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Schedule I - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2024
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 31,202420232022
 (In thousands)
Operating revenues$— $— $— 
Operating expenses4,416 9,668 1,636 
Operating loss(4,416)(9,668)(1,636)
Realized gain on tax-free exchange of the retained shares in Knife River— 186,556 — 
Interest expense642 7,109 — 
Income (loss) before income taxes
(5,058)169,779 (1,636)
Income tax benefit
(2,324)(4,220)(400)
Equity in earnings of subsidiaries from continuing operations183,807 156,118 118,488 
Income from continuing operations181,073 330,117 117,252 
Equity in earnings of subsidiaries from discontinued operations
140,042 143,181 261,701 
Discontinued operations, net of tax
(40,007)(58,591)(11,464)
Net income$281,108 $414,707 $367,489 
Comprehensive income$282,694 $414,600 $377,910 
The accompanying notes are an integral part of these condensed financial statements.
Condensed Financial Information of Registrant (Unconsolidated)
Condensed Balance Sheets
December 31,20242023
(In thousands, except shares and per share amounts)
Assets  
Current assets:  
Cash and cash equivalents$29,361 $33,039 
Receivables, net2,777 6,568 
Accounts receivable from subsidiaries31,955 30,526 
Taxes receivable
5,799 — 
Prepayments and other current assets3,210 8,261 
Total current assets73,102 78,394 
Noncurrent assets
Investments37,264 37,722 
Investment in subsidiaries2,861,311 3,146,122 
Notes receivable from subsidiaries
— 58,000 
Deferred income taxes13,569 12,596 
Operating lease right-of-use assets160 31 
Other2,874 2,593 
Total noncurrent assets2,915,178 3,257,064 
Total assets$2,988,280 $3,335,458 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$4,076 $4,264 
Accounts payable to subsidiaries1,077 3,435 
Notes payable to subsidiaries
198,035 134,107 
Taxes payable— 542 
Dividends payable26,511 25,461 
Accrued compensation7,939 9,651 
Operating lease liabilities due within one year60 25 
Other accrued liabilities7,653 8,008 
Total current liabilities245,351 185,493 
Noncurrent liabilities:
Long-term debt, net of debt issuance costs
(536)57,048 
Operating lease liabilities100 6 
Other52,791 187,678 
Total noncurrent liabilities52,355 244,732 
Commitments and contingencies
Stockholders' equity:  
Common stock
Authorized - 500,000,000 shares, $1.00 par value
Shares issued - 203,934,578 at December 31, 2024 and 203,689,090 at December 31, 2023
203,935 203,689 
Other paid-in capital1,473,738 1,466,235 
Retained earnings1,029,699 1,253,693 
Accumulated other comprehensive loss(16,798)(18,384)
Total stockholders' equity2,690,574 2,905,233 
Total liabilities and stockholders' equity$2,988,280 $3,335,458 
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 31,2024 2023 2022 
 (In thousands)
Net cash provided by operating activities of continuing operations
$482,195 $282,132 $253,663 
Net cash used in operating activities of discontinued operations
(40,007)(58,591)(11,464)
Net cash provided by operating activities
442,188 223,541 242,199 
Investing activities:  
Investments in and advances to subsidiaries(211,000)(476,000)(45,000)
Investments2,253 7,422 (885)
Repayment (issuance) of notes receivable
58,000 (58,000)— 
Net cash used in investing activities of continuing operations
(150,747)(526,578)(45,885)
Financing activities:  
Issuance of short-term borrowings— 535,000 — 
Repayment of short-term borrowings— (242,401)— 
Issuance of long-term debt— 443,000 — 
Repayment of long-term debt(58,000)(385,000)— 
Debt issuance costs
(401)(952)— 
Proceeds from issuance of common stock(50)— (149)
Dividends paid(102,939)(161,316)(176,915)
Repurchase of common stock— (2,270)(3,525)
Tax withholding on stock-based compensation(1,729)(1,471)(2,398)
Net cash provided by (used in) financing activities of continuing operations
(163,119)184,590 (182,987)
Net cash provided by (used in) financing activities of discontinued operations
(132,000)132,000 — 
Net cash provided by (used in) financing activities
(295,119)316,590 (182,987)
Increase (decrease) in cash and cash equivalents(3,678)13,553 13,327 
Cash and cash equivalents - beginning of year33,039 19,486 6,159 
Cash and cash equivalents - end of year$29,361 $33,039 $19,486 
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, 2024, 2023 and 2022. 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 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, which remained that way until this agreement matured and subsequently terminated in May 2024.
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, 2024, 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 the term loan agreement. On November 1, 2024, the Company repaid its remaining outstanding balance of $190.0 million and the term loan agreement subsequently terminated. The Company's repayment was funded by the Everus repayment of debt in connection with the separation. Refer to Note 3 for additional information related to the repayment of debt associated with the Everus separation.
At December 31, 2024, the Company had no 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 $418.3 million, $165.5 million and $242.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.