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As Of Filer Filing For·On·As Docs:Size 11/04/21 Mdu Resources Group Inc. 10-Q 9/30/21 101:13M |
Document/Exhibit Description Pages Size
1: 10-Q Mdu Resources Form 10-Q 09-30-2021 HTML 1.52M
2: EX-10.C Mdu Resources Deferred Compensation Plan Adoption HTML 92K
Agreement
6: EX-95 Mdu Resources Mine Safety Disclosures HTML 78K
3: EX-31.A Mdu Resources Certification of Chief Executive HTML 27K
Officer
4: EX-31.B Mdu Resources Certification of Chief Financial HTML 27K
Officer
5: EX-32 Mdu Resources Certification of CEO and CFO HTML 25K
13: R1 Cover page HTML 78K
14: R2 Consolidated Statements of Income HTML 124K
15: R3 Consolidated Statements of Comprehensive Income HTML 71K
16: R4 Consolidated Balance Sheets HTML 159K
17: R5 Consolidated Statements of Equity HTML 111K
18: R6 Consolidated Statements of Cash Flows HTML 110K
19: R7 Basis of presentation HTML 28K
20: R8 New accounting standards HTML 36K
21: R9 Seasonality of operations HTML 26K
22: R10 Receivables and allowance for expected credit HTML 110K
losses
23: R11 Inventories and natural gas in storage HTML 39K
24: R12 Earnings per share HTML 40K
25: R13 Equity HTML 37K
26: R14 Accumulated other comprehensive loss HTML 109K
27: R15 Revenue from contracts with customers HTML 241K
28: R16 Business Combinations HTML 31K
29: R17 Leases HTML 26K
30: R18 Goodwill and other intangible assets HTML 81K
31: R19 Regulatory assets and liabilities HTML 83K
32: R20 Fair value measurements HTML 113K
33: R21 Debt HTML 56K
34: R22 Cash flow information HTML 39K
35: R23 Business segment data HTML 121K
36: R24 Employee benefit plans HTML 67K
37: R25 Regulatory matters HTML 32K
38: R26 Contingencies HTML 37K
39: R27 Basis of presentation (Policies) HTML 26K
40: R28 New accounting standards (Policies) HTML 29K
41: R29 Receivables and allowance for expected credit HTML 34K
losses (Policies)
42: R30 Inventories and natural gas in storage (Policies) HTML 27K
43: R31 Earnings per share (Policies) HTML 27K
44: R32 Revenue from contracts with customers (Policies) HTML 26K
45: R33 Business Combinations (Policies) HTML 27K
46: R34 Fair value disclosures (Policies) HTML 28K
47: R35 Business segment data (Policies) HTML 27K
48: R36 Contingencies (Policies) HTML 31K
49: R37 Receivables and allowance for expected credit HTML 107K
losses (Tables)
50: R38 Inventories and natural gas in storage (Tables) HTML 38K
51: R39 Earnings per share (Tables) HTML 38K
52: R40 Equity (Tables) HTML 39K
53: R41 Accumulated other comprehensive loss (Tables) HTML 111K
54: R42 Revenue from contracts with customers (Tables) HTML 234K
55: R43 Goodwill and other intangible assets (Tables) HTML 85K
56: R44 Regulatory assets and liabilities (Tables) HTML 134K
57: R45 Fair value measurements (Tables) HTML 111K
58: R46 Debt (Tables) HTML 58K
59: R47 Cash flow information (Tables) HTML 39K
60: R48 Business segment data (Tables) HTML 113K
61: R49 Employee benefit plans (Tables) HTML 62K
62: R50 Receivables and allowance for expected credit HTML 26K
losses (Details)
63: R51 Receivables and allowance for expected credit HTML 57K
losses (Details 2)
64: R52 Inventories and natural gas in storage (Details) HTML 41K
65: R53 Earnings per share (Details) HTML 36K
66: R54 Equity (Details) HTML 38K
67: R55 Accumulated other comprehensive loss (Details) HTML 62K
68: R56 Reclassification out of accumulated other HTML 59K
comprehensive loss (Details 2)
69: R57 Disaggregation of revenue (Details) HTML 132K
70: R58 Contract balances (Details 2) HTML 46K
71: R59 Revenue from contracts with customers Remaining HTML 36K
performance obligations (Details 3)
72: R60 Business Combinations (Details) HTML 52K
73: R61 Business Combinations (Details 2) HTML 55K
74: R62 Lessor accounting (Details) HTML 29K
75: R63 Goodwill rollforward (Details) HTML 41K
76: R64 Other intangible assets (Details 2) HTML 44K
77: R65 Future amortization expense (Details 3) HTML 37K
78: R66 Regulatory assets (Details) HTML 74K
79: R67 Regulatory liabilities (Details 2) HTML 57K
80: R68 Fair value measurements Insurance contracts HTML 29K
(Details)
81: R69 Available-for-sale securities (Details 2) HTML 40K
82: R70 Fair value measurements (Details 3) HTML 57K
83: R71 Fair value measurements (Details 4) HTML 33K
84: R72 Long-term debt outstanding (Details 1) HTML 55K
85: R73 Schedule of debt maturities (Details 2) HTML 39K
86: R74 Cash flow information (Details) HTML 38K
87: R75 Business segment data (Details) HTML 124K
88: R76 Employee benefit plans (Details) HTML 63K
89: R77 Ipuc (Details) HTML 36K
90: R78 Mnpuc (Details 2) HTML 30K
91: R79 Ndpsc (Details 3) HTML 33K
92: R80 Sdpuc (Details 4) HTML 30K
93: R81 Wutc (Details 5) HTML 41K
94: R82 Ferc (Details 6) HTML 30K
95: R83 Litigation (Details) HTML 29K
96: R84 Guarantees (Details 2) HTML 49K
97: R85 Variable interest entities (Details 3) HTML 27K
99: XML IDEA XML File -- Filing Summary XML 178K
12: XML XBRL Instance -- mdu-20210930_htm XML 4.52M
98: EXCEL IDEA Workbook of Financial Reports XLSX 125K
8: EX-101.CAL XBRL Calculations -- mdu-20210930_cal XML 186K
9: EX-101.DEF XBRL Definitions -- mdu-20210930_def XML 871K
10: EX-101.LAB XBRL Labels -- mdu-20210930_lab XML 1.73M
11: EX-101.PRE XBRL Presentations -- mdu-20210930_pre XML 1.07M
7: EX-101.SCH XBRL Schema -- mdu-20210930 XSD 175K
100: JSON XBRL Instance as JSON Data -- MetaLinks 461± 613K
101: ZIP XBRL Zipped Folder -- 0000067716-21-000055-xbrl Zip 425K
| mdu-20210930 |
| i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| i ☐ | TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| i Delaware | i 30-1133956 | |||||||
| (State
or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
| i Common Stock, par value $1.00 per share | i MDU | i New York Stock Exchange | ||||||
i Large
Accelerated Filer | ☒ | Accelerated Filer | ☐ | ||||||||
Non-Accelerated Filer | ☐ | Smaller Reporting Company | i ☐ | ||||||||
Emerging
Growth Company | i ☐ | ||||||||||
| Index | |||||
| Page | |||||
| Abbreviation or Acronym | |||||
| 2020 Annual Report | Company's Annual Report on Form 10-K for the year ended December 31, 2020 | ||||
| AFUDC | Allowance for funds used during construction | ||||
| ASC | FASB Accounting Standards
Codification | ||||
| ASU | FASB Accounting Standards Update | ||||
| Big Stone Station | 475-MW coal-fired electric generating facility near Big Stone City, South Dakota (22.7 percent ownership) | ||||
| Brazilian Transmission Lines | Company's former investment in companies owning three electric transmission lines in Brazil | ||||
| 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 | ||||
| Centennial Resources | Centennial Energy Resources LLC, a former direct wholly owned subsidiary of Centennial | ||||
| Company | MDU Resources Group, Inc. | ||||
| COVID-19 | Coronavirus 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 Station | 427-MW coal-fired electric generating facility near Beulah, North Dakota (25 percent ownership) | ||||
| dk | Decatherm | ||||
| Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act | ||||
| EPA | United States Environmental Protection Agency | ||||
| Exchange Act | Securities Exchange Act of 1934, as amended | ||||
| FASB | Financial Accounting Standards Board | ||||
| FERC | Federal Energy Regulatory Commission | ||||
| Fidelity | Fidelity 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 Plains | Great Plains Natural Gas Co., a public utility division of Montana-Dakota | ||||
| IBEW | International Brotherhood of Electrical Workers | ||||
| Intermountain | Intermountain Gas Company, an indirect wholly owned subsidiary of MDU Energy Capital | ||||
| IPUC | Idaho Public Utilities Commission | ||||
| 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 | ||||
| MISO | Midcontinent 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-Dakota | Montana-Dakota Utilities Co., a direct wholly owned subsidiary of MDU Energy Capital | ||||
| MW | Megawatt | ||||
| NDDEQ | North Dakota Department of Environmental Quality | ||||
| NDPSC | North Dakota Public Service Commission | ||||
| NERC | North American Electricity Reliability Corporation | ||||
| Non-GAAP | Not in accordance with GAAP | ||||
| Oil | Includes crude oil and condensate | ||||
| PHMSA | Pipeline and Hazardous Materials Safety Administration | ||||
| Regional Haze Rule | The 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. | ||||
| SDPUC | South Dakota Public Utilities Commission | ||||
| SEC | United States Securities and Exchange Commission | ||||
SOFR | Secured Overnight Financing Rate | ||||
| SPP | Southwest Power Pool, the organization that manages the electric grid and wholesale power market for the central United States. | ||||
| TSA | Transportation Security Administration | ||||
| VIE | Variable interest entity | ||||
| WBI Holdings | WBI Holdings, Inc., a direct wholly owned subsidiary of Centennial | ||||
| WUTC | Washington Utilities and Transportation Commission | ||||
MDU Resources Group, Inc. | ||||||||||||||
| Consolidated Statements of Income | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, | September 30, | |||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||
| (In thousands, except per share amounts) | ||||||||||||||
| Operating revenues: | ||||||||||||||
Electric,
natural gas distribution and regulated pipeline | $ | i 237,065 | $ | i 210,115 | $ | i 940,017 | $ | i 870,151 | ||||||
| Non-regulated pipeline, construction materials and contracting, construction services and other | i 1,348,948 | i 1,377,174 | i 3,297,591 | i 3,277,440 | ||||||||||
| Total operating revenues | i 1,586,013 | i 1,587,289 | i 4,237,608 | i 4,147,591 | ||||||||||
| Operating expenses: | ||||||||||||||
| Operation and maintenance: | ||||||||||||||
Electric, natural gas distribution and regulated pipeline | i 90,058 | i 89,080 | i 273,796 | i 259,791 | ||||||||||
| Non-regulated pipeline, construction materials and contracting, construction services and other | i 1,122,840 | i 1,124,939 | i 2,828,557 | i 2,804,398 | ||||||||||
| Total operation and maintenance | i 1,212,898 | i 1,214,019 | i 3,102,353 | i 3,064,189 | ||||||||||
| Purchased natural gas sold | i 41,135 | i 31,524 | i 280,584 | i 253,780 | ||||||||||
| Depreciation, depletion and amortization | i 75,229 | i 72,084 | i 222,613 | i 212,832 | ||||||||||
| Taxes, other than income | i 48,096 | i 50,501 | i 163,819 | i 167,197 | ||||||||||
| Electric fuel and purchased power | i 19,486 | i 15,450 | i 56,216 | i 50,557 | ||||||||||
| Total operating expenses | i 1,396,844 | i 1,383,578 | i 3,825,585 | i 3,748,555 | ||||||||||
| Operating income | i 189,169 | i 203,711 | i 412,023 | i 399,036 | ||||||||||
| Other income | i 5,930 | i 4,612 | i 18,310 | i 13,669 | ||||||||||
| Interest expense | i 23,389 | i 23,761 | i 70,224 | i 73,132 | ||||||||||
| Income before income taxes | i 171,710 | i 184,562 | i 360,109 | i 339,573 | ||||||||||
| Income taxes | i 32,748 | i 31,547 | i 68,860 | i 61,178 | ||||||||||
| Income from continuing operations | i 138,962 | i 153,015 | i 291,249 | i 278,395 | ||||||||||
| Income (loss) from discontinued operations, net of tax | i 314 | i 63 | i 348 | ( i 484) | ||||||||||
| Net income | $ | i 139,276 | $ | i 153,078 | $ | i 291,597 | $ | i 277,911 | ||||||
| Earnings per share - basic: | ||||||||||||||
| Income from continuing operations | $ | i .68 | $ | i .76 | $ | i 1.44 | $ | i 1.39 | ||||||
| Discontinued operations, net of tax | i — | i — | i — | i — | ||||||||||
| Earnings per share - basic | $ | i .68 | $ | i .76 | $ | i 1.44 | $ | i 1.39 | ||||||
| Earnings per share - diluted: | ||||||||||||||
| Income from continuing operations | $ | i .68 | $ | i .76 | $ | i 1.44 | $ | i 1.39 | ||||||
| Discontinued operations, net of tax | i — | i — | i — | i — | ||||||||||
| Earnings per share - diluted | $ | i .68 | $ | i .76 | $ | i 1.44 | $ | i 1.39 | ||||||
| Weighted average common shares outstanding - basic | i 202,863 | i 200,522 | i 201,647 | i 200,495 | ||||||||||
| Weighted average common shares outstanding - diluted | i 203,190 | i 200,619 | i 201,955 | i 200,515 | ||||||||||
| MDU Resources Group, Inc. | |||||||||||||||||
| Consolidated Statements of Comprehensive Income | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, | September 30, | ||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||
| (In thousands) | |||||||||||||||||
| Net income | $ | i 139,276 | $ | i 153,078 | $ | i 291,597 | $ | i 277,911 | |||||||||
| Other comprehensive income: | |||||||||||||||||
Reclassification adjustment for loss on derivative instruments included in net income, net of tax of $ i 36 and $ i 37
for the three months ended and $ i 109 and $ i 109
for the nine months ended in 2021 and 2020, respectively | i 111 | i 111 | i 334 | i 334 | |||||||||||||
Amortization
of postretirement liability losses included in net periodic benefit cost, net of tax of $ i 151 and $ i 152
for the three months ended and $ i 462 and $ i 456
for the nine months ended in 2021 and 2020, respectively | i 466 | i 471 | i 1,389 | i 1,413 | |||||||||||||
Net
unrealized gain (loss) on available-for-sale investments: | |||||||||||||||||
Net unrealized gain (loss) on available-for-sale investments arising during the period, net of tax of $( i 15) and $( i 13)
for the three months ended and $( i 40) and $ i 19
for the nine months ended in 2021 and 2020, respectively | ( i 54) | ( i 50) | ( i 150) | i 72 | |||||||||||||
Reclassification
adjustment for loss on available-for-sale investments included in net income, net of tax of $ i 6 and $ i 7
for the three months ended and $ i 21 and $ i 9
for the nine months ended in 2021 and 2020, respectively | i 20 | i 28 | i 80 | i 34 | |||||||||||||
Net
unrealized gain (loss) on available-for-sale investments | ( i 34) | ( i 22) | ( i 70) | i 106 | |||||||||||||
| Other comprehensive income | i 543 | i 560 | i 1,653 | i 1,853 | |||||||||||||
| Comprehensive income attributable to common stockholders | $ | i 139,819 | $ | i 153,638 | $ | i 293,250 | $ | i 279,764 | |||||||||
| MDU Resources Group, Inc. | |||||||||||
| Consolidated Balance Sheets | |||||||||||
| (Unaudited) | |||||||||||
| September 30, 2021 | September 30, 2020 | December 31, 2020 | |||||||||
| Assets | (In thousands, except shares and per share amounts) | ||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | i 57,241 | $ | i 66,070 | $ | i 59,547 | |||||
| Receivables, net | i 979,862 | i 1,009,433 | i 873,986 | ||||||||
| Inventories | i 312,285 | i 286,223 | i 291,167 | ||||||||
| Current regulatory assets | i 133,135 | i 79,125 | i 68,527 | ||||||||
| Prepayments and other current assets | i 83,364 | i 61,706 | i 44,120 | ||||||||
| Total current assets | i 1,565,887 | i 1,502,557 | i 1,337,347 | ||||||||
| Noncurrent assets: | |||||||||||
| Property, plant and equipment | i 8,634,737 | i 8,203,751 | i 8,300,770 | ||||||||
| Less accumulated depreciation, depletion and amortization | i 3,175,756 | i 3,115,805 | i 3,133,831 | ||||||||
| Net property, plant and equipment | i 5,458,981 | i 5,087,946 | i 5,166,939 | ||||||||
| Goodwill | i 717,646 | i 712,677 | i 714,963 | ||||||||
| Other intangible assets, net | i 22,241 | i 26,376 | i 25,496 | ||||||||
| Regulatory assets | i 379,245 | i 369,764 | i 379,381 | ||||||||
| Investments | i 171,859 | i 158,440 | i 165,022 | ||||||||
| Operating lease right-of-use assets | i 109,439 | i 120,534 | i 120,113 | ||||||||
| Other | i 143,565 | i 147,205 | i 144,111 | ||||||||
| Total noncurrent assets | i 7,002,976 | i 6,622,942 | i 6,716,025 | ||||||||
| Total assets | $ | i 8,568,863 | $ | i 8,125,499 | $ | i 8,053,372 | |||||
| Liabilities and Stockholders' Equity | |||||||||||
| Current liabilities: | |||||||||||
| Short-term borrowings | $ | i 50,000 | $ | i 75,000 | $ | i 50,000 | |||||
| Long-term debt due within one year | i 1,548 | i 1,558 | i 1,555 | ||||||||
| Accounts payable | i 525,704 | i 436,718 | i 426,264 | ||||||||
| Taxes payable | i 87,455 | i 96,708 | i 88,844 | ||||||||
| Dividends payable | i 43,212 | i 41,608 | i 42,611 | ||||||||
| Accrued compensation | i 105,867 | i 110,730 | i 90,629 | ||||||||
| Operating lease liabilities due within one year | i 30,502 | i 33,770 | i 33,655 | ||||||||
| Regulatory liabilities due within one year | i 16,491 | i 39,837 | i 31,450 | ||||||||
| Other accrued liabilities | i 212,140 | i 231,061 | i 198,514 | ||||||||
| Total current liabilities | i 1,072,919 | i 1,066,990 | i 963,522 | ||||||||
| Noncurrent liabilities: | |||||||||||
| Long-term debt | i 2,326,718 | i 2,268,732 | i 2,211,575 | ||||||||
| Deferred income taxes | i 557,582 | i 533,524 | i 516,098 | ||||||||
| Asset retirement obligations | i 455,522 | i 425,567 | i 440,356 | ||||||||
| Regulatory liabilities | i 426,141 | i 434,936 | i 428,075 | ||||||||
| Operating lease liabilities | i 79,397 | i 87,140 | i 86,868 | ||||||||
| Other | i 318,306 | i 295,845 | i 327,773 | ||||||||
| Total noncurrent liabilities | i 4,163,666 | i 4,045,744 | i 4,010,745 | ||||||||
| Commitments and contingencies | i | i | i | ||||||||
Stockholders'
equity: | |||||||||||
Common stock Authorized - i i i 500,000,000 / /
shares, $ i i i 1.00 / /
par value Shares issued - i 203,889,661 at September 30, 2021, i 201,061,198 at September 30,
2020 and i 201,061,198 at December 31, 2020 | i 203,889 | i 201,061 | i 201,061 | ||||||||
| Other paid-in capital | i 1,458,208 | i 1,366,494 | i 1,371,385 | ||||||||
| Retained earnings | i 1,720,232 | i 1,489,085 | i 1,558,363 | ||||||||
| Accumulated other comprehensive loss | ( i 46,425) | ( i 40,249) | ( i 48,078) | ||||||||
Treasury
stock at cost - i i i 538,921 / /
shares | ( i 3,626) | ( i 3,626) | ( i 3,626) | ||||||||
| Total stockholders' equity | i 3,332,278 | i 3,012,765 | i 3,079,105 | ||||||||
| Total liabilities and stockholders' equity | $ | i 8,568,863 | $ | i 8,125,499 | $ | i 8,053,372 | |||||
| MDU Resources Group, Inc. | ||||||||||||||||||||||||||
| Consolidated Statements of Equity | ||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||
| Other Paid-in Capital | Retained Earnings | Accumu-lated Other Compre-hensive Loss | ||||||||||||||||||||||||
| Common Stock | Treasury Stock | |||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Total | ||||||||||||||||||||||
| (In thousands, except shares) | ||||||||||||||||||||||||||
| At December 31, 2020 | i 201,061,198 | $ | i 201,061 | $ | i 1,371,385 | $ | i 1,558,363 | $ | ( i 48,078) | ( i 538,921) | $ | ( i 3,626) | $ | i 3,079,105 | ||||||||||||
Net
income | — | — | — | i 52,131 | — | — | — | i 52,131 | ||||||||||||||||||
Other
comprehensive income | — | — | — | — | i 568 | — | — | i 568 | ||||||||||||||||||
Dividends
declared on common stock | — | — | — | ( i 42,943) | — | — | — | ( i 42,943) | ||||||||||||||||||
Stock-based
compensation | — | — | i 2,574 | — | — | — | — | i 2,574 | ||||||||||||||||||
| Repurchase of common stock | — | — | — | — | — | ( i 392,294) | ( i 6,701) | ( i 6,701) | ||||||||||||||||||
Issuance
of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | — | — | ( i 10,828) | — | — | i 392,294 | i 6,701 | ( i 4,127) | ||||||||||||||||||
Issuance
of common stock | i 672,260 | i 672 | i 19,027 | — | — | — | — | i 19,699 | ||||||||||||||||||
| At March 31, 2021 | i 201,733,458 | $ | i 201,733 | $ | i 1,382,158 | $ | i 1,567,551 | $ | ( i 47,510) | ( i 538,921) | $ | ( i 3,626) | $ | i 3,100,306 | ||||||||||||
| Net income | — | — | — | i 100,190 | — | — | — | i 100,190 | ||||||||||||||||||
| Other comprehensive income | — | — | — | — | i 542 | — | — | i 542 | ||||||||||||||||||
| Dividends declared on common stock | — | — | — | ( i 43,336) | — | — | — | ( i 43,336) | ||||||||||||||||||
| Stock-based compensation | — | — | i 6,150 | — | — | — | — | i 6,150 | ||||||||||||||||||
| Issuance of common stock | i 1,088,843 | i 1,089 | i 33,861 | — | — | — | — | i 34,950 | ||||||||||||||||||
| At June 30, 2021 | i 202,822,301 | $ | i 202,822 | $ | i 1,422,169 | $ | i 1,624,405 | $ | ( i 46,968) | ( i 538,921) | $ | ( i 3,626) | $ | i 3,198,802 | ||||||||||||
| Net income | — | — | — | i 139,276 | — | — | — | i 139,276 | ||||||||||||||||||
| Other comprehensive income | — | — | — | — | i 543 | — | — | i 543 | ||||||||||||||||||
| Dividends declared on common stock | — | — | — | ( i 43,449) | — | — | — | ( i 43,449) | ||||||||||||||||||
| Stock-based compensation | — | — | i 2,925 | — | — | — | — | i 2,925 | ||||||||||||||||||
| Issuance of common stock | i 1,067,360 | i 1,067 | i 33,114 | — | — | — | — | i 34,181 | ||||||||||||||||||
| At September 30, 2021 | i 203,889,661 | $ | i 203,889 | $ | i 1,458,208 | $ | i 1,720,232 | $ | ( i 46,425) | ( i 538,921) | $ | ( i 3,626) | $ | i 3,332,278 | ||||||||||||
| MDU Resources Group, Inc. | ||||||||||||||||||||||||||||||||
| Consolidated Statements of Equity | ||||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||
| Other Paid-in Capital | Retained Earnings | Accumu-lated Other Compre-hensive Loss | ||||||||||||||||||||||||||||||
| Common Stock | Treasury Stock | |||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Total | ||||||||||||||||||||||||||||
| (In thousands, except shares) | ||||||||||||||||||||||||||||||||
| At December 31, 2019 | i 200,922,790 | $ | i 200,923 | $ | i 1,355,404 | $ | i 1,336,647 | $ | ( i 42,102) | ( i 538,921) | $ | ( i 3,626) | $ | i 2,847,246 | ||||||||||||||||||
Net
income | — | — | — | i 25,130 | — | — | — | i 25,130 | ||||||||||||||||||||||||
Other
comprehensive income | — | — | — | — | i 707 | — | — | i 707 | ||||||||||||||||||||||||
Dividends
declared on common stock | — | — | — | ( i 41,789) | — | — | — | ( i 41,789) | ||||||||||||||||||||||||
Stock-based
compensation | — | — | i 2,250 | — | — | — | — | i 2,250 | ||||||||||||||||||||||||
Issuance
of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | i 26,406 | i 26 | ( i 388) | — | — | — | — | ( i 362) | ||||||||||||||||||||||||
Issuance
of common stock | i 112,002 | i 112 | i 3,298 | — | — | — | — | i 3,410 | ||||||||||||||||||||||||
| At March 31, 2020 | i 201,061,198 | $ | i 201,061 | $ | i 1,360,564 | $ | i 1,319,988 | $ | ( i 41,395) | ( i 538,921) | $ | ( i 3,626) | $ | i 2,836,592 | ||||||||||||||||||
| Net income | — | — | — | i 99,703 | — | — | — | i 99,703 | ||||||||||||||||||||||||
| Other comprehensive income | — | — | — | — | i 586 | — | — | i 586 | ||||||||||||||||||||||||
| Dividends declared on common stock | — | — | — | ( i 41,812) | — | — | — | ( i 41,812) | ||||||||||||||||||||||||
| Stock-based compensation | — | — | i 2,618 | — | — | — | — | i 2,618 | ||||||||||||||||||||||||
| At June 30, 2020 | i 201,061,198 | $ | i 201,061 | $ | i 1,363,182 | $ | i 1,377,879 | $ | ( i 40,809) | ( i 538,921) | $ | ( i 3,626) | $ | i 2,897,687 | ||||||||||||||||||
| Net Income | — | — | — | i 153,078 | — | — | — | i 153,078 | ||||||||||||||||||||||||
| Other Comprehensive Income | — | — | — | — | i 560 | — | — | i 560 | ||||||||||||||||||||||||
| Dividends declared on common stock | — | — | — | ( i 41,872) | — | — | — | ( i 41,872) | ||||||||||||||||||||||||
| Stock-based compensation | — | — | i 3,312 | — | — | — | — | i 3,312 | ||||||||||||||||||||||||
| At September 30, 2020 | i 201,061,198 | $ | i 201,061 | $ | i 1,366,494 | $ | i 1,489,085 | $ | ( i 40,249) | ( i 538,921) | $ | ( i 3,626) | $ | i 3,012,765 | ||||||||||||||||||
| MDU Resources Group, Inc. | ||||||||
| Consolidated Statements of Cash Flows | ||||||||
| (Unaudited) | ||||||||
| Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2021 | 2020 | |||||||
| (In thousands) | ||||||||
| Operating activities: | ||||||||
| Net income | $ | i 291,597 | $ | i 277,911 | ||||
| Income (loss) from discontinued operations, net of tax | i 348 | ( i 484) | ||||||
| Income from continuing operations | i 291,249 | i 278,395 | ||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation, depletion and amortization | i 222,613 | i 212,832 | ||||||
| Deferred income taxes | i 30,353 | i 16,409 | ||||||
| Changes in current assets and liabilities, net of acquisitions: | ||||||||
| Receivables | ( i 104,438) | ( i 100,141) | ||||||
| Inventories | ( i 21,402) | ( i 9,581) | ||||||
| Other current assets | ( i 74,413) | i 1,269 | ||||||
| Accounts payable | i 33,173 | i 19,125 | ||||||
| Other current liabilities | i 14,175 | i 74,286 | ||||||
| Other noncurrent changes | ( i 25,425) | ( i 10,139) | ||||||
| Net cash provided by continuing operations | i 365,885 | i 482,455 | ||||||
| Net cash used in discontinued operations | ( i 75) | ( i 688) | ||||||
| Net cash provided by operating activities | i 365,810 | i 481,767 | ||||||
| Investing activities: | ||||||||
| Capital expenditures | ( i 428,114) | ( i 413,842) | ||||||
| Acquisitions, net of cash acquired | ( i 13,721) | ( i 71,479) | ||||||
| Net proceeds from sale or disposition of property and other | i 12,954 | i 23,463 | ||||||
| Investments | ( i 3,777) | i 24 | ||||||
| Net cash used in investing activities | ( i 432,658) | ( i 461,834) | ||||||
| Financing activities: | ||||||||
| Issuance of short-term borrowings | i 50,000 | i 75,000 | ||||||
| Repayment of short-term borrowings | ( i 50,000) | i — | ||||||
| Issuance of long-term debt | i 178,517 | i 100,125 | ||||||
| Repayment of long-term debt | ( i 63,835) | ( i 73,699) | ||||||
| Proceeds from issuance of common stock | i 88,830 | i 3,410 | ||||||
| Dividends paid | ( i 128,142) | ( i 124,796) | ||||||
| Repurchase of common stock | ( i 6,701) | i — | ||||||
| Tax withholding on stock-based compensation | ( i 4,127) | ( i 362) | ||||||
| Net cash provided by (used in) financing activities | i 64,542 | ( i 20,322) | ||||||
| Decrease in cash and cash equivalents | ( i 2,306) | ( i 389) | ||||||
| Cash and cash equivalents -- beginning of year | i 59,547 | i 66,459 | ||||||
| Cash and cash equivalents -- end of period | $ | i 57,241 | $ | i 66,070 | ||||
| Electric | Natural gas distribution | Pipeline | Construction materials and contracting | Construction services | Total | |||||||||||||||
| (In thousands) | ||||||||||||||||||||
| At December 31, 2020 | $ | i 899 | $ | i 2,571 | $ | i 2 | $ | i 6,164 | $ | i 5,722 | $ | i 15,358 | ||||||||
| Current expected credit loss provision | i 538 | i 1,273 | i — | ( i 1,049) | ( i 1,079) | ( i 317) | ||||||||||||||
| Less write-offs charged against the allowance | i 888 | i 1,107 | i — | i 273 | i 401 | i 2,669 | ||||||||||||||
| Credit loss recoveries collected | i 129 | i 213 | i — | i — | i — | i 342 | ||||||||||||||
| At March 31, 2021 | $ | i 678 | $ | i 2,950 | $ | i 2 | $ | i 4,842 | $ | i 4,242 | $ | i 12,714 | ||||||||
| Current expected credit loss provision | ( i 110) | ( i 103) | i — | i 11 | ( i 639) | ( i 841) | ||||||||||||||
| Less write-offs charged against the allowance | i 341 | i 787 | i — | i 232 | i 64 | i 1,424 | ||||||||||||||
| Credit loss recoveries collected | i 100 | i 199 | i — | i — | i — | i 299 | ||||||||||||||
| At June 30, 2021 | $ | i 327 | $ | i 2,259 | $ | i 2 | $ | i 4,621 | $ | i 3,539 | $ | i 10,748 | ||||||||
| Current expected credit loss provision | i 388 | i 411 | i — | i 233 | ( i 675) | i 357 | ||||||||||||||
| Less write-offs charged against the allowance | i 525 | i 1,178 | i — | i 184 | i 265 | i 2,152 | ||||||||||||||
| Credit loss recoveries collected | i 92 | i 168 | i — | i — | i 93 | i 353 | ||||||||||||||
| At September 30, 2021 | $ | i 282 | $ | i 1,660 | $ | i 2 | $ | i 4,670 | $ | i 2,692 | $ | i 9,306 | ||||||||
| Electric | Natural
gas distribution | Pipeline | Construction materials and contracting | Construction services | Total | |||||||||||||||
| (In thousands) | ||||||||||||||||||||
| At January 1, 2020 | $ | i 328 | $ | i 1,056 | $ | i — | $ | i 5,357 | $ | i 1,756 | $ | i 8,497 | ||||||||
| Current expected credit loss provision | i 555 | i 1,156 | i — | i 694 | i 1,150 | i 3,555 | ||||||||||||||
| Less write-offs charged against the allowance | i 500 | i 624 | i — | i 68 | i 73 | i 1,265 | ||||||||||||||
| Credit loss recoveries collected | i 109 | i 229 | i — | i — | i — | i 338 | ||||||||||||||
| At March 31, 2020 | $ | i 492 | $ | i 1,817 | $ | i — | $ | i 5,983 | $ | i 2,833 | $ | i 11,125 | ||||||||
| Current expected credit loss provision | i 303 | i 190 | i — | ( i 314) | i 896 | i 1,075 | ||||||||||||||
| Less write-offs charged against the allowance | i 224 | i 677 | i — | i 44 | i 454 | i 1,399 | ||||||||||||||
| Credit loss recoveries collected | i 88 | i 201 | i — | i — | i — | i 289 | ||||||||||||||
| At June 30, 2020 | $ | i 659 | $ | i 1,531 | $ | i — | $ | i 5,625 | $ | i 3,275 | $ | i 11,090 | ||||||||
| Current expected credit loss provision | i 435 | i 811 | i 2 | i 728 | i 1,635 | i 3,611 | ||||||||||||||
| Less write-offs charged against the allowance | i 269 | i 692 | i — | i 229 | i 117 | i 1,307 | ||||||||||||||
| Credit loss recoveries collected | i 75 | i 203 | i — | i — | i — | i 278 | ||||||||||||||
| At September 30, 2020 | $ | i 900 | $ | i 1,853 | $ | i 2 | $ | i 6,124 | $ | i 4,793 | $ | i 13,672 | ||||||||
| September 30, 2021 | September 30, 2020 | December 31, 2020 | |||||||||
| (In thousands) | |||||||||||
| Aggregates held for resale | $ | i 183,693 | $ | i 168,132 | $ | i 175,782 | |||||
| Asphalt oil | i 32,964 | i 27,587 | i 28,238 | ||||||||
| Natural gas in storage (current) | i 28,683 | i 27,135 | i 21,919 | ||||||||
| Materials and supplies | i 27,253 | i 26,609 | i 25,142 | ||||||||
| Merchandise for resale | i 26,639 | i 21,525 | i 21,087 | ||||||||
| Other | i 13,053 | i 15,235 | i 18,999 | ||||||||
| Total | $ | i 312,285 | $ | i 286,223 | $ | i 291,167 | |||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, | September 30, | |||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||
| (In thousands, except per share amounts) | ||||||||||||||
| Weighted average common shares outstanding - basic | i 202,863 | i 200,522 | i 201,647 | i 200,495 | ||||||||||
| Effect of dilutive performance share awards and restricted stock units | i 327 | i 97 | i 308 | i 20 | ||||||||||
| Weighted average common shares outstanding - diluted | i 203,190 | i 200,619 | i 201,955 | i 200,515 | ||||||||||
Shares
excluded from the calculation of diluted earnings per share | i — | i 87 | i — | i 139 | ||||||||||
Dividends
declared per common share | $ | i .2125 | $ | i .2075 | $ | i .6375 | $ | i .6225 | ||||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, | September 30, | |||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||
| (In millions) | ||||||||||||||
| Shares issued | i 1.0 | i — | i 2.8 | i — | ||||||||||
| Net proceeds * | $ | i 34.2 | $ | i — | $ | i 88.8 | $ | i — | ||||||
| Issuance costs | $ | i .5 | $ | i — | $ | i 1.2 | $ | i — | ||||||
| Net Unrealized Gain (Loss) on Derivative Instruments Qualifying as Hedges | Postretirement Liability Adjustment | Net Unrealized Gain (Loss) on Available-for-sale Investments | Total Accumulated Other Comprehensive Loss | ||||||||||||||
| (In thousands) | |||||||||||||||||
| At December 31, 2020 | $ | ( i 984) | $ | ( i 47,207) | $ | i 113 | $ | ( i 48,078) | |||||||||
| Other comprehensive loss before reclassifications | i — | i — | ( i 44) | ( i 44) | |||||||||||||
| Amounts reclassified from accumulated other comprehensive loss | i 111 | i 466 | i 35 | i 612 | |||||||||||||
| Net current-period other comprehensive income (loss) | i 111 | i 466 | ( i 9) | i 568 | |||||||||||||
| At March 31, 2021 | $ | ( i 873) | $ | ( i 46,741) | $ | i 104 | $ | ( i 47,510) | |||||||||
Other
comprehensive loss before reclassifications | i — | i — | ( i 52) | ( i 52) | |||||||||||||
Amounts
reclassified from accumulated other comprehensive loss | i 112 | i 457 | i 25 | i 594 | |||||||||||||
Net
current-period other comprehensive income (loss) | i 112 | i 457 | ( i 27) | i 542 | |||||||||||||
| At June 30, 2021 | $ | ( i 761) | $ | ( i 46,284) | $ | i 77 | $ | ( i 46,968) | |||||||||
| Other comprehensive loss before reclassifications | i — | i — | ( i 54) | ( i 54) | |||||||||||||
| Amounts reclassified from accumulated other comprehensive loss | i 111 | i 466 | i 20 | i 597 | |||||||||||||
| Net current-period other comprehensive income (loss) | i 111 | i 466 | ( i 34) | i 543 | |||||||||||||
| At September 30, 2021 | $ | ( i 650) | $ | ( i 45,818) | $ | i 43 | $ | ( i 46,425) | |||||||||
| Net
Unrealized Gain (Loss) on Derivative Instruments Qualifying as Hedges | Postretirement Liability Adjustment | Net Unrealized Gain (Loss) on Available-for-sale Investments | Total Accumulated Other Comprehensive Loss | ||||||||||||||
| (In thousands) | |||||||||||||||||
| At December 31, 2019 | $ | ( i 1,430) | $ | ( i 40,734) | $ | i 62 | $ | ( i 42,102) | |||||||||
Other
comprehensive income before reclassifications | i — | i — | i 135 | i 135 | |||||||||||||
| Amounts reclassified from (to) accumulated other comprehensive loss | i 111 | i 462 | ( i 1) | i 572 | |||||||||||||
Net
current-period other comprehensive income | i 111 | i 462 | i 134 | i 707 | |||||||||||||
| At March 31, 2020 | $ | ( i 1,319) | $ | ( i 40,272) | $ | i 196 | $ | ( i 41,395) | |||||||||
| Other comprehensive loss before reclassifications | i — | i — | ( i 13) | ( i 13) | |||||||||||||
Amounts
reclassified from accumulated other comprehensive loss | i 112 | i 480 | i 7 | i 599 | |||||||||||||
| Net current-period other comprehensive income (loss) | i 112 | i 480 | ( i 6) | i 586 | |||||||||||||
| At June 30, 2020 | $ | ( i 1,207) | $ | ( i 39,792) | $ | i 190 | $ | ( i 40,809) | |||||||||
| Other comprehensive loss before reclassifications | i — | i — | ( i 50) | ( i 50) | |||||||||||||
| Amounts reclassified from accumulated other comprehensive loss | i 111 | i 471 | i 28 | i 610 | |||||||||||||
| Net current-period other comprehensive income (loss) | i 111 | i 471 | ( i 22) | i 560 | |||||||||||||
| At September 30, 2020 | $ | ( i 1,096) | $ | ( i 39,321) | $ | i 168 | $ | ( i 40,249) | |||||||||
| Three Months Ended | Nine Months Ended | Location on Consolidated Statements of Income | |||||||||||||||
| September 30, | September 30, | ||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||
| (In thousands) | |||||||||||||||||
Reclassification adjustment for loss on derivative instruments included in net income | $ | ( i 147) | $ | ( i 148) | $ | ( i 443) | $ | ( i 443) | Interest expense | ||||||||
| i 36 | i 37 | i 109 | i 109 | Income taxes | |||||||||||||
| ( i 111) | ( i 111) | ( i 334) | ( i 334) | ||||||||||||||
Amortization
of postretirement liability losses included in net periodic benefit cost | ( i 617) | ( i 623) | ( i 1,851) | ( i 1,869) | Other income | ||||||||||||
| i 151 | i 152 | i 462 | i 456 | Income taxes | |||||||||||||
| ( i 466) | ( i 471) | ( i 1,389) | ( i 1,413) | ||||||||||||||
Reclassification
adjustment on available-for-sale investments included in net income | ( i 26) | ( i 35) | ( i 101) | ( i 43) | Other income | ||||||||||||
| i 6 | i 7 | i 21 | i 9 | Income taxes | |||||||||||||
| ( i 20) | ( i 28) | ( i 80) | ( i 34) | ||||||||||||||
| Total reclassifications | $ | ( i 597) | $ | ( i 610) | $ | ( i 1,803) | $ | ( i 1,781) | |||||||||
| Three Months Ended September 30, 2021 | Electric | Natural gas distribution | Pipeline | Construction materials and contracting | Construction services | Other | Total | ||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
Residential utility sales | $ | i 36,412 | $ | i 55,284 | $ | — | $ | — | $ | — | $ | — | $ | i 91,696 | |||||||||
Commercial
utility sales | i 39,033 | i 35,338 | — | — | — | — | i 74,371 | ||||||||||||||||
Industrial
utility sales | i 10,495 | i 5,395 | — | — | — | — | i 15,890 | ||||||||||||||||
Other
utility sales | i 1,993 | i — | — | — | — | — | i 1,993 | ||||||||||||||||
Natural
gas transportation | — | i 11,812 | i 28,058 | — | — | — | i 39,870 | ||||||||||||||||
Natural
gas storage | — | — | i 3,483 | — | — | — | i 3,483 | ||||||||||||||||
Contracting
services | — | — | — | i 415,106 | — | — | i 415,106 | ||||||||||||||||
Construction
materials | — | — | — | i 617,823 | — | — | i 617,823 | ||||||||||||||||
| Intrasegment eliminations | — | — | — | ( i 201,630) | — | — | ( i 201,630) | ||||||||||||||||
Inside
specialty contracting | — | — | — | — | i 317,238 | — | i 317,238 | ||||||||||||||||
Outside
specialty contracting | — | — | — | — | i 185,842 | — | i 185,842 | ||||||||||||||||
Other | i 12,589 | i 2,110 | i 3,290 | i — | i 75 | i 3,423 | i 21,487 | ||||||||||||||||
Intersegment
eliminations | ( i 136) | ( i 142) | ( i 3,908) | ( i 110) | ( i 289) | ( i 3,398) | ( i 7,983) | ||||||||||||||||
Revenues
from contracts with customers | i 100,386 | i 109,797 | i 30,923 | i 831,189 | i 502,866 | i 25 | i 1,575,186 | ||||||||||||||||
Revenues
out of scope | ( i 1,456) | i 581 | i 45 | i — | i 11,657 | i — | i 10,827 | ||||||||||||||||
Total
external operating revenues | $ | i 98,930 | $ | i 110,378 | $ | i 30,968 | $ | i 831,189 | $ | i 514,523 | $ | i 25 | $ | i 1,586,013 | |||||||||
| Three Months Ended September 30, 2020 | Electric | Natural gas distribution | Pipeline | Construction materials and contracting | Construction services | Other | Total | ||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
Residential utility sales | $ | i 33,086 | $ | i 48,399 | $ | — | $ | — | $ | — | $ | — | $ | i 81,485 | |||||||||
Commercial
utility sales | i 35,688 | i 28,731 | — | — | — | — | i 64,419 | ||||||||||||||||
Industrial
utility sales | i 8,428 | i 4,454 | — | — | — | — | i 12,882 | ||||||||||||||||
Other
utility sales | i 1,779 | i — | — | — | — | — | i 1,779 | ||||||||||||||||
Natural
gas transportation | — | i 11,159 | i 27,583 | — | — | — | i 38,742 | ||||||||||||||||
Natural
gas gathering | — | — | i 973 | — | — | — | i 973 | ||||||||||||||||
Natural
gas storage | — | — | i 3,885 | — | — | — | i 3,885 | ||||||||||||||||
Contracting
services | — | — | — | i 448,569 | — | — | i 448,569 | ||||||||||||||||
Construction
materials | — | — | — | i 608,673 | — | — | i 608,673 | ||||||||||||||||
| Intrasegment eliminations | — | — | — | ( i 234,693) | — | — | ( i 234,693) | ||||||||||||||||
Inside
specialty contracting | — | — | — | — | i 352,845 | — | i 352,845 | ||||||||||||||||
Outside
specialty contracting | — | — | — | — | i 187,202 | — | i 187,202 | ||||||||||||||||
Other | i 7,663 | i 2,590 | i 3,203 | i — | i 486 | i 3,030 | i 16,972 | ||||||||||||||||
Intersegment
eliminations | ( i 195) | ( i 185) | ( i 3,622) | ( i 110) | ( i 425) | ( i 3,006) | ( i 7,543) | ||||||||||||||||
Revenues
from contracts with customers | i 86,449 | i 95,148 | i 32,022 | i 822,439 | i 540,108 | i 24 | i 1,576,190 | ||||||||||||||||
Revenues
out of scope | i 998 | ( i 445) | i 46 | i — | i 10,500 | i — | i 11,099 | ||||||||||||||||
Total
external operating revenues | $ | i 87,447 | $ | i 94,703 | $ | i 32,068 | $ | i 822,439 | $ | i 550,608 | $ | i 24 | $ | i 1,587,289 | |||||||||
| Nine Months Ended September 30, 2021 | Electric | Natural gas distribution | Pipeline | Construction materials and contracting | Construction services | Other | Total | ||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
Residential utility sales | $ | i 99,106 | $ | i 341,901 | $ | — | $ | — | $ | — | $ | — | $ | i 441,007 | |||||||||
Commercial
utility sales | i 105,795 | i 203,002 | — | — | — | — | i 308,797 | ||||||||||||||||
Industrial
utility sales | i 30,878 | i 20,387 | — | — | — | — | i 51,265 | ||||||||||||||||
Other
utility sales | i 5,384 | i — | — | — | — | — | i 5,384 | ||||||||||||||||
Natural
gas transportation | — | i 35,715 | i 85,160 | — | — | — | i 120,875 | ||||||||||||||||
Natural
gas storage | — | — | i 10,606 | — | — | — | i 10,606 | ||||||||||||||||
Contracting
services | — | — | — | i 791,964 | — | — | i 791,964 | ||||||||||||||||
Construction
materials | — | — | — | i 1,332,997 | — | — | i 1,332,997 | ||||||||||||||||
| Intrasegment eliminations | — | — | — | ( i 394,126) | — | — | ( i 394,126) | ||||||||||||||||
Inside
specialty contracting | — | — | — | — | i 1,020,130 | — | i 1,020,130 | ||||||||||||||||
Outside
specialty contracting | — | — | — | — | i 502,328 | — | i 502,328 | ||||||||||||||||
Other | i 31,827 | i 7,913 | i 10,760 | i — | i 168 | i 10,152 | i 60,820 | ||||||||||||||||
Intersegment
eliminations | ( i 407) | ( i 425) | ( i 38,000) | ( i 314) | ( i 2,128) | ( i 10,082) | ( i 51,356) | ||||||||||||||||
Revenues
from contracts with customers | i 272,583 | i 608,493 | i 68,526 | i 1,730,521 | i 1,520,498 | i 70 | i 4,200,691 | ||||||||||||||||
Revenues
out of scope | ( i 5,329) | i 5,880 | i 127 | i — | i 36,239 | i — | i 36,917 | ||||||||||||||||
Total
external operating revenues | $ | i 267,254 | $ | i 614,373 | $ | i 68,653 | $ | i 1,730,521 | $ | i 1,556,737 | $ | i 70 | $ | i 4,237,608 | |||||||||
| Nine Months Ended September 30, 2020 | Electric | Natural gas distribution | Pipeline | Construction materials and contracting | Construction services | Other | Total | ||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
Residential utility sales | $ | i 93,389 | $ | i 313,753 | $ | — | $ | — | $ | — | $ | — | $ | i 407,142 | |||||||||
Commercial
utility sales | i 99,152 | i 184,754 | — | — | — | — | i 283,906 | ||||||||||||||||
Industrial
utility sales | i 26,867 | i 18,633 | — | — | — | — | i 45,500 | ||||||||||||||||
Other
utility sales | i 5,018 | i — | — | — | — | — | i 5,018 | ||||||||||||||||
Natural
gas transportation | — | i 33,307 | i 82,980 | — | — | — | i 116,287 | ||||||||||||||||
Natural
gas gathering | — | — | i 4,244 | — | — | — | i 4,244 | ||||||||||||||||
Natural
gas storage | — | — | i 10,035 | — | — | — | i 10,035 | ||||||||||||||||
Contracting
services | — | — | — | i 850,326 | — | — | i 850,326 | ||||||||||||||||
Construction
materials | — | — | — | i 1,299,081 | — | — | i 1,299,081 | ||||||||||||||||
| Intrasegment eliminations | — | — | — | ( i 443,516) | — | — | ( i 443,516) | ||||||||||||||||
Inside
specialty contracting | — | — | — | — | i 1,049,975 | — | i 1,049,975 | ||||||||||||||||
Outside
specialty contracting | — | — | — | — | i 478,047 | — | i 478,047 | ||||||||||||||||
Other | i 23,830 | i 7,800 | i 9,807 | i — | i 1,249 | i 8,882 | i 51,568 | ||||||||||||||||
Intersegment
eliminations | ( i 586) | ( i 555) | ( i 36,820) | ( i 262) | ( i 3,674) | ( i 8,952) | ( i 50,849) | ||||||||||||||||
Revenues
from contracts with customers | i 247,670 | i 557,692 | i 70,246 | i 1,705,629 | i 1,525,597 | ( i 70) | i 4,106,764 | ||||||||||||||||
Revenues
out of scope | i 2,123 | i 4,949 | i 135 | i — | i 33,620 | i — | i 40,827 | ||||||||||||||||
Total
external operating revenues | $ | i 249,793 | $ | i 562,641 | $ | i 70,381 | $ | i 1,705,629 | $ | i 1,559,217 | $ | ( i 70) | $ | i 4,147,591 | |||||||||
| September 30, 2021 | December 31, 2020 | Change | Location on Consolidated Balance Sheets | |||||||||||
| (In thousands) | ||||||||||||||
Contract
assets | $ | i 185,086 | $ | i 104,345 | $ | i 80,741 | Receivables, net | |||||||
| Contract liabilities - current | ( i 153,408) | ( i 158,603) | i 5,195 | Accounts payable | ||||||||||
| Contract liabilities - noncurrent | ( i 157) | ( i 52) | ( i 105) | Noncurrent liabilities - other | ||||||||||
| Net contract assets (liabilities) | $ | i 31,521 | $ | ( i 54,310) | $ | i 85,831 | ||||||||
| Balance at January 1, 2021 | Goodwill Acquired During the Year | Measurement Period Adjustments | Balance at September 30, 2021 | |||||||||||
| (In thousands) | ||||||||||||||
| Natural gas distribution | $ | i 345,736 | $ | i — | $ | i — | $ | i 345,736 | ||||||
| Construction materials and contracting | i 226,003 | i 2,900 | ( i 217) | i 228,686 | ||||||||||
| Construction services | i 143,224 | i — | i — | i 143,224 | ||||||||||
| Total | $ | i 714,963 | $ | i 2,900 | $ | ( i 217) | $ | i 717,646 | ||||||
| Balance at January 1, 2020 | Goodwill Acquired During the Year | Measurement Period Adjustments | Balance at September 30, 2020 | |||||||||||
| (In thousands) | ||||||||||||||
| Natural gas distribution | $ | i 345,736 | $ | i — | $ | i — | $ | i 345,736 | ||||||
| Construction materials and contracting | i 217,234 | i 6,483 | i — | i 223,717 | ||||||||||
| Construction services | i 118,388 | i 24,436 | i 400 | i 143,224 | ||||||||||
| Total | $ | i 681,358 | $ | i 30,919 | $ | i 400 | $ | i 712,677 | ||||||
| Balance at January 1, 2020 | Goodwill Acquired During the Year | Measurement Period Adjustments | Balance at December 31, 2020 | |||||||||||
| (In thousands) | ||||||||||||||
| Natural gas distribution | $ | i 345,736 | $ | i — | $ | i — | $ | i 345,736 | ||||||
| Construction materials and contracting | i 217,234 | i 8,778 | ( i 9) | i 226,003 | ||||||||||
| Construction services | i 118,388 | i 24,436 | i 400 | i 143,224 | ||||||||||
| Total | $ | i 681,358 | $ | i 33,214 | $ | i 391 | $ | i 714,963 | ||||||
| September 30, 2021 | September 30, 2020 | December 31, 2020 | |||||||||
| (In thousands) | |||||||||||
| Customer relationships | $ | i 29,423 | $ | i 27,551 | $ | i 28,836 | |||||
| Less accumulated amortization | i 9,705 | i 5,958 | i 6,887 | ||||||||
| i 19,718 | i 21,593 | i 21,949 | |||||||||
| Noncompete agreements | i 3,991 | i 3,941 | i 3,941 | ||||||||
| Less accumulated amortization | i 2,710 | i 2,176 | i 2,309 | ||||||||
| i 1,281 | i 1,765 | i 1,632 | |||||||||
| Other | i 11,957 | i 12,853 | i 12,927 | ||||||||
| Less accumulated amortization | i 10,715 | i 9,835 | i 11,012 | ||||||||
| i 1,242 | i 3,018 | i 1,915 | |||||||||
| Total | $ | i 22,241 | $ | i 26,376 | $ | i 25,496 | |||||
| Remainder of 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | |||||||||||||||
| (In thousands) | ||||||||||||||||||||
| Amortization expense | $ | i 1,220 | $ | i 4,678 | $ | i 4,329 | $ | i 3,957 | $ | i 2,060 | $ | i 5,997 | ||||||||
Estimated Recovery or Refund Period as of | * | September 30, 2021 | September 30, 2020 | December 31, 2020 | |||||||||||||
| (In thousands) | |||||||||||||||||
| Regulatory assets: | |||||||||||||||||
| Current: | |||||||||||||||||
| Natural gas costs recoverable through rate adjustments | i Up to 1 year | $ | i 98,211 | $ | i 48,478 | $ | i 42,481 | ||||||||||
| Conservation programs | i Up to 1 year | i 8,495 | i 7,857 | i 7,117 | |||||||||||||
| Cost recovery mechanisms | i Up to 1 year | i 4,693 | i 8,177 | i 10,645 | |||||||||||||
| Other | i Up to 1 year | i 21,736 | i 14,613 | i 8,284 | |||||||||||||
| i 133,135 | i 79,125 | i 68,527 | |||||||||||||||
| Noncurrent: | |||||||||||||||||
| Pension and postretirement benefits | i ** | i 155,888 | i 157,015 | i 155,942 | |||||||||||||
| Plant costs/asset retirement obligations | i Over plant lives | i 73,528 | i 68,815 | i 71,740 | |||||||||||||
| Plant retirement | i - | i 48,544 | i 57,499 | i 65,919 | |||||||||||||
| Cost recovery mechanisms | i Up to 10 years | i 43,955 | i 14,281 | i 16,245 | |||||||||||||
| Manufactured gas plant site remediation | i - | i 26,000 | i 25,964 | i 26,429 | |||||||||||||
| Taxes recoverable from customers | i Over plant lives | i 11,438 | i 10,847 | i 10,785 | |||||||||||||
| Natural gas costs recoverable through rate adjustments | i Up to 3 years | i 6,084 | i 24,677 | i 21,539 | |||||||||||||
| Long-term debt refinancing costs | i Up to 39 years | i 3,952 | i 3,826 | i 4,426 | |||||||||||||
| Other | i Up to 18 years | i 9,856 | i 6,840 | i 6,356 | |||||||||||||
| i 379,245 | i 369,764 | i 379,381 | |||||||||||||||
| Total regulatory assets | $ | i 512,380 | $ | i 448,889 | $ | i 447,908 | |||||||||||
| Regulatory liabilities: | |||||||||||||||||
| Current: | |||||||||||||||||
| Taxes refundable to customers | i Up to 1 year | $ | i 3,867 | $ | i 4,223 | $ | i 3,557 | ||||||||||
| Electric fuel and purchased power deferral | i Up to 1 year | i 3,205 | i 6,171 | i 3,667 | |||||||||||||
| Natural gas costs refundable through rate adjustments | i - | i — | i 20,556 | i 18,565 | |||||||||||||
| Other | i Up to 1 year | i 9,419 | i 8,887 | i 5,661 | |||||||||||||
| i 16,491 | i 39,837 | i 31,450 | |||||||||||||||
| Noncurrent: | |||||||||||||||||
| Taxes refundable to customers | i Over plant lives | i 218,566 | i 232,186 | i 227,850 | |||||||||||||
| Plant removal and decommissioning costs | i Over plant lives | i 172,683 | i 173,367 | i 167,171 | |||||||||||||
| Pension and postretirement benefits | i ** | i 16,915 | i 17,991 | i 16,989 | |||||||||||||
| Other | i Up to 21 years | i 17,977 | i 11,392 | i 16,065 | |||||||||||||
| i 426,141 | i 434,936 | i 428,075 | |||||||||||||||
| Total regulatory liabilities | $ | i 442,632 | $ | i 474,773 | $ | i 459,525 | |||||||||||
| Net regulatory position | $ | i 69,748 | $ | ( i 25,884) | $ | ( i 11,617) | |||||||||||
| September 30, 2021 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||
| (In thousands) | ||||||||||||||
| Mortgage-backed securities | $ | i 8,597 | $ | i 93 | $ | i 11 | $ | i 8,679 | ||||||
| U.S. Treasury securities | i 2,681 | i — | i 28 | i 2,653 | ||||||||||
| Total | $ | i 11,278 | $ | i 93 | $ | i 39 | $ | i 11,332 | ||||||
| September 30, 2020 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||
| (In thousands) | ||||||||||||||
| Mortgage-backed securities | $ | i 9,813 | $ | i 213 | $ | i 4 | $ | i 10,022 | ||||||
| U.S. Treasury securities | i 1,166 | i 3 | i — | i 1,169 | ||||||||||
| Total | $ | i 10,979 | $ | i 216 | $ | i 4 | $ | i 11,191 | ||||||
| December 31, 2020 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||
| (In thousands) | ||||||||||||||
| Mortgage-backed securities | $ | i 9,799 | $ | i 156 | $ | i 9 | $ | i 9,946 | ||||||
| U.S. Treasury securities | i 1,386 | i — | i 5 | i 1,381 | ||||||||||
| Total | $ | i 11,185 | $ | i 156 | $ | i 14 | $ | i 11,327 | ||||||
| Fair Value Measurements at September 30, 2021, Using | ||||||||||||||
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at September 30, 2021 | |||||||||||
| (In thousands) | ||||||||||||||
| Assets: | ||||||||||||||
| Money market funds | $ | — | $ | i 9,907 | $ | — | $ | i 9,907 | ||||||
| Insurance contracts* | — | i 106,371 | — | i 106,371 | ||||||||||
| Available-for-sale securities: | ||||||||||||||
| Mortgage-backed securities | — | i 8,679 | — | i 8,679 | ||||||||||
| U.S. Treasury securities | — | i 2,653 | — | i 2,653 | ||||||||||
| Total assets measured at fair value | $ | — | $ | i 127,610 | $ | — | $ | i 127,610 | ||||||
| Fair Value Measurements at September 30, 2020, Using | ||||||||||||||
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at September 30, 2020 | |||||||||||
| (In thousands) | ||||||||||||||
| Assets: | ||||||||||||||
| Money market funds | $ | — | $ | i 8,478 | $ | — | $ | i 8,478 | ||||||
| Insurance contract* | — | i 95,687 | — | i 95,687 | ||||||||||
| Available-for-sale securities: | ||||||||||||||
| Mortgage-backed securities | — | i 10,022 | — | i 10,022 | ||||||||||
| U.S. Treasury securities | — | i 1,169 | — | i 1,169 | ||||||||||
| Total assets measured at fair value | $ | — | $ | i 115,356 | $ | — | $ | i 115,356 | ||||||
| Fair Value Measurements at December 31, 2020, Using | ||||||||||||||
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at December 31, 2020 | |||||||||||
| (In thousands) | ||||||||||||||
| Assets: | ||||||||||||||
| Money market funds | $ | — | $ | i 8,917 | $ | — | $ | i 8,917 | ||||||
| Insurance contract* | — | i 100,104 | — | i 100,104 | ||||||||||
| Available-for-sale securities: | ||||||||||||||
| Mortgage-backed securities | — | i 9,946 | — | i 9,946 | ||||||||||
| U.S. Treasury securities | — | i 1,381 | — | i 1,381 | ||||||||||
| Total assets measured at fair value | $ | — | $ | i 120,348 | $ | — | $ | i 120,348 | ||||||
| September 30, 2021 | September 30, 2020 | December 31, 2020 | |||||||||
| (In thousands) | |||||||||||
| Carrying amount | $ | i 2,328,266 | $ | i 2,270,290 | $ | i 2,213,130 | |||||
| Fair value | $ | i 2,599,907 | $ | i 2,593,743 | $ | i 2,537,289 | |||||
Weighted Average Interest Rate
at | September 30, 2021 | September 30, 2020 | December 31, 2020 | |||||||||||
| (In thousands) | ||||||||||||||
Senior Notes due on dates ranging from October 22, 2022 to September 15, 2061 | i 4.36 | % | $ | i 2,025,000 | $ | i 1,900,000 | $ | i 1,950,000 | ||||||
| Commercial paper supported by revolving credit agreements | i .35 | % | i 168,800 | i 214,150 | i 125,600 | |||||||||
| Credit agreements due on June 7, 2024 | i 2.54 | % | i 94,300 | i 91,000 | i 95,900 | |||||||||
Medium-Term
Notes due on dates ranging from September 15, 2027 to March 16, 2029 | i 7.32 | % | i 35,000 | i 35,000 | i 35,000 | |||||||||
| Term Loan Agreement due on September 3, 2032 | i 2.00 | % | i 7,700 | i 8,400 | i 8,400 | |||||||||
Other
notes due on dates ranging from January 2, 2022 to January 1, 2061 | i .83 | % | i 3,198 | i 28,284 | i 4,034 | |||||||||
| Less unamortized debt issuance costs | i 5,709 | i 6,526 | i 5,803 | |||||||||||
| Less discount | i 23 | i 18 | i 1 | |||||||||||
| Total long-term debt | i 2,328,266 | i 2,270,290 | i 2,213,130 | |||||||||||
| Less current maturities | i 1,548 | i 1,558 | i 1,555 | |||||||||||
| Net long-term debt | $ | i 2,326,718 | $ | i 2,268,732 | $ | i 2,211,575 | ||||||||
Remainder
of 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | |||||||||||||||
| (In thousands) | ||||||||||||||||||||
| Long-term debt maturities | $ | i 77 | $ | i 148,021 | $ | i 77,921 | $ | i 324,521 | $ | i 177,802 | $ | i 1,605,656 | ||||||||
| Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2021 | 2020 | |||||||
| (In thousands) | ||||||||
Interest, net* | $ | i 59,876 | $ | i 63,086 | ||||
| Income taxes paid, net | $ | i 61,250 | $ | i 43,448 | ||||
| September 30, 2021 | September 30, 2020 | December 31, 2020 | |||||||||
| (In thousands) | |||||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | i 26,120 | $ | i 41,315 | $ | i 54,356 | |||||
Property,
plant and equipment additions in accounts payable | $ | i 88,355 | $ | i 33,240 | $ | i 26,082 | |||||
Accrual
for holdback payment related to a business combination | $ | i — | $ | i 5,000 | $ | i 2,500 | |||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, | September 30, | |||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||
| (In thousands) | ||||||||||||||
| External operating revenues: | ||||||||||||||
| Regulated operations: | ||||||||||||||
| Electric | $ | i 98,930 | $ | i 87,447 | $ | i 267,254 | $ | i 249,793 | ||||||
| Natural gas distribution | i 110,378 | i 94,703 | i 614,373 | i 562,641 | ||||||||||
| Pipeline | i 27,757 | i 27,965 | i 58,390 | i 57,717 | ||||||||||
| i 237,065 | i 210,115 | i 940,017 | i 870,151 | |||||||||||
| Non-regulated operations: | ||||||||||||||
| Pipeline | i 3,211 | i 4,103 | i 10,263 | i 12,664 | ||||||||||
| Construction materials and contracting | i 831,189 | i 822,439 | i 1,730,521 | i 1,705,629 | ||||||||||
| Construction services | i 514,523 | i 550,608 | i 1,556,737 | i 1,559,217 | ||||||||||
| Other | i 25 | i 24 | i 70 | ( i 70) | ||||||||||
| i 1,348,948 | i 1,377,174 | i 3,297,591 | i 3,277,440 | |||||||||||
| Total external operating revenues | $ | i 1,586,013 | $ | i 1,587,289 | $ | i 4,237,608 | $ | i 4,147,591 | ||||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, | September 30, | |||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||
| (In thousands) | ||||||||||||||
| Intersegment operating revenues: | ||||||||||||||
| Regulated operations: | ||||||||||||||
| Electric | $ | i 136 | $ | i 195 | $ | i 407 | $ | i 586 | ||||||
| Natural gas distribution | i 142 | i 185 | i 425 | i 555 | ||||||||||
| Pipeline | i 3,845 | i 3,543 | i 37,530 | i 36,583 | ||||||||||
| i 4,123 | i 3,923 | i 38,362 | i 37,724 | |||||||||||
| Non-regulated operations: | ||||||||||||||
| Pipeline | i 63 | i 79 | i 470 | i 237 | ||||||||||
| Construction materials and contracting | i 110 | i 110 | i 314 | i 262 | ||||||||||
| Construction services | i 289 | i 425 | i 2,128 | i 3,674 | ||||||||||
| Other | i 3,398 | i 3,006 | i 10,082 | i 8,952 | ||||||||||
| i 3,860 | i 3,620 | i 12,994 | i 13,125 | |||||||||||
| Intersegment eliminations | ( i 7,983) | ( i 7,543) | ( i 51,356) | ( i 50,849) | ||||||||||
| Total intersegment operating revenues | $ | i — | $ | i — | $ | i — | $ | i — | ||||||
| Operating income (loss): | ||||||||||||||
| Electric | $ | i 27,310 | $ | i 21,159 | $ | i 53,982 | $ | i 48,827 | ||||||
| Natural gas distribution | ( i 14,249) | ( i 18,393) | i 42,925 | i 32,285 | ||||||||||
| Pipeline | i 12,284 | i 11,762 | i 35,896 | i 35,406 | ||||||||||
| Construction materials and contracting | i 133,712 | i 148,522 | i 171,274 | i 179,994 | ||||||||||
| Construction services | i 30,120 | i 40,507 | i 108,172 | i 102,185 | ||||||||||
| Other | ( i 8) | i 154 | ( i 226) | i 339 | ||||||||||
| Total operating income | $ | i 189,169 | $ | i 203,711 | $ | i 412,023 | $ | i 399,036 | ||||||
| Net income (loss): | ||||||||||||||
| Regulated operations: | ||||||||||||||
| Electric | $ | i 20,564 | $ | i 16,787 | $ | i 41,618 | $ | i 40,314 | ||||||
| Natural gas distribution | ( i 15,390) | ( i 17,614) | i 20,081 | i 13,795 | ||||||||||
| Pipeline | i 10,225 | i 7,812 | i 27,508 | i 23,882 | ||||||||||
| i 15,399 | i 6,985 | i 89,207 | i 77,991 | |||||||||||
| Non-regulated operations: | ||||||||||||||
| Pipeline | i 356 | i 189 | i 1,166 | i 444 | ||||||||||
| Construction materials and contracting | i 96,282 | i 107,307 | i 116,865 | i 122,113 | ||||||||||
| Construction services | i 23,130 | i 29,789 | i 81,839 | i 74,544 | ||||||||||
| Other | i 3,795 | i 8,745 | i 2,172 | i 3,303 | ||||||||||
| i 123,563 | i 146,030 | i 202,042 | i 200,404 | |||||||||||
| Income from continuing operations | i 138,962 | i 153,015 | i 291,249 | i 278,395 | ||||||||||
| Income (loss) from discontinued operations, net of tax | i 314 | i 63 | i 348 | ( i 484) | ||||||||||
| Net income | $ | i 139,276 | $ | i 153,078 | $ | i 291,597 | $ | i 277,911 | ||||||
| Pension Benefits | Other Postretirement Benefits | |||||||||||||
| Three Months Ended September 30, | 2021 | 2020 | 2021 | 2020 | ||||||||||
| (In thousands) | ||||||||||||||
| Components of net periodic benefit credit: | ||||||||||||||
| Service cost | $ | i — | $ | i — | $ | i 400 | $ | i 383 | ||||||
| Interest cost | i 2,455 | i 3,023 | i 466 | i 609 | ||||||||||
| Expected return on assets | ( i 4,894) | ( i 4,987) | ( i 1,275) | ( i 1,115) | ||||||||||
| Amortization of prior service credit | i — | i — | ( i 349) | ( i 349) | ||||||||||
| Amortization of net actuarial loss | i 2,004 | i 1,793 | i 6 | i 71 | ||||||||||
| Net periodic benefit credit, including amount capitalized | ( i 435) | ( i 171) | ( i 752) | ( i 401) | ||||||||||
| Less amount capitalized | i — | i — | i 46 | i 39 | ||||||||||
| Net periodic benefit credit | $ | ( i 435) | $ | ( i 171) | $ | ( i 798) | $ | ( i 440) | ||||||
| Pension Benefits | Other Postretirement Benefits | |||||||||||||
| Nine Months Ended September 30, | 2021 | 2020 | 2021 | 2020 | ||||||||||
| (In thousands) | ||||||||||||||
| Components of net periodic benefit credit: | ||||||||||||||
| Service cost | $ | i — | $ | i — | $ | i 1,200 | $ | i 1,149 | ||||||
| Interest cost | i 7,365 | i 9,070 | i 1,398 | i 1,827 | ||||||||||
| Expected return on assets | ( i 14,682) | ( i 14,962) | ( i 3,825) | ( i 3,764) | ||||||||||
Amortization
of prior service credit | i — | i — | ( i 1,047) | ( i 1,048) | ||||||||||
| Amortization of net actuarial loss | i 6,012 | i 5,379 | i 18 | i 215 | ||||||||||
| Net periodic benefit credit, including amount capitalized | ( i 1,305) | ( i 513) | ( i 2,256) | ( i 1,621) | ||||||||||
| Less amount capitalized | i — | i — | i 129 | i 106 | ||||||||||
| Net periodic benefit credit | $ | ( i 1,305) | $ | ( i 513) | $ | ( i 2,385) | $ | ( i 1,727) | ||||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, | September 30, | |||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||
| (In millions, except per share amounts) | ||||||||||||||
| Electric | $ | 20.6 | $ | 16.8 | $ | 41.6 | $ | 40.3 | ||||||
| Natural gas distribution | (15.4) | (17.6) | 20.1 | 13.8 | ||||||||||
| Pipeline | 10.6 | 8.0 | 28.7 | 24.3 | ||||||||||
| Construction materials and contracting | 96.3 | 107.3 | 116.9 | 122.1 | ||||||||||
| Construction services | 23.1 | 29.8 | 81.8 | 74.5 | ||||||||||
| Other | 3.8 | 8.7 | 2.2 | 3.4 | ||||||||||
| Income from continuing operations | 139.0 | 153.0 | 291.3 | 278.4 | ||||||||||
| Income (loss) from discontinued operations, net of tax | .3 | .1 | .3 | (.5) | ||||||||||
| Net income | $ | 139.3 | $ | 153.1 | $ | 291.6 | $ | 277.9 | ||||||
| Earnings per share - basic: | ||||||||||||||
| Income from continuing operations | $ | .68 | $ | .76 | $ | 1.44 | $ | 1.39 | ||||||
| Discontinued operations, net of tax | — | — | — | — | ||||||||||
| Earnings per share - basic | $ | .68 | $ | .76 | $ | 1.44 | $ | 1.39 | ||||||
| Earnings per share - diluted: | ||||||||||||||
| Income from continuing operations | $ | .68 | $ | .76 | $ | 1.44 | $ | 1.39 | ||||||
| Discontinued operations, net of tax | — | — | — | — | ||||||||||
| Earnings per share - diluted | $ | .68 | $ | .76 | $ | 1.44 | $ | 1.39 | ||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2021 | 2020 | Variance | 2021 | 2020 | Variance | ||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
| Operating revenues | $ | 99.1 | $ | 87.6 | 13 | % | $ | 267.7 | $ | 250.4 | 7 | % | |||||||||||
| Electric fuel and purchased power | 19.5 | 15.5 | 26 | % | 56.2 | 50.6 | 11 | % | |||||||||||||||
| Taxes, other than income | .2 | .1 | 100 | % | .6 | .5 | 20 | % | |||||||||||||||
| Adjusted gross margin | 79.4 | 72.0 | 10 | % | 210.9 | 199.3 | 6 | % | |||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Operation and maintenance | 31.2 | 30.7 | 2 | % | 93.8 | 90.5 | 4 | % | |||||||||||||||
| Depreciation, depletion and amortization | 17.0 | 15.8 | 8 | % | 50.0 | 47.0 | 6 | % | |||||||||||||||
| Taxes, other than income | 3.9 | 4.4 | (11) | % | 13.1 | 13.0 | 1 | % | |||||||||||||||
| Total operating expenses | 52.1 | 50.9 | 2 | % | 156.9 | 150.5 | 4 | % | |||||||||||||||
| Operating income | 27.3 | 21.1 | 29 | % | 54.0 | 48.8 | 11 | % | |||||||||||||||
| Other income | 1.2 | 1.2 | — | % | 3.4 | 3.3 | 3 | % | |||||||||||||||
| Interest expense | 6.6 | 6.4 | 3 | % | 19.8 | 20.1 | (1) | % | |||||||||||||||
| Income before income taxes | 21.9 | 15.9 | 38 | % | 37.6 | 32.0 | 18 | % | |||||||||||||||
| Income tax (benefit) expense | 1.3 | (.9) | 244 | % | (4.0) | (8.3) | 52 | % | |||||||||||||||
| Net income | $ | 20.6 | $ | 16.8 | 22 | % | $ | 41.6 | $ | 40.3 | 3 | % | |||||||||||
| Operating statistics | Three Months Ended | Nine Months Ended | ||||||||||||
| September 30, | September 30, | |||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||
| Retail sales (million kWh): | ||||||||||||||
| Residential | 317.3 | 296.1 | 906.3 | 884.4 | ||||||||||
| Commercial | 393.0 | 356.7 | 1,101.9 | 1,056.2 | ||||||||||
| Industrial | 145.1 | 117.1 | 433.7 | 386.0 | ||||||||||
| Other | 23.8 | 21.3 | 65.1 | 62.1 | ||||||||||
| 879.2 | 791.2 | 2,507.0 | 2,388.7 | |||||||||||
| Average cost of electric fuel and purchased power per kWh | $ | .020 | $ | .018 | $ | .020 | $ | .019 | ||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2021 | 2020 | Variance | 2021 | 2020 | Variance | ||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
| Operating revenues | $ | 110.5 | $ | 94.9 | 16 | % | $ | 614.8 | $ | 563.2 | 9 | % | |||||||||||
| Purchased natural gas sold | 44.9 | 35.0 | 28 | % | 318.0 | 290.3 | 10 | % | |||||||||||||||
| Taxes, other than income | 3.8 | 3.8 | — | % | 24.1 | 23.1 | 4 | % | |||||||||||||||
| Adjusted gross margin | 61.8 | 56.1 | 10 | % | 272.7 | 249.8 | 9 | % | |||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Operation and maintenance | 47.7 | 46.9 | 2 | % | 145.0 | 135.9 | 7 | % | |||||||||||||||
| Depreciation, depletion and amortization | 21.5 | 21.3 | 1 | % | 64.2 | 63.1 | 2 | % | |||||||||||||||
| Taxes, other than income | 6.8 | 6.3 | 8 | % | 20.6 | 18.5 | 11 | % | |||||||||||||||
| Total operating expenses | 76.0 | 74.5 | 2 | % | 229.8 | 217.5 | 6 | % | |||||||||||||||
| Operating income (loss) | (14.2) | (18.4) | 23 | % | 42.9 | 32.3 | 33 | % | |||||||||||||||
| Other income | 1.3 | 2.2 | (41) | % | 5.4 | 6.6 | (18) | % | |||||||||||||||
| Interest expense | 9.3 | 9.3 | — | % | 27.6 | 27.5 | — | % | |||||||||||||||
| Income (loss) before income taxes | (22.2) | (25.5) | 13 | % | 20.7 | 11.4 | 82 | % | |||||||||||||||
| Income tax (benefit) expense | (6.8) | (7.9) | 14 | % | .6 | (2.4) | 125 | % | |||||||||||||||
| Net income (loss) | $ | (15.4) | $ | (17.6) | 13 | % | $ | 20.1 | $ | 13.8 | 46 | % | |||||||||||
| Operating statistics | Three Months Ended | Nine Months Ended | ||||||||||||
| September 30, | September 30, | |||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||
| Volumes (MMdk) | ||||||||||||||
| Retail sales: | ||||||||||||||
| Residential | 4.5 | 4.4 | 42.3 | 41.8 | ||||||||||
| Commercial | 4.2 | 4.0 | 29.3 | 29.1 | ||||||||||
| Industrial | .9 | .9 | 3.5 | 3.4 | ||||||||||
| 9.6 | 9.3 | 75.1 | 74.3 | |||||||||||
| Transportation sales: | ||||||||||||||
| Commercial | .2 | .3 | 1.3 | 1.4 | ||||||||||
| Industrial | 44.7 | 39.6 | 127.5 | 115.4 | ||||||||||
| 44.9 | 39.9 | 128.8 | 116.8 | |||||||||||
| Total throughput | 54.5 | 49.2 | 203.9 | 191.1 | ||||||||||
Average cost of natural gas per dk | $ | 4.72 | $ | 3.75 | $ | 4.24 | $ | 3.90 | ||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2021 | 2020 | Variance | 2021 | 2020 | Variance | ||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
| Operating revenues | $ | 34.9 | $ | 35.7 | (2) | % | $ | 106.7 | $ | 107.2 | — | % | |||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Operation and maintenance | 14.2 | 15.4 | (8) | % | 45.5 | 45.4 | — | % | |||||||||||||||
| Depreciation, depletion and amortization | 5.2 | 5.2 | — | % | 15.5 | 16.5 | (6) | % | |||||||||||||||
| Taxes, other than income | 3.2 | 3.3 | (3) | % | 9.8 | 9.9 | (1) | % | |||||||||||||||
| Total operating expenses | 22.6 | 23.9 | (5) | % | 70.8 | 71.8 | (1) | % | |||||||||||||||
| Operating income | 12.3 | 11.8 | 4 | % | 35.9 | 35.4 | 1 | % | |||||||||||||||
| Other income | 2.8 | .2 | NM | 5.6 | 1.2 | NM | |||||||||||||||||
| Interest expense | 1.7 | 1.9 | (11) | % | 5.6 | 5.7 | (2) | % | |||||||||||||||
| Income before income taxes | 13.4 | 10.1 | 33 | % | 35.9 | 30.9 | 16 | % | |||||||||||||||
| Income tax expense | 2.8 | 2.1 | 33 | % | 7.2 | 6.6 | 9 | % | |||||||||||||||
| Net income | $ | 10.6 | $ | 8.0 | 32 | % | $ | 28.7 | $ | 24.3 | 18 | % | |||||||||||
| Operating statistics | Three Months Ended | Nine Months Ended | ||||||||||||
| September 30, | September 30, | |||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||
| Transportation volumes (MMdk) | 122.0 | 108.9 | 351.5 | 316.2 | ||||||||||
| Natural gas gathering volumes (MMdk) | — | 2.0 | — | 7.4 | ||||||||||
| Customer natural gas storage balance (MMdk): | ||||||||||||||
| Beginning of period | 16.0 | 19.1 | 25.5 | 16.2 | ||||||||||
| Net injections | 12.8 | 14.0 | 3.3 | 16.9 | ||||||||||
| End of period | 28.8 | 33.1 | 28.8 | 33.1 | ||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2021 | 2020 | Variance | 2021 | 2020 | Variance | ||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
| Operating revenues | $ | 831.3 | $ | 822.5 | 1 | % | $ | 1,730.8 | $ | 1,705.9 | 1 | % | |||||||||||
| Cost of sales: | |||||||||||||||||||||||
| Operation and maintenance | 636.3 | 612.4 | 4 | % | 1,376.5 | 1,351.2 | 2 | % | |||||||||||||||
| Depreciation, depletion and amortization | 24.5 | 22.2 | 10 | % | 71.1 | 63.0 | 13 | % | |||||||||||||||
| Taxes, other than income | 13.9 | 13.6 | 2 | % | 37.6 | 36.6 | 3 | % | |||||||||||||||
| Total cost of sales | 674.7 | 648.2 | 4 | % | 1,485.2 | 1,450.8 | 2 | % | |||||||||||||||
| Gross margin | 156.6 | 174.3 | (10) | % | 245.6 | 255.1 | (4) | % | |||||||||||||||
| Selling, general and administrative expense: | |||||||||||||||||||||||
| Operation and maintenance | 20.9 | 23.7 | (12) | % | 66.8 | 67.5 | (1) | % | |||||||||||||||
| Depreciation, depletion and amortization | 1.0 | 1.3 | (23) | % | 3.1 | 3.6 | (14) | % | |||||||||||||||
| Taxes, other than income | 1.0 | .8 | 25 | % | 4.4 | 4.0 | 10 | % | |||||||||||||||
| Total selling, general and administrative expense | 22.9 | 25.8 | (11) | % | 74.3 | 75.1 | (1) | % | |||||||||||||||
| Operating income | 133.7 | 148.5 | (10) | % | 171.3 | 180.0 | (5) | % | |||||||||||||||
| Other income (expense) | (.3) | .3 | (200) | % | .8 | 1.0 | (20) | % | |||||||||||||||
| Interest expense | 4.8 | 5.0 | (4) | % | 14.4 | 15.9 | (9) | % | |||||||||||||||
| Income before income taxes | 128.6 | 143.8 | (11) | % | 157.7 | 165.1 | (4) | % | |||||||||||||||
| Income tax expense | 32.3 | 36.5 | (12) | % | 40.8 | 43.0 | (5) | % | |||||||||||||||
| Net income | $ | 96.3 | $ | 107.3 | (10) | % | $ | 116.9 | $ | 122.1 | (4) | % | |||||||||||
| Operating statistics | Three Months Ended | Nine Months Ended | ||||||||||||
| September 30, | September 30, | |||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||
| (In thousands) | ||||||||||||||
| Sales: | ||||||||||||||
| Aggregates (tons) | 11,346 | 10,722 | 25,687 | 23,678 | ||||||||||
| Asphalt (tons) | 3,290 | 3,542 | 5,675 | 5,935 | ||||||||||
| Ready-mixed concrete (cubic yards) | 1,350 | 1,266 | 3,283 | 3,089 | ||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2021 | 2020 | Variance | 2021 | 2020 | Variance | ||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
| Operating revenues | $ | 514.8 | $ | 551.0 | (7) | % | $ | 1,558.9 | $ | 1,562.9 | — | % | |||||||||||
| Cost of sales: | |||||||||||||||||||||||
| Operation and maintenance | 441.5 | 461.7 | (4) | % | 1,310.7 | 1,309.0 | — | % | |||||||||||||||
| Depreciation, depletion and amortization | 3.9 | 3.9 | — | % | 11.8 | 11.8 | — | % | |||||||||||||||
| Taxes, other than income | 14.2 | 17.2 | (17) | % | 49.9 | 57.8 | (14) | % | |||||||||||||||
| Total cost of sales | 459.6 | 482.8 | (5) | % | 1,372.4 | 1,378.6 | — | % | |||||||||||||||
| Gross margin | 55.2 | 68.2 | (19) | % | 186.5 | 184.3 | 1 | % | |||||||||||||||
| Selling, general and administrative expense: | |||||||||||||||||||||||
| Operation and maintenance | 23.0 | 24.9 | (8) | % | 71.2 | 72.4 | (2) | % | |||||||||||||||
| Depreciation, depletion and amortization | 1.0 | 1.8 | (44) | % | 3.4 | 5.9 | (42) | % | |||||||||||||||
| Taxes, other than income | 1.1 | 1.0 | 10 | % | 3.7 | 3.8 | (3) | % | |||||||||||||||
| Total selling, general and administrative expense | 25.1 | 27.7 | (9) | % | 78.3 | 82.1 | (5) | % | |||||||||||||||
| Operating income | 30.1 | 40.5 | (26) | % | 108.2 | 102.2 | 6 | % | |||||||||||||||
| Other income | .9 | .6 | 50 | % | 2.6 | 1.3 | 100 | % | |||||||||||||||
| Interest expense | .9 | 1.0 | (10) | % | 2.6 | 3.3 | (21) | % | |||||||||||||||
| Income before income taxes | 30.1 | 40.1 | (25) | % | 108.2 | 100.2 | 8 | % | |||||||||||||||
| Income tax expense | 7.0 | 10.3 | (32) | % | 26.4 | 25.7 | 3 | % | |||||||||||||||
| Net income | $ | 23.1 | $ | 29.8 | (22) | % | $ | 81.8 | $ | 74.5 | 10 | % | |||||||||||
| 2021 | 2020 | |||||||
| (In millions) | ||||||||
| Inside specialty contracting | $ | 1,041 | $ | 1,074 | ||||
| Outside specialty contracting | 232 | 211 | ||||||
| $ | 1,273 | $ | 1,285 | |||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2021 | 2020 | Variance | 2021 | 2020 | Variance | ||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
| Operating revenues | $ | 3.4 | $ | 3.1 | 10 | % | $ | 10.1 | $ | 8.9 | 13 | % | |||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Operation and maintenance | 2.3 | 2.3 | — | % | 6.9 | 6.7 | 3 | % | |||||||||||||||
| Depreciation, depletion and amortization | 1.1 | .6 | 83 | % | 3.5 | 1.9 | 84 | % | |||||||||||||||
| Total operating expenses | 3.4 | 2.9 | 17 | % | 10.4 | 8.6 | 21 | % | |||||||||||||||
| Operating income (loss) | — | .2 | NM | (.3) | .3 | NM | |||||||||||||||||
| Other income | — | .1 | NM | .5 | .4 | 25 | % | ||||||||||||||||
| Interest expense | .1 | .1 | — | % | .2 | .7 | (71) | % | |||||||||||||||
| Income (loss) before income taxes | (.1) | .2 | NM | — | — | — | % | ||||||||||||||||
| Income tax benefit | (3.9) | (8.5) | 54 | % | (2.2) | (3.4) | 35 | % | |||||||||||||||
| Net income | $ | 3.8 | $ | 8.7 | (57) | % | $ | 2.2 | $ | 3.4 | (34) | % | |||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, | September 30, | |||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||
| (In millions) | ||||||||||||||
| Intersegment transactions: | ||||||||||||||
| Operating revenues | $ | 8.0 | $ | 7.5 | $ | 51.4 | $ | 50.9 | ||||||
| Operation and maintenance | 4.2 | 4.0 | 14.0 | 14.4 | ||||||||||
| Purchased natural gas sold | 3.8 | 3.5 | 37.4 | 36.5 | ||||||||||
| Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2021 | 2020 | |||||||
| (In millions) | ||||||||
| Net cash provided by (used in): | ||||||||
| Operating activities | $ | 365.8 | $ | 481.7 | ||||
| Investing activities | (432.6) | (461.8) | ||||||
| Financing activities | 64.5 | (20.3) | ||||||
| Decrease in cash and cash equivalents | (2.3) | (.4) | ||||||
| Cash and cash equivalents -- beginning of year | 59.6 | 66.5 | ||||||
| Cash and cash equivalents -- end of period | $ | 57.3 | $ | 66.1 | ||||
| Nine Months Ended | ||||||||||||||
| September 30, | ||||||||||||||
| 2021 | 2020 | Variance | ||||||||||||
| Components of net cash provided by operating activities: | (In millions) | |||||||||||||
| Income from continuing operations | $ | 291.3 | $ | 278.4 | $ | 12.9 | ||||||||
| Depreciation, depletion and amortization | 222.6 | 212.8 | 9.8 | |||||||||||
| Deferred income taxes | 30.4 | 16.4 | 14.0 | |||||||||||
| Receivables | (104.4) | (100.1) | (4.3) | |||||||||||
| Inventories | (21.4) | (9.6) | (11.8) | |||||||||||
| Other current assets | (74.4) | 1.3 | (75.7) | |||||||||||
| Accounts payable | 33.1 | 19.1 | 14.0 | |||||||||||
| Other current liabilities | 14.2 | 74.3 | (60.1) | |||||||||||
| Other noncurrent changes | (25.5) | (10.2) | (15.3) | |||||||||||
| Net cash used in discontinued operations | (.1) | (.7) | .6 | |||||||||||
| Net cash provided by operating activities | $ | 365.8 | $ | 481.7 | $ | (115.9) | ||||||||
| Nine Months Ended | ||||||||||||||
| September 30, | ||||||||||||||
| 2021 | 2020 | Variance | ||||||||||||
| Components of net cash used in investing activities: | (In millions) | |||||||||||||
| Capital expenditures | $ | (428.1) | $ | (413.8) | $ | (14.3) | ||||||||
| Acquisitions, net of cash acquired | (13.7) | (71.5) | 57.8 | |||||||||||
| Net proceeds from sale or disposition of property and other | 13.0 | 23.5 | (10.5) | |||||||||||
| Investments | (3.8) | — | (3.8) | |||||||||||
| Net cash used in investing activities | $ | (432.6) | $ | (461.8) | $ | 29.2 | ||||||||
| Nine Months Ended | ||||||||||||||
| September 30, | ||||||||||||||
| 2021 | 2020 | Variance | ||||||||||||
| Components of net cash provided by (used in) financing activities: | (In millions) | |||||||||||||
| Issuance of short-term borrowings | $ | 50.0 | $ | 75.0 | $ | (25.0) | ||||||||
| Repayment of short-term borrowings | (50.0) | — | (50.0) | |||||||||||
| Issuance of long-term debt | 178.5 | 100.2 | 78.3 | |||||||||||
| Repayment of long-term debt | (63.8) | (73.7) | 9.9 | |||||||||||
| Proceeds from issuance of common stock | 88.8 | 3.4 | 85.4 | |||||||||||
| Dividends paid | (128.1) | (124.8) | (3.3) | |||||||||||
| Repurchase of common stock | (6.7) | — | (6.7) | |||||||||||
| Tax withholding on stock-based compensation | (4.2) | (.4) | (3.8) | |||||||||||
| Net cash provided by (used in) financing activities | $ | 64.5 | $ | (20.3) | $ | 84.8 | ||||||||
| Company | Facility | Facility Limit | Amount Outstanding | Letters of Credit | Expiration Date | ||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||
Montana-Dakota Utilities Co. | Commercial paper/Revolving credit agreement | (a) | $ | 175.0 | $ | 29.8 | $ | — | 12/19/24 | ||||||||||||||||||||||||||
Cascade
Natural Gas Corporation | Revolving credit agreement | $ | 100.0 | (b) | $ | 49.6 | $ | 2.2 | (c) | 6/7/24 | |||||||||||||||||||||||||
Intermountain Gas Company | Revolving
credit agreement | $ | 85.0 | (d) | $ | 44.7 | $ | — | 6/7/24 | ||||||||||||||||||||||||||
Centennial Energy Holdings, Inc. | Commercial paper/Revolving credit agreement | (e) | $ | 600.0 | $ | 139.0 | $ | — | 12/19/24 | ||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, | September 30, | |||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||
| (In millions) | ||||||||||||||
| Shares issued | 1.0 | — | 2.8 | — | ||||||||||
| Net proceeds * | $ | 34.2 | $ | — | $ | 88.8 | $ | — | ||||||
| Issuance costs | $ | .5 | $ | — | $ | 1.2 | $ | — | ||||||
| Less than 1 year | 1-3 years | 3-5 years | More than 5 years | Total | |||||||||||||
| (In millions) | |||||||||||||||||
| Purchase commitments | $ | 594.4 | $ | 373.9 | $ | 200.3 | $ | 786.3 | $ | 1,954.9 | |||||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, | September 30, | |||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||
| (In millions) | ||||||||||||||
| Operating income | $ | 27.3 | $ | 21.1 | $ | 54.0 | $ | 48.8 | ||||||
| Adjustments: | ||||||||||||||
| Operating expenses: | ||||||||||||||
| Operation and maintenance | 31.2 | 30.7 | 93.8 | 90.5 | ||||||||||
| Depreciation, depletion and amortization | 17.0 | 15.8 | 50.0 | 47.0 | ||||||||||
| Taxes, other than income | 3.9 | 4.4 | 13.1 | 13.0 | ||||||||||
| Total adjustments | 52.1 | 50.9 | 156.9 | 150.5 | ||||||||||
| Adjusted gross margin | $ | 79.4 | $ | 72.0 | $ | 210.9 | $ | 199.3 | ||||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, | September 30, | |||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||
| (In millions) | ||||||||||||||
| Operating income (loss) | $ | (14.2) | $ | (18.4) | $ | 42.9 | $ | 32.3 | ||||||
| Adjustments: | ||||||||||||||
| Operating expenses: | ||||||||||||||
| Operation and maintenance | 47.7 | 46.9 | 145.0 | 135.9 | ||||||||||
| Depreciation, depletion and amortization | 21.5 | 21.3 | 64.2 | 63.1 | ||||||||||
| Taxes, other than income | 6.8 | 6.3 | 20.6 | 18.5 | ||||||||||
| Total adjustments | 76.0 | 74.5 | 229.8 | 217.5 | ||||||||||
| Adjusted gross margin | $ | 61.8 | $ | 56.1 | $ | 272.7 | $ | 249.8 | ||||||
ISSUER PURCHASES OF EQUITY SECURITIES | ||||||||||||||
| Period | (a) Total Number of Shares (or Units) Purchased (1) | (b) Average Price Paid per Share (or Unit) | (c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs (2) | (d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (2) | ||||||||||
| July 1 through July 31, 2021 | — | — | — | — | ||||||||||
| August 1 through August 31, 2021 | — | — | — | — | ||||||||||
| September 1 through September 30, 2021 | — | — | — | — | ||||||||||
| Total | — | — | — | — | ||||||||||
| Exhibits Index | |||||||||||||||||||||||
| Incorporated by Reference | |||||||||||||||||||||||
| Exhibit Number | Exhibit Description | Filed Herewith | Form | Period Ended | Exhibit | Filing Date | File Number | ||||||||||||||||
| 3(a) | 8-K | 3.2 | 5/8/19 | 1-03480 | |||||||||||||||||||
| 3(b) | 8-K | 3.1 | 2/15/19 | 1-03480 | |||||||||||||||||||
| +10(c) | X | ||||||||||||||||||||||
| 31(a) | X | ||||||||||||||||||||||
| 31(b) | X | ||||||||||||||||||||||
| 32 | X | ||||||||||||||||||||||
| 95 | X | ||||||||||||||||||||||
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||||||||||||||||||||
| 101.SCH | XBRL Taxonomy Extension Schema Document | ||||||||||||||||||||||
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||||||||||||||||||||||
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||||||||||||||||||||||
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||||||||||||||||||||||
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ||||||||||||||||||||||
| MDU RESOURCES GROUP, INC. | |||||||||||
| DATE: | November 4, 2021 | BY: | /s/ Jason L. Vollmer | ||||||||
| Jason L. Vollmer | |||||||||||
| Vice President and Chief Financial Officer | |||||||||||
| BY: | /s/ Stephanie A. Barth | ||||||||||
| Stephanie A. Barth | |||||||||||
Vice President, Chief Accounting Officer and Controller | |||||||||||
| This ‘10-Q’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 9/3/32 | ||||
| 3/16/29 | ||||
| 12/31/28 | ||||
| 9/15/27 | ||||
| 6/7/24 | ||||
| 4/30/24 | ||||
| 12/31/22 | ||||
| 10/22/22 | ||||
| 8/29/22 | ||||
| 3/7/22 | ||||
| 1/2/22 | ||||
| 1/1/22 | ||||
| 12/15/21 | ||||
| 11/19/21 | ||||
| Filed on: | 11/4/21 | |||
| 11/1/21 | ||||
| 10/28/21 | ||||
| 10/15/21 | ||||
| For Period end: | 9/30/21 | 4 | ||
| 9/27/21 | ||||
| 9/22/21 | ||||
| 9/20/21 | ||||
| 9/15/21 | ||||
| 9/1/21 | ||||
| 8/31/21 | ||||
| 8/30/21 | ||||
| 8/18/21 | ||||
| 7/31/21 | ||||
| 7/30/21 | ||||
| 7/15/21 | ||||
| 7/1/21 | 4 | |||
| 6/30/21 | 10-Q, 4 | |||
| 6/3/21 | ||||
| 6/1/21 | ||||
| 3/31/21 | 10-Q, 4 | |||
| 3/11/21 | ||||
| 3/8/21 | ||||
| 1/12/21 | ||||
| 1/1/21 | ||||
| 12/31/20 | 10-K, 11-K, 4, SD | |||
| 9/30/20 | 10-Q, 4 | |||
| 8/19/20 | ||||
| 6/30/20 | 10-Q, 4 | |||
| 3/31/20 | 10-Q, 4 | |||
| 3/12/20 | ||||
| 1/1/20 | ||||
| 12/31/19 | 10-K, 11-K, 4, SD | |||
| 2/22/19 | 10-K, 424B5, 8-K | |||
| 1/1/19 | ||||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/22/24 MDU Resources Group, Inc. 10-K 12/31/23 161:31M 2/24/23 MDU Resources Group, Inc. 10-K 12/31/22 172:39M 2/23/22 MDU Resources Group, Inc. 10-K 12/31/21 161:38M |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/08/19 MDU Resources Group, Inc. 8-K:5,9 5/07/19 3:123K 2/15/19 MDU Resources Group, Inc. 8-K:5,9 2/14/19 2:1M |