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Schedule I-Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2023
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 31,202320222021
 (In thousands)
Operating revenues$— $— $— 
Operating expenses14,959 4,888 — 
Operating loss(14,959)(4,888)— 
Realized gain on tax-free exchange of the retained shares in Knife River186,556 — — 
Interest expense16,099 — — 
Income (loss) before income taxes
155,498 (4,888)— 
Income tax benefit
(7,705)(1,193)— 
Equity in earnings of subsidiaries from continuing operations317,222 254,463 242,522 
Income from continuing operations480,425 250,768 242,522 
Equity in earnings (loss) of subsidiaries from discontinued operations(17,922)125,726 135,609 
Discontinued operations, net of tax
(47,796)(9,005)— 
Net income$414,707 $367,489 $378,131 
Comprehensive income$414,600 $377,910 $385,205 
The accompanying notes are an integral part of these condensed financial statements.
Condensed Financial Information of Registrant (Unconsolidated)
Condensed Balance Sheets
December 31,20232022
(In thousands, except shares and per share amounts)
Assets  
Current assets:  
Cash and cash equivalents$33,039 $19,486 
Receivables, net6,568 4,410 
Accounts receivable from subsidiaries30,526 53,285 
Prepayments and other current assets8,261 3,237 
Total current assets78,394 80,418 
Noncurrent assets
Investments37,722 50,206 
Investment in subsidiaries3,146,122 3,581,754 
Notes receivable from subsidiaries
58,000 — 
Deferred income taxes12,596 12,668 
Operating lease right-of-use assets31 72 
Other2,593 2,068 
Total noncurrent assets3,257,064 3,646,768 
Total assets$3,335,458 $3,727,186 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$4,264 $2,354 
Accounts payable to subsidiaries3,435 4,402 
Notes payable to subsidiaries
134,107 — 
Taxes payable542 572 
Dividends payable25,461 45,246 
Accrued compensation9,651 4,312 
Operating lease liabilities due within one year25 42 
Other accrued liabilities8,008 17,907 
Total current liabilities185,493 74,835 
Noncurrent liabilities:
Long-term debt189,048 — 
Operating lease liabilities6 30 
Other55,678 65,192 
Total noncurrent liabilities244,732 65,222 
Commitments and contingencies
Stockholders' equity:  
Common stock
Authorized - 500,000,000 shares, $1.00 par value
Shares issued - 203,689,090 at December 31, 2023 and 204,162,814 at December 31, 2022
203,689 204,163 
Other paid-in capital1,466,235 1,466,037 
Retained earnings1,253,693 1,951,138 
Accumulated other comprehensive loss(18,384)(30,583)
Treasury stock at cost - 538,921 shares at December 31, 2022
— (3,626)
Total stockholders' equity2,905,233 3,587,129 
Total liabilities and stockholders' equity$3,335,458 $3,727,186 
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 31,2023 2022 2021 
 (In thousands)
Net cash provided by operating activities of continuing operations
$271,337 $251,204 $187,297 
Net cash used in operating activities of discontinued operations
$(47,796)$(9,005)$— 
Net cash provided by operating activities
223,541 242,199 187,297 
Investing activities:  
Investments in and advances to subsidiaries(476,000)(45,000)(102,000)
Investments7,422 (885)(391)
Issuance of notes receivable
(58,000)— — 
Net cash used in investing activities of continuing operations
(526,578)(45,885)(102,391)
Financing activities:  
Issuance of short-term borrowings535,000 — — 
Repayment of short-term borrowings(242,401)— — 
Issuance of long-term debt575,000 — — 
Repayment of long-term debt(385,000)— — 
Debt issuance costs
(952)— — 
Proceeds from issuance of common stock— (149)88,767 
Dividends paid(161,316)(176,915)(171,354)
Repurchase of common stock(2,270)(3,525)(2,992)
Tax withholding on stock-based compensation(1,471)(2,398)(1,949)
Net cash used in financing activities of continuing operations
316,590 (182,987)(87,528)
Increase (decrease) in cash and cash equivalents13,553 13,327 (2,622)
Cash and cash equivalents - beginning of year19,486 6,159 8,781 
Cash and cash equivalents - end of year$33,039 $19,486 $6,159 
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, 2023, 2022 and 2021. 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 debt and 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
MDU Resources Group, Inc. On May 1, 2023, the Company entered into a $75.0 million term loan agreement with a SOFR-based variable interest rate and a maturity date of November 1, 2023. On May 31, 2023, the Company repaid the full balance outstanding under the term loan agreement.

On May 31, 2023, the Company entered into a $150.0 million revolving credit agreement with a SOFR-based variable interest rate and a maturity date of May 29, 2024. At December 31, 2023, the Company had no amount outstanding. The agreement contains customary covenants and provisions, including a covenant of the Company not to permit, at any time, the ratio of total debt to total capitalization to be greater than 65 percent. The covenants also include certain restrictions on the sale of certain assets, loans and investments.
On May 31, 2023, the Company entered into a $200.0 million revolving credit agreement with a SOFR-based variable interest rate and a maturity date of May 31, 2028. Any borrowings under the revolving credit agreement are classified as long-term debt as they are intended to be refinanced on a long-term basis through continued borrowings. The credit agreement contains customary covenants and provisions, including a covenant of the Company not to permit, at any time, the ratio of total debt to total capitalization to be greater than 65 percent. The covenants also include certain restrictions on the sale of certain assets, loans and investments. At December 31, 2023, there were no amounts outstanding under the agreement.
On May 31, 2023, the Company entered into a $375.0 million term loan agreement with a SOFR-based variable interest rate and a maturity date of May 31, 2025. On November 15, 2023, the Company paid down $185.0 million of this term loan. The term loan agreement contains customary covenants and provisions, including a covenant of the Company not to permit, at any time, the ratio of total debt to total capitalization to be greater than 65 percent. The covenants also include certain restrictions on the sale of certain assets, loan and investments.
On November 6, 2023, the Company entered into a $310 million term loan agreement which was used to facilitate the tax-free debt for equity exchange. This term loan was repaid through a noncash exchange of the Company's shares in Knife River for $293.2 million and the remaining balance of this term loan was repaid in cash on November 10, 2023.
At December 31, 2023, the Company had $190 million of long-term debt maturities for 2025. For more information on debt, see Item 8 - Note 10.
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 $165.5 million, $242.1 million and $188.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.