldingsWBI Holdings, Inc., a direct wholly owned subsidiary of Centennial
WUTCWashington Utilities and Transportation Commission
4

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.
5

Part I -- Financial Information
Item 1. Financial Statements
MDU Resources Group, Inc.
Consolidated Statements of Income
(Unaudited)
Three Months EndedNine Months Ended
 September 30,September 30,
 2022202120222021
 (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 other1,713,592 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 other1,457,350 1,122,840 3,490,120 2,828,557 
Total operation and maintenance1,546,852 1,212,898 3,771,550 3,102,353 
Purchased natural gas sold61,863 41,135 444,527 280,584 
Depreciation, depletion and amortization82,293 75,229 247,173 222,613 
Taxes, other than income56,267 48,096 185,303 163,819 
Electric fuel and purchased power20,080 19,486 68,370 56,216 
Total operating expenses1,767,355 1,396,844 4,716,923 3,825,585 
Operating income209,851 189,169 397,763 412,023 
Other income (expense)4,769 5,930 (1,877)18,310 
Interest expense31,369 23,389 84,741 70,224 
Income before income taxes183,251 171,710 311,145 360,109 
Income taxes35,318 32,748 60,847 68,860 
Income from continuing operations147,933 138,962 250,298 291,249 
Discontinued operations, net of tax38 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 - basic203,351 202,863 203,351 201,647 
Weighted average common shares outstanding - diluted203,644 203,190 203,407 201,955 
The accompanying notes are an integral part of these consolidated financial statements.
6

MDU Resources Group, Inc.
Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months EndedNine Months Ended
 September 30,September 30,
 2022202120222021
 (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 adjustment461 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.
7

MDU Resources Group, Inc.
Consolidated Balance Sheets
(Unaudited)
 September 30, 2022September 30, 2021December 31, 2021
Assets(In thousands, except shares and per share amounts)
Current assets:   
Cash and cash equivalents$74,620 $57,241 $54,161 
Receivables, net1,298,019 979,862 946,741 
Inventories398,642 312,285 335,609 
Current regulatory assets148,160 133,135 118,691 
Prepayments and other current assets104,850 83,364 95,741 
Total current assets2,024,291 1,565,887 1,550,943 
Noncurrent assets:   
Property, plant and equipment9,257,067 8,634,737 8,972,849 
Less accumulated depreciation, depletion and amortization3,263,217 3,175,756 3,216,461 
Net property, plant and equipment5,993,850 5,458,981 5,756,388 
Goodwill763,262 717,646 765,386 
Other intangible assets, net18,745 22,241 22,578 
Regulatory assets344,442 379,245 357,851 
Investments157,860 171,859 175,476 
Operating lease right-of-use assets119,586 109,439 124,138 
Other185,094 143,565 157,675 
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 year214,453 1,548 148,053 
Accounts payable630,699 525,704 478,933 
Taxes payable93,565 87,455 80,372 
Dividends payable44,229 43,212 44,229 
Accrued compensation99,824 105,867 81,904 
Operating lease liabilities due within one year34,569 30,502 35,368 
Regulatory liabilities due within one year18,599 16,491 16,303 
Other accrued liabilities232,364 212,140 207,078 
Total current liabilities 1,468,302 1,072,919 1,092,240 
Noncurrent liabilities:   
Long-term debt2,773,999 2,326,718 2,593,847 
Deferred income taxes617,996 557,582 591,962 
Asset retirement obligations472,931 455,522 458,061 
Regulatory liabilities433,212 426,141 428,790 
Operating lease liabilities85,884 79,397 89,253 
Other262,948 318,306 273,408 
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 capital1,455,241 1,458,208 1,461,205 
Retained earnings1,879,600 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' equity3,491,858 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.
8

MDU Resources Group, Inc.
Consolidated Statements of Equity
(Unaudited)
Other
Paid-in
Capital
Retained EarningsAccumu-lated
Other
Compre-hensive
Loss
Common StockTreasury Stock
SharesAmountSharesAmountTotal
 (In thousands, except shares)
At December 31, 2021203,889,661 $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, 2022203,889,661 $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, 2022203,889,661 $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, 2022203,889,661 $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.
9


MDU Resources Group, Inc.
Consolidated Statements of Equity
(Unaudited)
Other
Paid-in
Capital
Retained EarningsAccumu-lated
Other
Compre-hensive
Loss
Common StockTreasury Stock
SharesAmountSharesAmountTotal
 (In thousands, except shares)
At December 31, 2020201,061,198 $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, 2021201,733,458 $201,733 $1,382,158 $1,567,551 $(47,510)(538,921)$(3,626)$3,100,306 
Net income
— — — 100,190 —