10-Q 1 mdu-20240331.htm MDU RESOURCES FORM 10-Q 03-31-2024 mdu-20240331
000006771612/312024Q1false1200000677162024-01-012024-03-3100000677162024-04-25xbrli:shares0000067716us-gaap:RegulatedOperationMember2024-01-012024-03-31iso4217:USD0000067716us-gaap:RegulatedOperationMember2023-01-012023-03-310000067716us-gaap:UnregulatedOperationMember2024-01-012024-03-310000067716us-gaap:UnregulatedOperationMember2023-01-012023-03-3100000677162023-01-012023-03-31iso4217:USDxbrli:shares00000677162024-03-3100000677162023-03-3100000677162023-12-310000067716us-gaap:CommonStockMember2023-12-310000067716us-gaap:AdditionalPaidInCapitalMember2023-12-310000067716us-gaap:RetainedEarningsMember2023-12-310000067716us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000067716us-gaap:TreasuryStockCommonMember2023-12-310000067716us-gaap:RetainedEarningsMember2024-01-012024-03-310000067716us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000067716us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310000067716us-gaap:CommonStockMember2024-01-012024-03-310000067716us-gaap:TreasuryStockCommonMember2024-01-012024-03-310000067716us-gaap:CommonStockMember2024-03-310000067716us-gaap:AdditionalPaidInCapitalMember2024-03-310000067716us-gaap:RetainedEarningsMember2024-03-310000067716us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000067716us-gaap:TreasuryStockCommonMember2024-03-310000067716us-gaap:CommonStockMember2022-12-310000067716us-gaap:AdditionalPaidInCapitalMember2022-12-310000067716us-gaap:RetainedEarningsMember2022-12-310000067716us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000067716us-gaap:TreasuryStockCommonMember2022-12-3100000677162022-12-310000067716us-gaap:RetainedEarningsMember2023-01-012023-03-310000067716us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000067716us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310000067716us-gaap:TreasuryStockCommonMember2023-01-012023-03-310000067716us-gaap:CommonStockMember2023-03-310000067716us-gaap:AdditionalPaidInCapitalMember2023-03-310000067716us-gaap:RetainedEarningsMember2023-03-310000067716us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000067716us-gaap:TreasuryStockCommonMember2023-03-310000067716us-gaap:DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMembermdu:KnifeRiverCorporationMember2023-05-31xbrli:pure0000067716us-gaap:DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMembermdu:KnifeRiverCorporationMember2023-05-312023-05-310000067716mdu:KnifeRiverCorporationMemberus-gaap:SeniorNotesMember2023-04-250000067716us-gaap:RevolvingCreditFacilityMembermdu:KnifeRiverCorporationMember2023-04-250000067716mdu:KnifeRiverCorporationMembermdu:TermLoanAgreementMember2023-04-250000067716mdu:KnifeRiverCorporationMember2023-04-252023-04-250000067716us-gaap:DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMembermdu:CashReceivedTSAMembermdu:KnifeRiverCorporationMember2024-01-012024-03-310000067716us-gaap:DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMembermdu:KnifeRiverCorporationMembermdu:CashPaidTSAMember2024-01-012024-03-310000067716us-gaap:DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMembermdu:KnifeRiverCorporationMember2022-09-300000067716us-gaap:DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMembermdu:KnifeRiverCorporationMember2023-01-012023-03-310000067716us-gaap:TradeAccountsReceivableMembermdu:ElectricMember2023-12-310000067716us-gaap:TradeAccountsReceivableMembermdu:NaturalGasDistributionMember2023-12-310000067716us-gaap:TradeAccountsReceivableMembermdu:PipelineMember2023-12-310000067716us-gaap:TradeAccountsReceivableMembermdu:ConstructionServicesMember2023-12-310000067716us-gaap:TradeAccountsReceivableMember2023-12-310000067716us-gaap:TradeAccountsReceivableMembermdu:ElectricMember2024-01-012024-03-310000067716us-gaap:TradeAccountsReceivableMembermdu:NaturalGasDistributionMember2024-01-012024-03-310000067716us-gaap:TradeAccountsReceivableMembermdu:PipelineMember2024-01-012024-03-310000067716us-gaap:TradeAccountsReceivableMembermdu:ConstructionServicesMember2024-01-012024-03-310000067716us-gaap:TradeAccountsReceivableMember2024-01-012024-03-310000067716us-gaap:TradeAccountsReceivableMembermdu:ElectricMember2024-03-310000067716us-gaap:TradeAccountsReceivableMembermdu:NaturalGasDistributionMember2024-03-310000067716us-gaap:TradeAccountsReceivableMembermdu:PipelineMember2024-03-310000067716us-gaap:TradeAccountsReceivableMembermdu:ConstructionServicesMember2024-03-310000067716us-gaap:TradeAccountsReceivableMember2024-03-310000067716us-gaap:TradeAccountsReceivableMembermdu:ElectricMember2022-12-310000067716us-gaap:TradeAccountsReceivableMembermdu:NaturalGasDistributionMember2022-12-310000067716us-gaap:TradeAccountsReceivableMembermdu:PipelineMember2022-12-310000067716us-gaap:TradeAccountsReceivableMembermdu:ConstructionServicesMember2022-12-310000067716us-gaap:TradeAccountsReceivableMember2022-12-310000067716us-gaap:TradeAccountsReceivableMembermdu:ElectricMember2023-01-012023-03-310000067716us-gaap:TradeAccountsReceivableMembermdu:NaturalGasDistributionMember2023-01-012023-03-310000067716us-gaap:TradeAccountsReceivableMembermdu:PipelineMember2023-01-012023-03-310000067716us-gaap:TradeAccountsReceivableMembermdu:ConstructionServicesMember2023-01-012023-03-310000067716us-gaap:TradeAccountsReceivableMember2023-01-012023-03-310000067716us-gaap:TradeAccountsReceivableMembermdu:ElectricMember2023-03-310000067716us-gaap:TradeAccountsReceivableMembermdu:NaturalGasDistributionMember2023-03-310000067716us-gaap:TradeAccountsReceivableMembermdu:PipelineMember2023-03-310000067716us-gaap:TradeAccountsReceivableMembermdu:ConstructionServicesMember2023-03-310000067716us-gaap:TradeAccountsReceivableMember2023-03-310000067716us-gaap:OperatingSegmentsMembermdu:ResidentialUtilitySalesMembermdu:ElectricMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:ResidentialUtilitySalesMembermdu:NaturalGasDistributionMember2024-01-012024-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:OperatingSegmentsMembermdu:ResidentialUtilitySalesMember2024-01-012024-03-310000067716mdu:ConstructionServicesMemberus-gaap:OperatingSegmentsMembermdu:ResidentialUtilitySalesMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:ResidentialUtilitySalesMemberus-gaap:CorporateAndOtherMember2024-01-012024-03-310000067716mdu:ResidentialUtilitySalesMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:CommercialUtilitySalesMembermdu:ElectricMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:CommercialUtilitySalesMembermdu:NaturalGasDistributionMember2024-01-012024-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:OperatingSegmentsMembermdu:CommercialUtilitySalesMember2024-01-012024-03-310000067716mdu:ConstructionServicesMemberus-gaap:OperatingSegmentsMembermdu:CommercialUtilitySalesMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:CommercialUtilitySalesMemberus-gaap:CorporateAndOtherMember2024-01-012024-03-310000067716mdu:CommercialUtilitySalesMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:IndustrialUtilitySalesMembermdu:ElectricMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:IndustrialUtilitySalesMembermdu:NaturalGasDistributionMember2024-01-012024-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:OperatingSegmentsMembermdu:IndustrialUtilitySalesMember2024-01-012024-03-310000067716mdu:ConstructionServicesMemberus-gaap:OperatingSegmentsMembermdu:IndustrialUtilitySalesMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:IndustrialUtilitySalesMemberus-gaap:CorporateAndOtherMember2024-01-012024-03-310000067716mdu:IndustrialUtilitySalesMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:ElectricMembermdu:OtherUtilitySalesMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:NaturalGasDistributionMembermdu:OtherUtilitySalesMember2024-01-012024-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:OperatingSegmentsMembermdu:OtherUtilitySalesMember2024-01-012024-03-310000067716mdu:ConstructionServicesMemberus-gaap:OperatingSegmentsMembermdu:OtherUtilitySalesMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:OtherUtilitySalesMemberus-gaap:CorporateAndOtherMember2024-01-012024-03-310000067716mdu:OtherUtilitySalesMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:ElectricMembermdu:NaturalGasTransportationMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:NaturalGasDistributionMembermdu:NaturalGasTransportationMember2024-01-012024-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:OperatingSegmentsMembermdu:NaturalGasTransportationMember2024-01-012024-03-310000067716mdu:ConstructionServicesMemberus-gaap:OperatingSegmentsMembermdu:NaturalGasTransportationMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMembermdu:NaturalGasTransportationMember2024-01-012024-03-310000067716mdu:NaturalGasTransportationMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:ElectricMemberus-gaap:NaturalGasStorageMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:NaturalGasDistributionMemberus-gaap:NaturalGasStorageMember2024-01-012024-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:OperatingSegmentsMemberus-gaap:NaturalGasStorageMember2024-01-012024-03-310000067716mdu:ConstructionServicesMemberus-gaap:OperatingSegmentsMemberus-gaap:NaturalGasStorageMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMemberus-gaap:NaturalGasStorageMember2024-01-012024-03-310000067716us-gaap:NaturalGasStorageMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:InsideSpecialtyContractingMembermdu:ElectricMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:NaturalGasDistributionMembermdu:InsideSpecialtyContractingMember2024-01-012024-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:OperatingSegmentsMembermdu:InsideSpecialtyContractingMember2024-01-012024-03-310000067716mdu:ConstructionServicesMemberus-gaap:OperatingSegmentsMembermdu:InsideSpecialtyContractingMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:InsideSpecialtyContractingMemberus-gaap:CorporateAndOtherMember2024-01-012024-03-310000067716mdu:InsideSpecialtyContractingMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:OutsideSpecialtyContractingMembermdu:ElectricMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:NaturalGasDistributionMembermdu:OutsideSpecialtyContractingMember2024-01-012024-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:OperatingSegmentsMembermdu:OutsideSpecialtyContractingMember2024-01-012024-03-310000067716mdu:ConstructionServicesMemberus-gaap:OperatingSegmentsMembermdu:OutsideSpecialtyContractingMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:OutsideSpecialtyContractingMemberus-gaap:CorporateAndOtherMember2024-01-012024-03-310000067716mdu:OutsideSpecialtyContractingMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:ElectricMembermdu:OtherRevenuesMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:NaturalGasDistributionMembermdu:OtherRevenuesMember2024-01-012024-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:OperatingSegmentsMembermdu:OtherRevenuesMember2024-01-012024-03-310000067716mdu:ConstructionServicesMemberus-gaap:OperatingSegmentsMembermdu:OtherRevenuesMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:OtherRevenuesMemberus-gaap:CorporateAndOtherMember2024-01-012024-03-310000067716mdu:OtherRevenuesMember2024-01-012024-03-310000067716mdu:ElectricMemberus-gaap:IntersegmentEliminationMember2024-01-012024-03-310000067716mdu:NaturalGasDistributionMemberus-gaap:IntersegmentEliminationMember2024-01-012024-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:IntersegmentEliminationMember2024-01-012024-03-310000067716mdu:ConstructionServicesMemberus-gaap:IntersegmentEliminationMember2024-01-012024-03-310000067716us-gaap:IntersegmentEliminationMemberus-gaap:CorporateAndOtherMember2024-01-012024-03-310000067716us-gaap:IntersegmentEliminationMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:ElectricMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:NaturalGasDistributionMember2024-01-012024-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:OperatingSegmentsMember2024-01-012024-03-310000067716mdu:ConstructionServicesMemberus-gaap:OperatingSegmentsMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:ResidentialUtilitySalesMembermdu:ElectricMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:ResidentialUtilitySalesMembermdu:NaturalGasDistributionMember2023-01-012023-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:OperatingSegmentsMembermdu:ResidentialUtilitySalesMember2023-01-012023-03-310000067716mdu:ConstructionServicesMemberus-gaap:OperatingSegmentsMembermdu:ResidentialUtilitySalesMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:ResidentialUtilitySalesMemberus-gaap:CorporateAndOtherMember2023-01-012023-03-310000067716mdu:ResidentialUtilitySalesMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:CommercialUtilitySalesMembermdu:ElectricMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:CommercialUtilitySalesMembermdu:NaturalGasDistributionMember2023-01-012023-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:OperatingSegmentsMembermdu:CommercialUtilitySalesMember2023-01-012023-03-310000067716mdu:ConstructionServicesMemberus-gaap:OperatingSegmentsMembermdu:CommercialUtilitySalesMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:CommercialUtilitySalesMemberus-gaap:CorporateAndOtherMember2023-01-012023-03-310000067716mdu:CommercialUtilitySalesMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:IndustrialUtilitySalesMembermdu:ElectricMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:IndustrialUtilitySalesMembermdu:NaturalGasDistributionMember2023-01-012023-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:OperatingSegmentsMembermdu:IndustrialUtilitySalesMember2023-01-012023-03-310000067716mdu:ConstructionServicesMemberus-gaap:OperatingSegmentsMembermdu:IndustrialUtilitySalesMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:IndustrialUtilitySalesMemberus-gaap:CorporateAndOtherMember2023-01-012023-03-310000067716mdu:IndustrialUtilitySalesMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:ElectricMembermdu:OtherUtilitySalesMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:NaturalGasDistributionMembermdu:OtherUtilitySalesMember2023-01-012023-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:OperatingSegmentsMembermdu:OtherUtilitySalesMember2023-01-012023-03-310000067716mdu:ConstructionServicesMemberus-gaap:OperatingSegmentsMembermdu:OtherUtilitySalesMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:OtherUtilitySalesMemberus-gaap:CorporateAndOtherMember2023-01-012023-03-310000067716mdu:OtherUtilitySalesMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:ElectricMembermdu:NaturalGasTransportationMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:NaturalGasDistributionMembermdu:NaturalGasTransportationMember2023-01-012023-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:OperatingSegmentsMembermdu:NaturalGasTransportationMember2023-01-012023-03-310000067716mdu:ConstructionServicesMemberus-gaap:OperatingSegmentsMembermdu:NaturalGasTransportationMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMembermdu:NaturalGasTransportationMember2023-01-012023-03-310000067716mdu:NaturalGasTransportationMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:ElectricMemberus-gaap:NaturalGasStorageMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:NaturalGasDistributionMemberus-gaap:NaturalGasStorageMember2023-01-012023-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:OperatingSegmentsMemberus-gaap:NaturalGasStorageMember2023-01-012023-03-310000067716mdu:ConstructionServicesMemberus-gaap:OperatingSegmentsMemberus-gaap:NaturalGasStorageMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMemberus-gaap:NaturalGasStorageMember2023-01-012023-03-310000067716us-gaap:NaturalGasStorageMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:InsideSpecialtyContractingMembermdu:ElectricMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:NaturalGasDistributionMembermdu:InsideSpecialtyContractingMember2023-01-012023-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:OperatingSegmentsMembermdu:InsideSpecialtyContractingMember2023-01-012023-03-310000067716mdu:ConstructionServicesMemberus-gaap:OperatingSegmentsMembermdu:InsideSpecialtyContractingMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:InsideSpecialtyContractingMemberus-gaap:CorporateAndOtherMember2023-01-012023-03-310000067716mdu:InsideSpecialtyContractingMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:OutsideSpecialtyContractingMembermdu:ElectricMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:NaturalGasDistributionMembermdu:OutsideSpecialtyContractingMember2023-01-012023-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:OperatingSegmentsMembermdu:OutsideSpecialtyContractingMember2023-01-012023-03-310000067716mdu:ConstructionServicesMemberus-gaap:OperatingSegmentsMembermdu:OutsideSpecialtyContractingMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:OutsideSpecialtyContractingMemberus-gaap:CorporateAndOtherMember2023-01-012023-03-310000067716mdu:OutsideSpecialtyContractingMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:ElectricMembermdu:OtherRevenuesMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:NaturalGasDistributionMembermdu:OtherRevenuesMember2023-01-012023-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:OperatingSegmentsMembermdu:OtherRevenuesMember2023-01-012023-03-310000067716mdu:ConstructionServicesMemberus-gaap:OperatingSegmentsMembermdu:OtherRevenuesMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:OtherRevenuesMemberus-gaap:CorporateAndOtherMember2023-01-012023-03-310000067716mdu:OtherRevenuesMember2023-01-012023-03-310000067716mdu:ElectricMemberus-gaap:IntersegmentEliminationMember2023-01-012023-03-310000067716mdu:NaturalGasDistributionMemberus-gaap:IntersegmentEliminationMember2023-01-012023-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:IntersegmentEliminationMember2023-01-012023-03-310000067716mdu:ConstructionServicesMemberus-gaap:IntersegmentEliminationMember2023-01-012023-03-310000067716us-gaap:IntersegmentEliminationMemberus-gaap:CorporateAndOtherMember2023-01-012023-03-310000067716us-gaap:IntersegmentEliminationMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:ElectricMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:NaturalGasDistributionMember2023-01-012023-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:OperatingSegmentsMember2023-01-012023-03-310000067716mdu:ConstructionServicesMemberus-gaap:OperatingSegmentsMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2023-01-012023-03-310000067716mdu:ConstructionServicesMember2024-03-310000067716mdu:PipelineandMidstreamMember2024-03-310000067716mdu:PipelineandMidstreamMembermdu:FirmTransportationContractMember2024-03-310000067716mdu:PipelineandMidstreamMembermdu:FirmStorageContractMember2024-03-3100000677162024-04-012024-03-3100000677162025-04-012024-03-3100000677162026-04-012024-03-310000067716us-gaap:AssetRecoverableGasCostsMembersrt:MinimumMember2024-03-310000067716us-gaap:AssetRecoverableGasCostsMember2024-03-310000067716us-gaap:AssetRecoverableGasCostsMember2023-03-310000067716us-gaap:AssetRecoverableGasCostsMember2023-12-310000067716srt:MinimumMembermdu:ElectricFuelAndPurchasedPowerDeferralMember2024-03-310000067716mdu:ElectricFuelAndPurchasedPowerDeferralMember2024-03-310000067716mdu:ElectricFuelAndPurchasedPowerDeferralMember2023-03-310000067716mdu:ElectricFuelAndPurchasedPowerDeferralMember2023-12-310000067716us-gaap:RenewableEnergyProgramMember2024-03-310000067716us-gaap:RenewableEnergyProgramMember2023-03-310000067716us-gaap:RenewableEnergyProgramMember2023-12-310000067716mdu:EnvironmentalComplianceProgramsMember2024-03-310000067716mdu:EnvironmentalComplianceProgramsMember2023-03-310000067716mdu:EnvironmentalComplianceProgramsMember2023-12-310000067716us-gaap:RegulatoryClauseRevenuesUnderRecoveredMembersrt:MinimumMember2024-03-310000067716us-gaap:RegulatoryClauseRevenuesUnderRecoveredMember2024-03-310000067716us-gaap:RegulatoryClauseRevenuesUnderRecoveredMember2023-03-310000067716us-gaap:RegulatoryClauseRevenuesUnderRecoveredMember2023-12-310000067716us-gaap:OtherRegulatoryAssetsLiabilitiesMembersrt:MinimumMember2024-03-310000067716us-gaap:OtherRegulatoryAssetsLiabilitiesMember2024-03-310000067716us-gaap:OtherRegulatoryAssetsLiabilitiesMember2023-03-310000067716us-gaap:OtherRegulatoryAssetsLiabilitiesMember2023-12-310000067716us-gaap:PensionAndOtherPostretirementPlansCostsMember2024-03-310000067716us-gaap:PensionAndOtherPostretirementPlansCostsMember2023-03-310000067716us-gaap:PensionAndOtherPostretirementPlansCostsMember2023-12-310000067716us-gaap:RegulatoryClauseRevenuesUnderRecoveredMembersrt:MaximumMember2024-03-310000067716us-gaap:AssetRetirementObligationCostsMember2024-03-310000067716us-gaap:AssetRetirementObligationCostsMember2023-03-310000067716us-gaap:AssetRetirementObligationCostsMember2023-12-310000067716us-gaap:AssetRecoverableGasCostsMembersrt:MaximumMember2024-03-310000067716us-gaap:EnvironmentalRestorationCostsMember2024-03-310000067716us-gaap:EnvironmentalRestorationCostsMember2023-03-310000067716us-gaap:EnvironmentalRestorationCostsMember2023-12-310000067716us-gaap:DeferredIncomeTaxChargesMember2024-03-310000067716us-gaap:DeferredIncomeTaxChargesMember2023-03-310000067716us-gaap:DeferredIncomeTaxChargesMember2023-12-310000067716srt:MaximumMembermdu:ElectricFuelAndPurchasedPowerDeferralMember2024-03-310000067716us-gaap:LossOnReacquiredDebtMember2024-03-310000067716us-gaap:LossOnReacquiredDebtMember2023-03-310000067716us-gaap:LossOnReacquiredDebtMember2023-12-310000067716us-gaap:RemovalCostsMember2024-03-310000067716us-gaap:RemovalCostsMember2023-03-310000067716us-gaap:RemovalCostsMember2023-12-310000067716us-gaap:OtherRegulatoryAssetsLiabilitiesMembersrt:MaximumMember2024-03-310000067716mdu:LiabilitiesRefundableGasCostsMember2024-03-310000067716mdu:LiabilitiesRefundableGasCostsMember2023-03-310000067716mdu:LiabilitiesRefundableGasCostsMember2023-12-310000067716mdu:ReserveForRefundMember2024-03-310000067716mdu:ReserveForRefundMember2023-03-310000067716mdu:ReserveForRefundMember2023-12-310000067716srt:MinimumMembermdu:RegulatoryClauseRevenuesOverRecoveredMember2024-03-310000067716mdu:RegulatoryClauseRevenuesOverRecoveredMember2024-03-310000067716mdu:RegulatoryClauseRevenuesOverRecoveredMember2023-03-310000067716mdu:RegulatoryClauseRevenuesOverRecoveredMember2023-12-310000067716us-gaap:RenewableEnergyProgramMember2024-03-310000067716us-gaap:RenewableEnergyProgramMember2023-03-310000067716us-gaap:RenewableEnergyProgramMember2023-12-310000067716mdu:MarginSharingMember2024-03-310000067716mdu:MarginSharingMember2023-03-310000067716mdu:MarginSharingMember2023-12-310000067716us-gaap:DeferredIncomeTaxChargesMember2024-03-310000067716us-gaap:DeferredIncomeTaxChargesMember2023-03-310000067716us-gaap:DeferredIncomeTaxChargesMember2023-12-310000067716mdu:RefundableFuelAndElectricCostsMember2024-03-310000067716mdu:RefundableFuelAndElectricCostsMember2023-03-310000067716mdu:RefundableFuelAndElectricCostsMember2023-12-310000067716mdu:ElectricFuelAndPurchasedPowerDeferralMember2024-03-310000067716mdu:ElectricFuelAndPurchasedPowerDeferralMember2023-03-310000067716mdu:ElectricFuelAndPurchasedPowerDeferralMember2023-12-310000067716srt:MinimumMemberus-gaap:OtherRegulatoryAssetsLiabilitiesMember2024-03-310000067716us-gaap:OtherRegulatoryAssetsLiabilitiesMember2024-03-310000067716us-gaap:OtherRegulatoryAssetsLiabilitiesMember2023-03-310000067716us-gaap:OtherRegulatoryAssetsLiabilitiesMember2023-12-310000067716us-gaap:RemovalCostsMember2024-03-310000067716us-gaap:RemovalCostsMember2023-03-310000067716us-gaap:RemovalCostsMember2023-12-310000067716mdu:EnvironmentalComplianceProgramsMember2024-03-310000067716mdu:EnvironmentalComplianceProgramsMember2023-03-310000067716mdu:EnvironmentalComplianceProgramsMember2023-12-310000067716srt:MaximumMembermdu:RegulatoryClauseRevenuesOverRecoveredMember2024-03-310000067716mdu:AccumulatedDeferredITCMember2024-03-310000067716mdu:AccumulatedDeferredITCMember2023-03-310000067716mdu:AccumulatedDeferredITCMember2023-12-310000067716us-gaap:PensionAndOtherPostretirementPlansCostsMember2024-03-310000067716us-gaap:PensionAndOtherPostretirementPlansCostsMember2023-03-310000067716us-gaap:PensionAndOtherPostretirementPlansCostsMember2023-12-310000067716srt:MaximumMemberus-gaap:OtherRegulatoryAssetsLiabilitiesMember2024-03-3100000677162023-10-012023-12-310000067716us-gaap:MortgageBackedSecuritiesMember2024-03-310000067716us-gaap:USTreasurySecuritiesMember2024-03-310000067716us-gaap:MortgageBackedSecuritiesMember2023-03-310000067716us-gaap:USTreasurySecuritiesMember2023-03-310000067716us-gaap:MortgageBackedSecuritiesMember2023-12-310000067716us-gaap:USTreasurySecuritiesMember2023-12-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMember2024-03-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMember2024-03-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMember2024-03-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2024-03-310000067716us-gaap:CashSurrenderValueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-03-310000067716us-gaap:CashSurrenderValueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310000067716us-gaap:CashSurrenderValueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-03-310000067716us-gaap:CashSurrenderValueMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-03-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-03-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2024-03-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2024-03-310000067716us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-03-310000067716us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310000067716us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-03-310000067716us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-03-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-03-310000067716us-gaap:FairValueMeasurementsRecurringMember2024-03-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMember2023-03-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMember2023-03-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMember2023-03-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2023-03-310000067716us-gaap:CashSurrenderValueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-03-310000067716us-gaap:CashSurrenderValueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-03-310000067716us-gaap:CashSurrenderValueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-03-310000067716us-gaap:CashSurrenderValueMemberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-03-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-03-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-03-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2023-03-310000067716us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-03-310000067716us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-03-310000067716us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-03-310000067716us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-03-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-03-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-03-310000067716us-gaap:FairValueMeasurementsRecurringMember2023-03-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMember2023-12-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMember2023-12-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMember2023-12-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2023-12-310000067716us-gaap:CashSurrenderValueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-12-310000067716us-gaap:CashSurrenderValueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310000067716us-gaap:CashSurrenderValueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-12-310000067716us-gaap:CashSurrenderValueMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-12-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-12-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2023-12-310000067716us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-12-310000067716us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310000067716us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-12-310000067716us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-12-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-12-310000067716us-gaap:FairValueMeasurementsRecurringMember2023-12-310000067716us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000067716us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-03-310000067716us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000067716us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000067716us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-03-310000067716us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000067716mdu:TermLoanAgreementMembermdu:CascadeNaturalGasMember2023-01-200000067716mdu:TermLoanAgreementMembermdu:CascadeNaturalGasMember2023-12-052023-12-050000067716mdu:TermLoanAgreementMembermdu:CascadeNaturalGasMember2024-01-192024-01-190000067716mdu:TermLoanAgreementMembermdu:IntermountainGasCompanyMember2023-01-200000067716mdu:TermLoanAgreementMembermdu:IntermountainGasCompanyMember2023-03-012023-03-310000067716mdu:TermLoanAgreementMembermdu:IntermountainGasCompanyMember2023-04-012023-04-300000067716mdu:TermLoanAgreementMembermdu:IntermountainGasCompanyMember2023-05-012023-05-310000067716mdu:TermLoanAgreementMembermdu:IntermountainGasCompanyMember2024-01-192024-01-190000067716us-gaap:SeniorNotesMember2024-03-310000067716us-gaap:SeniorNotesMember2023-03-310000067716us-gaap:SeniorNotesMember2023-12-310000067716us-gaap:LoansPayableMember2024-03-310000067716us-gaap:LoansPayableMember2023-03-310000067716us-gaap:LoansPayableMember2023-12-310000067716us-gaap:CommercialPaperMember2024-03-310000067716us-gaap:CommercialPaperMember2023-03-310000067716us-gaap:CommercialPaperMember2023-12-310000067716us-gaap:LineOfCreditMember2024-03-310000067716us-gaap:LineOfCreditMember2023-03-310000067716us-gaap:LineOfCreditMember2023-12-310000067716us-gaap:MediumTermNotesMember2024-03-310000067716us-gaap:MediumTermNotesMember2023-03-310000067716us-gaap:MediumTermNotesMember2023-12-310000067716us-gaap:NotesPayableToBanksMember2024-03-310000067716us-gaap:NotesPayableToBanksMember2023-03-310000067716us-gaap:NotesPayableToBanksMember2023-12-3100000677162023-01-012023-12-310000067716us-gaap:OperatingSegmentsMembermdu:ElectricMemberus-gaap:RegulatedOperationMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:ElectricMemberus-gaap:RegulatedOperationMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMembermdu:NaturalGasDistributionMemberus-gaap:RegulatedOperationMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMembermdu:NaturalGasDistributionMemberus-gaap:RegulatedOperationMember2023-01-012023-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:OperatingSegmentsMemberus-gaap:RegulatedOperationMember2024-01-012024-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:OperatingSegmentsMemberus-gaap:RegulatedOperationMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMemberus-gaap:RegulatedOperationMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMemberus-gaap:RegulatedOperationMember2023-01-012023-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:OperatingSegmentsMemberus-gaap:UnregulatedOperationMember2024-01-012024-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:OperatingSegmentsMemberus-gaap:UnregulatedOperationMember2023-01-012023-03-310000067716mdu:ConstructionServicesMemberus-gaap:OperatingSegmentsMemberus-gaap:UnregulatedOperationMember2024-01-012024-03-310000067716mdu:ConstructionServicesMemberus-gaap:OperatingSegmentsMemberus-gaap:UnregulatedOperationMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMemberus-gaap:UnregulatedOperationMemberus-gaap:CorporateAndOtherMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMemberus-gaap:UnregulatedOperationMemberus-gaap:CorporateAndOtherMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMemberus-gaap:UnregulatedOperationMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMemberus-gaap:UnregulatedOperationMember2023-01-012023-03-310000067716mdu:ElectricMemberus-gaap:IntersegmentEliminationMemberus-gaap:RegulatedOperationMember2024-01-012024-03-310000067716mdu:ElectricMemberus-gaap:IntersegmentEliminationMemberus-gaap:RegulatedOperationMember2023-01-012023-03-310000067716mdu:NaturalGasDistributionMemberus-gaap:IntersegmentEliminationMemberus-gaap:RegulatedOperationMember2024-01-012024-03-310000067716mdu:NaturalGasDistributionMemberus-gaap:IntersegmentEliminationMemberus-gaap:RegulatedOperationMember2023-01-012023-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:IntersegmentEliminationMemberus-gaap:RegulatedOperationMember2024-01-012024-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:IntersegmentEliminationMemberus-gaap:RegulatedOperationMember2023-01-012023-03-310000067716us-gaap:IntersegmentEliminationMemberus-gaap:RegulatedOperationMember2024-01-012024-03-310000067716us-gaap:IntersegmentEliminationMemberus-gaap:RegulatedOperationMember2023-01-012023-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:UnregulatedOperationMemberus-gaap:IntersegmentEliminationMember2024-01-012024-03-310000067716mdu:PipelineandMidstreamMemberus-gaap:UnregulatedOperationMemberus-gaap:IntersegmentEliminationMember2023-01-012023-03-310000067716mdu:ConstructionServicesMemberus-gaap:UnregulatedOperationMemberus-gaap:IntersegmentEliminationMember2024-01-012024-03-310000067716mdu:ConstructionServicesMemberus-gaap:UnregulatedOperationMemberus-gaap:IntersegmentEliminationMember2023-01-012023-03-310000067716us-gaap:UnregulatedOperationMemberus-gaap:IntersegmentEliminationMemberus-gaap:CorporateAndOtherMember2024-01-012024-03-310000067716us-gaap:UnregulatedOperationMemberus-gaap:IntersegmentEliminationMemberus-gaap:CorporateAndOtherMember2023-01-012023-03-310000067716us-gaap:UnregulatedOperationMemberus-gaap:IntersegmentEliminationMember2024-01-012024-03-310000067716us-gaap:UnregulatedOperationMemberus-gaap:IntersegmentEliminationMember2023-01-012023-03-310000067716us-gaap:OperatingSegmentsMember2024-01-012024-03-310000067716us-gaap:OperatingSegmentsMember2023-01-012023-03-310000067716us-gaap:CorporateNonSegmentMember2024-01-012024-03-310000067716us-gaap:CorporateNonSegmentMember2023-01-012023-03-310000067716us-gaap:PensionPlansDefinedBenefitMember2024-01-012024-03-310000067716us-gaap:PensionPlansDefinedBenefitMember2023-01-012023-03-310000067716us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-03-310000067716us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-03-310000067716us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2024-01-012024-03-310000067716us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2023-01-012023-03-310000067716mdu:PendingRateCaseMembermdu:MontanaDakotaUtilitiesCo.Membermdu:NDPSCMembermdu:NaturalGasDistributionMember2023-11-012023-11-010000067716mdu:PendingRateCaseMembermdu:MontanaDakotaUtilitiesCo.Membermdu:NDPSCMembermdu:NaturalGasDistributionMember2023-12-132023-12-130000067716mdu:ElectricMembermdu:PendingRateCaseMembermdu:MontanaDakotaUtilitiesCo.Membermdu:SDPUCMember2023-08-152023-08-150000067716mdu:PendingRateCaseMembermdu:MontanaDakotaUtilitiesCo.Membermdu:SDPUCMembermdu:NaturalGasDistributionMember2024-01-262024-01-260000067716mdu:PendingRateCaseMembermdu:MontanaDakotaUtilitiesCo.Membermdu:SDPUCMembermdu:NaturalGasDistributionMember2023-08-152023-08-150000067716mdu:WUTCMembermdu:PendingRateCaseMultiYearYearOneMembermdu:NaturalGasDistributionMembermdu:CascadeNaturalGasMember2024-03-292024-03-290000067716mdu:WUTCMembermdu:PendingRateCaseMultiYearYearTwoMembermdu:NaturalGasDistributionMembermdu:CascadeNaturalGasMember2024-03-292024-03-290000067716mdu:FuelContractMember2024-03-310000067716mdu:TermLoanAgreementMemberus-gaap:SubsequentEventMembermdu:WBIEnergyTransmissionMember2024-04-01

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 March 31, 2024
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 April 25, 2024: 203,888,237 shares.
1


Index
Page
 

2

Definitions
The following abbreviations and acronyms used in this Form 10-Q are defined below:
Abbreviation or Acronym
2023 Annual Report
Company's Annual Report on Form 10-K for the year ended December 31, 2023
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
CEHI, LLC, a direct wholly owned subsidiary of the Company, formally known as Centennial Energy Holdings, Inc., prior to the separation of Knife River from the Company. References to Centennial's historical business and operations refer to the business and operations of Centennial Energy Holdings, Inc.
Centennial Capital
Centennial Holdings Capital LLC, a direct wholly owned subsidiary of Centennial
CompanyMDU Resources Group, Inc.
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)
CWIP
Construction work in progress, costs associated with the construction of new utility facilities recorded on the balance sheet until these facilities are placed in service
dk
Decatherm
EPAUnited States Environmental Protection Agency
Everus
Everus Construction Group, Inc., a wholly owned subsidiary of the Company that was established in conjunction with the proposed separation of Everus Construction
Everus Construction
Everus Construction, Inc., a direct wholly owned subsidiary of Centennial, formerly known as MDU Construction Services Group, Inc. prior to March 12, 2024
Exchange Act
Securities Exchange Act of 1934, as amended
FASB
Financial Accounting Standards Board
FERCFederal Energy Regulatory Commission
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
Intermountain
Intermountain Gas Company, an indirect wholly owned subsidiary of MDU Energy Capital
IPUCIdaho Public Utilities Commission
IRAInflation Reduction Act of 2022
JETx
345-kV transmission line from Jamestown, North Dakota to Ellendale, North Dakota (50 percent ownership)
Knife River
Established as Knife River Corporation prior to the separation from the Company, a direct wholly owned subsidiary of Centennial. Knife River refers to Knife River Corporation, during the period prior to separation, now known as "KRC Materials, Inc." Following the separation Knife River refers to Knife River Holding Company, now known as Knife River Corporation
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
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
3

MMdk
Million dk
Montana-DakotaMontana-Dakota Utilities Co., a direct wholly owned subsidiary of MDU Energy Capital
MTPSCMontana Public Service Commission
MW
Megawatt
NDDEQNorth Dakota Department of Environmental Quality
NDPSCNorth Dakota Public Service Commission
NERCNorth American Electric Reliability Corporation
ODEQ
Oregon Department of Environmental Quality
PHMSAPipeline 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
SDPUCSouth Dakota Public Utilities Commission
SECUnited States Securities and Exchange Commission
Securities ActSecurities Act of 1933, as amended
SOFRSecured Overnight Financing Rate
SPP
Southwest Power Pool, the organization that manages the electric grid and wholesale power market for the central United States
TSA
In connection with the separation of Knife River, the Company and Knife River entered into a Transition Services Agreement whereby each party will provide certain post-separation services on a transitional basis
VIEVariable interest entity
Washington DOEWashington State Department of Ecology
WBI Energy WBI Energy, Inc., an indirect wholly owned subsidiary of WBI Holdings
WBI Energy TransmissionWBI Energy Transmission, 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
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, Montana-Dakota became 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.
The Company's strategy is to deliver superior value and achieve industry-leading performance by becoming a pure-play regulated energy delivery company, while pursuing organic growth opportunities. Through its regulated energy delivery businesses, the Company generates, transmits and distributes electricity and provides natural gas distribution, transportation and storage services. These businesses are regulated by state public service commissions and/or the FERC. The construction services business provides construction services through its electrical and mechanical and transmission and distribution specialty contracting services.
On May 31, 2023, the Company completed the separation of Knife River, its construction materials and contracting business, from the Company, resulting in Knife River becoming an independent, publicly traded company. The Company's board of directors approved the distribution of approximately 90 percent of the issued and outstanding shares of Knife River to the Company's stockholders. Stockholders of the Company received one share of Knife River common stock for every four shares of the Company's common stock held on May 22, 2023, the record date for the distribution. The Company retained approximately 10 percent or 5.7 million shares of Knife River common stock immediately following the separation, which were disposed of in a tax-free exchange in November 2023. The separation of Knife River was a tax-free spinoff transaction to the Company's stockholders for U.S. federal income tax purposes. The historical results of Knife River are presented as discontinued operations in the Company's Consolidated Financial Statements.
On November 2, 2023, the Company announced its intent to pursue a tax-free spinoff of its wholly owned construction services business, MDU Construction Services. On March 13, 2024, the Company announced its construction services business, MDU Construction Services, rebranded to Everus Construction in preparation for the planned tax-free spinoff of the business, which is expected to be complete in late 2024. The Company's board of directors believes a tax-free spinoff of the construction services business supports the Company's goal of enhancing value for stockholders by becoming a pure-play regulated energy delivery company. For more information, see Part I, Item 1A. Risk Factors in the 2023 Annual Report for a description of the risks and uncertainties with the proposed future structure.
The Company is organized into four reportable business segments. These business segments include: electric, natural gas distribution, pipeline, 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, Everus Construction and Centennial Capital. WBI Energy is the pipeline segment, Everus Construction 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 15 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 Ended
 March 31,
 20242023
 (In thousands, except per share amounts)
Operating revenues:  
Electric, natural gas distribution and regulated pipeline
$586,017 $673,932 
Non-regulated pipeline, construction services and other627,808 756,166 
Total operating revenues 1,213,825 1,430,098 
Operating expenses:  
Operation and maintenance:  
Electric, natural gas distribution and regulated pipeline
105,680 102,041 
Non-regulated pipeline, construction services and other566,237 694,504 
Total operation and maintenance671,917 796,545 
Purchased natural gas sold258,602 371,015 
Depreciation and amortization
55,750 52,233 
Taxes, other than income58,992 67,428 
Electric fuel and purchased power32,617 24,356 
Total operating expenses1,077,878 1,311,577 
Operating income135,947 118,521 
Other income13,787 10,374 
Interest expense28,706 23,953 
Income before income taxes121,028 104,942 
Income taxes20,130 21,067 
Income from continuing operations100,898 83,875 
Discontinued operations, net of tax (45,522)
Net income$100,898 $38,353 
Earnings per share - basic:  
Income from continuing operations$.50 $.41 
Discontinued operations, net of tax (.22)
Earnings per share - basic$.50 $.19 
Earnings per share - diluted:  
Income from continuing operations$.49 $.41 
Discontinued operations, net of tax (.22)
Earnings per share - diluted$.49 $.19 
Weighted average common shares outstanding - basic203,779 203,624 
Weighted average common shares outstanding - diluted204,187 203,910 
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 Ended
 March 31,
 20242023
 (In thousands)
Net income$100,898 $38,353 
Other comprehensive income:
Reclassification adjustment for loss on derivative instruments included in net income, net of tax of $11 for the three months ended 2023
 34 
Postretirement liability adjustment:
Amortization of postretirement liability losses included in net periodic benefit credit, net of tax of $34 and $34 for the three months ended in 2024 and 2023, respectively
104 100 
Net unrealized gain (loss) on available-for-sale investments:
Net unrealized (loss) gain on available-for-sale investments arising during the period, net of tax of $(10) and $19 for the three months ended in 2024 and 2023, respectively
(36)70 
Reclassification adjustment for loss on available-for-sale investments included in net income, net of tax of $2 and $3 for the three months ended in 2024 and 2023, respectively
6 13 
Net unrealized (loss) gain on available-for-sale investments(30)83 
Other comprehensive income74 217 
Comprehensive income attributable to common stockholders$100,972 $38,570 
The accompanying notes are an integral part of these consolidated financial statements.
7

MDU Resources Group, Inc.
Consolidated Balance Sheets
(Unaudited)
 March 31, 2024March 31, 2023December 31, 2023
Assets(In thousands, except shares and per share amounts)
Current assets:   
Cash, cash equivalents and restricted cash
$89,296 $85,971 $76,975 
Receivables, net932,146 1,086,385 942,782 
Current regulatory assets158,614 216,318 172,492 
Inventories57,429 52,619 87,392 
Prepayments and other current assets82,459 46,525 84,082 
Current assets of discontinued operations 620,896  
Total current assets1,319,944 2,108,714 1,363,723 
Noncurrent assets:   
Property, plant and equipment7,441,589 6,962,954 7,341,116 
Less accumulated depreciation and amortization
2,262,789 2,127,607 2,220,206 
Net property, plant and equipment5,178,800 4,835,347 5,120,910 
Goodwill488,960 488,960 488,960 
Other intangible assets, net1,482 3,571 2,004 
Regulatory assets414,433 349,500 447,099 
Investments119,396 136,924 124,235 
Operating lease right-of-use assets76,223 74,057 74,363 
Other240,633 157,903 211,865 
Noncurrent assets of discontinued operations 1,687,611  
Total noncurrent assets 6,519,927 7,733,873 6,469,436 
Total assets$7,839,871 $9,842,587 $7,833,159 
Liabilities and Stockholders' Equity   
Current liabilities:   
Short-term borrowings$ $293,500 $95,000 
Long-term debt due within one year60,700 47,819 61,319 
Accounts payable420,168 429,014 475,215 
Taxes payable81,972 75,316 58,110 
Dividends payable25,044 45,306 25,461 
Accrued compensation47,394 51,499 85,512 
Operating lease liabilities due within one year23,134 21,994 22,884 
Regulatory liabilities due within one year90,115 44,395 70,761 
Other accrued liabilities174,296 178,771 181,471 
Current liabilities of discontinued operations 448,715  
Total current liabilities 922,823 1,636,329 1,075,733 
Noncurrent liabilities:   
Long-term debt2,325,697 2,191,898 2,236,904 
Deferred income taxes461,808 467,007 458,548 
Asset retirement obligations388,451 376,085 384,371 
Regulatory liabilities523,484 454,669 521,050 
Operating lease liabilities53,204 52,619 51,645 
Other183,463 191,513 199,675 
Noncurrent liabilities of discontinued operations  897,085  
Total noncurrent liabilities 3,936,107 4,630,876 3,852,193 
Commitments and contingencies
Stockholders' equity:
   
Common stock
Authorized - 500,000,000 shares, $1.00 par value
Shares issued - 203,888,237 at March 31, 2024, 204,162,814 at
March 31, 2023 and 203,689,090 at December 31, 2023
203,888 204,163 203,689 
Other paid-in capital1,466,551 1,461,294 1,466,235 
Retained earnings1,328,812 1,943,917 1,253,693 
Accumulated other comprehensive loss(18,310)(30,366)(18,384)
Treasury stock at cost - 538,921 shares at March 31, 2023
 (3,626) 
Total stockholders' equity2,980,941 3,575,382 2,905,233 
Total liabilities and stockholders' equity $7,839,871 $9,842,587 $7,833,159 
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, 2023
203,689,090 $203,689 $1,466,235 $1,253,693 $(18,384) $ $2,905,233 
Net income
— — — 100,898 — — — 100,898 
Other comprehensive income
— — — — 74 — — 74 
Dividends declared on common stock
— — — (25,779)— — — (25,779)
Stock-based compensation
— — 3,173 — — — — 3,173 
Issuance of common stock
— — (35)— — — — (35)
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings199,147 199 (2,822)— —   (2,623)
At March 31, 2024203,888,237 $203,888 $1,466,551 $1,328,812 $(18,310) $ $2,980,941 
The accompanying notes are an integral part of these consolidated financial statements.

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, 2022
204,162,814 $204,163 $1,466,037 $1,951,138 $(30,583)(538,921)$(3,626)$3,587,129 
Net income
— — — 38,353 — — — 38,353 
Other comprehensive income
— — — — 217 — — 217 
Dividends declared on common stock
— — — (45,574)— — — (45,574)
Stock-based compensation
— — 3,108 — — — — 3,108 
Repurchase of common stock— — — — — (153,622)(4,811)(4,811)
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings
— — (7,851)— — 153,622 4,811 (3,040)
At March 31, 2023
204,162,814 $204,163 $1,461,294 $1,943,917 $(30,366)(538,921)$(3,626)$3,575,382 
The accompanying notes are an integral part of these consolidated financial statements.
9

MDU Resources Group, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
March 31,
 20242023
 (In thousands)
Operating activities:  
Net income$100,898 $38,353 
Less: loss from discontinued operations, net of tax
 (45,522)
Income from continuing operations100,898 83,875 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:  
Depreciation and amortization
55,750 52,233 
Deferred income taxes1,059 9,613 
Provision for credit losses2,287 3,765 
Amortization of debt issuance costs228 248 
Employee stock-based compensation costs3,173 2,655 
Pension and postretirement benefit plan net periodic benefit credit(964)(1,392)
Unrealized gains on investments(2,873)(3,066)
Gains on sales of assets(1,276)(1,545)
Changes in current assets and liabilities, net of acquisitions: 
Receivables12,283 (19,299)
Inventories28,127 9,053 
Other current assets36,570 (41,319)
Accounts payable(41,468)(96,054)
Other current liabilities(3,889)50,322 
Pension and postretirement benefit plan contributions(8)(9)
Other noncurrent changes(24,800)(11,380)
Net cash provided by continuing operations165,097 37,700 
Net cash used in discontinued operations (81,348)
Net cash provided by (used in) operating activities165,097 (43,648)
Investing activities:  
Capital expenditures(126,209)(111,641)
Net proceeds from sale or disposition of property
2,820 3,169 
Salvage value, net of cost of removal
31 892 
Investments(2,906)(2,690)
Proceeds from investment cost basis withdrawal
9,000  
Net cash used in continuing operations(117,264)(110,270)
Net cash used in discontinued operations (40,754)
Net cash used in investing activities(117,264)(151,024)
Financing activities:  
Issuance of short-term borrowings 275,000 
Repayment of short-term borrowings(95,000)(20,000)
Issuance of long-term debt89,200 43,835 
Repayment of long-term debt(623)(169,823)
Debt issuance costs(527)(93)
Costs of issuance of common stock
(35) 
Dividends paid(25,904)(45,246)
Repurchase of common stock (4,811)
Tax withholding on stock-based compensation(2,623)(3,040)
Net cash (used in) provided by continuing operations(35,512)75,822 
Net cash provided by discontinued operations 131,522 
Net cash (used in) provided by financing activities(35,512)207,344 
Increase in cash, cash equivalents and restricted cash12,321 12,672 
Cash, cash equivalents and restricted cash - beginning of year76,975 80,517 
Cash, cash equivalents and restricted cash - end of period *
$89,296 $93,189 
*Includes cash of discontinued operations of $7.2 million at March 31, 2023.
The accompanying notes are an integral part of these consolidated financial statements.
10

MDU Resources Group, Inc.
Notes to Consolidated
Financial Statements
March 31, 2024 and 2023
(Unaudited)
Note 1 - Basis of presentation
The accompanying consolidated interim financial statements were prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Interim financial statements do not include all disclosures provided in annual financial statements and, accordingly, these financial statements should be read in conjunction with those appearing in the 2023 Annual Report. The information is unaudited but includes all adjustments that are, in the opinion of management, necessary for a fair presentation of the accompanying consolidated interim financial statements and are of a normal recurring nature. Depreciation and amortization expense is reported separately on the Consolidated Statements of Income and therefore is excluded from the other line items within operating expenses.
On May 31, 2023, the Company completed the separation of Knife River, formerly the construction materials and contracting segment, which resulted in two independent, publicly traded companies, MDU Resources Group, Inc. and Knife River. The Company's board of directors approved the distribution of approximately 90 percent of the issued and outstanding shares of Knife River to the Company's stockholders. Stockholders of the Company received one share of Knife River common stock for every four shares of the Company's common stock held on May 22, 2023, the record date for the distribution. The Company retained approximately 10 percent or 5.7 million shares of Knife River common stock immediately following the separation, which were disposed of in a tax-free exchange in November 2023. The separation of Knife River was a tax-free spinoff transaction to the Company's stockholders for U.S. federal income tax purposes.
The Company's consolidated financial statements and accompanying notes for the current and prior periods have been restated to present the results of operations and the assets and liabilities of Knife River as discontinued operations, other than certain corporate overhead costs of the Company historically allocated to Knife River, which are reflected in Other. Also included in discontinued operations in the Consolidated Statements of Income are the supporting activities of Fidelity and certain interest expense related to financing activity associated with the Knife River separation. The assets and liabilities of the Company's discontinued operations are included in current assets of discontinued operations, noncurrent assets of discontinued operations, current liabilities of discontinued operations and noncurrent liabilities of discontinued operations on the Consolidated Balance Sheets. Unless otherwise indicated, the amounts presented in the accompanying notes to the consolidated financial statements relate to the Company's continuing operations. For more information on discontinued operations, see Note 3.
On November 2, 2023, the Company announced its intent to pursue a tax-free spinoff of its wholly owned construction services business, MDU Construction Services. On March 13, 2024, the Company announced its construction services business, MDU Construction Services, rebranded to Everus Construction. The Company's board of directors believes a tax-free spinoff of the construction services business supports the Company's goal of enhancing value for stockholders by becoming a pure-play regulated energy delivery company. The separation will occur by means of a tax-free spinoff of a newly formed company, Everus, which will own the assets and liabilities of Everus Construction.
Management has also evaluated the impact of events occurring after March 31, 2024, up to the date of the issuance of these consolidated interim financial statements on May 2, 2024, that would require recognition or disclosure in the Consolidated Financial Statements.
11

Note 2 - New accounting standards
The following table provides a brief description of the accounting pronouncements applicable to the Company and the potential impact on its Consolidated Financial Statements and/or disclosures:
StandardDescriptionEffective dateImpact on financial statements/disclosures
Recently adopted accounting standards
ASU 2022-06 - Reference Rate Reform: Deferral of Sunset DateIn December 2022, the FASB included a sunset provision within ASC 848 based on expectations of when LIBOR would cease being published. At the time ASU 2020-04 was issued, the UK Financial Conduct Authority had established its intent to cease overnight tenors of LIBOR after December 31, 2021. In March 2021, the UK Financial Conduct Authority announced that the intended cessation date of the overnight tenors of LIBOR would be June 30, 2023 which is beyond the current sunset date of ASC 848. The amendments in this Update defer the sunset date of ASC 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in ASC 848.December 31, 2024The Company has updated its credit agreements to include language regarding the successor or alternate rate to LIBOR. The Company does not expect the guidance to have a material impact on its results of operations, financial position, cash flows or disclosures.
Recently issued accounting standards not yet adopted
ASU 2023-05 Business Combinations - Joint Venture Formations - Recognition and Initial MeasurementIn August 2023, the FASB issued guidance on accounting for contributions made to a joint venture, upon formation, in a joint venture's separate financial statement in order to provide decision-useful information to investors and other allocators of capital (collectively investors) in a joint venture's financial statements and reduce diversity in practice. The new basis of accounting will require that a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with the exceptions to fair value measurement that are consistent with the business combinations guidance). A joint venture that was formed before January 1, 2025 may elect to apply the guidance retrospectively if it has sufficient information.Effective prospectively for all joint venture formations with a formation date on or after January 1, 2025.The Company is currently evaluating the impact the guidance will have on its interim and annual disclosures for the year ended December 31, 2025.
ASU 2023-07 Segment Reporting - Improvements to Reportable Segment DisclosuresIn November 2023, the FASB issued guidance on improving financial reporting by requiring disclosure of incremental segment information, primarily through enhanced disclosures about significant segment expenses, on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses.Effective for fiscal year December 31, 2024 and interim periods beginning January 1, 2025, with prior periods disclosed in the period of adoption.The Company is currently evaluating the impact the guidance will have on its disclosures for the year ended December 31, 2024 and future interim periods.
ASU 2023-09 Income Taxes - Improvements to Income Tax Disclosures an Amendment, December 2023The FASB issued guidance to address investors requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information and effectiveness of income tax disclosures. December 31, 2025The Company is currently evaluating the impact the guidance will have on its disclosures for the year ended December 31, 2025.
ASU 2024-01 Compensation - Stock Compensation
This FASB issued improvements to GAAP through an example to demonstrate application of the scope of paragraph 718-10-15-3 to determine whether profits interest and similar awards should be accounted in Compensation - Stock Compensation.
Effective for fiscal year beginning after December 15, 2024.The Company is currently evaluating the impact the guidance will have on its disclosures for the year ended December 31, 2025.
12

Note 3 - Discontinued operations
On May 31, 2023, the Company completed the previously announced separation of Knife River, its former construction materials and contracting segment, into a new publicly traded company. The separation was achieved through the Company's pro-rata distribution of approximately 90 percent of the outstanding shares of Knife River to the Company's common stockholders. To effect the separation, the Company distributed to its stockholders one share of Knife River common stock for every four shares of the Company's common stock held on May 22, 2023, the record date for the distribution, with the Company retaining approximately 10 percent, or 5.7 million shares of Knife River common stock immediately following the separation. In the fourth quarter of 2023, the Company completed the tax-free exchange of its retained shares.
As a result of the separation, the historical assets and liabilities for Knife River have been classified as assets and liabilities of discontinued operations and the historical results of operations are shown in discontinued operations, net of tax, other than allocated general corporate overhead costs of the Company, which do not meet the criteria for income (loss) from discontinued operations. The Company’s consolidated financial statements and accompanying notes for prior periods have been restated.
On April 25, 2023, Knife River issued $425.0 million of senior notes, pursuant to an indenture, due in 2031 to qualified institutional buyers. Knife River also entered into a new credit agreement which provided a revolving credit facility in an initial amount of up to $350.0 million and a senior secured term loan facility in an amount up to $275.0 million. The net proceeds from the notes offering, revolving credit facility and the term loan were used to repay $825.0 million of Knife River's intercompany obligations owed to Centennial. Centennial used the entirety of these proceeds from Knife River to repay a portion of its existing third-party indebtedness.
As a result of the separation, the Company retained legal ownership of 538,921 shares of the Company's common stock that were historically owned by a subsidiary of Knife River and recorded in Treasury stock at cost. Following the separation, the 538,921 treasury shares were retired.
The Company provided to Knife River and Knife River provided to the Company transition services in accordance with the TSA entered into on May 31, 2023. For the three months ended March 31, 2024, the Company received $1.0 million; and paid $78,200, for these related activities. The majority of the transition services are expected to be provided for a period of one year, however, no longer than two years after the separation.
Separation related costs of $4.3 million, net of tax, were incurred during the three months ended March 31, 2023. Separation costs incurred are presented in income (loss) from discontinued operations in the Consolidated Statements of Income. These charges primarily relate to transaction and third-party support costs, one-time business separation fees and related tax charges.
13

The Company had no assets or liabilities related to the discontinued operations of Knife River on its balance sheet as of March 31, 2024 or December 31, 2023. The carrying amounts of the major classes of assets and liabilities of discontinued operations included in the Company’s Consolidated Balance Sheet at March 31, 2023 were as follows:
March 31, 2023
Assets(In Thousands)
Current assets:
Cash and cash equivalents$7,218 
Receivables, net205,564 
Inventories373,215 
Prepayments and other current assets34,899 
Total current assets of discontinued operations620,896 
Noncurrent assets:
Net property, plant and equipment1,317,368 
Goodwill274,540 
Other intangible assets, net12,763 
Investments35,542 
Operating lease right-of-use assets43,995 
Other3,403 
Total noncurrent assets of discontinued operations1,687,611 
Total assets of discontinued operations$2,308,507 
Liabilities
Current liabilities:
Short-term borrowings$208,000 
Long-term debt due within one year30,211 
Accounts payable118,175 
Taxes payable(1,402)
Accrued compensation14,010 
Operating lease liabilities due within one year12,981 
Other accrued liabilities66,740 
Total current liabilities of discontinued operations448,715 
Noncurrent liabilities:
Long-term debt577,138 
Deferred income taxes175,062 
Asset retirement obligations33,462 
Operating lease liabilities31,014 
Other80,409 
Total noncurrent liabilities of discontinued operations897,085 
Total liabilities of discontinued operations$1,345,800 


14

The reconciliation of the major classes of income and expense constituting pretax loss from discontinued operations to the after-tax loss from discontinued operations on the Consolidated Statements of Income were as follows:
Three Months Ended
March 31,
2023
(In thousands)
Operating revenues$307,239 
Operating expenses351,274 
Operating loss
(44,035)
Other income
493 
Interest expense14,067 
Loss from discontinued operations before income taxes
(57,609)
Income taxes(12,087)
Discontinued operations, net of tax
$(45,522)
Note 4 - Seasonality of operations
Some of the Company's operations are highly seasonal and revenues from, and certain expenses for, such operations may fluctuate significantly among quarterly periods. Accordingly, the interim results for particular businesses, and for the Company as a whole, may not be indicative of results for the full fiscal year.
Note 5 - Receivables and allowance for expected credit losses
Receivables consist primarily of trade and contracting services receivables from the sale of goods and services, net of expected credit losses. The Company's trade receivables are all due in 12 months or less. The total balance of receivables past due 90 days or more was $70.2 million, $39.8 million and $45.7 million at March 31, 2024 and 2023, and December 31, 2023, respectively.
The Company's expected credit losses are determined through a review using historical credit loss experience; changes in asset specific characteristics; current conditions; and reasonable and supportable future forecasts, among other specific account data, and is performed at least quarterly. The Company develops and documents its methodology to determine its allowance for expected credit losses at each of its reportable business segments. Risk characteristics used by the business segments may include customer mix, knowledge of customers and general economic conditions of the various local economies, among others. Specific account balances are written off when management determines the amounts to be uncollectible. Management has reviewed the balance reserved through the allowance for expected credit losses and believes it is reasonable.
Details of the Company's expected credit losses were as follows:
ElectricNatural gas
distribution
PipelineConstruction
services
Total
 (In thousands)
At December 31, 2023
$414 $1,189 $ $7,967 $9,570 
Current expected credit loss provision782 1,916  (411)2,287 
Less write-offs charged against the allowance659 1,455  48 2,162 
Credit loss recoveries collected147 314   461 
At March 31, 2024
$684 $1,964 $ $7,508 $10,156 
ElectricNatural gas
distribution
PipelineConstruction
services
Total
 (In thousands)
At December 31, 2022
$375 $1,615 $2 $2,162 $4,154 
Current expected credit loss provision615 2,324  826 3,765 
Less write-offs charged against the allowance667 1,225  51 1,943 
Credit loss recoveries collected145 229  1 375 
At March 31, 2023
$468 $2,943 $2 $2,938 $6,351 
15

Note 6 - Inventories and natural gas in storage
Natural gas in storage for the Company's regulated operations is generally valued at lower of cost or market using the last-in, first-out method or lower of cost or net realizable value using the average cost or first-in, first-out method. The majority of all other inventories are valued at the lower of cost or net realizable value using the average cost method. The portion of the cost of natural gas in storage expected to be used within 12 months was included in inventories. Inventories on the Consolidated Balance Sheets were as follows:
 March 31, 2024March 31, 2023December 31, 2023
 (In thousands)
Merchandise for resale38,280 29,934 34,955 
Natural gas in storage (current)9,309 8,662 39,377 
Materials and supplies$3,636 $7,064 $5,460 
Other6,204 6,959 7,600 
Total$57,429 $52,619 $87,392 
The remainder of natural gas in storage, which largely represents the cost of gas required to maintain pressure levels for normal operating purposes, was included in noncurrent assets - other and was $50.1 million, $47.4 million and $48.5 million at March 31, 2024 and 2023 and December 31, 2023, respectively.
Note 7 - Earnings per share
Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per share is computed by dividing net income by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of non-vested performance share awards and restricted stock units. Common stock outstanding includes issued shares less shares held in treasury. Net income was the same for both the basic and diluted earnings per share calculations. A reconciliation of the weighted average common shares outstanding used in the basic and diluted earnings per share calculations follows:
Three Months Ended
March 31,
20242023
(In thousands, except per share amounts)
Weighted average common shares outstanding - basic203,779 203,624 
Effect of dilutive performance share awards and restricted stock units408 286 
Weighted average common shares outstanding - diluted204,187 203,910 
Earnings per share - basic:
Income from continuing operations$.50 $.41 
Discontinued operations, net of tax (.22)
Earnings per share - basic$.50 $.19 
Earnings per share - diluted:
Income from continuing operations$.49 $.41 
Discontinued operations, net of tax (.22)
Earnings per share - diluted$.49 $.19 
Shares excluded from the calculation of diluted earnings per share
  
Dividends declared per common share
0.1250 $.2225 
16

Note 8 - Revenue from contracts with customers
Revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes.

As part of the adoption of ASC 606 - Revenue from Contracts with Customers, the Company elected the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company otherwise would have recognized is 12 months or less.
The Company recognizes revenue from the sale of emissions allowances allocated under the environmental programs in certain states. The Company has the right to payment when the allowances are sold at auction. Revenue is recognized on a point in time basis within the quarter that the auction is held. The revenues associated with the sale of these allowances are deferred as a component of the respective jurisdiction’s regulatory asset or liability for environmental compliance. For more information on the Company’s regulatory assets and liabilities, see Note 10.
Changes in cost estimates on certain contracts may result in the issuance of change orders, which can be approved or unapproved by the customer, or the assertion of contract claims. The Company recognizes amounts associated with change orders and claims as revenue if it is probable that the contract price will be adjusted and the amount of any such adjustment can be reasonably estimated. Change orders and claims are negotiated in the normal course of business and represent management’s estimates of additional contract revenues that have been earned and are probable of collection.
The Company received notification in 2023 from a customer on a large project with a contract that was billed on a time and materials basis with no stated maximum price, that it is withholding payment of approximately $31.0 million on remaining outstanding billings, including retention. The Company believes it has substantial defenses against these claims based upon the terms of the contract and the Company's belief that it has fully performed under the terms of the contract. The Company believes collection of the remaining outstanding billings, including retention is probable and, as a result, the Company has recognized the revenue from this project in its results. However, there is uncertainty surrounding this matter, including the potential long-term nature of dispute resolution, the Company filing a lien on the property and the broad range of possible consideration amounts as a result of negotiations and potential litigation to resolve the dispute.
Disaggregation
In the following tables, revenue is disaggregated by the type of customer or service provided. The Company believes this level of disaggregation best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The table also includes a reconciliation of the disaggregated revenue by reportable segments. For more information on the Company's business segments, see Note 15.
Three Months Ended March 31, 2024ElectricNatural gas
distribution
PipelineConstruction
services
OtherTotal
(In thousands)
Residential utility sales
$39,222 $263,103 $ $ $ $302,325 
Commercial utility sales
41,515 162,130    203,645 
Industrial utility sales
11,349 14,579    25,928 
Other utility sales
1,936     1,936 
Natural gas transportation
 14,591 43,637   58,228 
Natural gas storage
  5,382   5,382 
Electrical & mechanical specialty contracting   439,378  439,378 
Transmission & distribution specialty contracting   176,860  176,860 
Other
15,630 3,201 2,256 46 1,433 22,566 
Intersegment eliminations
(28)(56)(30,311)(87)(1,417)(31,899)
Revenues from contracts with customers
109,624 457,548 20,964 616,197 16 1,204,349 
Other revenues
(1,897)1,921 47 9,405  9,476 
Total external operating revenues
$107,727 $459,469 $21,011 $625,602 $16 $1,213,825 
17

Three Months Ended March 31, 2023ElectricNatural gas
distribution
PipelineConstruction
services
OtherTotal
(In thousands)
Residential utility sales
$37,825 $327,651 $ $ $ $365,476 
Commercial utility sales
36,347 204,927    241,274 
Industrial utility sales
10,763 16,838    27,601 
Other utility sales
1,774     1,774 
Natural gas transportation
 13,504 34,983   48,487 
Natural gas storage
  3,861   3,861 
Electrical & mechanical specialty contracting   590,263  590,263 
Transmission & distribution specialty contracting   152,022  152,022 
Other
11,878 4,721 1,859 33 1,572 20,063 
Intersegment eliminations
(27)(70)(26,270) (1,572)(27,939)
Revenues from contracts with customers
98,560 567,571 14,433 742,318  1,422,882 
Other revenues
(2,863)(1,974)38 12,015  7,216 
Total external operating revenues
$95,697 $565,597 $14,471 $754,333 $ $1,430,098 
Contract balances
The timing of revenue recognition may differ from the timing of invoicing to customers. The timing of invoicing to customers does not necessarily correlate with the timing of revenues being recognized under the cost-to-cost method of accounting. Contracts from contracting services are billed as work progresses in accordance with agreed upon contractual terms. Generally, billing to the customer occurs contemporaneous to revenue recognition. A variance in timing of the billings may result in a contract asset or a contract liability. A contract asset occurs when revenues are recognized under the cost-to-cost measure of progress, which exceeds amounts billed on uncompleted contracts. Such amounts will be billed as standard contract terms allow, usually based on various measures of performance or achievement. A contract liability occurs when there are billings in excess of revenues recognized under the cost-to-cost measure of progress on uncompleted contracts. Contract liabilities decrease as revenue is recognized from the satisfaction of the related performance obligation.
The changes in contract assets and liabilities were as follows:
March 31, 2024December 31, 2023ChangeLocation on Consolidated Balance Sheets
(In thousands)
Contract assets
$165,924 $158,861 $7,063 Receivables, net
Contract liabilities - current(187,741)(202,144)14,403 Accounts payable
Contract liabilities - noncurrent(2,161)(291)(1,870)Noncurrent liabilities - other
Net contract liabilities
$(23,978)$(43,574)$19,596 
The Company recognized $97.6 million in revenue for the three months ended March 31, 2024, which was previously included in contract liabilities at December 31, 2023. The Company recognized $134.6 million in revenue for the three months ended March 31, 2023, which was previously included in contract liabilities at December 31, 2022.
The Company recognized a net increase in revenues of $33.4 million and $17.7 million for the three months ended March 31, 2024 and 2023, respectively, from performance obligations satisfied in prior periods.
18

Remaining performance obligations
The remaining performance obligations, also referred to as backlog, at the construction services segment include unrecognized revenues that the Company reasonably expects to be realized. These unrecognized revenues can include: projects that have a written award, a letter of intent, a notice to proceed, an agreed upon work order to perform work on mutually accepted terms and conditions and change orders or claims to the extent management believes additional contract revenues will be earned and are deemed probable of collection. Excluded from remaining performance obligations are potential orders under master service agreements. The majority of the Company's construction contracts have an original duration of less than two years.
The remaining performance obligations at the pipeline segment include firm transportation and storage contracts with fixed pricing and fixed volumes. The Company has applied the practical expedient that does not require additional disclosures for contracts with an original duration of less than 12 months, to certain firm transportation, storage and non-regulated contracts. The Company's firm transportation and storage contracts included in the remaining performance obligations have weighted average remaining durations of less than five years and two years, respectively.
At March 31, 2024, the Company's remaining performance obligations were $2.8 billion. The Company expects to recognize the following revenue amounts in future periods related to these remaining performance obligations: $1.8 billion within the next 12 months or less; $412.8 million within the next 13 to 24 months; and $530.6 million in 25 months or more.
Note 9 - Leases
The Company's leases primarily include operating leases for equipment, buildings, easements and vehicles. The Company leases certain equipment to third parties through its utility and construction services segments, which are considered short-term operating leases with terms of less than 12 months.
The Company recognized revenue from operating leases of $9.5 million and $12.2 million for the three months ended March 31, 2024 and 2023, respectively. At March 31, 2024, the Company had $8.5 million of lease receivables with a majority due within 12 months.
19

Note 10 - Regulatory assets and liabilities
The following table summarizes the individual components of unamortized regulatory assets and liabilities:
Estimated
Recovery or Refund
Period as of
March 31, 2024
*March 31, 2024March 31, 2023December 31, 2023
(In thousands)
Regulatory assets:
Current:
Natural gas costs recoverable through rate adjustments
Up to 1 year
$110,481 $198,166 $98,844 
Electric fuel and purchased power deferral
Up to 1 year
17,061 3,279 33,918 
Conservation programs
Up to 1 year
13,735 8,599 14,425 
Environmental compliance programs
Up to 1 year
7,443 1,191 5,525 
Cost recovery mechanisms
Up to 1 year
6,454 3,954 9,153 
Other
Up to 1 year
3,440 1,129 10,627 
158,614 216,318 172,492 
Noncurrent:
Pension and postretirement benefits**142,511 143,349 142,511 
Cost recovery mechanisms
Up to 25 years
84,546 65,732 85,944 
Environmental compliance programs
-50,372 21,942 66,806 
Plant costs/asset retirement obligationsOver plant lives45,702 44,131 46,009 
Natural gas costs recoverable through rate adjustments
Up to 2 years
25,915  55,493 
Manufactured gas plant site remediation-25,851 26,605 26,127 
Taxes recoverable from customersOver plant lives12,331 12,198 12,249 
Electric fuel and purchased power deferral
Up to 2 years
15,612   
Long-term debt refinancing costs
Up to 36 years
2,453 3,041