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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 31,202220212020
 (In thousands)
Operating revenues$— $— $— 
Operating expenses14,323 — — 
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 operations379,976 377,731 390,527 
Income from continuing operations367,276 377,731 390,527 
Equity in earnings (loss) of subsidiaries from discontinued operations213 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 31,20222021
(In thousands, except shares and per share amounts)
Assets  
Current assets:  
Cash and cash equivalents$19,486 $6,159 
Receivables, net4,410 6,120 
Accounts receivable from subsidiaries53,285 49,696 
Prepayments and other current assets3,237 2,528 
Total current assets80,418 64,503 
Noncurrent assets
Investments50,206 55,686 
Investment in subsidiaries3,581,754 3,368,537 
Deferred income taxes12,668 7,364 
Operating lease right-of-use assets72 114 
Other2,068 26,558 
Total noncurrent assets3,646,768 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 subsidiaries4,402 6,133 
Taxes payable572 1,672 
Dividends payable45,246 44,229 
Accrued compensation4,312 4,098 
Operating lease liabilities due within one year42 52 
Other accrued liabilities17,907 7,309 
Total current liabilities74,835 66,039 
Noncurrent liabilities:
Operating lease liabilities30 62 
Other65,192 73,787 
Total noncurrent liabilities65,222 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 capital1,466,037 1,461,205 
Retained earnings1,951,138 1,762,410 
Accumulated other comprehensive loss(30,583)(41,004)
Treasury stock at cost - 538,921 shares
(3,626)(3,626)
Total stockholders' equity3,587,129 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 equivalents13,327 (2,622)(3,545)
Cash and cash equivalents - beginning of year6,159 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.