10-Q 1 mdu-20220630.htm MDU RESOURCES FORM 10-Q 06-30-2022 mdu-20220630
000006771612/312022Q2false00000677162022-01-012022-06-3000000677162022-07-28xbrli:shares0000067716us-gaap:RegulatedOperationMember2022-04-012022-06-30iso4217:USD0000067716us-gaap:RegulatedOperationMember2021-04-012021-06-300000067716us-gaap:RegulatedOperationMember2022-01-012022-06-300000067716us-gaap:RegulatedOperationMember2021-01-012021-06-300000067716us-gaap:UnregulatedOperationMember2022-04-012022-06-300000067716us-gaap:UnregulatedOperationMember2021-04-012021-06-300000067716us-gaap:UnregulatedOperationMember2022-01-012022-06-300000067716us-gaap:UnregulatedOperationMember2021-01-012021-06-3000000677162022-04-012022-06-3000000677162021-04-012021-06-3000000677162021-01-012021-06-30iso4217:USDxbrli:shares00000677162022-06-3000000677162021-06-3000000677162021-12-310000067716us-gaap:CommonStockMember2021-12-310000067716us-gaap:AdditionalPaidInCapitalMember2021-12-310000067716us-gaap:RetainedEarningsMember2021-12-310000067716us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000067716us-gaap:TreasuryStockMember2021-12-310000067716us-gaap:RetainedEarningsMember2022-01-012022-03-3100000677162022-01-012022-03-310000067716us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000067716us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310000067716us-gaap:TreasuryStockMember2022-01-012022-03-310000067716us-gaap:CommonStockMember2022-03-310000067716us-gaap:AdditionalPaidInCapitalMember2022-03-310000067716us-gaap:RetainedEarningsMember2022-03-310000067716us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000067716us-gaap:TreasuryStockMember2022-03-3100000677162022-03-310000067716us-gaap:RetainedEarningsMember2022-04-012022-06-300000067716us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300000067716us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300000067716us-gaap:CommonStockMember2022-06-300000067716us-gaap:AdditionalPaidInCapitalMember2022-06-300000067716us-gaap:RetainedEarningsMember2022-06-300000067716us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000067716us-gaap:TreasuryStockMember2022-06-300000067716us-gaap:CommonStockMember2020-12-310000067716us-gaap:AdditionalPaidInCapitalMember2020-12-310000067716us-gaap:RetainedEarningsMember2020-12-310000067716us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000067716us-gaap:TreasuryStockMember2020-12-3100000677162020-12-310000067716us-gaap:RetainedEarningsMember2021-01-012021-03-3100000677162021-01-012021-03-310000067716us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000067716us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000067716us-gaap:TreasuryStockMember2021-01-012021-03-310000067716us-gaap:CommonStockMember2021-01-012021-03-310000067716us-gaap:CommonStockMember2021-03-310000067716us-gaap:AdditionalPaidInCapitalMember2021-03-310000067716us-gaap:RetainedEarningsMember2021-03-310000067716us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000067716us-gaap:TreasuryStockMember2021-03-3100000677162021-03-310000067716us-gaap:RetainedEarningsMember2021-04-012021-06-300000067716us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000067716us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300000067716us-gaap:CommonStockMember2021-04-012021-06-300000067716us-gaap:CommonStockMember2021-06-300000067716us-gaap:AdditionalPaidInCapitalMember2021-06-300000067716us-gaap:RetainedEarningsMember2021-06-300000067716us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000067716us-gaap:TreasuryStockMember2021-06-300000067716mdu:ElectricMemberus-gaap:TradeAccountsReceivableMember2021-12-310000067716mdu:NaturalGasDistributionMemberus-gaap:TradeAccountsReceivableMember2021-12-310000067716us-gaap:TradeAccountsReceivableMembermdu:PipelineMember2021-12-310000067716mdu:ConstructionMaterialsAndContractingMemberus-gaap:TradeAccountsReceivableMember2021-12-310000067716mdu:ConstructionServicesMemberus-gaap:TradeAccountsReceivableMember2021-12-310000067716us-gaap:TradeAccountsReceivableMember2021-12-310000067716mdu:ElectricMemberus-gaap:TradeAccountsReceivableMember2022-01-012022-03-310000067716mdu:NaturalGasDistributionMemberus-gaap:TradeAccountsReceivableMember2022-01-012022-03-310000067716us-gaap:TradeAccountsReceivableMembermdu:PipelineMember2022-01-012022-03-310000067716mdu:ConstructionMaterialsAndContractingMemberus-gaap:TradeAccountsReceivableMember2022-01-012022-03-310000067716mdu:ConstructionServicesMemberus-gaap:TradeAccountsReceivableMember2022-01-012022-03-310000067716us-gaap:TradeAccountsReceivableMember2022-01-012022-03-310000067716mdu:ElectricMemberus-gaap:TradeAccountsReceivableMember2022-03-310000067716mdu:NaturalGasDistributionMemberus-gaap:TradeAccountsReceivableMember2022-03-310000067716us-gaap:TradeAccountsReceivableMembermdu:PipelineMember2022-03-310000067716mdu:ConstructionMaterialsAndContractingMemberus-gaap:TradeAccountsReceivableMember2022-03-310000067716mdu:ConstructionServicesMemberus-gaap:TradeAccountsReceivableMember2022-03-310000067716us-gaap:TradeAccountsReceivableMember2022-03-310000067716mdu:ElectricMemberus-gaap:TradeAccountsReceivableMember2022-04-012022-06-300000067716mdu:NaturalGasDistributionMemberus-gaap:TradeAccountsReceivableMember2022-04-012022-06-300000067716us-gaap:TradeAccountsReceivableMembermdu:PipelineMember2022-04-012022-06-300000067716mdu:ConstructionMaterialsAndContractingMemberus-gaap:TradeAccountsReceivableMember2022-04-012022-06-300000067716mdu:ConstructionServicesMemberus-gaap:TradeAccountsReceivableMember2022-04-012022-06-300000067716us-gaap:TradeAccountsReceivableMember2022-04-012022-06-300000067716mdu:ElectricMemberus-gaap:TradeAccountsReceivableMember2022-06-300000067716mdu:NaturalGasDistributionMemberus-gaap:TradeAccountsReceivableMember2022-06-300000067716us-gaap:TradeAccountsReceivableMembermdu:PipelineMember2022-06-300000067716mdu:ConstructionMaterialsAndContractingMemberus-gaap:TradeAccountsReceivableMember2022-06-300000067716mdu:ConstructionServicesMemberus-gaap:TradeAccountsReceivableMember2022-06-300000067716us-gaap:TradeAccountsReceivableMember2022-06-300000067716mdu:ElectricMemberus-gaap:TradeAccountsReceivableMember2020-12-310000067716mdu:NaturalGasDistributionMemberus-gaap:TradeAccountsReceivableMember2020-12-310000067716us-gaap:TradeAccountsReceivableMembermdu:PipelineMember2020-12-310000067716mdu:ConstructionMaterialsAndContractingMemberus-gaap:TradeAccountsReceivableMember2020-12-310000067716mdu:ConstructionServicesMemberus-gaap:TradeAccountsReceivableMember2020-12-310000067716us-gaap:TradeAccountsReceivableMember2020-12-310000067716mdu:ElectricMemberus-gaap:TradeAccountsReceivableMember2021-01-012021-03-310000067716mdu:NaturalGasDistributionMemberus-gaap:TradeAccountsReceivableMember2021-01-012021-03-310000067716us-gaap:TradeAccountsReceivableMembermdu:PipelineMember2021-01-012021-03-310000067716mdu:ConstructionMaterialsAndContractingMemberus-gaap:TradeAccountsReceivableMember2021-01-012021-03-310000067716mdu:ConstructionServicesMemberus-gaap:TradeAccountsReceivableMember2021-01-012021-03-310000067716us-gaap:TradeAccountsReceivableMember2021-01-012021-03-310000067716mdu:ElectricMemberus-gaap:TradeAccountsReceivableMember2021-03-310000067716mdu:NaturalGasDistributionMemberus-gaap:TradeAccountsReceivableMember2021-03-310000067716us-gaap:TradeAccountsReceivableMembermdu:PipelineMember2021-03-310000067716mdu:ConstructionMaterialsAndContractingMemberus-gaap:TradeAccountsReceivableMember2021-03-310000067716mdu:ConstructionServicesMemberus-gaap:TradeAccountsReceivableMember2021-03-310000067716us-gaap:TradeAccountsReceivableMember2021-03-310000067716mdu:ElectricMemberus-gaap:TradeAccountsReceivableMember2021-04-012021-06-300000067716mdu:NaturalGasDistributionMemberus-gaap:TradeAccountsReceivableMember2021-04-012021-06-300000067716us-gaap:TradeAccountsReceivableMembermdu:PipelineMember2021-04-012021-06-300000067716mdu:ConstructionMaterialsAndContractingMemberus-gaap:TradeAccountsReceivableMember2021-04-012021-06-300000067716mdu:ConstructionServicesMemberus-gaap:TradeAccountsReceivableMember2021-04-012021-06-300000067716us-gaap:TradeAccountsReceivableMember2021-04-012021-06-300000067716mdu:ElectricMemberus-gaap:TradeAccountsReceivableMember2021-06-300000067716mdu:NaturalGasDistributionMemberus-gaap:TradeAccountsReceivableMember2021-06-300000067716us-gaap:TradeAccountsReceivableMembermdu:PipelineMember2021-06-300000067716mdu:ConstructionMaterialsAndContractingMemberus-gaap:TradeAccountsReceivableMember2021-06-300000067716mdu:ConstructionServicesMemberus-gaap:TradeAccountsReceivableMember2021-06-300000067716us-gaap:TradeAccountsReceivableMember2021-06-300000067716mdu:AtthemarketofferingMember2022-06-300000067716mdu:AtthemarketofferingMember2022-04-012022-06-300000067716mdu:AtthemarketofferingMember2021-04-012021-06-300000067716mdu:AtthemarketofferingMember2022-01-012022-06-300000067716mdu:AtthemarketofferingMember2021-01-012021-06-300000067716us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-12-310000067716us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310000067716us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310000067716us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-01-012022-03-310000067716us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-03-310000067716us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-03-310000067716us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-03-310000067716us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-03-310000067716us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-03-310000067716us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-04-012022-06-300000067716us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-04-012022-06-300000067716us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-04-012022-06-300000067716us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-06-300000067716us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-06-300000067716us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-06-300000067716us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-12-310000067716us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310000067716us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310000067716us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-01-012021-03-310000067716us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-03-310000067716us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-03-310000067716us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-03-310000067716us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-03-310000067716us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-03-310000067716us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-04-012021-06-300000067716us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-04-012021-06-300000067716us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-04-012021-06-300000067716us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-06-300000067716us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-06-300000067716us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-06-300000067716us-gaap:InterestRateContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-04-012022-06-300000067716us-gaap:InterestRateContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-04-012021-06-300000067716us-gaap:InterestRateContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-01-012022-06-300000067716us-gaap:InterestRateContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-01-012021-06-300000067716us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300000067716us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000067716us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300000067716us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300000067716us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-04-012022-06-300000067716us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-04-012021-06-300000067716us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-06-300000067716us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-06-300000067716us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300000067716us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000067716us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300000067716us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300000067716mdu:ElectricMembermdu:ResidentialUtilitySalesMember2022-04-012022-06-300000067716mdu:ResidentialUtilitySalesMembermdu:NaturalGasDistributionMember2022-04-012022-06-300000067716mdu:ResidentialUtilitySalesMember2022-04-012022-06-300000067716mdu:CommercialUtilitySalesMembermdu:ElectricMember2022-04-012022-06-300000067716mdu:CommercialUtilitySalesMembermdu:NaturalGasDistributionMember2022-04-012022-06-300000067716mdu:CommercialUtilitySalesMember2022-04-012022-06-300000067716mdu:ElectricMembermdu:IndustrialUtilitySalesMember2022-04-012022-06-300000067716mdu:IndustrialUtilitySalesMembermdu:NaturalGasDistributionMember2022-04-012022-06-300000067716mdu:IndustrialUtilitySalesMember2022-04-012022-06-300000067716mdu:OtherUtilitySalesMembermdu:ElectricMember2022-04-012022-06-300000067716mdu:OtherUtilitySalesMembermdu:NaturalGasDistributionMember2022-04-012022-06-300000067716mdu:OtherUtilitySalesMember2022-04-012022-06-300000067716mdu:NaturalGasDistributionMembermdu:NaturalGasTransportationMember2022-04-012022-06-300000067716mdu:NaturalGasTransportationMembermdu:PipelineMember2022-04-012022-06-300000067716mdu:NaturalGasTransportationMember2022-04-012022-06-300000067716us-gaap:NaturalGasStorageMembermdu:PipelineMember2022-04-012022-06-300000067716us-gaap:NaturalGasStorageMember2022-04-012022-06-300000067716mdu:ConstructionMaterialsAndContractingMembermdu:ContractingServicesMember2022-04-012022-06-300000067716mdu:ContractingServicesMember2022-04-012022-06-300000067716mdu:ConstructionMaterialsMembermdu:ConstructionMaterialsAndContractingMember2022-04-012022-06-300000067716mdu:ConstructionMaterialsMember2022-04-012022-06-300000067716us-gaap:IntersubsegmentEliminationsMembermdu:ConstructionMaterialsAndContractingMember2022-04-012022-06-300000067716us-gaap:IntersubsegmentEliminationsMember2022-04-012022-06-300000067716mdu:ConstructionServicesMembermdu:InsideSpecialtyContractingMember2022-04-012022-06-300000067716mdu:InsideSpecialtyContractingMember2022-04-012022-06-300000067716mdu:ConstructionServicesMembermdu:OutsideSpecialtyContractingMember2022-04-012022-06-300000067716mdu:OutsideSpecialtyContractingMember2022-04-012022-06-300000067716mdu:OtherRevenuesMembermdu:ElectricMember2022-04-012022-06-300000067716mdu:OtherRevenuesMembermdu:NaturalGasDistributionMember2022-04-012022-06-300000067716mdu:OtherRevenuesMembermdu:PipelineMember2022-04-012022-06-300000067716mdu:OtherRevenuesMembermdu:ConstructionMaterialsAndContractingMember2022-04-012022-06-300000067716mdu:OtherRevenuesMembermdu:ConstructionServicesMember2022-04-012022-06-300000067716mdu:OtherRevenuesMemberus-gaap:CorporateAndOtherMember2022-04-012022-06-300000067716mdu:OtherRevenuesMember2022-04-012022-06-300000067716mdu:ElectricMemberus-gaap:IntersegmentEliminationMember2022-04-012022-06-300000067716mdu:NaturalGasDistributionMemberus-gaap:IntersegmentEliminationMember2022-04-012022-06-300000067716us-gaap:IntersegmentEliminationMembermdu:PipelineMember2022-04-012022-06-300000067716mdu:ConstructionMaterialsAndContractingMemberus-gaap:IntersegmentEliminationMember2022-04-012022-06-300000067716mdu:ConstructionServicesMemberus-gaap:IntersegmentEliminationMember2022-04-012022-06-300000067716us-gaap:CorporateAndOtherMemberus-gaap:IntersegmentEliminationMember2022-04-012022-06-300000067716us-gaap:IntersegmentEliminationMember2022-04-012022-06-300000067716mdu:ElectricMembermdu:RevenueFromContractsWithCustomersMember2022-04-012022-06-300000067716mdu:RevenueFromContractsWithCustomersMembermdu:NaturalGasDistributionMember2022-04-012022-06-300000067716mdu:RevenueFromContractsWithCustomersMembermdu:PipelineMember2022-04-012022-06-300000067716mdu:ConstructionMaterialsAndContractingMembermdu:RevenueFromContractsWithCustomersMember2022-04-012022-06-300000067716mdu:ConstructionServicesMembermdu:RevenueFromContractsWithCustomersMember2022-04-012022-06-300000067716us-gaap:CorporateAndOtherMembermdu:RevenueFromContractsWithCustomersMember2022-04-012022-06-300000067716mdu:RevenueFromContractsWithCustomersMember2022-04-012022-06-300000067716mdu:RevenuesOutOfScopeMembermdu:ElectricMember2022-04-012022-06-300000067716mdu:RevenuesOutOfScopeMembermdu:NaturalGasDistributionMember2022-04-012022-06-300000067716mdu:RevenuesOutOfScopeMembermdu:PipelineMember2022-04-012022-06-300000067716mdu:RevenuesOutOfScopeMembermdu:ConstructionMaterialsAndContractingMember2022-04-012022-06-300000067716mdu:ConstructionServicesMembermdu:RevenuesOutOfScopeMember2022-04-012022-06-300000067716us-gaap:CorporateAndOtherMembermdu:RevenuesOutOfScopeMember2022-04-012022-06-300000067716mdu:RevenuesOutOfScopeMember2022-04-012022-06-300000067716mdu:ElectricMember2022-04-012022-06-300000067716mdu:NaturalGasDistributionMember2022-04-012022-06-300000067716mdu:PipelineMember2022-04-012022-06-300000067716mdu:ConstructionMaterialsAndContractingMember2022-04-012022-06-300000067716mdu:ConstructionServicesMember2022-04-012022-06-300000067716us-gaap:CorporateAndOtherMember2022-04-012022-06-300000067716mdu:ElectricMembermdu:ResidentialUtilitySalesMember2021-04-012021-06-300000067716mdu:ResidentialUtilitySalesMembermdu:NaturalGasDistributionMember2021-04-012021-06-300000067716mdu:ResidentialUtilitySalesMember2021-04-012021-06-300000067716mdu:CommercialUtilitySalesMembermdu:ElectricMember2021-04-012021-06-300000067716mdu:CommercialUtilitySalesMembermdu:NaturalGasDistributionMember2021-04-012021-06-300000067716mdu:CommercialUtilitySalesMember2021-04-012021-06-300000067716mdu:ElectricMembermdu:IndustrialUtilitySalesMember2021-04-012021-06-300000067716mdu:IndustrialUtilitySalesMembermdu:NaturalGasDistributionMember2021-04-012021-06-300000067716mdu:IndustrialUtilitySalesMember2021-04-012021-06-300000067716mdu:OtherUtilitySalesMembermdu:ElectricMember2021-04-012021-06-300000067716mdu:OtherUtilitySalesMembermdu:NaturalGasDistributionMember2021-04-012021-06-300000067716mdu:OtherUtilitySalesMember2021-04-012021-06-300000067716mdu:NaturalGasDistributionMembermdu:NaturalGasTransportationMember2021-04-012021-06-300000067716mdu:NaturalGasTransportationMembermdu:PipelineMember2021-04-012021-06-300000067716mdu:NaturalGasTransportationMember2021-04-012021-06-300000067716us-gaap:NaturalGasStorageMembermdu:PipelineMember2021-04-012021-06-300000067716us-gaap:NaturalGasStorageMember2021-04-012021-06-300000067716mdu:ConstructionMaterialsAndContractingMembermdu:ContractingServicesMember2021-04-012021-06-300000067716mdu:ContractingServicesMember2021-04-012021-06-300000067716mdu:ConstructionMaterialsMembermdu:ConstructionMaterialsAndContractingMember2021-04-012021-06-300000067716mdu:ConstructionMaterialsMember2021-04-012021-06-300000067716us-gaap:IntersubsegmentEliminationsMembermdu:ConstructionMaterialsAndContractingMember2021-04-012021-06-300000067716us-gaap:IntersubsegmentEliminationsMember2021-04-012021-06-300000067716mdu:ConstructionServicesMembermdu:InsideSpecialtyContractingMember2021-04-012021-06-300000067716mdu:InsideSpecialtyContractingMember2021-04-012021-06-300000067716mdu:ConstructionServicesMembermdu:OutsideSpecialtyContractingMember2021-04-012021-06-300000067716mdu:OutsideSpecialtyContractingMember2021-04-012021-06-300000067716mdu:OtherRevenuesMembermdu:ElectricMember2021-04-012021-06-300000067716mdu:OtherRevenuesMembermdu:NaturalGasDistributionMember2021-04-012021-06-300000067716mdu:OtherRevenuesMembermdu:PipelineMember2021-04-012021-06-300000067716mdu:OtherRevenuesMembermdu:ConstructionMaterialsAndContractingMember2021-04-012021-06-300000067716mdu:OtherRevenuesMembermdu:ConstructionServicesMember2021-04-012021-06-300000067716mdu:OtherRevenuesMemberus-gaap:CorporateAndOtherMember2021-04-012021-06-300000067716mdu:OtherRevenuesMember2021-04-012021-06-300000067716mdu:ElectricMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300000067716mdu:NaturalGasDistributionMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300000067716us-gaap:IntersegmentEliminationMembermdu:PipelineMember2021-04-012021-06-300000067716mdu:ConstructionMaterialsAndContractingMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300000067716mdu:ConstructionServicesMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300000067716us-gaap:CorporateAndOtherMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300000067716us-gaap:IntersegmentEliminationMember2021-04-012021-06-300000067716mdu:ElectricMembermdu:RevenueFromContractsWithCustomersMember2021-04-012021-06-300000067716mdu:RevenueFromContractsWithCustomersMembermdu:NaturalGasDistributionMember2021-04-012021-06-300000067716mdu:RevenueFromContractsWithCustomersMembermdu:PipelineMember2021-04-012021-06-300000067716mdu:ConstructionMaterialsAndContractingMembermdu:RevenueFromContractsWithCustomersMember2021-04-012021-06-300000067716mdu:ConstructionServicesMembermdu:RevenueFromContractsWithCustomersMember2021-04-012021-06-300000067716us-gaap:CorporateAndOtherMembermdu:RevenueFromContractsWithCustomersMember2021-04-012021-06-300000067716mdu:RevenueFromContractsWithCustomersMember2021-04-012021-06-300000067716mdu:RevenuesOutOfScopeMembermdu:ElectricMember2021-04-012021-06-300000067716mdu:RevenuesOutOfScopeMembermdu:NaturalGasDistributionMember2021-04-012021-06-300000067716mdu:RevenuesOutOfScopeMembermdu:PipelineMember2021-04-012021-06-300000067716mdu:RevenuesOutOfScopeMembermdu:ConstructionMaterialsAndContractingMember2021-04-012021-06-300000067716mdu:ConstructionServicesMembermdu:RevenuesOutOfScopeMember2021-04-012021-06-300000067716us-gaap:CorporateAndOtherMembermdu:RevenuesOutOfScopeMember2021-04-012021-06-300000067716mdu:RevenuesOutOfScopeMember2021-04-012021-06-300000067716mdu:ElectricMember2021-04-012021-06-300000067716mdu:NaturalGasDistributionMember2021-04-012021-06-300000067716mdu:PipelineMember2021-04-012021-06-300000067716mdu:ConstructionMaterialsAndContractingMember2021-04-012021-06-300000067716mdu:ConstructionServicesMember2021-04-012021-06-300000067716us-gaap:CorporateAndOtherMember2021-04-012021-06-300000067716mdu:ElectricMembermdu:ResidentialUtilitySalesMember2022-01-012022-06-300000067716mdu:ResidentialUtilitySalesMembermdu:NaturalGasDistributionMember2022-01-012022-06-300000067716mdu:ResidentialUtilitySalesMember2022-01-012022-06-300000067716mdu:CommercialUtilitySalesMembermdu:ElectricMember2022-01-012022-06-300000067716mdu:CommercialUtilitySalesMembermdu:NaturalGasDistributionMember2022-01-012022-06-300000067716mdu:CommercialUtilitySalesMember2022-01-012022-06-300000067716mdu:ElectricMembermdu:IndustrialUtilitySalesMember2022-01-012022-06-300000067716mdu:IndustrialUtilitySalesMembermdu:NaturalGasDistributionMember2022-01-012022-06-300000067716mdu:IndustrialUtilitySalesMember2022-01-012022-06-300000067716mdu:OtherUtilitySalesMembermdu:ElectricMember2022-01-012022-06-300000067716mdu:OtherUtilitySalesMembermdu:NaturalGasDistributionMember2022-01-012022-06-300000067716mdu:OtherUtilitySalesMember2022-01-012022-06-300000067716mdu:NaturalGasDistributionMembermdu:NaturalGasTransportationMember2022-01-012022-06-300000067716mdu:NaturalGasTransportationMembermdu:PipelineMember2022-01-012022-06-300000067716mdu:NaturalGasTransportationMember2022-01-012022-06-300000067716us-gaap:NaturalGasStorageMembermdu:PipelineMember2022-01-012022-06-300000067716us-gaap:NaturalGasStorageMember2022-01-012022-06-300000067716mdu:ConstructionMaterialsAndContractingMembermdu:ContractingServicesMember2022-01-012022-06-300000067716mdu:ContractingServicesMember2022-01-012022-06-300000067716mdu:ConstructionMaterialsMembermdu:ConstructionMaterialsAndContractingMember2022-01-012022-06-300000067716mdu:ConstructionMaterialsMember2022-01-012022-06-300000067716us-gaap:IntersubsegmentEliminationsMembermdu:ConstructionMaterialsAndContractingMember2022-01-012022-06-300000067716us-gaap:IntersubsegmentEliminationsMember2022-01-012022-06-300000067716mdu:ConstructionServicesMembermdu:InsideSpecialtyContractingMember2022-01-012022-06-300000067716mdu:InsideSpecialtyContractingMember2022-01-012022-06-300000067716mdu:ConstructionServicesMembermdu:OutsideSpecialtyContractingMember2022-01-012022-06-300000067716mdu:OutsideSpecialtyContractingMember2022-01-012022-06-300000067716mdu:OtherRevenuesMembermdu:ElectricMember2022-01-012022-06-300000067716mdu:OtherRevenuesMembermdu:NaturalGasDistributionMember2022-01-012022-06-300000067716mdu:OtherRevenuesMembermdu:PipelineMember2022-01-012022-06-300000067716mdu:OtherRevenuesMembermdu:ConstructionMaterialsAndContractingMember2022-01-012022-06-300000067716mdu:OtherRevenuesMembermdu:ConstructionServicesMember2022-01-012022-06-300000067716mdu:OtherRevenuesMemberus-gaap:CorporateAndOtherMember2022-01-012022-06-300000067716mdu:OtherRevenuesMember2022-01-012022-06-300000067716mdu:ElectricMemberus-gaap:IntersegmentEliminationMember2022-01-012022-06-300000067716mdu:NaturalGasDistributionMemberus-gaap:IntersegmentEliminationMember2022-01-012022-06-300000067716us-gaap:IntersegmentEliminationMembermdu:PipelineMember2022-01-012022-06-300000067716mdu:ConstructionMaterialsAndContractingMemberus-gaap:IntersegmentEliminationMember2022-01-012022-06-300000067716mdu:ConstructionServicesMemberus-gaap:IntersegmentEliminationMember2022-01-012022-06-300000067716us-gaap:CorporateAndOtherMemberus-gaap:IntersegmentEliminationMember2022-01-012022-06-300000067716us-gaap:IntersegmentEliminationMember2022-01-012022-06-300000067716mdu:ElectricMembermdu:RevenueFromContractsWithCustomersMember2022-01-012022-06-300000067716mdu:RevenueFromContractsWithCustomersMembermdu:NaturalGasDistributionMember2022-01-012022-06-300000067716mdu:RevenueFromContractsWithCustomersMembermdu:PipelineMember2022-01-012022-06-300000067716mdu:ConstructionMaterialsAndContractingMembermdu:RevenueFromContractsWithCustomersMember2022-01-012022-06-300000067716mdu:ConstructionServicesMembermdu:RevenueFromContractsWithCustomersMember2022-01-012022-06-300000067716us-gaap:CorporateAndOtherMembermdu:RevenueFromContractsWithCustomersMember2022-01-012022-06-300000067716mdu:RevenueFromContractsWithCustomersMember2022-01-012022-06-300000067716mdu:RevenuesOutOfScopeMembermdu:ElectricMember2022-01-012022-06-300000067716mdu:RevenuesOutOfScopeMembermdu:NaturalGasDistributionMember2022-01-012022-06-300000067716mdu:RevenuesOutOfScopeMembermdu:PipelineMember2022-01-012022-06-300000067716mdu:RevenuesOutOfScopeMembermdu:ConstructionMaterialsAndContractingMember2022-01-012022-06-300000067716mdu:ConstructionServicesMembermdu:RevenuesOutOfScopeMember2022-01-012022-06-300000067716us-gaap:CorporateAndOtherMembermdu:RevenuesOutOfScopeMember2022-01-012022-06-300000067716mdu:RevenuesOutOfScopeMember2022-01-012022-06-300000067716mdu:ElectricMember2022-01-012022-06-300000067716mdu:NaturalGasDistributionMember2022-01-012022-06-300000067716mdu:PipelineMember2022-01-012022-06-300000067716mdu:ConstructionMaterialsAndContractingMember2022-01-012022-06-300000067716mdu:ConstructionServicesMember2022-01-012022-06-300000067716us-gaap:CorporateAndOtherMember2022-01-012022-06-300000067716mdu:ElectricMembermdu:ResidentialUtilitySalesMember2021-01-012021-06-300000067716mdu:ResidentialUtilitySalesMembermdu:NaturalGasDistributionMember2021-01-012021-06-300000067716mdu:ResidentialUtilitySalesMember2021-01-012021-06-300000067716mdu:CommercialUtilitySalesMembermdu:ElectricMember2021-01-012021-06-300000067716mdu:CommercialUtilitySalesMembermdu:NaturalGasDistributionMember2021-01-012021-06-300000067716mdu:CommercialUtilitySalesMember2021-01-012021-06-300000067716mdu:ElectricMembermdu:IndustrialUtilitySalesMember2021-01-012021-06-300000067716mdu:IndustrialUtilitySalesMembermdu:NaturalGasDistributionMember2021-01-012021-06-300000067716mdu:IndustrialUtilitySalesMember2021-01-012021-06-300000067716mdu:OtherUtilitySalesMembermdu:ElectricMember2021-01-012021-06-300000067716mdu:OtherUtilitySalesMembermdu:NaturalGasDistributionMember2021-01-012021-06-300000067716mdu:OtherUtilitySalesMember2021-01-012021-06-300000067716mdu:NaturalGasDistributionMembermdu:NaturalGasTransportationMember2021-01-012021-06-300000067716mdu:NaturalGasTransportationMembermdu:PipelineMember2021-01-012021-06-300000067716mdu:NaturalGasTransportationMember2021-01-012021-06-300000067716us-gaap:NaturalGasStorageMembermdu:PipelineMember2021-01-012021-06-300000067716us-gaap:NaturalGasStorageMember2021-01-012021-06-300000067716mdu:ConstructionMaterialsAndContractingMembermdu:ContractingServicesMember2021-01-012021-06-300000067716mdu:ContractingServicesMember2021-01-012021-06-300000067716mdu:ConstructionMaterialsMembermdu:ConstructionMaterialsAndContractingMember2021-01-012021-06-300000067716mdu:ConstructionMaterialsMember2021-01-012021-06-300000067716us-gaap:IntersubsegmentEliminationsMembermdu:ConstructionMaterialsAndContractingMember2021-01-012021-06-300000067716us-gaap:IntersubsegmentEliminationsMember2021-01-012021-06-300000067716mdu:ConstructionServicesMembermdu:InsideSpecialtyContractingMember2021-01-012021-06-300000067716mdu:InsideSpecialtyContractingMember2021-01-012021-06-300000067716mdu:ConstructionServicesMembermdu:OutsideSpecialtyContractingMember2021-01-012021-06-300000067716mdu:OutsideSpecialtyContractingMember2021-01-012021-06-300000067716mdu:OtherRevenuesMembermdu:ElectricMember2021-01-012021-06-300000067716mdu:OtherRevenuesMembermdu:NaturalGasDistributionMember2021-01-012021-06-300000067716mdu:OtherRevenuesMembermdu:PipelineMember2021-01-012021-06-300000067716mdu:OtherRevenuesMembermdu:ConstructionMaterialsAndContractingMember2021-01-012021-06-300000067716mdu:OtherRevenuesMembermdu:ConstructionServicesMember2021-01-012021-06-300000067716mdu:OtherRevenuesMemberus-gaap:CorporateAndOtherMember2021-01-012021-06-300000067716mdu:OtherRevenuesMember2021-01-012021-06-300000067716mdu:ElectricMemberus-gaap:IntersegmentEliminationMember2021-01-012021-06-300000067716mdu:NaturalGasDistributionMemberus-gaap:IntersegmentEliminationMember2021-01-012021-06-300000067716us-gaap:IntersegmentEliminationMembermdu:PipelineMember2021-01-012021-06-300000067716mdu:ConstructionMaterialsAndContractingMemberus-gaap:IntersegmentEliminationMember2021-01-012021-06-300000067716mdu:ConstructionServicesMemberus-gaap:IntersegmentEliminationMember2021-01-012021-06-300000067716us-gaap:CorporateAndOtherMemberus-gaap:IntersegmentEliminationMember2021-01-012021-06-300000067716us-gaap:IntersegmentEliminationMember2021-01-012021-06-300000067716mdu:ElectricMembermdu:RevenueFromContractsWithCustomersMember2021-01-012021-06-300000067716mdu:RevenueFromContractsWithCustomersMembermdu:NaturalGasDistributionMember2021-01-012021-06-300000067716mdu:RevenueFromContractsWithCustomersMembermdu:PipelineMember2021-01-012021-06-300000067716mdu:ConstructionMaterialsAndContractingMembermdu:RevenueFromContractsWithCustomersMember2021-01-012021-06-300000067716mdu:ConstructionServicesMembermdu:RevenueFromContractsWithCustomersMember2021-01-012021-06-300000067716us-gaap:CorporateAndOtherMembermdu:RevenueFromContractsWithCustomersMember2021-01-012021-06-300000067716mdu:RevenueFromContractsWithCustomersMember2021-01-012021-06-300000067716mdu:RevenuesOutOfScopeMembermdu:ElectricMember2021-01-012021-06-300000067716mdu:RevenuesOutOfScopeMembermdu:NaturalGasDistributionMember2021-01-012021-06-300000067716mdu:RevenuesOutOfScopeMembermdu:PipelineMember2021-01-012021-06-300000067716mdu:RevenuesOutOfScopeMembermdu:ConstructionMaterialsAndContractingMember2021-01-012021-06-300000067716mdu:ConstructionServicesMembermdu:RevenuesOutOfScopeMember2021-01-012021-06-300000067716us-gaap:CorporateAndOtherMembermdu:RevenuesOutOfScopeMember2021-01-012021-06-300000067716mdu:RevenuesOutOfScopeMember2021-01-012021-06-300000067716mdu:ElectricMember2021-01-012021-06-300000067716mdu:NaturalGasDistributionMember2021-01-012021-06-300000067716mdu:PipelineMember2021-01-012021-06-300000067716mdu:ConstructionMaterialsAndContractingMember2021-01-012021-06-300000067716mdu:ConstructionServicesMember2021-01-012021-06-300000067716us-gaap:CorporateAndOtherMember2021-01-012021-06-3000000677162022-07-012022-06-3000000677162023-07-012022-06-3000000677162024-07-012022-06-300000067716mdu:A2021AcquisitionMember2021-01-012021-12-310000067716mdu:A2021AcquisitionMember2021-12-310000067716mdu:A2021AcquisitionMember2022-01-012022-03-310000067716mdu:NaturalGasDistributionMember2021-12-310000067716mdu:NaturalGasDistributionMember2022-06-300000067716mdu:ConstructionMaterialsAndContractingMember2021-12-310000067716mdu:ConstructionMaterialsAndContractingMember2022-06-300000067716mdu:ConstructionServicesMember2021-12-310000067716mdu:ConstructionServicesMember2022-06-300000067716mdu:NaturalGasDistributionMember2020-12-310000067716mdu:NaturalGasDistributionMember2021-06-300000067716mdu:ConstructionMaterialsAndContractingMember2020-12-310000067716mdu:ConstructionMaterialsAndContractingMember2021-06-300000067716mdu:ConstructionServicesMember2020-12-310000067716mdu:ConstructionServicesMember2021-06-300000067716mdu:NaturalGasDistributionMember2021-01-012021-12-310000067716mdu:ConstructionMaterialsAndContractingMember2021-01-012021-12-310000067716mdu:ConstructionServicesMember2021-01-012021-12-3100000677162021-01-012021-12-310000067716us-gaap:CustomerRelationshipsMember2022-06-300000067716us-gaap:CustomerRelationshipsMember2021-06-300000067716us-gaap:CustomerRelationshipsMember2021-12-310000067716us-gaap:NoncompeteAgreementsMember2022-06-300000067716us-gaap:NoncompeteAgreementsMember2021-06-300000067716us-gaap:NoncompeteAgreementsMember2021-12-310000067716us-gaap:OtherIntangibleAssetsMember2022-06-300000067716us-gaap:OtherIntangibleAssetsMember2021-06-300000067716us-gaap:OtherIntangibleAssetsMember2021-12-310000067716srt:MinimumMemberus-gaap:AssetRecoverableGasCostsMember2022-01-012022-06-300000067716us-gaap:AssetRecoverableGasCostsMember2022-06-300000067716us-gaap:AssetRecoverableGasCostsMember2021-06-300000067716us-gaap:AssetRecoverableGasCostsMember2021-12-310000067716us-gaap:RenewableEnergyProgramMember2022-01-012022-06-300000067716us-gaap:RenewableEnergyProgramMember2022-06-300000067716us-gaap:RenewableEnergyProgramMember2021-06-300000067716us-gaap:RenewableEnergyProgramMember2021-12-310000067716mdu:DecouplingMember2022-01-012022-06-300000067716mdu:DecouplingMember2022-06-300000067716mdu:DecouplingMember2021-06-300000067716mdu:DecouplingMember2021-12-310000067716us-gaap:RegulatoryClauseRevenuesUnderRecoveredMembersrt:MinimumMember2022-01-012022-06-300000067716us-gaap:RegulatoryClauseRevenuesUnderRecoveredMember2022-06-300000067716us-gaap:RegulatoryClauseRevenuesUnderRecoveredMember2021-06-300000067716us-gaap:RegulatoryClauseRevenuesUnderRecoveredMember2021-12-310000067716srt:MinimumMemberus-gaap:OtherRegulatoryAssetsLiabilitiesMember2022-01-012022-06-300000067716us-gaap:OtherRegulatoryAssetsLiabilitiesMember2022-06-300000067716us-gaap:OtherRegulatoryAssetsLiabilitiesMember2021-06-300000067716us-gaap:OtherRegulatoryAssetsLiabilitiesMember2021-12-310000067716us-gaap:PensionAndOtherPostretirementPlansCostsMember2022-01-012022-06-300000067716us-gaap:PensionAndOtherPostretirementPlansCostsMember2022-06-300000067716us-gaap:PensionAndOtherPostretirementPlansCostsMember2021-06-300000067716us-gaap:PensionAndOtherPostretirementPlansCostsMember2021-12-310000067716srt:MaximumMemberus-gaap:RegulatoryClauseRevenuesUnderRecoveredMember2022-01-012022-06-300000067716us-gaap:AssetRetirementObligationCostsMember2022-01-012022-06-300000067716us-gaap:AssetRetirementObligationCostsMember2022-06-300000067716us-gaap:AssetRetirementObligationCostsMember2021-06-300000067716us-gaap:AssetRetirementObligationCostsMember2021-12-310000067716us-gaap:RemovalCostsMember2022-01-012022-06-300000067716us-gaap:RemovalCostsMember2022-06-300000067716us-gaap:RemovalCostsMember2021-06-300000067716us-gaap:RemovalCostsMember2021-12-310000067716us-gaap:EnvironmentalRestorationCostsMember2022-01-012022-06-300000067716us-gaap:EnvironmentalRestorationCostsMember2022-06-300000067716us-gaap:EnvironmentalRestorationCostsMember2021-06-300000067716us-gaap:EnvironmentalRestorationCostsMember2021-12-310000067716us-gaap:DeferredIncomeTaxChargesMember2022-01-012022-06-300000067716us-gaap:DeferredIncomeTaxChargesMember2022-06-300000067716us-gaap:DeferredIncomeTaxChargesMember2021-06-300000067716us-gaap:DeferredIncomeTaxChargesMember2021-12-310000067716us-gaap:LossOnReacquiredDebtMember2022-01-012022-06-300000067716us-gaap:LossOnReacquiredDebtMember2022-06-300000067716us-gaap:LossOnReacquiredDebtMember2021-06-300000067716us-gaap:LossOnReacquiredDebtMember2021-12-310000067716srt:MaximumMemberus-gaap:AssetRecoverableGasCostsMember2022-01-012022-06-300000067716srt:MaximumMemberus-gaap:OtherRegulatoryAssetsLiabilitiesMember2022-01-012022-06-300000067716mdu:LiabilitiesElectricFuelAndPurchasedPowerDeferralMember2022-01-012022-06-300000067716mdu:LiabilitiesElectricFuelAndPurchasedPowerDeferralMember2022-06-300000067716mdu:LiabilitiesElectricFuelAndPurchasedPowerDeferralMember2021-06-300000067716mdu:LiabilitiesElectricFuelAndPurchasedPowerDeferralMember2021-12-310000067716srt:MinimumMemberus-gaap:DeferredIncomeTaxChargesMember2022-01-012022-06-300000067716us-gaap:DeferredIncomeTaxChargesMember2022-06-300000067716us-gaap:DeferredIncomeTaxChargesMember2021-06-300000067716us-gaap:DeferredIncomeTaxChargesMember2021-12-310000067716srt:MinimumMembermdu:RegulatoryClauseRevenuesOverRecoveredMember2022-01-012022-06-300000067716mdu:RegulatoryClauseRevenuesOverRecoveredMember2022-06-300000067716mdu:RegulatoryClauseRevenuesOverRecoveredMember2021-06-300000067716mdu:RegulatoryClauseRevenuesOverRecoveredMember2021-12-310000067716mdu:LiabilitiesRefundableGasCostsMember2022-01-012022-06-300000067716mdu:LiabilitiesRefundableGasCostsMember2022-06-300000067716mdu:LiabilitiesRefundableGasCostsMember2021-06-300000067716mdu:LiabilitiesRefundableGasCostsMember2021-12-310000067716us-gaap:OtherRegulatoryAssetsLiabilitiesMembersrt:MinimumMember2022-01-012022-06-300000067716us-gaap:OtherRegulatoryAssetsLiabilitiesMember2022-06-300000067716us-gaap:OtherRegulatoryAssetsLiabilitiesMember2021-06-300000067716us-gaap:OtherRegulatoryAssetsLiabilitiesMember2021-12-310000067716srt:MaximumMemberus-gaap:DeferredIncomeTaxChargesMember2022-01-012022-06-300000067716us-gaap:RemovalCostsMember2022-01-012022-06-300000067716us-gaap:RemovalCostsMember2022-06-300000067716us-gaap:RemovalCostsMember2021-06-300000067716us-gaap:RemovalCostsMember2021-12-310000067716us-gaap:PensionAndOtherPostretirementPlansCostsMember2022-01-012022-06-300000067716us-gaap:PensionAndOtherPostretirementPlansCostsMember2022-06-300000067716us-gaap:PensionAndOtherPostretirementPlansCostsMember2021-06-300000067716us-gaap:PensionAndOtherPostretirementPlansCostsMember2021-12-310000067716mdu:AccumulatedDeferredITCMember2022-01-012022-06-300000067716mdu:AccumulatedDeferredITCMember2022-06-300000067716mdu:AccumulatedDeferredITCMember2021-06-300000067716mdu:AccumulatedDeferredITCMember2021-12-310000067716srt:MaximumMembermdu:RegulatoryClauseRevenuesOverRecoveredMember2022-01-012022-06-300000067716us-gaap:OtherRegulatoryAssetsLiabilitiesMembersrt:MaximumMember2022-01-012022-06-300000067716us-gaap:AssetRecoverableGasCostsMember2021-02-280000067716us-gaap:MortgageBackedSecuritiesMember2022-06-300000067716us-gaap:USTreasurySecuritiesMember2022-06-300000067716us-gaap:MortgageBackedSecuritiesMember2021-06-300000067716us-gaap:USTreasurySecuritiesMember2021-06-300000067716us-gaap:MortgageBackedSecuritiesMember2021-12-310000067716us-gaap:USTreasurySecuritiesMember2021-12-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2022-06-300000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2022-06-300000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CashSurrenderValueMember2022-06-300000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashSurrenderValueMember2022-06-300000067716us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-06-300000067716us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMember2022-06-300000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2022-06-300000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-06-300000067716us-gaap:FairValueMeasurementsRecurringMember2022-06-30xbrli:pure0000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2021-06-300000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2021-06-300000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CashSurrenderValueMember2021-06-300000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashSurrenderValueMember2021-06-300000067716us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-06-300000067716us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-06-300000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMember2021-06-300000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2021-06-300000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-06-300000067716us-gaap:FairValueMeasurementsRecurringMember2021-06-300000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2021-12-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2021-12-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CashSurrenderValueMember2021-12-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashSurrenderValueMember2021-12-310000067716us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310000067716us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMember2021-12-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2021-12-310000067716us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310000067716us-gaap:FairValueMeasurementsRecurringMember2021-12-310000067716us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-06-300000067716us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-06-300000067716us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310000067716us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-06-300000067716us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-06-300000067716us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000067716mdu:CentennialEnergyHoldingsIncMembermdu:TermLoanAgreementMember2022-03-180000067716us-gaap:SeniorNotesMember2022-06-300000067716us-gaap:SeniorNotesMember2021-06-300000067716us-gaap:SeniorNotesMember2021-12-310000067716us-gaap:CommercialPaperMember2022-06-300000067716us-gaap:CommercialPaperMember2021-06-300000067716us-gaap:CommercialPaperMember2021-12-310000067716us-gaap:LineOfCreditMember2022-06-300000067716us-gaap:LineOfCreditMember2021-06-300000067716us-gaap:LineOfCreditMember2021-12-310000067716us-gaap:MediumTermNotesMember2022-06-300000067716us-gaap:MediumTermNotesMember2021-06-300000067716us-gaap:MediumTermNotesMember2021-12-310000067716us-gaap:LoansPayableMember2022-06-300000067716us-gaap:LoansPayableMember2021-06-300000067716us-gaap:LoansPayableMember2021-12-310000067716us-gaap:NotesPayableToBanksMember2022-06-300000067716us-gaap:NotesPayableToBanksMember2021-06-300000067716us-gaap:NotesPayableToBanksMember2021-12-310000067716us-gaap:LongTermDebtMember2022-06-300000067716us-gaap:LongTermDebtMember2021-06-300000067716us-gaap:LongTermDebtMember2021-12-310000067716mdu:ElectricMemberus-gaap:RegulatedOperationMember2022-04-012022-06-300000067716mdu:ElectricMemberus-gaap:RegulatedOperationMember2021-04-012021-06-300000067716mdu:ElectricMemberus-gaap:RegulatedOperationMember2022-01-012022-06-300000067716mdu:ElectricMemberus-gaap:RegulatedOperationMember2021-01-012021-06-300000067716mdu:NaturalGasDistributionMemberus-gaap:RegulatedOperationMember2022-04-012022-06-300000067716mdu:NaturalGasDistributionMemberus-gaap:RegulatedOperationMember2021-04-012021-06-300000067716mdu:NaturalGasDistributionMemberus-gaap:RegulatedOperationMember2022-01-012022-06-300000067716mdu:NaturalGasDistributionMemberus-gaap:RegulatedOperationMember2021-01-012021-06-300000067716us-gaap:RegulatedOperationMembermdu:PipelineMember2022-04-012022-06-300000067716us-gaap:RegulatedOperationMembermdu:PipelineMember2021-04-012021-06-300000067716us-gaap:RegulatedOperationMembermdu:PipelineMember2022-01-012022-06-300000067716us-gaap:RegulatedOperationMembermdu:PipelineMember2021-01-012021-06-300000067716us-gaap:UnregulatedOperationMembermdu:PipelineMember2022-04-012022-06-300000067716us-gaap:UnregulatedOperationMembermdu:PipelineMember2021-04-012021-06-300000067716us-gaap:UnregulatedOperationMembermdu:PipelineMember2022-01-012022-06-300000067716us-gaap:UnregulatedOperationMembermdu:PipelineMember2021-01-012021-06-300000067716us-gaap:UnregulatedOperationMembermdu:ConstructionMaterialsAndContractingMember2022-04-012022-06-300000067716us-gaap:UnregulatedOperationMembermdu:ConstructionMaterialsAndContractingMember2021-04-012021-06-300000067716us-gaap:UnregulatedOperationMembermdu:ConstructionMaterialsAndContractingMember2022-01-012022-06-300000067716us-gaap:UnregulatedOperationMembermdu:ConstructionMaterialsAndContractingMember2021-01-012021-06-300000067716us-gaap:UnregulatedOperationMembermdu:ConstructionServicesMember2022-04-012022-06-300000067716us-gaap:UnregulatedOperationMembermdu:ConstructionServicesMember2021-04-012021-06-300000067716us-gaap:UnregulatedOperationMembermdu:ConstructionServicesMember2022-01-012022-06-300000067716us-gaap:UnregulatedOperationMembermdu:ConstructionServicesMember2021-01-012021-06-300000067716us-gaap:UnregulatedOperationMemberus-gaap:CorporateAndOtherMember2022-04-012022-06-300000067716us-gaap:UnregulatedOperationMemberus-gaap:CorporateAndOtherMember2021-04-012021-06-300000067716us-gaap:UnregulatedOperationMemberus-gaap:CorporateAndOtherMember2022-01-012022-06-300000067716us-gaap:UnregulatedOperationMemberus-gaap:CorporateAndOtherMember2021-01-012021-06-300000067716mdu:ElectricMemberus-gaap:IntersegmentEliminationMemberus-gaap:RegulatedOperationMember2022-04-012022-06-300000067716mdu:ElectricMemberus-gaap:IntersegmentEliminationMemberus-gaap:RegulatedOperationMember2021-04-012021-06-300000067716mdu:ElectricMemberus-gaap:IntersegmentEliminationMemberus-gaap:RegulatedOperationMember2022-01-012022-06-300000067716mdu:ElectricMemberus-gaap:IntersegmentEliminationMemberus-gaap:RegulatedOperationMember2021-01-012021-06-300000067716mdu:NaturalGasDistributionMemberus-gaap:IntersegmentEliminationMemberus-gaap:RegulatedOperationMember2022-04-012022-06-300000067716mdu:NaturalGasDistributionMemberus-gaap:IntersegmentEliminationMemberus-gaap:RegulatedOperationMember2021-04-012021-06-300000067716mdu:NaturalGasDistributionMemberus-gaap:IntersegmentEliminationMemberus-gaap:RegulatedOperationMember2022-01-012022-06-300000067716mdu:NaturalGasDistributionMemberus-gaap:IntersegmentEliminationMemberus-gaap:RegulatedOperationMember2021-01-012021-06-300000067716us-gaap:IntersegmentEliminationMemberus-gaap:RegulatedOperationMembermdu:PipelineMember2022-04-012022-06-300000067716us-gaap:IntersegmentEliminationMemberus-gaap:RegulatedOperationMembermdu:PipelineMember2021-04-012021-06-300000067716us-gaap:IntersegmentEliminationMemberus-gaap:RegulatedOperationMembermdu:PipelineMember2022-01-012022-06-300000067716us-gaap:IntersegmentEliminationMemberus-gaap:RegulatedOperationMembermdu:PipelineMember2021-01-012021-06-300000067716us-gaap:IntersegmentEliminationMemberus-gaap:RegulatedOperationMember2022-04-012022-06-300000067716us-gaap:IntersegmentEliminationMemberus-gaap:RegulatedOperationMember2021-04-012021-06-300000067716us-gaap:IntersegmentEliminationMemberus-gaap:RegulatedOperationMember2022-01-012022-06-300000067716us-gaap:IntersegmentEliminationMemberus-gaap:RegulatedOperationMember2021-01-012021-06-300000067716us-gaap:UnregulatedOperationMemberus-gaap:IntersegmentEliminationMembermdu:PipelineMember2022-04-012022-06-300000067716us-gaap:UnregulatedOperationMemberus-gaap:IntersegmentEliminationMembermdu:PipelineMember2021-04-012021-06-300000067716us-gaap:UnregulatedOperationMemberus-gaap:IntersegmentEliminationMembermdu:PipelineMember2022-01-012022-06-300000067716us-gaap:UnregulatedOperationMemberus-gaap:IntersegmentEliminationMembermdu:PipelineMember2021-01-012021-06-300000067716us-gaap:UnregulatedOperationMembermdu:ConstructionMaterialsAndContractingMemberus-gaap:IntersegmentEliminationMember2022-04-012022-06-300000067716us-gaap:UnregulatedOperationMembermdu:ConstructionMaterialsAndContractingMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300000067716us-gaap:UnregulatedOperationMembermdu:ConstructionMaterialsAndContractingMemberus-gaap:IntersegmentEliminationMember2022-01-012022-06-300000067716us-gaap:UnregulatedOperationMembermdu:ConstructionMaterialsAndContractingMemberus-gaap:IntersegmentEliminationMember2021-01-012021-06-300000067716us-gaap:UnregulatedOperationMembermdu:ConstructionServicesMemberus-gaap:IntersegmentEliminationMember2022-04-012022-06-300000067716us-gaap:UnregulatedOperationMembermdu:ConstructionServicesMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300000067716us-gaap:UnregulatedOperationMembermdu:ConstructionServicesMemberus-gaap:IntersegmentEliminationMember2022-01-012022-06-300000067716us-gaap:UnregulatedOperationMembermdu:ConstructionServicesMemberus-gaap:IntersegmentEliminationMember2021-01-012021-06-300000067716us-gaap:UnregulatedOperationMemberus-gaap:CorporateAndOtherMemberus-gaap:IntersegmentEliminationMember2022-04-012022-06-300000067716us-gaap:UnregulatedOperationMemberus-gaap:CorporateAndOtherMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300000067716us-gaap:UnregulatedOperationMemberus-gaap:CorporateAndOtherMemberus-gaap:IntersegmentEliminationMember2022-01-012022-06-300000067716us-gaap:UnregulatedOperationMemberus-gaap:CorporateAndOtherMemberus-gaap:IntersegmentEliminationMember2021-01-012021-06-300000067716us-gaap:UnregulatedOperationMemberus-gaap:IntersegmentEliminationMember2022-04-012022-06-300000067716us-gaap:UnregulatedOperationMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300000067716us-gaap:UnregulatedOperationMemberus-gaap:IntersegmentEliminationMember2022-01-012022-06-300000067716us-gaap:UnregulatedOperationMemberus-gaap:IntersegmentEliminationMember2021-01-012021-06-300000067716srt:ConsolidationEliminationsMember2022-04-012022-06-300000067716srt:ConsolidationEliminationsMember2021-04-012021-06-300000067716srt:ConsolidationEliminationsMember2022-01-012022-06-300000067716srt:ConsolidationEliminationsMember2021-01-012021-06-300000067716us-gaap:QualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:UnderfundedPlanMember2022-04-012022-06-300000067716us-gaap:QualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:UnderfundedPlanMember2021-04-012021-06-300000067716us-gaap:QualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:UnderfundedPlanMember2022-01-012022-06-300000067716us-gaap:QualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:UnderfundedPlanMember2021-01-012021-06-300000067716us-gaap:OverfundedPlanMemberus-gaap:QualifiedPlanMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-04-012022-06-300000067716us-gaap:OverfundedPlanMemberus-gaap:QualifiedPlanMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-04-012021-06-300000067716us-gaap:OverfundedPlanMemberus-gaap:QualifiedPlanMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-06-300000067716us-gaap:OverfundedPlanMemberus-gaap:QualifiedPlanMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-06-300000067716us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMemberus-gaap:NonqualifiedPlanMemberus-gaap:UnfundedPlanMember2022-04-012022-06-300000067716us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMemberus-gaap:NonqualifiedPlanMemberus-gaap:UnfundedPlanMember2021-04-012021-06-300000067716us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMemberus-gaap:NonqualifiedPlanMemberus-gaap:UnfundedPlanMember2022-01-012022-06-300000067716us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMemberus-gaap:NonqualifiedPlanMemberus-gaap:UnfundedPlanMember2021-01-012021-06-300000067716mdu:IntermountainGasCoMembermdu:IPUCMembermdu:NaturalGasDistributionMemberus-gaap:SubsequentEventMember2022-08-012022-08-010000067716us-gaap:GasDistributionMembermdu:GreatPlainsNaturalGasCo.Membermdu:PendingRateCaseMembermdu:MNPUCMember2021-09-012021-09-010000067716us-gaap:GasDistributionMembermdu:GreatPlainsNaturalGasCo.Membermdu:PendingRateCaseMembermdu:MNPUCMember2022-06-012022-06-010000067716mdu:MontanaDakotaUtilitiesCo.Membermdu:NDPSCMembermdu:PendingRateCaseMembermdu:ElectricMember2022-05-162022-05-160000067716mdu:MontanaDakotaUtilitiesCo.Membermdu:NDPSCMembermdu:ElectricMemberus-gaap:SubsequentEventMember2022-07-142022-07-140000067716mdu:MontanaDakotaUtilitiesCo.Membermdu:NDPSCMembermdu:PendingRateCaseMembermdu:ElectricMemberus-gaap:SubsequentEventMember2022-07-152022-07-150000067716mdu:MontanaDakotaUtilitiesCo.Membermdu:SDPUCMemberus-gaap:ElectricityMember2022-06-012022-06-010000067716us-gaap:GasDistributionMembermdu:WUTCMembermdu:PendingRateCaseMembermdu:CascadeNaturalGasMember2021-09-302021-09-300000067716us-gaap:GasDistributionMembermdu:WUTCMembermdu:PendingRateCaseMembermdu:CascadeNaturalGasMember2022-03-222022-03-220000067716us-gaap:GasDistributionMembermdu:WUTCMembermdu:PendingRateCaseMembermdu:CascadeNaturalGasMember2022-03-242022-03-240000067716mdu:PipelineCostRecoveryMechanismMembermdu:WUTCMembermdu:PendingRateCaseMembermdu:CascadeNaturalGasMember2022-06-012022-06-010000067716mdu:FuelContractMember2022-06-30

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, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________ to ______________
Commission file number 1-03480
MDU RESOURCES GROUP INC
(Exact name of registrant as specified in its charter)
Delaware30-1133956
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)

1200 West Century Avenue
P.O. Box 5650
Bismarck, North Dakota 58506-5650
(Address of principal executive offices)
(Zip Code)
(701) 530-1000
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, par value $1.00 per shareMDUNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No .
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No .
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
Non-Accelerated Filer
Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No .
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of July 29, 2022: 203,350,740 shares.
1


Index
Page
 

2

Definitions
The following abbreviations and acronyms used in this Form 10-Q are defined below:
Abbreviation or Acronym
2021 Annual ReportCompany's Annual Report on Form 10-K for the year ended December 31, 2021
AFUDC
Allowance for funds used during construction
ASC
FASB Accounting Standards Codification
ASU
FASB Accounting Standards Update
Cascade
Cascade Natural Gas Corporation, an indirect wholly owned subsidiary of MDU Energy Capital
Centennial
Centennial Energy Holdings, Inc., a direct wholly owned subsidiary of the Company
Centennial Capital
Centennial Holdings Capital LLC, a direct wholly owned subsidiary of Centennial
CompanyMDU Resources Group, Inc.
COVID-19Coronavirus disease 2019. In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic and the President of the United States declared the COVID-19 outbreak a national emergency.
Coyote Creek
Coyote Creek Mining Company, LLC, a subsidiary of The North American Coal Corporation
Coyote Station427-MW coal-fired electric generating facility near Beulah, North Dakota (25 percent ownership)
Diamond WillowDiamond Willow Wind Farm located in Montana
dk
Decatherm
Dodd-Frank Act
Dodd-Frank Wall Street Reform and Consumer Protection Act
EPAUnited States Environmental Protection Agency
Exchange Act
Securities Exchange Act of 1934, as amended
FASB
Financial Accounting Standards Board
FERCFederal Energy Regulatory Commission
Federal ReserveFederal Reserve System, the central banking system of the United States.
FidelityFidelity Exploration & Production Company, a direct wholly owned subsidiary of WBI Holdings (previously referred to as the Company's exploration and production segment)
GAAP
Accounting principles generally accepted in the United States of America
GHG
Greenhouse gas
Great PlainsGreat Plains Natural Gas Co., a public utility division of Montana-Dakota
Intermountain
Intermountain Gas Company, an indirect wholly owned subsidiary of MDU Energy Capital
IPUCIdaho Public Utilities Commission
IRSInternal Revenue Service
Knife River
Knife River Corporation, a direct wholly owned subsidiary of Centennial
kWh
Kilowatt-hour
LIBOR
London Inter-bank Offered Rate
MDU Construction Services
MDU Construction Services Group, Inc., a direct wholly owned subsidiary of Centennial
MDU Energy Capital
MDU Energy Capital, LLC, a direct wholly owned subsidiary of the Company
MISOMidcontinent Independent System Operator, Inc., the organization that provides open-access transmission services and monitors the high-voltage transmission system in the Midwest United States and Manitoba, Canada and a southern United States region which includes much of Arkansas, Mississippi, and Louisiana.
MMcf
Million cubic feet
MMdk
Million dk
MNPUC
Minnesota Public Utilities Commission
Montana-DakotaMontana-Dakota Utilities Co., a direct wholly owned subsidiary of MDU Energy Capital
MW
Megawatt
NDDEQNorth Dakota Department of Environmental Quality
3

NDPSCNorth Dakota Public Service Commission
NERCNorth American Electric Reliability Corporation
OilIncludes crude oil and condensate
PHMSAPipeline and Hazardous Materials Safety Administration
Regional Haze RuleThe EPA developed the Regional Haze Rule requiring states to develop and implement comprehensive plans to reduce human-caused regional haze in designated areas such as national parks and wilderness areas.
SDPUCSouth Dakota Public Utilities Commission
SECUnited States Securities and Exchange Commission
SOFR
Secured Overnight Financing Rate
VIEVariable interest entity
Washington DOEWashington State Department of Ecology
WBI Energy WBI Energy, Inc., an indirect wholly owned subsidiary of WBI Holdings
WBI HoldingsWBI Holdings, Inc., a direct wholly owned subsidiary of Centennial
WUTCWashington Utilities and Transportation Commission
4

Introduction
The Company's mission is to deliver superior value to stakeholders by providing essential infrastructure and services to America. The Company generates, transmits and distributes electricity and provides natural gas distribution, transportation and storage services that are regulated by state public service commissions and/or the FERC. The Company also provides construction services to a variety of industries, including commercial, industrial and utility customers, and provides construction materials through aggregate mining and marketing of related products, such as ready-mix concrete, asphalt and asphalt oil.
Montana-Dakota was incorporated under the state laws of Delaware in 1924. The Company was incorporated under the state laws of Delaware in 2018 upon the completion of an internal holding company reorganization, which resulted in Montana-Dakota becoming a subsidiary of the Company. Its principal executive offices are located at 1200 West Century Avenue, P.O. Box 5650, Bismarck, North Dakota 58506-5650, telephone (701) 530-1000.
On August 4, 2022, the Company announced its Board of Directors unanimously approved a plan to pursue the separation of Knife River from the Company. The separation is planned as a tax-free spinoff transaction to the Company’s stockholders for U.S. federal income tax purposes. The separation is expected to result in two independent, publicly traded and well-capitalized companies: (1) MDU Resources Group, Inc., the existing company and (2) Knife River, a construction materials and contracting company.
The Company is organized into five reportable business segments. These business segments include: electric, natural gas distribution, pipeline, construction materials and contracting, and construction services. The Company's business segments are determined based on the Company's method of internal reporting, which generally segregates the strategic business units due to differences in products, services and regulation. The internal reporting of these segments is defined based on the reporting and review process used by the Company's chief executive officer.
The Company, through its wholly owned subsidiary, MDU Energy Capital, owns Montana-Dakota, Cascade and Intermountain. The electric segment is comprised of Montana-Dakota while the natural gas distribution segment is comprised of Montana-Dakota, Cascade and Intermountain.
The Company, through its wholly owned subsidiary, Centennial, owns WBI Energy, Knife River, MDU Construction Services and Centennial Capital. WBI Energy is the pipeline segment, Knife River is the construction materials and contracting segment, MDU Construction Services is the construction services segment and Centennial Capital is reflected in the Other category.
For more information on the Company's business segments, see Note 17 of the Notes to Consolidated Financial Statements.
5

Part I -- Financial Information
Item 1. Financial Statements
MDU Resources Group, Inc.
Consolidated Statements of Income
(Unaudited)
Three Months EndedSix Months Ended
 June 30,June 30,
 2022202120222021
 (In thousands, except per share amounts)
Operating revenues:    
Electric, natural gas distribution and regulated pipeline
$323,457 $260,568 $876,913 $702,951 
Non-regulated pipeline, construction materials and contracting, construction services and other1,397,464 1,163,089 2,260,567 1,948,644 
Total operating revenues 1,720,921 1,423,657 3,137,480 2,651,595 
Operating expenses:    
Operation and maintenance:    
Electric, natural gas distribution and regulated pipeline
94,261 89,404 191,928 183,737 
Non-regulated pipeline, construction materials and contracting, construction services and other1,222,540 988,392 2,032,770 1,705,717 
Total operation and maintenance1,316,801 1,077,796 2,224,698 1,889,454 
Purchased natural gas sold115,312 63,213 382,665 239,450 
Depreciation, depletion and amortization84,758 73,661 164,880 147,384 
Taxes, other than income61,551 53,189 129,035 115,724 
Electric fuel and purchased power21,929 18,109 48,290 36,730 
Total operating expenses1,600,351 1,285,968 2,949,568 2,428,742 
Operating income120,570 137,689 187,912 222,853 
Other income (expense)(4,246)9,027 (6,646)12,381 
Interest expense28,113 23,381 53,373 46,835 
Income before income taxes88,211 123,335 127,893 188,399 
Income taxes17,579 23,164 25,528 36,112 
Income from continuing operations70,632 100,171 102,365 152,287 
Discontinued operations, net of tax35 19 65 34 
Net income$70,667 $100,190 $102,430 $152,321 
Earnings per share - basic:    
Income from continuing operations$.35 $.50 $.50 $.76 
Discontinued operations, net of tax    
Earnings per share - basic$.35 $.50 $.50 $.76 
Earnings per share - diluted:    
Income from continuing operations$.35 $.50 $.50 $.76 
Discontinued operations, net of tax    
Earnings per share - diluted$.35 $.50 $.50 $.76 
Weighted average common shares outstanding - basic203,351 201,345 203,351 201,028 
Weighted average common shares outstanding - diluted203,401 201,693 203,396 201,328 
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,
 2022202120222021
 (In thousands)
Net income$70,667 $100,190 $102,430 $152,321 
Other comprehensive income (loss):
Reclassification adjustment for loss on derivative instruments included in net income, net of tax of $36 and $36 for the three months ended and $72 and $73 for the six months ended in 2022 and 2021, respectively
111 112 223 223 
Postretirement liability adjustment:
Amortization of postretirement liability losses included in net periodic benefit credit, net of tax of $148 and $160 for the three months ended and $312 and $311 for the six months ended in 2022 and 2021, respectively
461 457 906 923 
Reclassification of postretirement liability adjustment from regulatory asset, net of tax of $(1,086) and $ for the three months ended and $(1,086) and $ for the six months ended in 2022 and 2021, respectively
(3,265) (3,265) 
Postretirement liability adjustment(2,804)457 (2,359)923 
Net unrealized loss on available-for-sale investments:
Net unrealized loss on available-for-sale investments arising during the period, net of tax of $(34) and $(13) for the three months ended and $(119) and $(25) for the six months ended in 2022 and 2021, respectively
(128)(52)(448)(96)
Reclassification adjustment for loss on available-for-sale investments included in net income, net of tax of $7 and $6 for the three months ended and $15 and $15 for the six months ended in 2022 and 2021, respectively
25 25 57 60 
Net unrealized loss on available-for-sale investments(103)(27)(391)(36)
Other comprehensive income (loss)(2,796)542 (2,527)1,110 
Comprehensive income attributable to common stockholders$67,871 $100,732 $99,903 $153,431 
The accompanying notes are an integral part of these consolidated financial statements.
7

MDU Resources Group, Inc.
Consolidated Balance Sheets
(Unaudited)
 June 30, 2022June 30, 2021December 31, 2021
Assets(In thousands, except shares and per share amounts)
Current assets:   
Cash and cash equivalents$65,394 $57,946 $54,161 
Receivables, net1,184,116 903,831 946,741 
Inventories401,433 316,328 335,609 
Current regulatory assets102,535 109,581 118,691 
Prepayments and other current assets105,753 74,259 95,741 
Total current assets1,859,231 1,461,945 1,550,943 
Noncurrent assets:   
Property, plant and equipment9,099,752 8,417,559 8,972,849 
Less accumulated depreciation, depletion and amortization3,210,940 3,129,717 3,216,461 
Net property, plant and equipment5,888,812 5,287,842 5,756,388 
Goodwill763,262 717,863 765,386 
Other intangible assets, net20,040 23,401 22,578 
Regulatory assets347,061 376,913 357,851 
Investments161,247 173,157 175,476 
Operating lease right-of-use assets115,802 112,437 124,138 
Other173,670 144,653 157,675 
Total noncurrent assets 7,469,894 6,836,266 7,359,492 
Total assets$9,329,125 $8,298,211 $8,910,435 
Liabilities and Stockholders' Equity   
Current liabilities:   
Short-term borrowings$100,000 $50,000 $ 
Long-term debt due within one year214,453 1,549 148,053 
Accounts payable579,064 431,878 478,933 
Taxes payable84,970 78,805 80,372 
Dividends payable44,229 42,791 44,229 
Accrued compensation98,159 95,909 81,904 
Operating lease liabilities due within one year33,626 31,787 35,368 
Regulatory liabilities due within one year17,884 23,454 16,303 
Other accrued liabilities208,290 188,187 207,078 
Total current liabilities 1,380,675 944,360 1,092,240 
Noncurrent liabilities:   
Long-term debt2,713,514 2,335,500 2,593,847 
Deferred income taxes597,733 538,633 591,962 
Asset retirement obligations467,995 450,620 458,061 
Regulatory liabilities433,019 428,467 428,790 
Operating lease liabilities82,891 81,052 89,253 
Other266,488 320,777 273,408 
Total noncurrent liabilities 4,561,640 4,155,049 4,435,321 
Commitments and contingencies
Stockholders' equity:
   
Common stock
Authorized - 500,000,000 shares, $1.00 par value
Shares issued - 203,889,661 at June 30, 2022, 202,822,301 at
June 30, 2021 and 203,889,661 at December 31, 2021
203,889 202,822 203,889 
Other paid-in capital1,454,131 1,422,169 1,461,205 
Retained earnings1,775,947 1,624,405 1,762,410 
Accumulated other comprehensive loss(43,531)(46,968)(41,004)
Treasury stock at cost - 538,921 shares
(3,626)(3,626)(3,626)
Total stockholders' equity3,386,810 3,198,802 3,382,874 
Total liabilities and stockholders' equity $9,329,125 $8,298,211 $8,910,435 
The accompanying notes are an integral part of these consolidated financial statements.
8

MDU Resources Group, Inc.
Consolidated Statements of Equity
(Unaudited)
Other
Paid-in
Capital
Retained EarningsAccumu-lated
Other
Compre-hensive
Loss
Common StockTreasury Stock
SharesAmountSharesAmountTotal
 (In thousands, except shares)
At December 31, 2021203,889,661 $203,889 $1,461,205 $1,762,410 $(41,004)(538,921)$(3,626)$3,382,874 
Net income
— — — 31,763 — — — 31,763 
Other comprehensive income
— — — — 269 — — 269 
Dividends declared on common stock
— — — (44,447)— — — (44,447)
Stock-based compensation
— — 2,689 — — — — 2,689 
Repurchase of common stock— — — — — (266,821)(7,399)(7,399)
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings
— — (12,303)— — 266,821 7,399 (4,904)
Issuance of common stock
— — (127)— — — — (127)
At March 31, 2022203,889,661 $203,889 $1,451,464 $1,749,726 $(40,735)(538,921)$(3,626)$3,360,718 
Net income
— — — 70,667 — — — 70,667 
Other comprehensive loss— — — — (2,796)— — (2,796)
Dividends declared on common stock
— — — (44,446)— — — (44,446)
Stock-based compensation
— — 2,689 — — — — 2,689 
Issuance of common stock
— — (22)— — — — (22)
At June 30, 2022203,889,661 $203,889 $1,454,131 $1,775,947 $(43,531)(538,921)$(3,626)$3,386,810 

Other
Paid-in
Capital
Retained EarningsAccumu-lated
Other
Compre-hensive
Loss
Common StockTreasury Stock
SharesAmountSharesAmountTotal
 (In thousands, except shares)
At December 31, 2020201,061,198 $201,061 $1,371,385 $1,558,363 $(48,078)(538,921)$(3,626)$3,079,105 
Net income
— — — 52,131 — — — 52,131 
Other comprehensive income
— — — — 568 — — 568 
Dividends declared on common stock
— — — (42,943)— — — (42,943)
Stock-based compensation
— — 2,574 — — — — 2,574 
Repurchase of common stock— — — — — (392,294)(6,701)(6,701)
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings
— — (10,828)— — 392,294 6,701 (4,127)
Issuance of common stock
672,260 672 19,027 — — — — 19,699 
At March 31, 2021201,733,458 $201,733 $1,382,158 $1,567,551 $(47,510)(538,921)$(3,626)$3,100,306 
Net income
— — — 100,190 — — — 100,190 
Other comprehensive income
— — — — 542 — — 542 
Dividends declared on common stock
— — — (43,336)— — — (43,336)
Stock-based compensation
— — 6,150 — — — — 6,150 
Issuance of common stock
1,088,843 1,089 33,861 — — — — 34,950 
At June 30, 2021202,822,301 $202,822 $1,422,169 $1,624,405 $(46,968)(538,921)$(3,626)$3,198,802 
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,
 20222021
 (In thousands)
Operating activities:  
Net income$102,430 $152,321 
Discontinued operations, net of tax65 34 
Income from continuing operations102,365 152,287 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation, depletion and amortization164,880 147,384 
Deferred income taxes1,464 14,498 
Provision for credit losses2,244 (1,158)
Amortization of debt issuance costs709 633 
Employee stock-based compensation costs5,378 8,724 
Pension and postretirement benefit plan net periodic benefit credit(3,004)(2,457)
Unrealized (gains) losses on investments13,210 (3,795)
Gains on sales of assets(5,434)(8,021)
Changes in current assets and liabilities, net of acquisitions: 
Receivables(242,252)(