10-Q 1 mdu-20230630.htm MDU RESOURCES FORM 10-Q 06-30-2023 mdu-20230630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________ to ______________
Commission file number 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 August 1, 2023: 203,638,373 shares.
1


Index
Page
 

2

Definitions
The following abbreviations and acronyms used in this Form 10-Q are defined below:
Abbreviation or Acronym
2022 Annual ReportCompany's Annual Report on Form 10-K for the year ended December 31, 2022
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
CentennialCEHI, 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.
COVID-19Coronavirus disease 2019
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)
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
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
Grasslands SubsystemA portion of WBI Energy Transmission's natural gas pipeline that runs from western North Dakota to north central Wyoming
Intermountain
Intermountain Gas Company, an indirect wholly owned subsidiary of MDU Energy Capital
IPUCIdaho Public Utilities Commission
IRAInflation Reduction Act of 2022
Knife RiverEstablished 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
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
Montana-DakotaMontana-Dakota Utilities Co., a direct wholly owned subsidiary of MDU Energy Capital
MTPSCMontana Public Service Commission
3

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
Securities ActSecurities Act of 1933, as amended
SOFR
Secured Overnight Financing Rate
TSAIn 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.
UAUnited Association of Journeyman and Apprentices of the Plumbing and Pipefitting Industry of the United States of America and Canada
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 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 through its electrical and mechanical and transmission and distribution specialty contracting services, and prior to the separation of Knife River, provided construction materials and associated contracting services through aggregate mining and marketing of related products, such as ready-mix concrete, asphalt and asphalt oil through May 31, 2023.
As part of the Company's continuous review of its business, the Company announced strategic initiatives in 2022. On August 4, 2022, the Company announced that its board of directors approved a plan to pursue the separation of Knife River, the construction materials and contracting segment, from the Company. The separation was completed on May 31, 2023, and 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 of Knife River common stock immediately following the separation with the intent to dispose of such shares within twelve months after the separation. The separation of Knife River was a tax-free spinoff transaction to the Company’s stockholders for U.S. federal income tax purposes. More information on the separation and distribution can be found within Knife River's Form 10, which is not incorporated by reference herein.
The historical results of Knife River are presented as discontinued operations in the Company's Consolidated Financial Statements.
On November 3, 2022, the Company announced its intent to commence a strategic review process of MDU Construction Services. Upon completing the strategic review of its wholly owned construction services business, the Company's board of directors announced on July 10, 2023, that it will pursue a tax-advantaged separation of the construction services business from the Company. The Company's board of directors believes a tax-advantaged separation 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 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, MDU Construction Services and Centennial Capital. WBI Energy is the pipeline 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 18 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 EndedSix Months Ended
 June 30,June 30,
 2023202220232022
 (In thousands, except per share amounts)
Operating revenues:    
Electric, natural gas distribution and regulated pipeline
$340,492 $323,616 $1,014,423 $877,233 
Non-regulated pipeline, construction services and other750,634 686,133 1,506,801 1,239,631 
Total operating revenues 1,091,126 1,009,749 2,521,224 2,116,864 
Operating expenses:    
Operation and maintenance:    
Electric, natural gas distribution and regulated pipeline
95,483 94,422 197,522 192,247 
Non-regulated pipeline, construction services and other674,110 615,095 1,368,616 1,117,826 
Total operation and maintenance769,593 709,517 1,566,138 1,310,073 
Purchased natural gas sold115,866 115,312 486,881 382,665 
Depreciation, depletion and amortization53,498 55,006 105,730 106,779 
Taxes, other than income49,706 45,480 117,133 99,057 
Electric fuel and purchased power20,432 21,929 44,789 48,290 
Total operating expenses1,009,095 947,244 2,320,671 1,946,864 
Operating income82,031 62,505 200,553 170,000 
Unrealized gain on investment in Knife River140,020  140,020  
Other income (expense)9,959 (2,209)20,333 (3,253)
Interest expense26,459 19,187 50,412 38,079 
Income before income taxes205,551 41,109 310,494 128,668 
Income taxes57,918 5,347 78,986 24,140 
Income from continuing operations147,633 35,762 231,508 104,528 
Discontinued operations, net of tax(16,941)34,905 (62,464)(2,098)
Net income$130,692 $70,667 $169,044 $102,430 
Earnings per share - basic:    
Income from continuing operations$.72 $.18 $1.14 $.51 
Discontinued operations, net of tax(.08).17 (.31)(.01)
Earnings per share - basic$.64 $.35 $.83 $.50 
Earnings per share - diluted:    
Income from continuing operations$.72 $.18 $1.14 $.51 
Discontinued operations, net of tax(.08).17 (.31)(.01)
Earnings per share - diluted$.64 $.35 $.83 $.50 
Weighted average common shares outstanding - basic203,635 203,351 203,630 203,351 
Weighted average common shares outstanding - diluted203,877 203,401 203,894 203,396 
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 EndedSix Months Ended
 June 30,June 30,
 2023202220232022
 (In thousands)
Net income$130,692 $70,667 $169,044 $102,430 
Other comprehensive income (loss):
Reclassification adjustment for loss on derivative instruments included in net income, net of tax of $6 and $36 for the three months ended and $17 and $72 for the six months ended in 2023 and 2022, respectively
47 111 81 223 
Postretirement liability adjustment:
Amortization of postretirement liability losses included in net periodic benefit credit, net of tax of $131 and $148 for the three months ended and $165 and $312 for the six months ended in 2023 and 2022, respectively
387 461 487 906 
Reclassification of postretirement liability adjustment from regulatory asset, net of tax of $ and $(1,086) for the three months ended and $ and $(1,086) for the six months ended in 2023 and 2022, respectively
 (3,265) (3,265)
Postretirement liability adjustment387 (2,804)487 (2,359)
Net unrealized gain (loss) on available-for-sale investments:
Net unrealized gain (loss) on available-for-sale investments arising during the period, net of tax of $(22) and $(34) for the three months ended and $(4) and $(119) for the six months ended in 2023 and 2022, respectively
(84)(128)(14)(448)
Reclassification adjustment for loss on available-for-sale investments included in net income, net of tax of $3 and $7 for the three months ended and $6 and $15 for the six months ended in 2023 and 2022, respectively
13 25 26 57 
Net unrealized gain (loss) on available-for-sale investments(71)(103)12 (391)
Other comprehensive income (loss)363 (2,796)580 (2,527)
Comprehensive income attributable to common stockholders$131,055 $67,871 $169,624 $99,903 
The accompanying notes are an integral part of these consolidated financial statements.
7

MDU Resources Group, Inc.
Consolidated Balance Sheets
(Unaudited)
 June 30, 2023June 30, 2022December 31, 2022
Assets(In thousands, except shares and per share amounts)
Current assets:   
Cash and cash equivalents$50,780 $53,663 $70,428 
Receivables, net934,173 760,696 1,064,340 
Current regulatory assets193,162 102,535 165,092 
Inventories60,154 50,977 64,248 
Prepayments and other current assets60,502 82,533 55,123 
Investment in Knife River246,063   
Current assets of discontinued operations 798,665 583,218 
Total current assets1,544,834 1,849,069 2,002,449 
Noncurrent assets:   
Property, plant and equipment7,083,229 6,692,019 6,874,630 
Less accumulated depreciation, depletion and amortization2,160,439 2,067,811 2,098,298 
Net property, plant and equipment4,922,790 4,624,208 4,776,332 
Goodwill488,960 488,960 488,960 
Other intangible assets, net3,049 5,213 4,102 
Regulatory assets345,185 347,061 329,659 
Investments139,569 127,847 128,827 
Operating lease right-of-use assets74,553 69,869 73,502 
Other165,910 170,709 161,900 
Noncurrent assets of discontinued operations 1,636,027 1,685,751 
Total noncurrent assets 6,140,016 7,469,894 7,649,033 
Total assets$7,684,850 $9,318,963 $9,651,482 
Liabilities and Stockholders' Equity   
Current liabilities:   
Short-term borrowings$345,000 $ $38,500 
Long-term debt due within one year1,319 86,319 47,819 
Accounts payable399,339 394,317 525,560 
Taxes payable60,284 97,471 62,308 
Dividends payable45,310 44,229 45,245 
Accrued compensation66,555 69,538 59,470 
Operating lease liabilities due within one year22,666 19,960 21,307 
Regulatory liabilities due within one year48,057 17,884 26,440 
Other accrued liabilities143,235 138,479 156,031 
Current liabilities of discontinued operations 502,317 487,624 
Total current liabilities 1,131,765 1,370,514 1,470,304 
Noncurrent liabilities:   
Long-term debt2,246,103 2,003,881 2,317,848 
Deferred income taxes515,661 428,249 455,499 
Asset retirement obligations380,058 440,216 372,870 
Regulatory liabilities455,877 433,019 448,454 
Operating lease liabilities52,328 50,625 52,871 
Other196,865 178,204 180,603 
Noncurrent liabilities of discontinued operations  1,027,445 765,904 
Total noncurrent liabilities 3,846,892 4,561,639 4,594,049 
Commitments and contingencies
Stockholders' equity:
   
Common stock
Authorized - 500,000,000 shares, $1.00 par value
Shares issued - 203,638,373 at June 30, 2023, 203,889,661 at
June 30, 2022 and 204,162,814 at December 31, 2022
203,638 203,889 204,163 
Other paid-in capital1,460,735 1,454,131 1,466,037 
Retained earnings1,059,517 1,775,947 1,951,138 
Accumulated other comprehensive loss(17,697)(43,531)(30,583)
Treasury stock at cost 538,921 shares at June 30, 2022 and December 31, 2022
 (3,626)(3,626)
Total stockholders' equity2,706,193 3,386,810 3,587,129 
Total liabilities and stockholders' equity $7,684,850 $9,318,963 $9,651,482 
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, 2022204,162,814 $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, 2023204,162,814 $204,163 $1,461,294 $1,943,917 $(30,366)(538,921)$(3,626)$3,575,382 
Net income
— — — 130,692 — — — 130,692 
Other comprehensive income
— — — — 363 — — 363 
Dividends declared on common stock
— — — (45,158)— — — (45,158)
Stock-based compensation
— — (927)— — — — (927)
Separation of Knife River (538,921)(539)— (969,934)12,306 538,921 3,626 (954,541)
Issuance of common stock
14,480 14 368 — — — — 382 
At June 30, 2023203,638,373 $203,638 $1,460,735 $1,059,517 $(17,697) $ $2,706,193 

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 income
— — — — (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 
The accompanying notes are an integral part of these consolidated financial statements.
9

MDU Resources Group, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
 20232022
 (In thousands)
Operating activities:  
Net income$169,044 $102,430 
Discontinued operations, net of tax(62,464)(2,098)
Income from continuing operations231,508 104,528 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation, depletion and amortization105,730 106,779 
Deferred income taxes55,478 2,439 
Provision for credit losses5,862 2,485 
Amortization of debt issuance costs792 481 
Employee stock-based compensation costs1,740 4,713 
Pension and postretirement benefit plan net periodic benefit credit(2,775)(3,658)
Unrealized gain on investment in Knife River(140,020) 
Unrealized (gains) losses on investments(4,885)10,579 
Gains on sales of assets(4,887)(2,935)
Changes in current assets and liabilities, net of acquisitions: 
Receivables124,306 (27,093)
Inventories1,427 (4,741)
Other current assets(27,614)18,345 
Accounts payable(137,308)27,113 
Other current liabilities19,090 34,858 
Pension and postretirement benefit plan contributions(17)(54)
Other noncurrent changes1,606 (12,449)
Net cash provided by continuing operations230,033 261,390 
Net cash used in discontinued operations(156,932)(142,282)
Net cash provided by operating activities73,101 119,108 
Investing activities:  
Capital expenditures(232,137)(209,891)
Acquisitions, net of cash acquired  
Net proceeds from sale or disposition of property and other13,532 30 
Investments(2,974)(3,072)
Net cash used in continuing operations(221,579)(212,933)
Net cash used in discontinued operations(55,012)(78,092)
Net cash used in investing activities(276,591)(291,025)
Financing activities:  
Issuance of short-term borrowings500,000  
Repayment of short-term borrowings(193,500) 
Issuance of long-term debt389,500 179,407 
Repayment of long-term debt(506,191)(147,397)
Debt issuance costs(1,864)(320)
Net proceeds from issuance of common stock (149)
Dividends paid(90,552)(88,457)
Repurchase of common stock(4,811)(7,399)
Tax withholding on stock-based compensation(3,040)(4,905)
Net cash provided by (used in) continuing operations89,542 (69,220)
Net cash provided by discontinued operations94,300 254,028 
Net cash provided by financing activities183,842 184,808 
Increase (decrease) in cash and cash equivalents(19,648)12,891 
Cash and cash equivalents -- beginning of year70,428 40,772 
Cash and cash equivalents -- end of period$50,780 $53,663 
The accompanying notes are an integral part of these consolidated financial statements.
10

MDU Resources Group, Inc.
Notes to Consolidated
Financial Statements
June 30, 2023 and 2022
(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 2022 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, depletion and amortization expense is reported separately on the Consolidated Statements of Income and therefore is excluded from the other line items within operating expenses.
As part of the Company's continuous review of its business, the Company announced strategic initiatives in 2022. On August 4, 2022, the Company announced that its board of directors approved a plan to pursue the separation of Knife River, the construction materials and contracting segment, from the Company. The separation was completed on May 31, 2023, and 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 of Knife River common stock immediately following the separation with the intent to dispose of such shares within twelve months after the separation. 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. 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 3, 2022, the Company announced its intent to commence a strategic review of MDU Construction Services. Upon completing the strategic review of its wholly owned construction services business, the Company's board of directors announced on July 10, 2023, that it will pursue a tax-advantaged separation of the construction services business from the Company. The Company's board of directors believes a tax-advantaged separation of the construction services business supports the Company's goal of enhancing value for stockholders by becoming a pure-play regulated energy delivery company.
Management has also evaluated the impact of events occurring after June 30, 2023, up to the date of the issuance of these consolidated interim financial statements on August 3, 2023, 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 2020-04 - Reference Rate ReformIn March 2020, the FASB issued optional guidance to ease the facilitation of the effects of reference rate reform on financial reporting. The guidance applies to certain contract modifications, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Beginning January 1, 2022, LIBOR or other discontinued reference rates cannot be applied to new contracts. New contracts will incorporate a new reference rate, which includes SOFR. LIBOR or other discontinued reference rates cannot be applied to contract modifications or hedging relationships entered into or evaluated after December 31, 2022. Existing contracts referencing LIBOR or other reference rates expected to be discontinued must have identified a replacement rate by June 30, 2023. Effective as of March 12, 2020 through December 31, 2022For more information, see ASU 2022-06 - Reference Rate Reform: Deferral of Sunset Date in recently issued accounting standards adopted.
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.
Note 3 - Discontinued operations
On May 31, 2023, the Company completed the previously announced separation of Knife River, its 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 of the shares of Knife River common stock immediately following the separation. The Company intends to dispose of the retained shares within twelve months after the separation.
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. For the comparative periods, Knife River's operations are only reflected through May 2023, whereas 2022 includes the full three and six months from Knife River's operations.
On April 25, 2023, Knife River issued $425 million of senior notes, pursuant to an indenture, due 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 million and a senior secured term loan facility in an amount up to $275 million. The net proceeds from the notes offering, revolving credit facility and the term loan were used to repay $825 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 will provide to Knife River and Knife River will provide to the Company transition services in accordance with the TSA entered into on May 31, 2023. For the three and six months ended June 30, 2023, the Company received $599,000 and paid $277,000 related to these 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.
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Separation costs of $41.2 million and $46.1 million, net of tax, were incurred during the three and six months ended June 30, 2023, respectively. 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.
The Company had no assets or liabilities related to the discontinued operations of Knife River on its balance sheet as of June 30, 2023. The carrying amounts of the major classes of assets and liabilities of discontinued operations included in the Company’s Consolidated Balance Sheets were as follows:
June 30, 2022December 31, 2022
Assets(In Thousands)
Current assets:
Cash and cash equivalents$1,569 $790 
Receivables, net423,420 241,302 
Inventories350,457 323,277 
Prepayments and other current assets23,219 17,849 
Total current assets of discontinued operations798,665 583,218 
Noncurrent assets:
Net property, plant and equipment1,264,604 1,315,213 
Goodwill274,302 274,540 
Other intangible assets, net14,827 13,430 
Investments33,400 33,086 
Operating lease right-of-use assets45,932 45,872 
Other2,962 3,610 
Total noncurrent assets of discontinued operations1,636,027 1,685,751 
Total assets of discontinued operations$2,434,692 $2,268,969 
Liabilities
Current liabilities:
Short-term borrowings$100,000 $208,000 
Long-term debt due within one year128,134 30,211 
Accounts payable174,585 122,309 
Taxes payable(12,500)8,502 
Accrued compensation28,621 29,192 
Operating lease liabilities due within one year13,666 13,210 
Other accrued liabilities69,811 76,200 
Total current liabilities of discontinued operations502,317 487,624 
Noncurrent liabilities:
Long-term debt709,632 445,546 
Deferred income taxes169,484 175,804 
Asset retirement obligations27,779 33,015 
Operating lease liabilities32,266 32,663 
Other88,284 78,876 
Total noncurrent liabilities of discontinued operations1,027,445 765,904 
Total liabilities of discontinued operations$1,529,762 $1,253,528 


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The reconciliation of the major classes of income and expense constituting pretax income (loss) from discontinued operations to the after-tax income (loss) from discontinued operations on the Consolidated Statements of Income were as follows:
Three Months EndedSix Months Ended
June 30,June 30,
2023202220232022
(In thousands)
Operating revenues$428,020 $711,227 $735,259 $1,020,726 
Operating expenses416,686 653,116 767,960 1,002,728 
Operating income (loss)11,334 58,111 (32,701)17,998 
Other income (expense)1,889 (2,037)2,381 (3,394)
Interest expense23,544 8,926 37,611 15,293 
Income (loss) from discontinued operations before income taxes(10,321)47,148 (67,931)(689)
Income taxes6,620 12,243 (5,467)1,409 
Income (loss) from discontinued operations$(16,941)$34,905 $(62,464)$(2,098)
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 receivables from the sale of goods and services, which are recorded at the invoiced amount, and contract assets, net of expected credit losses. For more information on contract assets, see Note 9. 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 $57.9 million, $27.4 million and $34.3 million at June 30, 2023 and 2022, and December 31, 2022, 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, 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 
Current expected credit loss provision182 90  1,825 2,097 
Less write-offs charged against the allowance316 1,454  103 1,873 
Credit loss recoveries collected79 161  58 298 
At June 30, 2023$413 $1,740 $2 $4,718 $6,873 
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ElectricNatural gas
distribution
PipelineConstruction
services
Total
 (In thousands)
At December 31, 2021$269 $1,506 $2 $2,533 $4,310 
Current expected credit loss provision565 1,369  54 1,988 
Less write-offs charged against the allowance597 932  71 1,600 
Credit loss recoveries collected124 180  28 332 
At March 31, 2022$361 $2,123 $2