XML 60 R30.htm IDEA: XBRL DOCUMENT
v3.22.4

Schedule I-Condensed Financial Information of Registrant | 12 Months Ended
--- | ---
Dec. 31, 2022
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, | 2022 | 2021 | 2020
| (In thousands)
Operating revenues | $ | — |  | $ | — |  | $ | — |
Operating expenses | 14,323 |  | — |  | — |
Operating loss | (14,323) |  | — |  | — |
Other income | — |  | — |  | — |
Interest expense | — |  | — |  | — |
Loss before income taxes | (14,323) |  | — |  | — |
Income taxes | (1,623) |  | — |  | — |
Equity in earnings of subsidiaries from continuing operations | 379,976 |  | 377,731 |  | 390,527 |
Income from continuing operations | 367,276 |  | 377,731 |  | 390,527 |
Equity in earnings (loss) of subsidiaries from discontinued operations | 213 |  | 400 |  | (322) |
Net income | $ | 367,489 |  | $ | 378,131 |  | $ | 390,205 |
Comprehensive income | $ | 377,910 |  | $ | 385,205 |  | $ | 384,229 |
The accompanying notes are an integral part of these condensed financial statements. Condensed Financial Information of Registrant (Unconsolidated) Condensed Balance Sheets
December 31, | 2022 | 2021
(In thousands, except shares and per share amounts)
Assets |  |
Current assets: |  |
Cash and cash equivalents | $ | 19,486 |  | $ | 6,159 |
Receivables, net | 4,410 |  | 6,120 |
Accounts receivable from subsidiaries | 53,285 |  | 49,696 |
Prepayments and other current assets | 3,237 |  | 2,528 |
Total current assets | 80,418 |  | 64,503 |
Noncurrent assets |  |
Investments | 50,206 |  | 55,686 |
Investment in subsidiaries | 3,581,754 |  | 3,368,537 |
Deferred income taxes | 12,668 |  | 7,364 |
Operating lease right-of-use assets | 72 |  | 114 |
Other | 2,068 |  | 26,558 |
Total noncurrent assets | 3,646,768 |  | 3,458,259 |
Total assets | $ | 3,727,186 |  | $ | 3,522,762 |
Liabilities and Stockholders' Equity |  |
Current liabilities: |  |
Accounts payable | $ | 2,354 |  | $ | 2,546 |
Accounts payable to subsidiaries | 4,402 |  | 6,133 |
Taxes payable | 572 |  | 1,672 |
Dividends payable | 45,246 |  | 44,229 |
Accrued compensation | 4,312 |  | 4,098 |
Operating lease liabilities due within one year | 42 |  | 52 |
Other accrued liabilities | 17,907 |  | 7,309 |
Total current liabilities | 74,835 |  | 66,039 |
Noncurrent liabilities: |  |
Operating lease liabilities | 30 |  | 62 |
Other | 65,192 |  | 73,787 |
Total noncurrent liabilities | 65,222 |  | 73,849 |
Commitments and contingencies |  |
Stockholders' equity: |  |
Common stock Authorized - 500,000,000 shares, $1.00 par value Shares issued - 204,162,814 at December 31, 2022 and 203,889,661 at December 31, 2021 | 204,163 |  | 203,889 |
Other paid-in capital | 1,466,037 |  | 1,461,205 |
Retained earnings | 1,951,138 |  | 1,762,410 |
Accumulated other comprehensive loss | (30,583) |  | (41,004) |
Treasury stock at cost - 538,921 shares | (3,626) |  | (3,626) |
Total stockholders' equity | 3,587,129 |  | 3,382,874 |
Total liabilities and stockholders' equity | $ | 3,727,186 |  | $ | 3,522,762 |
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, | 2022 |  | 2021 |  | 2020 |
| (In thousands)
Net cash provided by operating activities | $ | 242,199 |  | $ | 187,297 |  | $ | 226,642 |
Investing activities: |  |  |
Investments in and advances to subsidiaries | (45,000) |  | (102,000) |  | (67,000) |
Investments | (885) |  | (391) |  | (4) |
Net cash used in investing activities | (45,885) |  | (102,391) |  | (67,004) |
Financing activities: |  |  |
Proceeds from issuance of common stock | (149) |  | 88,767 |  | 3,385 |
Dividends paid | (176,915) |  | (171,354) |  | (166,405) |
Repurchase of common stock | (3,525) |  | (2,992) |  | — |
Tax withholding on stock-based compensation | (2,398) |  | (1,949) |  | (163) |
Net cash used in financing activities | (182,987) |  | (87,528) |  | (163,183) |
Increase (decrease) in cash and cash equivalents | 13,327 |  | (2,622) |  | (3,545) |
Cash and cash equivalents - beginning of year | 6,159 |  | 8,781 |  | 12,326 |
Cash and cash equivalents - end of year | $ | 19,486 |  | $ | 6,159 |  | $ | 8,781 |
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, 2022, 2021 and 2020. In Schedule I, investments in subsidiaries are presented under the equity method of accounting where the assets and liabilities of the subsidiaries are not consolidated. The investments in net assets of the subsidiaries are recorded on the Condensed Balance Sheets. The income from subsidiaries is reported as equity in earnings of subsidiaries on the Condensed Statements of Income. The material cash inflows on the Condensed Statements of Cash Flows are primarily from the dividends and other payments received from its subsidiaries and the proceeds raised from the issuance of equity securities. The consolidated financial statements of the Company reflect certain businesses as discontinued operations. These statements should be read in conjunction with the consolidated financial statements and notes thereto of the Company. Earnings per common share Please refer to the Consolidated Statements of Income of the registrant for earnings per common share. In addition, see Item 8 - Note 2 for information on the computation of earnings per common share. Note 2 - Debt At December 31, 2022, the Company had no long-term debt maturities. For more information on debt, see Item 8 - Note 9. Note 3 - Dividends The Company depends on earnings and dividends from its subsidiaries to pay dividends on common stock. Cash dividends paid to the Company by subsidiaries were $242.1 million, $188.1 million and $228.4 million for the years ended December 31, 2022, 2021 and 2020, respectively.

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration