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Schedule I-Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Schedule I-Condensed Financial Information of Registrant Condensed Financial Information of Registrant (Unconsolidated)
Condensed Statements of Income and Comprehensive Income
Years ended December 31,202020192018
 (In thousands)
Operating revenues$— $— $628,331 
Operating expenses— — 540,125 
Operating income— — 88,206 
Other income— — 1,504 
Interest expense— — 32,761 
Income before income taxes— — 56,949 
Income taxes— — (4,259)
Equity in earnings of subsidiaries from continuing operations390,527 335,166 208,177 
Income from continuing operations390,527 335,166 269,385 
Equity in earnings (loss) of subsidiaries from discontinued operations(322)287 2,933 
Net income$390,205 $335,453 $272,318 
Comprehensive income$384,229 $331,693 $279,269 
The accompanying notes are an integral part of these condensed financial statements.
Condensed Financial Information of Registrant (Unconsolidated)
Condensed Balance Sheets
December 31,20202019
(In thousands, except shares and per share amounts)
Assets  
Current assets:  
Cash and cash equivalents$8,781 $12,326 
Receivables, net4,865 4,727 
Accounts receivable from subsidiaries50,539 49,943 
Prepayments and other current assets1,612 501 
Total current assets65,797 67,497 
Noncurrent assets
Investments52,000 46,294 
Investment in subsidiaries3,069,956 2,842,068 
Deferred income taxes9,691 7,269 
Operating lease right-of-use assets56 153 
Other28,866 27,098 
Total noncurrent assets3,160,569 2,922,882 
Total assets$3,226,366 $2,990,379 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$2,135 $2,981 
Accounts payable to subsidiaries5,412 4,752 
Taxes payable4,056 1,253 
Dividends payable42,611 41,580 
Accrued compensation7,825 8,812 
Operating lease liabilities due within one year40 96 
Other accrued liabilities6,881 7,690 
Total current liabilities68,960 67,164 
Noncurrent liabilities:
Operating lease liabilities16 56 
Other78,285 75,913 
Total noncurrent liabilities78,301 75,969 
Commitments and contingencies
Stockholders' equity:  
Common stock
Authorized - 500,000,000 shares, $1.00 par value
Shares issued - 201,061,198 at December 31, 2020 and 200,922,790 at December 31, 2019
201,061 200,923 
Other paid-in capital1,371,385 1,355,404 
Retained earnings1,558,363 1,336,647 
Accumulated other comprehensive loss(48,078)(42,102)
Treasury stock at cost - 538,921 shares
(3,626)(3,626)
Total stockholders' equity3,079,105 2,847,246 
Total liabilities and stockholders' equity$3,226,366 $2,990,379 
The accompanying notes are an integral part of these condensed financial statements.
Condensed Financial Information of Registrant (Unconsolidated)
Condensed Statements of Cash Flows
Years ended December 31,2020 2019 2018 
 (In thousands)
Net cash provided by operating activities$226,642 $168,520 $294,379 
Investing activities:  
Capital expenditures— — (242,692)
Net proceeds from sale or disposition of property and other— — 5,032 
Investments in and advances to subsidiaries(67,000)(120,000)(40,000)
Advances from subsidiaries— 17,000 70,000 
Investments(4)(236)(528)
Net cash used in investing activities(67,004)(103,236)(208,188)
Financing activities:  
Issuance of long-term debt— — 199,422 
Repayment of long-term debt— — (125,961)
Payments of stock issuance costs— — (10)
Proceeds from issuance of common stock3,385 106,848 — 
Dividends paid(166,405)(160,256)(154,573)
Repurchase of common stock— — (1,920)
Tax withholding on stock-based compensation(163)(1,821)(1,721)
Net cash used in financing activities(163,183)(55,229)(84,763)
Increase (decrease) in cash and cash equivalents(3,545)10,055 1,428 
Cash and cash equivalents - beginning of year12,326 2,271 843 
Cash and cash equivalents - end of year$8,781 $12,326 $2,271 
The accompanying notes are an integral part of these condensed financial statements.
Note 1 - Summary of Significant Accounting Policies
Basis of presentation The condensed financial information reported in Schedule I is being presented to comply with Rule 12-04 of Regulation S-X. The information is unconsolidated and is presented for the parent company only, MDU Resources Group, Inc. (the Company) as of and for the years ended December 31, 2020 and 2019. Prior to the Holding Company Reorganization, the Company included Montana-Dakota and Great Plains, public utility divisions of the Company as of December 31, 2018. On January 2, 2019, the Company announced the completion of the Holding Company Reorganization, which resulted in Montana-Dakota and Great Plains becoming a subsidiary of the Company. Immediately after consummation, the Company had, on a consolidated basis, the same assets, businesses and operations as it had immediately prior to the reorganization. For more information on the reorganization, see Item 8 - Note 1. The prior periods have not been restated and reflect the condensed financial information of Montana-Dakota and Great Plains as of and for the year ended December 31, 2018. Due to the completion of the Holding Company Reorganization, the presentation of the year ended December 31, 2018, will vary from that of and for the years ended December 31, 2020 and 2019. In Schedule I, investments in subsidiaries are presented under the equity method of accounting where the assets and liabilities of the subsidiaries are not consolidated. The investments in net assets of the subsidiaries are recorded on the Condensed Balance Sheets. The income from subsidiaries is reported as equity in earnings of subsidiaries on the Condensed Statements of Income. The material cash inflows on the Condensed Statements of Cash Flows are primarily from the dividends and other payments received from its subsidiaries and the proceeds raised from the issuance of equity securities. The consolidated financial statements of MDU Resources Group, Inc. reflect certain businesses as discontinued operations. These statements should be read in conjunction with the consolidated financial statements and notes thereto of MDU Resources Group, Inc.
Earnings per common share Please refer to the Consolidated Statements of Income of the registrant for earnings per common share. In addition, see Item 8 - Note 2 for information on the computation of earnings per common share.
Note 2 - Debt At December 31, 2020, the Company had no long-term debt maturities. For more information on debt, see Item 8 - Note 9.
Note 3 - Dividends The Company depends on earnings and dividends from its subsidiaries to pay dividends on common stock. Cash dividends paid to the Company by subsidiaries were $228.4 million, $177.1 million and $115.9 million for the years ended December 31, 2020, 2019 and 2018, respectively.