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Schedule I-Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2021
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 31,202120202019
 (In thousands)
Equity in earnings of subsidiaries from continuing operations$377,731 $390,527 $335,166 
Income from continuing operations377,731 390,527 335,166 
Equity in earnings (loss) of subsidiaries from discontinued operations400 (322)287 
Net income$378,131 $390,205 $335,453 
Comprehensive income$385,205 $384,229 $331,693 
The accompanying notes are an integral part of these condensed financial statements.
Condensed Financial Information of Registrant (Unconsolidated)
Condensed Balance Sheets
December 31,20212020
(In thousands, except shares and per share amounts)
Assets  
Current assets:  
Cash and cash equivalents$6,159 $8,781 
Receivables, net6,120 4,865 
Accounts receivable from subsidiaries49,696 50,539 
Prepayments and other current assets2,528 1,612 
Total current assets64,503 65,797 
Noncurrent assets
Investments55,686 52,000 
Investment in subsidiaries3,368,537 3,069,956 
Deferred income taxes7,364 9,691 
Operating lease right-of-use assets114 56 
Other26,558 28,866 
Total noncurrent assets3,458,259 3,160,569 
Total assets$3,522,762 $3,226,366 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$2,546 $2,135 
Accounts payable to subsidiaries6,133 5,412 
Taxes payable1,672 4,056 
Dividends payable44,229 42,611 
Accrued compensation4,098 7,825 
Operating lease liabilities due within one year52 40 
Other accrued liabilities7,309 6,881 
Total current liabilities66,039 68,960 
Noncurrent liabilities:
Operating lease liabilities62 16 
Other73,787 78,285 
Total noncurrent liabilities73,849 78,301 
Commitments and contingencies
Stockholders' equity:  
Common stock
Authorized - 500,000,000 shares, $1.00 par value
Shares issued - 203,889,661 at December 31, 2021 and 201,061,198 at December 31, 2020
203,889 201,061 
Other paid-in capital1,461,205 1,371,385 
Retained earnings1,762,410 1,558,363 
Accumulated other comprehensive loss(41,004)(48,078)
Treasury stock at cost - 538,921 shares
(3,626)(3,626)
Total stockholders' equity3,382,874 3,079,105 
Total liabilities and stockholders' equity$3,522,762 $3,226,366 
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 31,2021 2020 2019 
 (In thousands)
Net cash provided by operating activities$187,297 $226,642 $168,520 
Investing activities:  
Investments in and advances to subsidiaries(102,000)(67,000)(120,000)
Advances from subsidiaries— — 17,000 
Investments(391)(4)(236)
Net cash used in investing activities(102,391)(67,004)(103,236)
Financing activities:  
Proceeds from issuance of common stock88,767 3,385 106,848 
Dividends paid(171,354)(166,405)(160,256)
Repurchase of common stock(2,992)— — 
Tax withholding on stock-based compensation(1,949)(163)(1,821)
Net cash used in financing activities(87,528)(163,183)(55,229)
Increase (decrease) in cash and cash equivalents(2,622)(3,545)10,055 
Cash and cash equivalents - beginning of year8,781 12,326 2,271 
Cash and cash equivalents - end of year$6,159 $8,781 $12,326 
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, 2021, 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 the Company reflect certain businesses as discontinued operations. These statements should be read in conjunction with the consolidated financial statements and notes thereto of the Company.
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, 2021, 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 $188.1 million, $228.4 million and $177.1 million for the years ended December 31, 2021, 2020 and 2019, respectively.